Transcript

Trump's Credit Card CAP, Musk's Iran Move, 50% OnlyFans Tax + Efran Soltani Execution | PBD Podcast

From PBD Podcast · Episode page · Watch on YouTube

· 2 h 4 min · 25,511 words · 369 timestamped sections

This is the full, timestamped transcript of "Trump's Credit Card CAP, Musk's Iran Move, 50% OnlyFans Tax + Efran Soltani Execution | PBD Podcast", an episode of PBD Podcast published January 14, 2026 (2 h 4 min, about 25,511 words). It mentions 14 people, works and ideas, including Capital One, BNPL, Google LLC, Mark Moss, Nissan Versa.

What this episode is about

The content discusses various current events and economic issues, including Trump's proposed tariffs on countries doing business with Iran, troubling statistics regarding civilian casualties in Iran, and the departure of wealthy individuals like Google co-founder Sergey Brin from California. It also highlights a growing crisis among millennials who feel hopeless about homeownership and student loan repayment, emphasizing the significant financial challenges facing this generation.

Key takeaways

  • BNPL's downward spiral: once a darling, now the 'loan' elephant in the room.
  • High school capitalism: today's students see more strife than shine in the American dream.
  • Iran's struggle intensifies; Trump's tariff threat signals a new economic ice age.
  • California's billionaire exodus: when the rich leave, do the rest of us get poorer?
  • Elon Musk: from tech titan to geopolitical player; Starlink may be the new peacekeeper.

Who speaks in this episode?

What is discussed, and when

  1. – 15:00: Google LLC, Mark Moss
  2. – 45:00: Capital One, Google LLC
  3. – 1:00:00: Capital One
  4. – 2:00:00: Nissan Versa, Chevy Spark, Hyundai Accent, Kia Rio
  5. – 2:04:26: Efron Sultani, Google LLC, Mark Moss

Notable quotes from "Trump's Credit Card CAP, Musk's Iran Move, 50% OnlyFans Tax + Efran Soltani Execution | PBD Podcast"

  • Suffocating. They're already suffocating the government. It's about to get even worse. Google co-founder Sergey Brin joins California Exodus. And he's another one of those…
    about Google LLC · at
  • Rates are coming down because they're trying to compete with each other. This is why Capital One has spent billions of dollars in the last five years on consumer advertising.…
    about Capital One · at
  • Nissan cancels the Versa. Rob, can you pull up what the Versa was supposed to look like? Nissan Versa, America's last new car for under $20,000 as automakers lean towards…
    about Nissan Versa · at
  • Versa joins a long list of subcom compact model cars that were cancelled in the recent years. The Chevy Spark Can we see what the Chevy Spark looks Rob? The Chevy Spark…
    about Chevy Spark · at
  • To Iran. Look at the story here. This is Sultani. The Islamic Republic is set to execute Efron Sultani today. He was arrested last week during Iran's 2026 uprising. His only…
    about Efron Sultani · at

Who and what is mentioned in this episode?

People

  • Mark Moss — Person · 2 mentions · first at
    So,, we're, excited, about, Mark, Moss's views today on different things.
  • Efron Sultani — Person · 1 mention · first at
  • Chamath — Person · 1 mention
  • Mille — Person · 1 mention

Companies & orgs

Products & tech

  • Nissan Versa — Product · 2 mentions · first at
  • Chevy Spark — Product · 1 mention · first at
  • Hyundai Accent — Product · 1 mention · first at
    Several years. Left the market in 22. So did the Hyundai Wow. So did the Hyundai Accent. Let's see what the Hyundai Accent looks like.
  • Kia Rio — Product · 1 mention · first at
    Right., Then, the, Kia, Rio, and, the Mitsubishi Mirage followed in 201. That looks like a good car, good starter car.
  • Mitsubishi Mirage — Product · 1 mention · first at
    Right., Then, the, Kia, Rio, and, the Mitsubishi Mirage followed in 201. That looks like a good car, good starter car.

Concepts & topics

  • BNPL — Concept · 5 mentions

Full transcript with timestamps

know this. Adam,, what's, your, point?, The, future looks bright. My, handshake, is, better, than, anything, I ever sign. It's right here.

You, are, one, of, my, son's, right., I, don't think I've ever said this before. Okay, gang. Great to be with you guys. Business Wednesdays today. A lot of stories to cover. A number was dropped on BNPL. How catastrophic it's looking right now for BNPL and specifically Jenz. Tom's got an entire report on it. We got a special guest with us here Mark. Uh, uh, who has a YouTube channel himself. Mark, you got about what? You got a million subscribers yourself. We're getting there.

Million, subscribers., Maybe, this, will help. Yeah., Well,, listen,, you, you, are, helping yourself, you know, as a as a guy that's doing a great job. We've been watching you for for a while. Brandon always would rave about you and then we met at the Manek event at Soho House.

So,, we're, excited, about, Mark, Moss's views today on on different things. Thank, you.

But, let's, go, through, some, of, the stories, some of the stories that we got. So

um, NPR, reports, yesterday, 2500, people, Iranian civilians killed by the government. CBS says 12,500. We'll definitely get into that. Trump says any country doing business with Iran will face a 25% US tariff. Last time they did this, Iran was suffocating. They're already suffocating the government. It's about to get even worse. Google co-founder Sergey Brin joins California Exodus. And uh he's another one of those billionaires that left as well. And remember, Chamata said, there's about a half a trillion dollars of net worth of business owners in the state of California that are leaving. So, he's one of those half a trillion dollar guys that he was talking about. And then there's nothing we can do. The great millennial career crisis has uh workers given up on ever owning homes or paying off their student loans.

You know, this is Brandon's story. He wants to talk about this because, you know, he's not happy with affordability. We'll definitely cover that. Probably the best story that I have here is what Argentina did with the $2.5 billion dollars. If you guys remember, America's going to bail out Argentina. I told you these capitalistic ideas are not going to work out. It's a bunch of BS. Well guess what? He just returned the two and a half billion dollars yesterday. I'm like, wait, what? He returned it. We'll cover that as well today on the Argentina story. This next one is a little bit disappointing because I I want to see this happen. Nissan cancels the Versa, America's last new car for under $20,000 as automakers lean toward wealthier buyers. Trump vows to slash mortgage rates, revive American dream while blaming Biden housing failures and a truth post. We'll address that. Trump to bring Musk in for key Iran mission. I

believe they're starting to realize that Elon's got a tool that everybody needs. He's he's becoming a lynch pin with his uh Starlink technology that he has. And then Trump floats one year 10% credit card interest rate cap. What could that mean for your money? Last night we're having dinner, Tom and I, with four um investment bankers and advisers from uh JP Morgan Chase and this was one of the topic of discussion of what happens if you cap credit card rates at 10%. Does it help the people you want to help or does it hurt the people you want to help and help the people that don't need help? I don't know if that makes sense.

We're going to talk about this whole credit card situation. Bill Aman didn't think it's a good idea. He tweeted about it. Then apparently what Tom was sharing with me is he took the tweet down. and nobody knows why. Wall Street on edge after uh Trump takes aim at credit cards, home buying, and then uh how American high schools are teaching capitalism. This is a little bit of a serious issue to be talking about because if kids are coming out of high school spending all this time with their teachers, last night, my health and guidance teacher from 14 years old wrote me a letter. Every three months, I get a letter. We're pen pals today.

She, wrote, me, a, letter., everything politically if she only knew how complete opposite sides we're in. But we absolutely love each other when we have this relationship. But how American high schools are teaching capitalism? Do you really think school teachers are sitting out there teaching kids how awesome capitalism is or you think they're bashing it? This is the lowest percentage of support we've had from young Gen Z on capitalism ever in the history of America. The percentage is isn't high. You'll see uh the numbers there as we get into it.

Canadian trips to US plunged 28%. That's a real number in 2025 amid Trump's tariffs, 50 first state jobs. I know Mark, you talk about tariffs a lot, so we'll come to you on that as well. Uh Americans just spent a record $20 billion with buy now pay later. Here's what to do if you overdid it. By the way, this is a real real issue that we need to talk about cuz again affordability. Wait till you see the numbers on what percentage of Gen Z's are making even the first payment after they bought something from the holiday season. The number is scary to say the least. Tom's got some charts to show you guys there. Escrow payments rising nationwide with home ownership less attainable. The dream of a Florida retirement is fading for the middle class. Paramount plows proxy fight to push hostile War uh Warner bid and uh it doesn't look like those guys want to sell, to, Paramount., I, don't, know if, they

want Ellison as a buyer. They keep lobbying for Netflix to buy them. Something's going on behind closed doors there. We don't know about gold, silver hit record high as inflation data cements Fed rate cut bets. Mark, this is your specialty. We'll come to you with that as well. Mike Tomlin, I just I just put this out there. We got to say this. I mean, for a guy that loves Mike Tomlin, I think he's a phenomenal coach. Hasn't won a playoff game in the last nine years. So, he's being criticized. Ending 19-year run with the Steelers which some are happy about it, some are not. I think the guy's going to pick up a job within half a second, whether he chooses to be a coach or goes and becomes one of these commentators, I think is going to do a great job. What the US withdrawal from the 66 international bodies means for American business. And last but not least, Meta cuts more than a thousand in Bay Area

Tech first big tech layoff of 2026. For those of you that run small businesses, this is one thing that uh uh most people are not aware of. We run a consulting firm ourself called Bed David Consulting where we do engagements with around 10,000 businesses from 60 um plus countries around the world. Uh and this is 75% of our business. It's one of the best kept secrets we have in our company that no one knows about. If you come to our office and you see how we grew nine employees just a couple years ago to now 165 full-time employees. And if you go downstairs on where David Consulting is at, the energy there is electrifying. If you're a small business owner yourself, anywhere between 10 million plus half a billion dollar revenue, if you're on that range and you want to find a way to get strategies because each phase of a company goes through five phases and each phase you have five challenges you

face. If you want to know what those things are, go to beddavid.com all the way to the bottom, fill out the information. and we'll give you that 18 minutes um breakdown of what those 5 by5 are and then if there's a way we can help you take your business to the next level, whether you're raising capital whether, you, have a, compensation, plan that needs to be readjusted. We just had the most incredible meeting last week with our firm on Tuesday and on Thursday, whether it's comp, whether it's LTIP, equity, whether it's expanding in a new market, regulation marketing, podcast, different ways of uh getting your story out there. If you want to learn more about how we can help you out, go to beddavid.com, fill out your information. One of our consultants at the firm will get a hold of you.

Having said that, Mark, if you don't mind taking a minute, share with the audience your background. That'd be great.

Yeah., Thanks., Um,, I'm, I'm, from, Southern California like you and uh I cut my teeth buying bankowned repos right out of high school uh in the in the mid 90s. The banks were sitting on a glut of of repos after the housing crash in California, from, like, ' 89, to, 92., and they were giving away zero down. And so I was fixing and flipping them and uh up in uh a young white boy up in South Central Compton Watts. And uh yeah, that that's what we did.

That's that's, what, we, did., And, uh straight, out, of, Compton, I, built, up, uh, two, different, tech companies, a high-tech medical equipment company, uh internet company that I started in 2001 after the do crash. Got laughed out of the room. Uh two big exits. But then 2008 came and when I got knocked over the head, let's just say right? I was all in Cal Southern California real estate, which is one of the worst markets in the world. Uh it made me go, shoot, I'm pretty good at business. I made a lot of money. I've had some big exits. I've built some big companies, but what is this global financial system that just has all this power over my life and I'm not even paying attention to it. So after dusting myself off and vowing to my wife that this would never happen to us again.

Then uh I've spent the last whatever now 12 15 years digging into macroeconomics and understanding the financial system and I quickly understood that it's fiat currency and the overlever in the debt system and I became a gold bug and then I became a bitcoin guy and now I'm a sound money advocate. Uh and I've been now talking about bitcoin and and macroeconomics you know on YouTube as you mentioned earlier for about seven eight years now speaking on big conferences. I have a venture capital fund. We fund Bitcoin companies. Uh I sit on uh the board of two publicly traded Bitcoin companies and uh just trying to spread wealth and uh

respect and, more, importantly, married, 22 married, 22, years, had, beautiful, two beautiful girls.

Respect., So, allaround, winner. Uh, it's, great, to, have, you, on, buddy., It's very good to have you on. Okay let's get right into it. Argentina is the first one I want to get into.

And, Tom, I'm, coming, to, you, with, this, one. Argentina folks has repaid US for currency swap deal. If you remember when this was first taking place, everybody was saying you guys got behind MLE. You thought this was a good idea. It's a horrible idea. There's no way this is going to work. Where Malay came out and repay the United States for currency swap framework. It provided to the South American country last year to stabilize the economy. The US Treasury Scott Bessant and Argentina's central bank said on Friday, Rob, is that the tweet that you have? I am pleased to announce that reflecting its strengthened financial position, Argentina has both quickly and fully repaid its limit limited draw on the swap facility with the US such that the exchange stabil stabilization fund currently does not hold any pesos. Bessant said in a post on X, "We look forward to continuing our enthusiastic support of President Mille

and Argentina." He added again, this is Scott Bessant. In a separate post, Argentina Central Bank added that it had settled the swap line in December, two months after it was announced, according to local newspaper Lansion, $2.5 billion of a possible $20 billion had been used in that time. A source with knowledge of the matter told Reuters that the agreement remained in force under the agreed terms. Tom, what happened here? Why is this such a big deal? Well

this, is, a, big, deal, because, do, you remember when all the banks were being asked, "Oh, yeah. Would you like to do this deal with Argentina and Trump opened it up to the US banks and all the US banks says, "Well, we would want a backs stop." Well, what a backs stop is is someone's going to stand good for the loan. And so all these US banks were really asking you, me, all of us taxpayer in the form of the US government to be the backs stop for this $20 billion for Argentina. Meanwhile MLE was down there, got inflation under control. You remember him with the chainsaw and the the whole thing running? Well, he went from the chainsaw to the pen and it was awa like I'm get which I think means out

kill, it, off. Yeah., Take, it, off., And, it, was, like, okay, Department of Nothingness and Trees. Awa. Remember he took all those those labels off the board and said "This is the government we need. We need defense. We need police. We need fire. We need pension for our people. We need a working government." all the rest of this stuff a well then he went to the US government and says hey getting this under control to float the peso you know we need a little bit of uh liquidity we need several billion dollars of liquidity so this was a currency support line that the US banks didn't want to do and so instead it got done uh through IMF and the US government and guess what they only needed 2.5 billion of the 20 billion line number number one and number two they they stabilized the peso with the IMF International Monetary Fund and now Bessant comes out and says by the way all of you who doubted it's

working so what Bessant is really saying it's working inflation is down they've stabilized the peso they want to make a fund where the peso will peg with the dollar on a more consistent basis and Besson is saying and by the way ladies and gentlemen the American taxpayer made tens of millions of dollars in interest on the 2.5 billion over the amount of time that the loan was uh dating back to the uh election they had uh end of last year in Argentina. So this is a big deal Pat. This is the kind of intervention that's good. You're not your intervention. Hey, I need a loan to help myself and I need this. And you find great leaders with a reliable risk and you do it and then the taxpayer gets paid back. So this isn't just foreign aid going into a bucket somewhere and never to be seen again. And so this is no less than Scott Bessant saying, "Hey it worked. It worked for Argentina. It worked for Malay and it's worked for the

American taxpayer and we've been paid back." Let, let, me, tell, you, why, I, think, this, is a, big, deal., And, Mark,, I'm, going to, come to you. I want to hear your thoughts on this. You know why this is a big deal when I looked into it is imagine you go to a guy. Do you have that one person that every time they borrow money from you, they've never paid? Think about that person. Everybody has that friend right? You may be that friend to somebody, but we all have somebody uh that never pays back the debt, right?

You're watching say, "Man, I'm kind of that person." Or it's Johnny, my cousin my brother, whatever. Argentina was that person. They came, they got debt, 82, they never paid it back. They defaulted. 89 defaulted, never paid back. 01 defaulted, didn't pay back. And it happened two more times. So the entire world looks at Argentina and says, "This is the one country that if you give them money, guess what? Never expected back." And then all of a sudden, boom, here's your money back. Wait, what? To pay it back, the 2.5 billion portion of it, and to do it this fast, their credibility went to the roof. He gets in. Inflation I think, is at 200%. Now it's at 31.5%.

He's telling the entire country, "We're not going to be printing money." I think as an operator the world is now looking around looking at countries that if you can lend them some money to make interest and expect that money to be back I think Argentina officially moved from one bucket that nobody trusted to give money over here and I think that's a very very big thing that's happening to MLE Mark your thoughts on this

yeah, I, I, could, see, the, initial, push, back on this with it's just more government intervention and so there's a a knee-jerk reaction to that and I understand that but to the point that you made about Malay and what he's done in Argentina I mean a complete turnaround Brown. I mean, what he's been able to do in a short period of time is nothing short of a miracle. But really what I think is when I look at this is I just look at the absolute competence in the Trump administration. Scott Bent is a complete surgeon. He understands rates. He understands currencies. He understands swaps. And think about the competence that we have in the administration compared to previous administrations that we've had. And for him to be able with his expertise right, helping George Soros break currencies, he understands currencies.

He was able to help a country out, a country that needs the help uh benefit the United States taxpayer, the United States citizen. And so, you know, all in all, I think it's a really good deal.

Yeah., And, by, the, way,, what, a, great, hire, right? At first, when everybody heard Scott Besson, you're like, wait, what? Who is this guy? And the more and more you listen to him, you're like, this is a very qualified guy. He's been the right guy

on, my, list, of, guys,, the, executives that's been hired. He's probably number two or number one on the list of doing a great job so far. Brandon, your thoughts on this?

Yeah,, it's, like, the, concept, of, um, good debt versus bad debt. It's not like we're we're just giving them money just because they need it. Like it's an emergency situation. We don't know what they're, going to, do, with, it., It's, like, a credit line for a business. There's a reason that most businesses will take out a line of credit so they could operate and then pay their expenses and then they'll make enough money to pay it back quickly. So, it's it's like the concept of taking out a line of credit to do something productive rather than taking out a loan where you don't know what's if it's going to be used for something productive. So, yeah. No, I'm I'm all for it. That's what the swap lines are created for in the first place, I believe. Like after 2008, we set up those swap lines so we could inject money into Europe or other places around the world if need be. So, yeah, I think it's really important that we keep

this anti- or counter socialism movement going in South America. Like, so, you know, we got Argentina now, now we got Venezuela, right? So one by one hopefully we desocialize or desocialism uh South America.

Yeah., And, you, know, you, know what's, crazy when you when you think about this taxes were supposed to be this way

in, 186, something, 1861, when, Civil, War comes to an end and, Lincoln, needs, money., We're, in, debt. We're in debt a lot. He goes to the American people and says listen guys we need to create a tax. You guys got to pay us and help us out. So he creates a progressive tax. Rob, can you pull up? Was it a flat tax? It was a I thought it was three tiers or something like that. The 1861 tax was a flat tax. 3% on incomes over $800. And then the later modified Okay, there you go. Later modified to progressive tax. You know what happened with this? They said, "We need to pay this off, but we're going to put this tax until we pay off the debt."

How long do you think that tax lasted? Seven years. Seven years later, after it was paid off, they eliminated the taxes. This is how taxes were before. Today god forbid they launch a new tax. It is never going away. They're just going to raise it. This is why a lot of billionaires from California are escaping knowing California just wants to tax people to death. Let me go to the next one here.

Something, that's, happening, that, is, not necessarily taxes, but is really hurting a lot of different people is this BNPL concept, buy now pay later concept that is hurting a lot of people. this one story I want to read to you. Rob, what page is that BNPL on? There it is. It's on page 11. Americans just spent a record $20 billion with buy now pay later. Here's what to do if you overdid overdid it yourself. Now, I'll read this story. I'm going to give you the quick tips he gives in the article. This is a market watch story. As 2026 gets underway, some consumers are facing overwhelming debt. This is especially true for those who took out multiple buy now pay later loans to cover their holiday shop in a move known as stacking. And more people are using the loans than ever before. Shoppers used the buy now pay later spend a record $20 billion from November 1st to December 31st. According to Adobe 2025 holiday

shopping trend reports, 9.8% increase from 2024. BNPL typically comes in a form of pay in for loans that don't charge traditional interest. Although the late fees can be charged if a payment is missed, lenders say the option expands access to people who are underserved by traditional credit, but critics say it can lead to worrisome debt accumulation. Tom, why is this so concerning? I know you have some charts on how late people are on payments, but uh why is it so concerning to you?

So,, you, you, have, to, go, and, um, kind, of, go upstream a minute and look at it. uh in the middle of the COVID crisis, I don't, know if, we, have, this, chart,, uh, the credit card debt in America reached $777 billion as people paid off a lot of it. And I think that was right Q2. There it is. Q2 2021, we hit 777. The sharp drop down was because A, we weren't shopping. We were locked in our homes. We had lockdowns and everything going. B, people took 1,400, $1,500 $1,700 payments from the government Pat, and paid down their credit cards.

So,, all, of a, sudden,, here, we, are,, Q1, of 2021. We are at 777 billion. That has gone up since we were all allowed to go back outside and play. We are now at an all-time high of $1.26 billion dollar as we have the first

trillion, dollars,, not, trillion,, 1.26 trillion. um as we are in the first week of 2026. So that's what's going on with credit card debt.

That's, a, scary, site, just, looking, at that. Correct., But, now, here's, what, happens. Along comes BNPL. And BNPL isn't on your credit report. Well, it wasn't on your credit report. Whenever you have your credit report run, uh the industry uses what's called FICO 8. That's how they look at your credit report. And if you're pay paying lifelock or somebody they say, "Hey, there's been an inquiry on your credit report." Boom. Meanwhile over the same amount of time, while America is maxing out its credit card Pat, look what happens to growth of BNPL. So, people's credit cards were maxed out, but they still

This, is, number, of, users, cuz, I, can, barely read it. It says number of users on the left right?

Correct., Okay. So,, this, is, basically, the, number, of users of BMPL shoots up like a rocket. At the same time, credit card debt is going up to 1.26 trillion where it is today. And there was calls in Washington that says, "Hey, BNPL needs to be put on people's credit reports because we want to kind of protect some consumers need to be protected from themselves." And the only one a firm said, "Okay I will let you know what my payin for statistics are, pay in four months." M a firm agreed to do it. FICO created what's called the FICO score 10 which includes BNPL. A firm was good. Clara and Afterpay said, "No, we don't want to report it." The reason they don't want to report it is because if there's a FICO score out there and there's a way to, regulate, it,, then, all, of a, sudden people wouldn't use it. And Clara and Afterpay wanted people to keep using it.

Well, what happens? Guess what? Credit cards are maxed. This isn't on your credit report. You go into Best Buy, you want to buy that 4K TV for a thousand bucks, they'll say, "Hey, just put on CLA. Sign here. Do CLA." Well, guess what? 63% of BNPL users over the last 24 months Pat, now have multiple BNPL accounts number one. 41% of BNPL users missed at least one on-time payment last year. 41%

41%, of, all, BNPL, users this, is, not, the, youth, this, is, anybody and everybody that uses

everybody, everybody, last, year, missed, at least one payment and it gets worse when we go to the youth Gen Z the reporting on Gen Z is horrifying 50% of Gen Z [ __ ] users missed one payment since holiday spending that's that's three months ago November December January in the last 90 pays 50% of Gen Z have missed one payment. So

now, what, is, the, there, there, is, a, concept that we when you miss a payment doesn't it like the interest goes to the roof or the fee is an extremely high fee.

You, miss, a, payment, it's, wham, bam, and this thing becomes your your foot is in the bear trap.

Yeah., But, what, does, that, mean, wham, bam? I want to know exactly what wham bam means.

My, understanding, is, that, suddenly, you're on an equivalent of a 30% a year.

That's, exactly, what, I, was, thinking about. So, I was thinking, Rob, can you pull up on chat GBT? What happens to BMPLS when you miss the first payment? What happens to the results?

They'll, say,, "Oh,, it's, just, 2%, of balance, but you got to multiply that times 24."

Yeah., 12. It, ends, up, being, worse, than, credit, cards if you miss a balance. And they make it really sneaky. I remember we uh uncovered that before.

You're, usually, charged, a, late, fee., Okay. So, at after pay zip, late fee kicks in quickly. After a few days, some cap total late fees pre per order, affirm no late fee. Your account is often frozen instantly, block you from making new purchases. Your credit profile may be impacted. Providers that report to credit bureaus in many cases affirm. Oh they're now reporting.

CLA, affirming., So, some, plans, they, report., See, that, affirm reports CLA is not reporting across the board and not reporting to all agencies.

So,, why, don't, they, tell? Hey, if I'm CLA, I don't really want this on the credit report because I'm plan B

and, I, want, people, to, take, the, risk, on plan B of their own free will. Yeah,, it's, it's, a, funny, business, model. Mark, where are you at with this?

Well,, there, a, couple, things., So,, first of all, when we look at the credit card debt um going up, we have to take into account uh consideration of the inflation and not just the CPI inflation, but the increase in the money supply. So, I see here it's gone up by 9.87, or, 9.8%, since, 2024., BNPL, B, B B B B B B B B B B B B B B B B B B B BNP, B B B B B B B B B B B B B B B B B B B B, B B B B B B B B B B B B B B B B B B B BNPL use. So 9.8 since 2024, but the money supply has increased faster than that. So when we look at sheer numbers, we have to take that into consideration first of all. Uh but what I would say to this is it sort of kind of goes back to two, things., Number, one,, we, you you referenced some of the news we're going to talk about. One, Trump capping rates

and, so, uh, when, lending, restrictions, get tightened, people will turn to options like this. So you cut off you cut rates at 10% on credit cards, people are going to go to Lone Sharks. Number one. Uh number two, the way I think about it is you also mention

run, out, of, credit, balance. What's, that? Or, they, run, out, of, credit, balance

or, or, credit, balance., But, the, other thing I want to I would go back to is you'd referenced earlier a new story to get to later is

the, education, system, and, capitalism., And if people were taught how to use debt in a good way. You mentioned good debt versus bad debt. And so we are in a debt based system. We're in a credit based system. And so we use debt to grow. Donald Trump was the king of debt before becoming the president. Uh but if you don't learn how to use it properly, it can become extremely dangerous. If you use it properly, it's extremely powerful. So I just see a failure in the education system first of all. Um I see a failure in the banking system and people are turning to this. But overall yeah, it can end up bad.

Brandon,, where, do, you, have, with, this? You know, it's it's amazing how it's um so much more difficult a lot of times to get something as simple as a small business loan with a a solid plan versus being able to have access to, you know 20 to $50,000 worth of credit card debt to, you know, do frivolous shopping with. I mean, I never really thought of it like that, but it it's it's crazy like it it is a a much more complicated process to to take out a small business loan than to uh get a few credit cards. But it's unfortunate like that. Like I always complain about government regulation, but now here this is an example of um what happens like and why the government sometimes has to get involved and protect people because of the I guess um like incompetence of some people and uh like the predatory nature of of certain companies to put people in a situation like this cuz yeah these these are credit cards or loan sharks or

they're they're probably more expensive than uh paying off a credit card when you really boil it down. I remember the rates get up to like 50% sometimes if you miss a few payments. So, so yeah it's a it's a disaster. And um

but, is, it, the, government's, job, to protect people or are they smart enough to read the paperwork and understand what they're signing?

I, guess, you, could, say, that, survival, of the fists to a degree right? But, I, I, agree, with, Mark., Yeah,

I, agree, with, Mark., But, please,, Mark, finish. Well,, because, if, they're, not, going, to get this, they're they're not going to read the paperwork and they're not going to read the fine print. That's on them. And if they don't get it there, the government protects them from getting it, they'll go to the back alley and they're, going to, get, it, from, the, Lone Shark and they're going to get their legs broken. So, it's like they're going to take the risk either way. At least it's disclosed and it's transparent and like again it should be on them to be smart enough to understand what they're signing. They can take that contract and run through Chad GBT

today., I, mean, there, is, no, excuse, for, the ignorance of that. No,, I, agree, with, that., And, I, think, that one of the good things of the Consumer Protection Bureau is to ensure that there is fine print. But I think fine print needs to be regulated because there's what's called plain talk fine print. And plain talk summaries I believe in where you have to pat right there at the top the plane talk summary like when you get a car loan plain talk you're getting this much loan you will pay this much interest the vehicle will ultimately cause this it cost this and this will be your payment for these many months

boom, and, here's, your, interest, rate, I believe in those plain talk summaries but it should be on the consumer to read it but I like the fact that we force companies to hey put the plain talk at the top and then the consumer makes

make, the, decision, for, yourself., Yeah,, I I I like that part. But Tom, you know what's the weirdest thing I'm looking at? So Rob, can you do me a favor? Go on Chad GBT, ask this question. What is the market cap of top BMPL companies the last five years? Okay. Now, I want to know if they're going up or if they're going down because I want to know what patterns we'll notice. If to me, what it says here is a firm, which is one of them, they went public since January of 2021. Look at this. January 2021 28 billion dollars is early 2021 peak. Look at 2022 post-pandemic drop. It drops to $2.8 billion market cap.

Nobody, was, shopping. Yeah., Nobody, was, shopping., Then, it, goes to 14.8 then 20 billion then 25 billion. It is still not back up to the 28 billion it was when they went out in 2021. So then if you go a little bit lower that's a firm. Go to the next one. uh Afterpay 2025 block overall market cap has been reported around 49 42 billion. Okay. Pre2022 afterpay market cap was initially 30 billion. Okay. So it's gone up say 40% right exactly 40% from 30 billion to 42 billion. Go a little bit lower. CLA went from $45 billion valuation in 2021 peak. This is when they were private. 2022 still private they go to 6.7 billion uh IPO 2025 15.1 billion and now it's roughly 11 to 12 billion dollars. Now here here's the what this makes me think about do I think this is something that's going to be around 20 years from now maybe maybe not I don't know and the reason why I'm asking this is remember when everybody

was looking at how fast Groupon was blowing up and there was another company Living, Social., Yeah,, living, social, like living social time. We even had a meeting one time in Woodland Hills California in 2011 2012 that we were going to launch our own group on Living Social. Do you remember the name of it? Let me let me see if you remember the name of it. Do you remember the name of it? If you remember the name of it, Dinner's on me Tom.

I, do, not, remember, that. It, was, called, Goody, Squad. Oh,, goody. It's, called, Goody, Squad., We, had, all these, you know, personalities and the stuff. Remember I had this meeting? I brought all of you guys in. It was like a CEO of a massive insurance company. Yes. Yes. So, we had this thing. We're going to, do, Goodie, Squad., And everybody's looking at me saying, "Yeah I don't know about it." We never ended up doing anything with it. But, but the point is, is this a Groupon, you know hype that it's coming out, it's going to be great, and then it's going to go away? I don't know. All I can tell you is parents, wherever you are, okay parents, talk to your kids. They're going off to college. They're 18 years old. They can apply to this stuff. It's horrible for them. Horrible. If you can't afford to buy it, do not buy it.

Sometimes the most basic principles are making a comeback. Yeah. Look at this. This is Groupon. Look where Groupon was at at one point. What is that date, Rob?

November, 2011. Oh,, that's, the, date., I, just, said, 11, 2012. November two. The guy's on the cover of Fortune magazine, Forbes magazine. Everybody, he was offered for someone to buy his company for $6 billion. He turned it down. Do you remember this?

Google, offered, it, and, they, wanted, the consumer data. Google offered it to buy it six billion. What is the market cap of group right there? Look at that. Go back to that article.

Go, back, to, that, article., 10, years, ago, Groupon turned down Google's $6 billion offer.

Here's, what, happened, ever, since., They have a nice little conference room now. Go a little bit lower, Rob. Go a little bit lower. What happened to them since? Zoom in.

It's, half, a, billion, dollars, right, now. Pat, what, is, the, market, cap? The, rejection, came, during, heady, times for Groupon, which launched in08 with a 241 pizza deal at Chicago Bar. quickly became Chicago's tech darling. By 2010 it had grown to 1500 Chicago area employees. Go a little bit low, Rob. What I want to know what the market cap of Groupon is today.

What, is, the, market, head, up? What, does, it, say?, Market, 654. $6, billion, opportunity.

To, 654., Rob,, what, is, their, revenue?, Just type their revenue. What is Groupon's 2025 revenue is what I care about. I want to know actually what kind of numbers they're bringing in today. 2025 revenue. Can Can you Can you do me a favor? Also run a poll. Still not a bad revenue, by the way.

Half, a, billion. It's, not, bad, revenue., They're, still pulling in a half a billion dollars. Can you do me a favor, Rob? Ask a question on uh run this poll. Who still who has used Groupon in the last 12 months?

Ask, the, question, in, a, poll., Who, has, used Groupon? Groupon. Have has anybody here used Grupon last 12 months? Have you used Groupon? Mike, have you touched Groupon at all? You have? Where was it at?

Massage, Parlor, used, Groupon., Wow., Okay. Well, I guess that makes sense. Uh, by the way, this is brought to you by that massage, parlor., We're, going to, put, the link to their website.

I, I, know, my, wife, used, to, use, it, all, the time and I I never hear about it.

A, lot, of, people, use, it anymore., And, uh, I, think, what, I, what, I've heard is the retailers really found out that it wasn't really a way to get good long-term business. So they were selling all the lost leaders, but then they never recouped the difference of the lost leaders

the, business, owner,, the, business, owner. So I think the appetite went down from the business owners. Um and I think that was a big draw down on that.

So, it, benefited, the, customer,, but, it didn't benefit the business owner. But, but, even, from, the, customer,, they didn't really establish relationships with the retail establishment. So for example, they went to the the massage bar, whatever. they went to get the Botox, but they would just chase the best deal and they wouldn't actually um develop a relationship with that provider. And so, I don't think either party really benefited. It didn't turn into a long-term uh plan. But back to the BNPL, I think it will have staying power because people are always going to need to borrow money.

That's, my, worry. The, the, need, to, borrow, money, will, always be there's always going to be people who have money that want to loan it. Yeah.

And, there's, always, going, to, be, people that need to borrow it. I, think, you're, right., I, hate, to, say, it, but I think you're right. and and but I think it's going to mess a lot of people up and we got to get educated with it. Okay, so this leads me to the credit card 10% that the president is proposing. Uh let's see what page is that on. Here we go. Trump floats one year 10% credit card interest rate cap. What that could mean for your money. Rob, I think you got a clip on this one if you want to pull it up. I'll read the story and then I'll come to you. Uh here we go. effective January 20th. Is this when he's saying that, by the way or is that uh he wrote it on social

about, credit, card, companies? Okay., Uh, go, ahead., Play, the, clip. Can, you, go, back, a, little bit,, Rob?, We missed it.

Well,, then, they, then, they're, in violation of the law. Very, severe, things., No,, I, want, a, cap, on credit card interest rates because, you know, some of them are 28 almost 30%. And that people don't know they're paying 30%. The people out there, you know, they're working and they have no idea that they're paying 30%. No way. We're putting a one-year cap at 10%. And that's it. They know it. They really They've really abused the public. The credit card companies have totally abused. I'm not going to let it happen.

All, right., So,, abuser,, let, me, read, this to you. Effective January 20th, 2026, I President Trump, this is on Truth Social, I'm calling for a one-year cap on credit card rates at 10%. A credit card rate cap is enormously popular with Americans, said Matt Schultz, chief credit card analyst at Lending Tree. That's why we've seen big names on both sides of the aisle proposed credit card rate caps in recent years, including President Trump, who also floated the idea on the campaign trail 2024. Currently about 175 million people in the US credit card according to the Federal Reserve Bank of New York. While some pay off the balance each month roughly 60% of credit card users uh have revolving debt. The New York Fed said that means they pay interest changes charges on the balances they carry from month to month. uh 61% of credit card holders um uh with credit card balance have been in debt for at least one year up from

53% late 2024 according to bank rate survey the average credit card interest rate in the US fell to 23.79% in January marketing the lowest level since March of 2023 Mark I'll come to you first thoughts on the story

yeah, I, think, when, I, when, I, hear, this, I just think about the latestage fiat uh system that we're And it's systemic to that. It's it's uh it it's the same reason why Trump and Pal are openly fighting right now. Uh we have inflation that's raging. People can't afford to live. And at the end, what the leaders always try to do is try to appease the people by price fixing. It always comes down to that. We can't stop prices going up because we can't stop printing money. So how about we'll just cap prices. And so whether that's rent controls Elizabeth Warren wants to cap the price of turkeys for Thanksgiving, or it's credit card rates. The problem with price controls is we have a thousand cases of it not working. And just philos from from, philosophical, level, you, can understand why. So for example, credit cards, banks is a very competitive industry. Credit cards are very competitive and they're trying to get as

many customers as they can and they're constantly trying to undercut each other in order to get more customers. Who cares what credit card you have? You think about the rate and so it's very very competitive. Uh and so they want to get as many customers they can without blowing themselves up. And so they're already trying to get rates down as low as possible. They understand that people can just change balances from one card to the next. And so if they could lower rates, they certainly would. The problem is when you cap it at 10%. First of all he said it's illegal. So there are already caps, right? There are usery laws. So there are already caps, but he wants to lower it to 10%.

What, is, it, right, now,, by, the, way,, Mark? Do you know what it is right now?

I, was, a, California, finance, lender., I should know it. It was uh in the high 20s.

It, it, it, was, in, the, high, 20s. Yeah., Rob,, can, you, pull, up, uh, uh, what the numbers are right now? What the current cap is right now? Mark, finish your thought. I just want to

So,, what, I, was, saying, is, that, it's already competitive. U credit card companies are already competing to bring the rates as low as possible. What happens is if you cut the rate to 10% or 8% or 18%, whatever that number is everybody that wouldn't qualify for that rate is then left without credit. And that will then drive people either to the BNPL or drive them to their back alley, you know, neighborhood lone shark. And so people need money especially like I said with this fiat system as we have today, people are falling further behind. They're using credit to augment their lifestyle. And yeah, if you cut them off at 18% or 15 or 10% as Trump is floating out, it just cuts off a huge segment of the population that needs it.

It's, It's, interesting,, Rob., Is, it, really saying there's no existing cap right now on credit cards? No existing cap. That That's really what it says. So there's no cap right now on credit cards.

Usery, laws, don't, apply, to, credit, cards is what it says. Is, that, what, it's, saying?, Where, do, you see that? Oh, state usery laws generally don't apply to credit cards because ma most major issuers locate themselves in states like Delaware, South Dakota, or Missouri that exempt credit card debt from strict caps. Wow. Okay. Uh Tom, go for it. Thoughts on this?

So,, there's, a, couple, things, here, that, we can go back and look at real case studies. in 2000 late 2021 early 2022 credit card companies reduced um people's credit limits across the board because the economy was tough and so they were handicapping the fact that you know a lot of people are probably going to go for cash advances because money was tight but they were going to have issues paying it back. So during the COVID crisis uh credit card companies across the board went in and adjusted down caps on the lowest third of consumers. it happened. And guess what? What that means is we've seen the playbook. We know how they respond to stress. So that wasn't the government telling them. That was all of us in the boardroom of Visa saying, "Hey, the lowest third is starting to take a lot of cash advances, guys. Should we lower?

I mean, these people have a $25,000 limit. Should we lower it to 20? Just send out the notice. Lower it right now."

Yes,, let's, do, it. Because, they, were mitigating, risk., So,, we've, seen, we've seen that happen. Point one. Point two is what you have right now is the credit card companies are competing with each other. The reason the rates are coming down a little bit is because the federal rate was cut a little teeny bit. So, the rates are coming down because they're trying to compete with each other. This is why Capital One has spent billions of dollars in the last five years on consumer advertising. What's in your wallet? They want it to be the Capital One card. So they're competing with each other very very strididently.

What's going to happen if you put the cap? It's just like COVID. They're going to lower the limits and people are going to turn to BNPL or other things. Now this is well intended by the president during a time of affordability. But I I think right now the credit card companies operate in states that are most favored to them. Sure. But also they're competing with each other. If if one of them could get more customers by going to 19.99% you'd see one of them do it tomorrow morning and be shouting from the rooftops, hey, your alternative to Capital One is me. Get Tom's credit card maximum 19%. They would be competing with each other. There is a active market and it's working well and I don't think it needs this control on top of them like they haven't discovered this is lead based. I I wonder whose idea this was. Like I wonder if Scott where Scott Besson lies with this idea. I really wonder what Scott's at with this.

Brandon, go ahead because I got a bunch of I got one number I just pulled up right now that when I share it with you guys, you're going to be blown away when I share this number with you in a minute. But go ahead, Brandon.

Yeah., Uh, it's, funny, you, say, that, because I was just thinking it's as if they're sitting in a room saying, "All right this cost of living thing is becoming a problem. Everybody's still talking about it. um what's something we could uh what's a bone that we could throw at the public and um appease them a little bit and make them feel like we're doing something. And this is a a good start to that. I think it's a good idea. I mean I think maybe student loans would be a better place to either cap or remove interest rates because like they've already been paid back a lot of time in in terms of uh like without without the interest like I think that uh just paying back the loan would be enough.

But um yeah, like this it's example of lobbying. The reason that I don't think there's a a limit on it, that's that's probably why because it's like the same thing as lone sharking. It's just like legalized loan shark in a lot of cases. But um I uh I don't I think it's good for inflation because you know like more debt equals like um higher cost of goods and services. So like it it would create probably a crash type situation. Like the Great Depression is like the biggest example of like deflation. But um that that's the thing that's unfortunate is like you have to like weigh like an economic downturn versus the cost of living. You can't really have both of them be ideal.

Yeah., So, affordability,, like, there's, a story that came out that the president reached out to Elizabeth Warren about the Did you see that story this morning Rob? I thought I saw it correctly. Can you type up Trump Elizabeth Warren affordability? I may be wrong, but I thought I just saw it early this morning. Is that it?

Yeah,, there's, stories, about, phones, on affordability. Okay, so they had a conversation this morning, and keep in mind this 10% idea. Do you know whose idea this was? LA. If I tell you right now who proposed this idea last February 2025, who do you think it was?

Was, it, Warren? Nope., But, a, person, like, that., Who, do, you think it was? Bernie.

Bernie, Sanders. Bernie, proposed, this, idea, last, year., He he put this on the uh table, I think. Can you type in Bernie Sanders 10% credit card? Uh there it is. Sanders. Holly introduced Bill Cappen credit card interest rates at 10%. Now, both of those are heavyweights on each side. Holly's a heavyweight. Sanders is a heavyweight. For a socialist/communist to agree with a capitalist conservative on the 10%, this is where the independent in the middle will look at this and say, "Well, if both of these guys are on it, I'm willing to entertain it." So, a libertarian independ independent will say, "Maybe this is not a bad idea." But here's what you got to be thinking about. So, if you lower it to 10%.

The banks are going to sit there and say, "Our profits got hit." This is what the gentleman was saying last night to us. And then they lend less. If they lend less, the small business owner takes a hit because who will they always lend to? They're always going to lend to the guy that doesn't need money. They're how much you need? $100 million, 50 years a take it. Take it. Whatever you want, right? Because they know that guy's going to pay the money back. But this is the number where I do believe there's an argument there. And some people may say, "Well Pat, if you really believe in free market capitalism, what's wrong with this?" Here's a question for you.

What is what is an average business's IBIDA? Restaurants IBIDA is what? What's a restaurant's EBID?

Lucky, if, you're, there, 5, to, 10%. They, get, their, asses, handed, to, them. Restaurants, right? Okay. What is a healthy business's IBIDA?

What, do, you, think, it, is? 10, to, 20. 10, to, 20, would, say, pretty, healthy, right? Now, if you're running a software technology difference, so let's set those aside. the 30 40% like I'm talking Salesforce. What do you think is the what do you think is the profit margin of what these credit card companies are making? What do you think it is? If you don't don't pull it up yet cuz Rob, I want to see what they're going to say before you ask the question. What are profit margins at credit card companies such as Visa, Mastercard, and American Express? But don't press enter yet. What do you think the number is?

30%., That's, a, lot. Yeah., Okay., I'm, going, to, go, more, in, line with restaurants. 5 to 10%. Where are you going to be, Tom?

Well,, they're, charging, interest, rates, on one hand at the rates we're seeing, but on the other hand, they're only making two and a half% on the actual transaction. So, I'm going to blend it and go four.

You're, about, to, be, shell, shocked., Go ahead, Rob. Ask the question and show them what it is. Net profits for Visa is 47 to 52%.

Mastercard, is, 45%., Amex, is, 14, to, 20%., So to me, are you flipping kidding me?

Yeah, they, they're, printing, money, like, every single year. I remember I bought Visa stock like 10 years ago and all you had to do was keep it.

Yeah. But, but, are, you, getting, a, credit, card with Visa or are you getting with Capital One?

So, are, we, looking, at, the, wrong, number because Visa is making the money for processing transactions. So their fee their net profit's very high. American Express is the card issuer and so see how much lower%. So I think really we have to look at Capital One, not Visa. Right.

You, you're, thinking, you're, thinking more, but I you think they're targeting Capital One. I don't think they're targeting

Visa., Visa, is, making, all, the, money, from processing the transactions. They don't have the cost overhead, the risk. They're not making the slim margins on the spread. So I think you would have to go to the actual card issuer like a capital

that, is, giving, the, debt, to, the, client that's, giving, the, debt, because, they're the ones that are making the spread. They're using the Visa network.

So, So, why, don't, we, do, this, then?, Let's ask the question with those guys. What is the profit margin? What are the five credit card companies we want to put? We saw AMX 14%.

Scroll, back, up, a, second, where, it, said AMX. So see where it said uh 14, to, 20%.

See, what, it, says, right, there., A, MX, also acts as a credit issuer and bears credit risk. So you makes a slight difference though. So Mastercard and Visa don't they're not issuers. They don't bear credit risk.

Well,, why, don't, you, give, the, companies what are the top five credit card companies? Give the names. Capital One. Okay. So let's say what are the profit margin? So, why don't we do Discover City Capital One? Maybe let's ask the question this way. What are the top five credit card companies in America? What are the top five credit card companies in America? So, to me it says the top five credit card companies in America are it says Visa

thank, you. Global, payment, system, 55., It, says Mastercard. So, I'm trying to see what are the credit card companies. City Bank, you see, goes back to Chase BFA. So, why don't you ask

I, I, would, exclude, the, banks, because obviously they're going to have profits from other areas, but I think Ammex, I think Capital One

City's, also, a, bank, though,, right?, So,, if you put City right?, That's, why, I, said, Capital, One.

So,, let's, look, at, Capital, One., Rob,, if you want to do this maybe, discover, that, you, call, it.

Why, don't, you, do, that?, Do, Capital, One, do discover and what was the other one you said? Capital One Discover and add one more. Was there one other one that we wanted to add?

Capital, One, Swallowed, Discover., But anyway, okay,, let's, just, see, what, is, their profit margins, what kind of money they're making. What is their margins here, man? Visa.

Well,, we're, waiting, for, that, to, come, up. I mean, just uh price is 101% for, Amex., We, saw, that, one., So,

look, at, Capital, One, right, there. Barely, making, any negative, 8.8., What, is, discover?

25 minus, 25%, based, on, recent, trade. That's, not, a, minus., That's, an, approach.

But, again,, but, again,, Discover 25., So, Discover, makes, 25%. Capital One makes 5%. AX makes 14%. More traditional bank with significant loan book. Margin varies with credit cycle. Discover pre- merger performance showed solid profitability stronger than many. What does that say, Rob? Banks. banks.

Bank, issuers. Bank, issuers., Okay., How, do, you, process this? If, you, go, up, and, read, Discover,, if, you scroll up just a tad right there, you'll see Discover also has additional income that's um sort of like a Visa Mastercard network. So really the best proxies for this, I think, are American Express and and uh Capital One because they're like the credit issuers. They don't benefit from people using their

So,, so, then, let, me, ask, you,, if, they're doing this and if they remove the interest rate from what it is to 10% how do these guys make money if that's the case? Cuz Visa and Mastercard they're printing money.

They'll, make, money, on, the, top, half,, you and me, and they'll start to bleed on the bottom half, and they will have to reduce um uh you know, credit available balances, credit limits. They'll have to reduce them. This is what he was saying last night. They'll go wham and stop everything at the bottom and then leave everything at the top.

Well,, what, they'll, do, is, they're, going to call you and they're going to triple your credit line because you're going to pay it back and then everyone else are going to cut theirs.

How, do, you, make, money, off, me, though? Well,, you, because, you'll, use, your, credit card and you'll pay it back.

Transaction, fees. Transaction, fees. But, how, much, is, that, though,, Tom?, I'm going to pay back and I pay back on a monthly

bas. So,, it's, really, the, 3%, of, usage. Correct. H you now want to lower it to 10 points? I don't know. Would I like the fact that Holly and Sanders are both entertaining it? Do you think this is a net net good thing for low middle inome families?

Yeah., Does, the, does, the, product, market need scrutiny? Yes. Does it need to maybe tighten some things up? Plain talk disclosures and things like that? Sure. can always benefit. Does it need the government to put a cap on how much profit it can make? No.

Business, 101., If, there, is, a, fat, margin to be made, competition will come and eat the margin. That's just the way it works.

How, has, Visa, and, Ma, Mastercard, not, had anybody else that come in? Well,, that's, because, they, 45, to, 55%.

But, they, they, did, have, they, did, have, MX come in. They did have Discover come in but now they've also had PayPal, BMPL. So, they are having lots of competition now. And now we're seeing stable coins that will start taking over. So I think they do have some competition, but they have the benefit of owning the network. And you know, owning a network is where you

big, money., It, has, to, flow, through, you. The, network, effect., What, you, say,, Tom?

The, toll, booth. They, own, the, toll, booth. What, a, business, to, be, in, though, if, you think about it, right? Oh yeah.

What, is, What, is, the, biggest, crypto credit card? Is there a Bitcoin? Is there anything like that right now where it's a a competitor of what a Visa and a Mastercard would be? Uh, I mean there are, but they're through the banks. So they're credit card banks because the credit card bank is still need.

Yeah,, it's, still, credit., It's, still, a credit product. So, like,, uh,, Gemini,, for, example, released one, right? Or or Coinbase released one, but it's with a major issuer. I think Coinbase is through AMX I believe. Um, so they use a credit issuer for that.

Rob,, can, you, do, me, a, favor?, Just, go, to Visa. Go to Visa Market Cap. Go max. Go Visa Market Cap. Go Max. Not. Yeah. Go max all the way to the right. Look at that.

Geez. Zoom, in., Look, at, that. It's, like,, how, do, you, lose, money, with this?

Yeah. This, is, one, of, those, things., $625 billion market cap. What was it in? What was it in 2011? Go to 2011 market cap. 2011. Rob.

This, is, a, Warren, Buffett, efficient capital business. It, really, is., If, you, look, at, it,

they, own, the, network., They, they, own, the they own the uh this like Coca-Cola right? They own the patent on the syrup. They don't even make the bottles. Look at this market cap in 2011 67 billion. Market cap today 650 billion. It's you you know this is not a recommendation to you guys but if some of you guys are conservative and you want something long-term you almost have to go through this network

um, visa, massacre., Okay, let's, go, to, the next story. Trump says any country doing business with Iran will face a 25% US tariff. 25% US tariff. President Trump said on Monday, "Any country doing business with Iran will face a 25% tariff on any and all business being done in the US. That new tariff on imports from Iran's trading partner is effective, immediately,", Trump, said, in an intrude social. The order, this order is final and conclusive. Thank you for your attention to this matter.

Further, details, about, the, tariff announcement were not immediately clear. A White House official declined to answer. This apparent effort by Trump to economically isolate Iran comes as in as the

That, was, good., As, the, oil, rich, Middle Eastern country struggles to suppress an ongoing swell of massive anti-government protests, dozens of those protesters have been well, it's not dozens anymore. The report was 2500 and CBS reported allegedly 12,500 uh killed. Tom, 25% tariff on people doing business with Iran as if they're not already suffocating with inflation being 55%, water issues, right? Unemployment issues, the average worker making less than a gram of uh gold per month, $110 a month. How bad is this when he puts this on them?

Okay,, so, it, goes, like, this., My, dad, got really upset with me and grounded me. So, I have to go to my room when I get home from school and I'm sitting in my room. Then he gets home the next night and my mom says, "Hey, the report card just came in the mail. The report card sucks, too." He knocks on the door to my room and he says, "You're not grounded for one week. You're grounded for two weeks." Well, I'm already grounded. So really, I looked at this when it came out and I said, "Really, what's he saying?" He's saying anybody that's doing business with people that I'm already punishing, and remember, India is part of this. He said, "Then um okay, we'll put another 25% on anybody doing business." So, in other words, I already have China tariffs. I'm already got sanctions on Russia and I've already got sanctions on Iran, but if anybody wants to even look like they're doing a backdoor deal on Iran on with uh Iran

for um uh I mean Russia's buying drones there's some black market oil being sold. So anybody caught doing that now it's another 25%. So the really I think that the what really happens here is that he wants to cause what few customers that Iran has to to even lower what's what they're buying which points to China because China's trying to buy they buy black market oil. So he's like saying okay we're going to put another 25% on China. So this is really like hitting again a dog you've already been hitting for a month.

Brand, Brandon, your, thoughts, on, this? Yeah., No,, it's, um, I, think, they're, at, the breaking point where something could happen here like where the you know leadership change could happen and uh this is um you know you just got to keep like piling like layers on top of it to see what breaks and I don't think organic revolution leadership change has ever happened without the assistance of an outside powerful force. So you know I think he he's in favor of leadership change. I think he's trying to do whatever he can without putting boots on the ground to make that happen. I think it's close to happening, but um yeah, I it's interesting like we were talking about last week how China's real power or their edge in in um geopolitics is getting cheap oil from Russia and Iran.

So, you know, we're kind of putting them in a situation too where it's more difficult to get that cheap oil from Russia and Iran. So, maybe China could um be helpful here. I don't know.

And, do, what? And, um, you, know,, like, go, somewhere, else for oil in the meantime instead of Iran.

Why, would, they?, They're, getting, it, at, at a massively discounted rate. Yeah., Well,, that, that's, where negotiation comes in. Like like it's like what do we care about more

for, us, to, say, stop, doing, business, with them? Yeah., Take, a, pause. You, realize, this, 25%, is, really, who's, he talking to with the 25%.

I, think, two, countries., Yeah., China, and um India. Yeah., So, China, is, going, to, sit, there, and say, "Yeah, I'm pretty much getting it for free. I'm not paying anything for it."

And, you, think, you, think, he's, really going to come through with this 25%. I, No,, I, think, it's, a, good, uh, threat,, but you know, now we have Venezuela oil that we could we could um put on the table. Do you just imagine if you're the accountant? Like you're the controller general of the US. Who the hell is the controller general of US right now, Rob? He used to be a guy named David Walker 20 years ago who whom I interviewed one time. Who is the controller general of the US today? We're not even talking about this guy.

This, poor, CFO, must, be, having, There's, no way this person is sleeping. Can, you, This, is, the, CFO, of, America, folks. Let's give him some credit. Can you pull up his picture, Rob? Who are you?

And, no, one's, even, talking, about, you. Yeah, she's the controller general of the US.

Okay,, go, to, her., Is, she, really, the I, think, there's, a, better, picture, than that one on the American flag there. She looks kind of crazy, doesn't she?

No,, no,, but, I'm, actually, being, serious. Is this truly the controller general of the US today? Is she the controller general of the US or a state

began, December, 2025?, says she's, the, acting, controller, who, sat, in the chair following the retirement of Jean Dorado who retired just a couple weeks ago on December 29th.

So,, who's, the, new, one? She's, the, acting, and, it, hasn't, been named. So,, they, haven't, announced, the, new, one yet,

right? And, this, is, just, a, couple, weeks, ago. Well, go to Gene Doddaro. Who is So Jean Daro was the one that was doing all the stuff in 2025

correct? Can, you, go, to, Gene,, please? He, was, official. Who, is, Jean, Daro? Funny that we don't even know who this person is.

This, guy's, probably, aged, more, in, the last 12 months than the last 40 years.

The, amount, of, every, day, 25%., It's, like it's like working for a sales company and the co keeps changing the comp plan every day.

Okay., Change, it, here., Change, your commissions to this here. Change your commission to there. It's like this constant. You know what I'm saying? Like that that's

that's, what, it, is, working, in, that environment. But uh the threat is you're suffocating Iran to have no choice but for everybody to stop doing business to eventually give up. He's trying to get these guys to quit and give up. Do you think it'll happen, Mark? Iran I think there's a bigger problem at play here. And so, uh, while I certainly hate what's happening there and I I hate to see the people getting slaughtered, I mean, it's just absolutely insane. To think that people still live like that in today's day and age is insane to me.

But the bigger problem that we have is is China. And so what China is doing is they're setting up a a new parallel financial system. The dollar is the reserve currency of the world. The US dollar is the payment network of the world back to Visa and Mastercard. The dollar is the payment network of the world. And so the US is able to sanctions sanctions sanctions sanctions. But eventually you kick so many out of that payment network, that financial system, and they go find a new one. China is setting up a parallel system through Hong Kong that's being settled in gold. And the and they've now set up swap lines with 32 countries almost every country except the United States. And so now all of these countries can do business with themselves using the R&B being settled in gold in real time. And they don't have to use the dollar network. And so this is happening, and it's happening very, very quickly. And the more that we

weaponize the dollar and the more that we slap sanctions, the more it drives people to that network. And so what happens is this has diminishing returns. And so while I certainly would love to help the people in Iran and I would love to see the United States somehow changes. You said it needs an outside power to affect this, the problem is is that it's accelerating the demise of the dollar.

Very, good, point., Because, behind, closed doors, this is getting people to say "Well, I want to independently do it, so let me lean on China to help me out with this." Uh, if that ends up actually happening, you know who behind closed doors is celebrating right now with Iran getting hit left and right. And they're they're hoping Iran doesn't have a revolution. You know what's the one country that is hoping Iran doesn't have a revolution? Iranian people don't become free. Iran doesn't become a democracy. Ombberto set it in the back.

And you know who it is? Saudi. Saudi, Arabia., Saudi, is, sitting, there saying, "No, man." Like, "Let them stay like this. Let the sanctions stay on. Let people not do business. Keep it like this. This is more business for us."

Saudi, is, quietly sitting there saying, "Please stay chaotic. Please don't get rid of IRGC." There's no other country in the world that is probably quietly supportive of IRGC than Saudi.

Quietly, in, their, own, way., not, in, a, way that they're helping them out in their own way. Brandon, you look like you want to say something.

Yeah., No,, um, I, I, do, agree, with, you saying with the demise of the dollar but the remn I've never thought of that as, like, something, the, the, rest, of the world would rely on like um

they're, not, relying, on, it., They're, not relying on it's only used as liquidity and it's all settled in gold.

They're, relying, on, gold held, in, China, though. It's, not, they're, they're, settling, it. And so it's not fully functional yet but it's rapidly accelerating. It's all happening through Hong Kong. So the Shanghai gold exchange is working or partnering with the Hong Kong board. And so it's all being used only as liquidity but again settled in gold. And so we're seeing the reserve currency of the world, the US Treasury has been dropping right at from 60% down to just under 50% in just like the last decade. But we've seen gold now rise to about 30%. It's happening very very quickly.

And, behind, closed, doors,, isn't, it?, Isn't it? If you if you Rob, type up what country has been buying up the most gold the last 5 years or four years. I think China's at the time.

Well,, China, doesn't, report, at, all,, so, we don't really know. But to answer your question, nobody's going to trust Chinese currency. It is not a free uh Oh, it's not an open capital market. Nobody will trust it

right? They, don't, have, to., All, they're, using, it is for the liquidity and then the gold is is what's settling it.

Yeah., So, So, you're, not, saying, that, the the China's a threat to be the next reserve currency at all, right?

No., Gold., That's, why, gold's, 4600, bucks an ounce right now. Standard really.

Interesting. That's, a, whole, conversation., But, yes,, I mean that's what's happening. We've seen, like I said, US treasuries have dropped below 50. Gold's up over 30% in reserves right now.

Mhm. Let, me, get, to, the, next, story., Next, story here is Trump to bring Elon Musk in for key Iran mission. Rob, I think you have a clip on this one. Rob, I'm going to read it then I'll come to you. So, President Trump indicated on Sunday that he planned to reach out to Musk to speak about Starlink, asking asked during a Sunday gaggle aboard Air Force One uh whether he is going to send Starling service to Iran amid the internet blackout imposed by the Islamic regime. President Trump indicated that he planned to reach out to Elon Musk. We may get the internet going if that's possible. We may uh do you have that clip Rob?

I, have, Caroline, Levit., Let, me, look, for the Trump clip as well. may speak to Elon cuz as you know he's very good at that kind of thing.

He's, got, a, very, good, company., So, we, may speak to Iran. I'm going to call him as soon as I'm finished with you. Uh there has been an internet blackout in Iran. The regime brutally uh crackdown amid protest. Starling is apparently providing some connectivity in the region. Brandon.

Yeah., So, um, for, Starling., Yeah. Yeah., Starling. Yeah., No,, I, mean, this, is, a, it's, a, game changer. I mean the like the fact that Elon said what he said about Trump and Trump is like publicly um comfortable reaching out to him and uh asking for help. It shows the power of Starlink and you know it's literally going to like change the way that everything works in terms of like telecom networks and cell phone networks. Like when you're in a plane right now you can literally connect to Starlink. So I like I think this could single-handedly cause an aid revolutions and get information out that is was formerly incapable of getting out. Like imagine what we could learn from what's happening inside Iran right now like if if they hook up to Starlink versus what we were able to have access to before that. So I think it's a total game changer in the the revolution space and like helping countries that try to

cut off their population from the world to have access to the rest of the world.

Who, else, who, else, is, a, competitor, to Starlink? Nobody. Rob,, is, there, another, Starlink?, Like, who else is building a Starlink outside of Elon?

What, a, lynch, pin. Big, barrier, to, entry, to, like, put, a, bunch of satellites in outer space. I mean, I get it's a big barrier to entry, but it's got to be somebody because the reason for it is if only one person controls it and says, "No, I don't want to turn it on." What are you going to do?

Yeah. How, much, control, does, that, individual have? I don't like the fact that there's only So, there is Yeah. There's somebody that's building another competitor major current and emerging competitor Starlink. Amazon, uh, how do you pronounce that? Couper. Amazon Leo is one of the biggest direct competitors to Starling and deployed thousands of uh LEO satellites to provide broadband internet globally. Okay, that's good. One Web is a UK based LEO satellite. No one's going to trust the UK one. Chinese mega mega stellanches Guang and Qan

that's, firewalls., No, one's, going, to, use that. So, no, one's, going to, use, that., Go, a little bit lower Rob to see if there's any one of them. And then Iris is European Union satellite internet and secure communications constellation plan with hundreds of satellites and LEO in medium earth orbit. Is there any other ones that they're doing? Okay. I like the fact that there's some competition here because I don't like the fact that only one person

you, still, have, the, the, Hughet., You, still have like Direct TV, right? You can still get

those, are, those, are, olders., When, you, see the LEOs, that's the modern technology. That's where they can launch 16 of those in a single rocket. LEO stands for low Earth orbit. And you and baby Arthur C. Clark, remember him, wrote 2001. He defined the Clark belt, which is, I think 23,200 miles above Earth where if you throw a baseball, it stays there. Gravity won't pull it to Earth, but it can't get away from Earth. It'll just spin forever. So that's the Clark belt where all the major satellites, the big TV satellites high power go. LEOs are the small satellites that are up there lower. And there's not very many. Utilat um uh came out of Europe. They had one that was built but it never got commercial viability. Viaatap build one. It gave you very moderate as you recall um uh internet on aircraft. And so and then Huenet that was the one you would see the girl uh advertising to get you

internet in the middle of nowhere right?, But, it, wasn't, very, very, fast. Starlink, is, newest, fastest, in, LEO, and then Amazon's building a LEO. The LEO networks are what it's important and we need three of them. You got to have three competitors in my in my view. Otherwise, you do have the problem of what if

what, if, Elon's, not, in, a, good, mood. I, don't, like, that, at, all., I, don't, like that at all. I don't like the fact that I only have one phone call to make cuz you have a monopoly. You're begging the individual.

Sorry, for, the, lesson, on, all, this. Imagine if I will do it if you give that $7,500 thing back on the table. And you're like, no. Well, then I'm not giving it. He doesn't have I don't like only one option. Mark, thoughts?

Yeah., Well,, I, mean,, first, of, all,, I think Elon is not the controlling interest. I think he has a minority shareholder of Starlink. So, it's not like he's a dict dictator of the company.

So,, can, he, can, can, can, Starlink, be approved without needing to call Elon?

I, don't, know., You, see, that? I, I, don't, know, the, corporate, board governance, but I believe Elon because I remember when um in Brazil they went to sanction Starlink and um thinking about how can they sanction an American company, an American uh but but he is a minority owner of Starlink, I believe. Uh so I don't think he runs it like a dictator uh at the top of the board. I think there's a board there number one.

Um, it's, not, a, separate, division, of SpaceX privately held. Oh okay. Short answer yes. Mostly because most caveats how Starlink is structured not as separate public company. It is a division of SpaceX which is privately held controlled by Elon

40%, of, voting, control. 40%, of, voting, control, and, even, more, uh through super vote. Oh then it's over. It's 90% 80%. Okay. He's probably got a setup in Delaware where 2X is it.

Uh,, you, know, which, one, I'm, talking about, Tom. The So, then, that, means, Elon, has, de, facto control over SpaceX and therefore Starlink. So yes, I stand I stand corrected and and I absolutely agree with you. I mean I I'm all for competition and to your point, we need we need competition. It always brings better products, better services, better prices, but it also prevents uh somebody running away getting crazy and trying to uh do something that could be detrimental. So

and, I, don't, know, about, some, like, this, Mark, you know, like if you think about for you to have that kind of control

but, the, president, has, to, say,, I'm, going to call Elon to get it. He's, more, powerful, than, the, president, especially. Wait till the robots come online with the, you know, the robots. The robots come out and they're actually

But, at least, the, robots, were, going, to have competition. There's a difference between the robot and internet.

Yeah. Internet, is, people, don't, know, how, many people are being massacred in Iran right now.

Yeah. We, don't, know., It's, off. Right., So, for, us, to, not, be, able, to, see

Yeah. the, media, CNN, is, report., you, know,, it's, you know, nothing's really going on and they're giving their own reporting and so the mainstream media is not covering it. What is the great equalizer to mainstream media? What what does the mainstream media hate the most? What completely disrupted mainstream media?

Podcasting, YouTube,, independent, like, right, now, just think about today's conversation

democratization, of, the, conversation. How, many, people, here, have, been, sta, you know held stand corrected? How many people here?

Me,, Visa,, Mastercard,, him, just, right now. Everybody. So that is that is what keeps you honest.

Before, if, this, was, CNN,, Fox,, just, three or four uh NBC, guess what? People, going, to, be, like,, well,, that's what the truth is. That's what the truth is. No, we need more Starlink. I'm glad a, couple, of these, other, guys, are, doing it as well. As much as I uh love uh innovators at the highest level, I like competition more than I love innovators. Yeah. Because an innovator without competition is control

right? It's, going, be, tough, to, compete, with those rockets with how good he is with the like the rockets are the the thing that allows him to put some A Starlinks up there.

Yeah., Yeah., No, question, about, it., Okay, let's get to the next story. Next story I want to get to is uh let me see which one of these I want to go to because we got quite a few good ones here. Let me go boom boom boom boom. Let's go to this. Where's the where's the house? Um and what they're doing with the loan, Tom, what page is that on? You know which one I'm talking about Rob?

Page, three. Oh,, there, it, is., Trump, vows, to, slash mortgage rates to revive the American dream while blaming Biden housing failures in Truth Social. This is a Fox story. So, let's go to this. Um President Trump said he is directing representatives to buy $200 billion in mortgage bonds to drive down rates blaming former President Biden for what he called a broken economy marked by inflation, crime, and an American dream. He says his administration is restoring. Biden ignored the housing market and instead was immersed with high crime open borders, runaway inflation, the Afghanistan disaster and military that he left in chaos and confusion," Trump wrote on social. "Everything was broken.

But I, as the president of the United States, have already fixed it. Now I'm giving special attention to the housing market because I choose not to sell Fanny May and Freddy Mack in my first term. a truly great decision and against the advice of the experts, it is now worth many times that amount, an absolute fortune, and has $200 billion in cash. He continued, "Because of this I'm instructing my representatives to buy $200 billion of mortgage bonds. This will drive mortgage rates down, monthly payments down, and make the cost of owning a home affordable again." Tom this is only one part of the puzzle. So he's obviously working with Bill Py Fanny, and Freddy. Um, we assume that uh Bill Py isn't mentioned, but Bill Py runs Fanny and Freddy. And so they're going to put $200 billion in mortgage bonds. That is available liquidity for FHA compliant mortgages basically right?

So, it's, a, stack, of, money., However,, those houses still cost the same if housing prices don't moderate. And we have a limited supply of new building because building from Toll Brothers, PY, Lenire there's like four of them that they're the majority haven't had a chance to cap catch up with building yet. So you need supply to catch up. So the price of the houses will come down a little bit. And then yes, you've got a mortgage that's a more affordable rate. However, a related story is escrow balances are going up.

And that's where people are being asked to have set aides your payment plus a small escrow balance. That balance is like a little savings account to pay your property tax at the end of the year. And escrow balances have been going up. Why? Because the value of the home went up. We crossed 1231 and u certain municipalities depending where you live reassess you based on 1231 and give you a new property tax. So this is a little bit artificial to take all that cash to go put the bonds out there. So there's money available to lend. The bigger issue is still that the homes are expensive. There's not a big supply of new homes as alternative to purchase and the insurance and property tax are linked to the current value of the home which is still high. So this is a good start but it's not a magic elixir to fix the whole market. Brandon.

Yeah,, I, think, it's, just, another, name, for QE. So, you know, if you're artificially pushing down the price of interest rate or the Yeah, the the level of interest rates, then that's quant easing and it's going to, you know, make it more appealing for people with extra money to buy houses because the rates lower. So it's going to ultimately push up the price of houses. Like that's that's when uh housing prices went up like crazy is when we dropped rates to zero. it it went up from like an average of 350,000 to an average of 475 nationally from 2020 to today. So yeah, I I don't think it's a long-term good idea. Like maybe it's a shortterm sounds good, looks good type of thing. But no, it's not it's not a good long-term strategic plan. The only thing that's going to fix it is if we build a ton of houses at a much more rapid pace than ever. Like maybe if the government subsidizes or like if if

they're going to drop rates for anything, it should be loans for home builders so they could build houses faster. Mark. Yeah, I think that sort of misses what's happening here. I think uh building more homes isn't necessarily the answer because it's not just more homes. We have supply and demand in key areas. People need to live near city centers. They need to live by airports. They need to live by business centers. And so, we can build more homes in the middle of America, but what good does that do? We can't build more homes where we actually need the homes. I think on top of that, the p the mortgage payment is only one piece of it. So, we've seen insurance rates. I mean, you're in the insurance business in California. In some areas, it's impossible to get insurance on homes. Uh, I have a place in Texas in Austin and rates are up like five times.

Rates, are, up, five, times. Yeah., I, mean,, my, my, insurance, went, we have a ranch property there and my insurance rates went up like crazy. And so, um, it that's really affecting the the home building market. On top of that, you have all the regulations that have piled up. So, the costs to build a home, not just the hard cost of lumber and and steel, etc., but the regulatory costs and stuff have gone up so much. So there's a lot of problems that are that are holding the uh price of homes up as well. If you look at the US median average of homes, it's like a perfect proxy for inflation.

It, rises, with, M2,, rises, with, the, Fed balance sheet. So um I think inflation is in the seat here. Sure, we can lower rates a little bit and that helps a little bit, but at the end of the day the last thing I'll say is that nobody really buys the price of the home. They buy the payment.

Correct. Right., And, so, even, if, I, can, bring, the rate down, I'm still going to buy the max amount I can afford to buy based off of my income. And so the price of homes is just going to go up when rates come back down.

Rob,, go, back, to, the, story, you, had, just, a second ago so we can see the um the uh the escrow effect and what it said is the property tax. You were just there 30 seconds ago.

And, if, and, if, we, could, look, at, the insurance rates. Yeah,, they, were, right, together., You, had them right together. Just

was, that, BT one, screen, ago. Hang, on, one, second. No,, it, was, Anyway,, it, it, showed, that since um 2019 how much the um property tax rates were up in the escrow and then right below it it had the insurance. You were you were just on one of the other tabs. It was like only one There we go. Uh

45, to, 62. Yeah., escrow, payment, for, homes, in, the, US has increased approximately 45%.

He, had, it, a, minute, ago., It, was, just, one page back on one of the What, was, it?, What, was, it, saying?

It, was, saying, that, over, five, years, that the uh the pressure on property taxes had gone up um 27% over five years. Just property taxes.

Go, to, each, page, you're, on, and, just, go back one page on each of those uh pages.

I, already, closed, I, had, closed, it, out. That's why. So when I go back That's, what, I'm, saying., If, you, go, back that could Okay, I got it. And then it also talked exactly what Mark was talking about the insurance cost because the insurance cost chases rebuild cost

number, one, and, then, changes, loss, cost. So as your house becomes more valuable then your insurance goes up in a static market because of rebuild costs. However, then you have loss cost disasters and insurance raising cost of capital and loss risk. Suddenly it all goes up and you end up even in

but, then, but, then, 5x but, then, it, gets, worse, because, then, you have the state of California we had the wildfires and then you have regulatory problems where they've driven the insurance companies out of California. So now many homeowners in my area, you know, where I live in Orange County, I'm considered a high-fire zone. I live on the beach, but I'm a high-fire zone. And many of the people I know in my area they they can't get insurance. So now they have to buy into like a state funded insurance. It's the only way they can get it and the rates are enormous.

There's competition is gone. State, funded, insurance, is, it, only, covers the, 20, and a, half, million, or, something.

Friends, of, mine, that, are, in, the insurance business many times they have customers and they can't get them insurance. They're not even able to get them.

Hysterically, named, fair, plan., Fair, plan. A, lot, of, the, brokers, have, been, driven out because the insurance companies had to cut brokers because they can't even afford to pay the

Are, you, at, a, point, that, you, you, guys, are talking about leaving or not yet?

No,, not, yet. You're, not, yet. Uh, Mike, Tyson, told, me, it's, expensive, to live in heaven. Is that what it is?

That's, what, it, is. Yeah., So,, that's, the, So,, can, anything ever happen that you would leave the state?

Sure. What's, the, turning, point, that, you, would see? I, mean,, sure., I, mean,, during, the pandemic, Newsome wanted to be uh you know, the most strict state for as far as lockdowns. I won't live locked down for sure. I left the state in 2021. That's why I bought my ranch in in Texas. Uh but uh you know, I don't eat Top Ramen and McDonald's every day either. I pay a little bit more for food. I could pay a little bit more for a quality of life. Uh but yeah, what would change would be um something that would restrict my daily life, like restrict my freedoms. That would be something. The other thing is back to this billionaire tax that are seeing this mass exodus. I do have friends that are now working on moving out of the state. Um and so at some point that could potentially drive me out. We'll see.

Well,, if, it, gets, passed,, remember, they only have to move one letter, change the B to an M, and now it comes after the rest of you.

No,, I, know., I, know., And, then, and, then you know they floated the idea of having it retroactive, right? So

to, January, 1st,, 2026,, right, now, right?, So, uh, you, know,, but, they, floated ideas in the years past of it even going back longer than

this, is, a, scam., We've, talked, about, it before, but people need to hear this. You know, Ro Connor says, "Oh, you know this is a ballot initiative." You know Gavin Newsome says, "Oh, this is a g ballot initiative." Wait a minute. SEIU Service Employees International Union which is a giant union in Nevada that happens to have a very high membership in the state of California with government employees, is the sponsor of the ballot initiative. So all the politicians are saying, "Oh, this isn't a bill. This isn't a tax that we're putting in. It's a ballot initiative and the people are putting it up. The union bluecollar workers are putting it up." Yeah, but who's putting the union up to do this? And the answer is the politicians are. And at the end of the day, people believe and accusations have been made that at the end of the day we're going to find Gavin Newsome and Roana's fingerprints on this somewhere.

But right now, it's a ballot initiative which means that the emotion of the voter driven by half a million of these union workers, and then the lower half it's going to pass by 55. it can't that you can't get less than 55% of the vote on this and so it's going to pass which is why everybody pat is handicapping saying well this is a ballot initiative it's going to pass because there's no way for it not to pass how do you find 51% of the people in California that don't are not in favor of hey you make 50 grand a year tax the rich yeah okay Proposition X I'm in right

that's, what's, going, to, happen, and, so people are out you read the bill and you got to go in and build Bill, you read the ballot initiative and there's a scary part at the bottom of it. They call it the billionaire tax, but it's like giving the government a knob and they what do they do with a knob? They just turn it and it's going to extend to others with a with one click that's inside the ballot initiative. You can go down to half a billion net worth. So what does this mean?

Every, homeowner, in, California, the, more, which, means, the, more, in, trouble California is, this becomes a tool they're going to use. Tom, let me tell you how Let me tell you how I view it.

It's, not, a, billionaire, tax., It's, an asset seizure progressive over time for bankrupt California.

Let, me, tell, Let, me, tell, you, how, I, how, I view this this morning. No,, I, I, appreciate, that, coffee., I appreciate the color on that.

Somebody, sends, me, in, my, neck, this morning about decision- making developing, you know, building people all this other stuff. And this one guy hey, you know what? If uh I don't want to do this because of this. I said listen, the the way I make decisions is long term, okay? parenting long-term you know, finance long-term, business investments. We're going on a 40-year run. We got 38 and a half more years left on our 40-year run. Long term right? So, if you sit there and you're playing the long-term game, you have to ask yourself, do you think California is more likely to be more businessfriendly?

Do you think they're going to be more likely to be less woke or more woke? Do you, think, they're, going to, be, a, safer environment for your kids? Do you think they're going to be make better decisions for fires, for earthquakes? How do you think they're going to manage crisis? If your level of confidence and optimism says, I think long-term they're going to be fine, go for it. If it's not, you have to start really thinking about long term. This guy uh who was running for governor, I met him a couple years ago at a debate. He was, I believe, working with Vive. Young guy, I want to say he's 31 years old. This guy right here, he proposed a crazy idea

okay,, for, state, of, Florida, governor, that he's running for. And he I'll let you listen to it and then I want you to see who got pissed off at him. A girl named Sophie. Sophie Rain. Uh Brandon, am I saying it correctly? Their name.

Yes. Sophie, Rain, responds, to, him., I'm, asking Brandon because Brand Yeah. So if you want to

Why, Brandon, play, Rob?, Go, ahead, and, play, this, clip. You, can, tell, me, later.

Here's, a, guy, who's, running, for, governor. Look what he wants to do with Only Fence. Go ahead, Rob. And so if I'm governor of Florida, if I'm elected on August 18th, 2026 as the Republican candidate to succeed Ronda Santis, we're passing a 50% tax on all Only Fans income. And guess what? For Sophie Rain who is a proud resident of Florida, that means, she's, going to, have, to, pay, $42 million. $42 million, Charles, to the state of Florida, which I'm going to use for two purposes. We're going to increase public school teacher pay, and we're going to improve school lunches something that Michelle Obama promised and never got around to. And so if I'm governor,

so, guess, what?, This, gets, out, there, and guess who responds to it, Rob? I send you the tweet. So she responds, go to the next one. She responds on the top right. Go a little bit closer to the top right. Sounds like you subscribed and got buyer's remorse after dropping your annual salary on an Only Fans girl.

Damn. He, responds,, "Sophie,, pay, your, taxes, or quit Only Fans. Those are your choices. I'm running for governor of Calh governor of Florida to stop smart and capable women like you from being exploited by that disgusting platform. What do you think about Mark? How do you process this?

Well,, as, a, father, of, two, daughters,, it makes me sad to think that these girls that's the only value they can provide to the world. That's what I think like they have so much more capability. Why is that all you can provide to the world?, That, but, but but, that's, how, I feel as a father. If I zoom out, Only Fans is a platform for content creators. Now, I'm big in the action sports world. We were just at Anaheim 1, the big Supercross kickoff, and Only Fans is sponsoring Supercross riders where they're having sponsors come on and help them offset their cost of their motocross racing, and they have subscribers that way. So, there are other people than just girls that get naked or whatever they're doing on there, right? So, um I don't like that girls do this. I think it's sad. I think it's also systemic for the end of a fiat currency where people can't afford to live anymore and they turn to

unfortunately whatever they call that the oldest, you know, job in the world. Um, but I don't like that. This is a Bernie Sanders type. This is a socialist type. I'm going to take 50% of your incomes. I don't like what you're doing. And that's wrong.

Got, it., By, the, way,, apparently, the Sophie Rain girl made $95 million plus gross earnings through late 2025. That's why he says 50% you would pay 40 some million bucks. She's shown allegedly that her annual profits, annual earnings is around $40 to $50 million per year based on one of her own screenshots. Okay. One of her own screenshots. Tom your thoughts on this story, this idea of 50% tax on only fans. So I believe the government should step into markets when lead based paint is discovered to cause birth defects and cancer in young kids. So we can't have leadbased paint in households. When tobacco is discovered for what it is uh car uh carcinogenic.

However, if free markets are operating with services that are that are legal and are operating legally, I am deeply against the federal government interfering with those markets

or, even, state, government, huh, or, state, governments, as, well. Or, a, state, government., I'm, against, that. Now, if we don't like what a business is and we discover what we discover about lead based paint, we discover what we discover about dioxin, we discover what we discover about Roundup weed killer and we scientifically come back and we say, "Hey, this is no good. This is no good. We can't we can't we, you know, we can't be doing this, then now for the greater good, we're doing it." But if this is a legal industry, then the problem that we have basically is the morality of the populace and we need a better moral compass. And if you're upset about the moral compass, then let's work on that. But if it is legal and you're going out there and you're attacking a market, I'm against it because remember, one man's demon is another man's saint. So one governor says, I want to take 50% of Sophie Ran's

only tax earnings. The next governor says, you know what's even worse than Only Fans? Social media creating cutting and depression in young girls. I want 50% of Mark Zuckerberg's earnings.

You, can't, do, it., If, you, want, to, go, out and you want to that's the wrong way to do it and I'm against it and I'll defend it. But if we come together and say this industry has a problem, it's here. It's here. Hold congressional hearings and then put regulation

right?, Then, do, that, and, don't, let, paint factories dump, you know, um byproduct of slurries into the river. That's good government coming out saying we can't do this. This is populist positions. And the only difference between him on this position and the ballot industry in California is two different states. You're going after something, you know in the name of something else. And you're interfering with the market that's operating on businesses that are legal. Even if you don't like those businesses, said the father of two girls. I might say this is worse because at least, in, California,, they're, bankrupt and they need the money and let's get it from the billionaires. Here he says it right in that last line. I refuse to let smart and capable young women like Sophie Rain be exploited. So this is a moral framing. This is not like we're bankrupt. We need the money. Let's get it from the billionaire. This is like

I'm, going, to, use, lawfare, or, I'm, going to use taxes to try to change the moral compass of the people. I mean it's a terrible take.

It's, a, terrible, take., By, the, way,, this is James Fishbach. Brandon, where you at with this?

Yeah., Um, I, I, think, it'd, be, u like, you're, 50/50. No,, no,, no., I, I, um, I, respect, uh, the hustle, I guess, in one sense. Like it's it is reflective of where society is. Like for both men and women, like it's sad that um you see situations like this with um like the outliers where somebody like her can make $90 million, then probably a couple thousand girls try don't make any money, but ruin the reputation. So that is sad. But also this guy, I'm calling BS. I think he's just trying to act like Trump and be outrageous and say like a a big, you know, audacious claim and get some attention that way. But uh no, it's ridiculous. You can't just like weaponize the government um against things or ways people are making money that you don't like. And by the way, it would be a massive waste of money.

Probably even more of a waste of money than spending money on only fans to give it to uh public school teachers because you know, no offense to public school teachers. I'm sure there are some great ones, but you know, they're um they're a part of society that's a big problem too with like the unions and everything. So yeah, that's a bad idea. Well, listen. According to what Adam tells us, if this were to pass

Miami, would, change. Yeah. That, the, night, life, of, Miami, would change. You would see a lot of school teachers at nightclubs instead of uh it'd be a very very different climate. And uh you know, he he would definitely not support this. He'd be very disappointed with parting shot. You make a good point about the moral compass. Remember, if we as a country just valued life above all else, Roie Wade wouldn't matter because we wouldn't we would ignore that because we would say, "No no, no. We value life that that law doesn't matter. The moral compass trumps laws because people will behave by their moral compass.

You, cannot, regulate, morality. Exactly. No,, you, cannot., You, cannot., I, will, tell you though, I like that a person like him is running proposing wild ideas and allowing the market to agree or disagree. You as a candidate have to be willing to put some crazy things out there and then see how the market reacts to it. Like last night I was saying this to the to the folks we were with with we were with at Kasa D'Angelo is look at how Trump works. Here's how Trump works. Yeah, we going to cap credit cards at 10%. Let the market hash it out debate.

No, we're not going to do it. We'll move on. Yeah, we're probably going to be we're thinking about coming out with a 50-year loan, mortgage loan. It's what we're going to be doing. Yeah. Yeah. And then Bill Palty comes out this week. Yeah, we're not doing it. Why? Market you know, you you have to almost like uh pressure test the idea with the market and see. And it's it's such a great way cuz you know, James is going to watch it. James and I were talking last night on X and I, you know, this is a smart guy, but you got to be willing to test out ideas like this and have smart fair, reasonable people rip it apart or support it based on their reasoning. And they say, "All right, good. Let's move on to the next idea. I don't mind uh Canada being risky and and uh coming up with some crazy ideas every once in a while., All right,, next, one, here.

There's nothing we can do. The great millennial career crisis has given uh has workers given up on ever owning homes or paying off their student loans. This, is a, market, watch, story., Uh, Rob,, I don't think you have a video on this one here, but uh I will I will go to the story if you got the article you want to bring up. There you go. Uh Christopher Drake, 39, has made a nice career for himself as a process engineer, but he isn't where he'd like to be at this point in his life and career due to what he says are broken promises from growing up as a millennial, it sucks. There's nothing we can do. Drake from uh Corning, New York, told Market Watch "Our age bracket was told, you have to go to college, get a degree to be successful." But he found out that even those who worked hard instead of partying during their college years got a serious reality check after graduation. And in the years since then

the jobs aren't there. Drake left college a decade ago with $120,000 in student loan debt, which he says sits at around 150 today despite years of payments due to high interest rates on his loans. A lot of my friends and I discuss how uh there are a lot of people our age that have just given up. Drake is going through what many of his peers online are calling the great millennial career crisis. A generational struggle defined by burnout, financial insecurity, and a lack of stability by adults ages 29 to 44. Videos of these frustrated 30, 40ome Americans discussing their personal traits have garnered hundreds of thousands of views on social media, particularly on TikTok.

Brandon, your thoughts on this? Yeah. So, um I mean it's a victim mindset for him to say this, but it is true that uh you you definitely have to approach life differently today. I think for than um you did 20 30 years ago because of the way that uh things are going with inflation, the devaluation of money. I I do think that it is like a bad situation for you if you just rely on a salary if you're starting your your career off now. Like I don't think that a 100red or 200,000 is going to, you know, take care of yourself and a family. I think that if you don't start a business or if you're not like in a commissionbased job where there is like um uncapped upside for you, you're in a tough situation.

But it's a victim mindset to say that it's helpless and you're giving up. I think you just have to be more exceptional than ever today as a young person. And that doesn't happen overnight. You know, it's a rigorous thing that um you have to be obsessive about and not everybody's going to do it because it's probably like an 8020 thing with people who are willing to do what it takes to be exceptional. But uh that's my opinion on it.

How, do, you, feel, about, it,, Mark?, Because you know you you have two daughters married 22 years. So this is something where you know you probably talk to your girls about you know their friends probably come over and say hey Mark what do you think I should do all this other stuff. How does this language make you feel and do you agree with them?

Yeah., So, he, says, here, that, uh, due, to broken promises the broken promises are that he went to university and the problem is that the university gave him an uh he he was went to a industrial era university that gave him an industrial era lens and equipped him for an industrial era world and he's now graduated and find out that he's no longer in an industrial era and we've left the information age and we're now in the intelligence age. So they're unequipped. They don't have the right tools. They don't know how to look at the world. And so now the broken promise is that the world that they were equipped for and trained for no longer exists. That's the problem. The paradox is this. It's never been harder to survive right now with a college degree because wages haven't kept up with prices,

which, is, true. But, the, paradox, is, that, it's, never, been easier to make money than it is today. We have $20 trillion that was printed in the last 5 years that's slloshing around in the economy. And with a laptop and some AI, you could go make a h 100red grand or a million or 10 million very quickly. So, it's never been harder with industrial era lens. It's never been easier if you could realize that the world has changed. So, how do I answer this as a father of two?

Um,, neither, of, my, daughters, are, going, to college. Neither. Really?, No., No, way., No, way., The, number one

What, grade, are, they, in, right, now? Uh,, I, have a, 21-year-old, daughter, and, a 16-year-old daughter. So, one's a junior, one's out.

So,, the, the, one, that's, out,, what, does she do? She's learning how to make money.

Is, she, having, a, hard, time, doing, it? No,, she's, making, money., She, can, make money very easily. So, she's she went she went to a trade school. Okay.

She, went, to, a, trade, school., She, became, a holistic health coach. Okay. So, she spent $10,000. Uh 5,000 plus another 5,000 in a trade school, right? Uh she's holistic health coach. She's doing holistic chefing. She just got her Pilates certification. She uh has built up a decent audience. She's selling diet plans. And like she's making money. She's not looking for a job. My kids never look for a job. They just learned how to make money. How

How, was, she, in, school?, Like, what, was, her GPA? Was she a high 4? Yeah,, she, was, Yeah., 4.0, all, the, way across.

So, no, problem, was, great. Sort, of, like, me., She, was, uh, didn't, have to try. She she did very well. But uh there was no university for her. I believe in the intelligence age, even the information age, the single most important skill is creativity. Because now we have technical workers at our disposal. So now I have to see a problem, have a creative way to solve the problem and I have to organize the orchestra to play the song that I want. Right? And so school is specifically designed to remove creativity. That is the intended purpose

to, remove, creativity, and, keep, people, in a box. The number one thing we need today. That's why people like this get out and they can't see all the opportunity because they have zero creativity.

Okay., So, this, is, a, great, folks., This, is phenomenal for you. Let me explain to you why. You have two girls 21 and 16. Neither one of them, you're saying, are going to college. Tom, you have two girls, 19 and 14, right? Am I saying it correctly?

That's, exactly, right. So, that, means, exactly, your, girls, are, two years apart. The oldest, they're 5 years apart, 5 years apart, right?

So, he's, behind, you, by, two., Your, oldest goes to a very well-known school. She got a 1560 on her SATs and she's going to the college route.

How, different, is, your, position, than, the one Mark just gave? Well, my oldest is majoring in two STEM. Uh, she's a double major, statistics and analytics, and she is spending herself looking over my shoulder at startups and the engine of new business. So, I would not have sent her simply to be a chemical engineer and come back with your

or, a, liberal, arts, degree. Oh,, yeah., Well,, that's, off, the, table., We we had a joke at our house and went like this. If you want to go study European art history at the Sorbone in France, I hope your boyfriend has wealthy parents that love you more than I do, right?

That, are, willing, to, pay, that, bill., So that was always off the table. So she has a mentality of right now she's coding in R, she's coding in Python she's in statistics, and in five years she will have a double major and a masters of stats. However, our focus on this is that weaponizes you to do what you want or to engage with a startup. Last year, her uh freshman to sophomore summer break, she did six weeks with a startup working with them. And before that, her break between senior year and freshman year, she did nine weeks with a startup. That one was remote. But I'm putting her in the river of creativity of people are doing things for the future. But if that wasn't available she wouldn't her funny we bring this up.

Her little sister, we often talk now because I talk more to the little one than the older one because the little one's now an only child, right?

Because, her, 5-year-old, sister, is, at school right? And, so, we've, had, these, conversations recently. You know, if you if you think of something, maybe you're Mark Zuckerberg, maybe you don't go to college. Yeah. But I want to put you in the river of creativity so you can see what new businesses are doing and what they're thinking.

Yeah. Because, she, has, a, uh, non-blood, uncle that's sitting right over here. And she knows his educational background and what he built and where he went and what he did and she has seen the conventions and the result of it. So

we're, we're, a, split, household, right, now. Here's, where, we, align., I, I, I, believe that college is is an important path for many people. I certainly want my heart surgeon to have gone to college if I were to have heart surgery. Uh but college was never meant for the masses. So college was for elite people to get elite training to get elite jobs. It was never for the masses. Now

cardiologists, or, nuclear, physicists, right?, And, now, you, have, the, masses, that are in there and it's a supply demand thing. There's not enough elite level jobs. So the old days was go to school get a good job, but but that that's past. It's not it's not mass. Uh, number two, what I would say to that is that um, if you need that specialty training like the STEM and follow her dad, that's great. Most people don't. A trade school like my daughter went to, I think, is good enough. And I would just also reframe what I think trade schools are today. So, I think trades, if you break it down, is a specialty skill. So, we typically think of it as like a bluecollar skill, welding, plumbing framing, something like that. And if I wanted to build a house or a building, I would call in trades, right? Um, but today we have digital trades. We have soft trades. So if I want to build a business, I also call in trades. A

social media person, an accountant, a bookkeeper, a video editor. And those are also trades as well today. And so I think a lot of people could just go to school or learn how to be a video editor or learn how to be a social media manager or learn how to be a copywriter and they could make a lot of money applying those trades to multiple businesses. I think the world's changed and most people just need to capture catch up. I like what both of you guys said because what I the way I judge people's kids and is in the following way and I and I'll test them all the time and they don't even know I'm doing it.

We'll, go, to, dinner, and, I'll, just, ask pointed questions. So Bailey, what do you think about this? What do you think about that? Brooke, what do you think about it? What happens with kids with this? What are kids in school right now saying about what happened with Charlie Kirk? What are they saying about what's going on with Iran? What are they saying about this person that's a content creator? What do they think about this? And I'll do this with grace. I'll do this for my uh uh uh niece, you know she asked me questions about Israel.

She'll ask me questions about Iran. Like controversial topics I want to ask them to see how their if their brain is creative enough to process the issue. And then I'll ask someone, I'm like "Yeah, I don't know." Yeah. Yeah. Who? Oh, I don't know. I don't care. I don't this. That's a lazy way of thinking. And your parents made you think that way.

Yeah. So,, you, can, have, two, parents., One, goes the university route, one goes the uh you know, no college route and they can both end up being successful because the parents are teaching critical thinking. There's too many empty conversations. Like yesterday, Dylan and I are sitting and he's doing homework. It's another one of those nights to 11:30. He's doing homework. Now, here's the part. He had basketball game and practice yesterday and he had a three-hour soccer practice. So the guy leaves school at 3:00 basketball till 4:30, soccer till 9:30 comes home, showers 10:15, sitting with me, we're there till midnight, doing homework together, and you know, I'm stuck on this thing. Why are you stuck on it? Well, if the area of the triangle is 15.3 and the base is 4 and a half, I'm giving you exact numbers, four and a half, and the formula is area equals half time base versus height. What is the height?

Well, okay. What is half of, you know 4.5, 2.25? Okay. What is 15.3 divided by 2.25? I don't know how to do that. Yes you do. What's 15 uh 130 divided by 225? Well, I can do that. Well, then just move a couple decimal points. Go ahead and do that. What's the number? Comes out with 6.8. That's exactly the number I run to. What happened here? I got the number right. Yeah, you know how to do this stuff. Like, you got to push critical thinking. You got to push for them to come up with a solution. And and sometimes I think we waste too much time talking nonsense. Like even if you're watching football, ask the question, do you think that was the right play? Do you think they did the right thing? Do you think they should have called a timeout? Do you think that the the timeout was at the right time? Should he have, you know, uh what do you call intentional grounding or should they have done that to save the timeout? That

would have taken six seconds. Why did they call a timeout? These are moments to use the brain to do critical thinking. I don't know what percentage of parents do that. If you're in our environment, and I bet it's probably the same with you as well

we're, always, asking, stuff, like, this,, and it's strategic. Tom, I think you want to say something

because, what, you, just, said, was, so, funny because Bailey and I spent time watching NFL uh playoff game that had teams that we didn't really

care, one, way, or, the, other, about., We're just waiting for the Niner game so mom can go crazy. None of us, rest of us are Niner fans. And we were talking about coaching decision makingaking.

And, Bailey, came, to, conclusion, at, the, end says, "Well, no wonder they're talking about firing that guy even if they win this game."

Because, we're, talking, about, decision making. We're talking about football. WHAT A GREAT PLAY. WHAT AN ATHLETE. NO it's like, why would he make that decision like that? Why would he risk that? Why would they do that? I said well, maybe the guy's hurt. Maybe this here. Well, it certainly didn't turn out well and he owns the decision, doesn't he? I said, he sure does. Well, no wonder people want to fire him.

Yeah. Yeah., And, and, I, just, think, that's, the muscle that if if parents are watching this and they're kind of like, "Well I'm part of Mark's camp. No, I'm part of Tom's camp." As long as you're part of the critical thinking camp, your kids are going to be fine long term. If you're not having these types of questions you're posing to them, you're you're going to have your kids that don't know how to think for themselves and make arguments. Present your argument why you believe this is the case.

If, I, could, just, add, on, to, that, just, real quickly, I would just frame this is that I am not against education. I'm 100% pro- voracious education, but education is something that you're interested in that helps you solve the problem to take you to the path that you want to go down.

I, agree., Brandon,, are, you, going, to, say something or can we move on? You can move on.

Okay., All right., Let's, get, to, the, next story. Uh, Brandon,, when, you, have, two, girls, that are five years apart, I'll come back to you. Okay. Until then

we're, going to, hurry, up. All, right., Next, story,, which, I, have, some opinions on and some creativity. I want to know what you guys think about this. Nissan cancels the Versa. Rob, can you pull up what the Versa was supposed to look like? Nissan Versa, America's last new car for under $20,000 as automakers lean towards wealthier buyers. Okay, so the sub $20,000 car is dead. Nissan has canceled the last new car for sale that was supposed to be under 20K. In a statement, the company said, "In line with Nissan's product strategy, the Nissan Versa ended production in December for 2025 for the US market Versa sedans under $20,000 were already a near myth. Only the bare uh bones base model, the Versa Squalified, and few dealers stock them trim, stock that trim. Its formal cancellation, however means you can't order a new car under warranty for less than $20,000. The Versa joins a long list of subcom

compact model cars that were cancelled in the recent years. The Chevy Spark Can we see what the Chevy Spark looks like, Rob? The Chevy Spark, America's latest, least expensive new car for several years. Left the market in 22. So did the Hyundai Wow. So did the Hyundai uh Accent. Let's see what the Hyundai Accent looks like.

These, all, look, like, European, city, cars, don't they? Right., Then, the, Kia, Rio, and, the Mitsubishi Mirage followed in 201. That looks like a good car, good starter car. And then the Mitsubishi Mirage, if you want to pull it up, KBB research showed that the Versa S virtually impossible to find. The last sub $20,000 car in 2017 they built 61 models priced at $60,000 or more. By the end of 2025, they built 114. At the other end of the market in 2017, they offered 36 models priced at 25K or less. So, is this a good move? Is this just a new reality? Mark, your thoughts on this?

Well,, again,, we, kind, of, have, been talking quite a bit about free markets and so if there was a demand for that and they could produce that car at a good profit, they would obviously they would continue to do that. The profit margins of automobile manufacturers are extremely thin. We've talked about this. I believe they're single digits, right? So, they're extremely thin. Most of the cars,, a, lot, of the, cars, that, they, sell, specifically around the hybrid and EVs are are losses for them, right? And so they're they're dealing with governments forcing them to build certain types of cars. They take losses on those. Ford makes money back on their F-150s. They can even it out. But yeah, I I would say back to the uh free market, right? If they could produce these cars at a good profit, they probably would. The reason why they can't is again because of the regulations on Twitter, maybe in my echo

chamber, I see quite a bit. Um in other countries, they have these like Toyota trucks that are like everybody wishes they could get in the US. They're like $15,000 and they're really cool. And like

is, this, the, one, Hberto, talks, about?, Can Can we pull up which ones you're talking Toyota trucks?

Yeah., It's, like, a, It's, like, a, Toyota truck. It's sort of like a military vehicle. Yeah. Like $15,000. The Hilux and and these are in other countries and people are like, "Why can't we get this in the United States for 15 grand or whatever, right? But they don't pass safety. They don't pass EPA. They don't pass whatever whatever whatever, right? And so unfortunately because of the regulations that we have here, just like we talked about with homes earlier, the cost to produce a car in the United States is just too expensive and so it cuts out this bottom part of the market.

Not because I'm sure there's demand for a cheap car, but they can't produce it at a at a good margin.

Tom,, thoughts? Yeah,, I, think, I, agree, with, that, and, I won't repeat it, but I'll bring something else up is that the modern generation is increasingly getting to be a rental generation on vehicles. That too. um you see kids are getting trained. I'll give you an example of where Bailey goes to college. Uh the campus is in uh a large US city. However, there's not enough parking. So until you're a junior, you can't get a parking permit on campus because there's simply not enough space.

Yeah. And, so,, what, most, of, the, um, students, do is they're they go Uber and Bailey's got a credit card. I can see what's going on on there. She's very good. Keeps a very tight allowance, very responsible. But I see where she goes. Oh, they went down and saw the Astros. Why the hell would you go to the Astros? But okay, but she took obviously she went with some friends. Then I guess what? Then I see her checking account. And I see, oh, 20 bucks from this person, 15 bucks for this person. Looks like Bailey paid but got paid back. Okay. And I'm seeing the way Pat, the youth and the new generation consumes automobiles and they are increasingly permanent renters. We had a highly compensated woman that was here that was leading a technology project. She didn't own a car

and, she, had, a, high-end, degree, from, a high-end school and was a high-end performer, but she was Uber. Uber here Uber back, Uber to Uber to lunch. And so you you also have the increasing with cost of insurance and need a garage need a place to store it. people turning to the Whimos which are going to be more rather than less and Uber and Lyft and they just they will just pay for the portion of the car they need which is a trip to work trip back and so that takes demand also away from the low-end cars.

I, live, in, a, rural, beach, community, so, not in a city and I'm also seeing the same thing. So my friends or my daughter's friends who are teenagers a lot of them are delaying getting their license. They're 18, they're 19, they're 20 because they're just using Uber and Lift.

Yeah,, that's, becoming, a, norm., A, lot, of people are talking about that. We got a We, got, a, 46, year old, that's, going through that right now. I don't want to give him any shout out right now, but Brandon, go ahead. Uh, that's funny. Um now something

who, still, lives, at, home,, sleeps, on, the couch. something's uh deeply wrong here where like normally the the laws of um business or manufacturing or uh creating a product is that it gets cheaper and easier to make over time. So, you know something's fundamentally wrong here with like the structure of things or something like one piece of it where it's somehow getting more and more expensive to manufacture because you're supposed to be able to make it cheaper and then um have better margins on it. So the like you said the fact that there there's all these regulations involved um you know it also goes down to the cost of materials and like those are like a whole another thing um but why that's expensive like steel and components and copper and all that but uh yeah like this is a core function of um of um the cost of living like like food, housing, transportation always say those three things like that's what

creates poverty and non-poverty like if if people could afford those things and and reasonably with an average salarycomes What do you do? I mean, to me, like when I'm thinking about if if we we put a room together of 10 people to debate, maybe seven people to debate this on cars, what to do to bring affordability, would we leave it to free market or if there's a place for the government to inter intervene?

Remember, when, when, uh, EV, companies, were getting the $7,500 rebate and it was kind of a thing that drove it, the rebate went away. It's kind of like, ah maybe I'm not doing it right. What if you gave a $5,000 rebate for a company that produces a car less than $20,000? What if you put that there? What if you create that incentive? Now, I want you to tear it apart.

We, can, get, the, Toyota, truck, in, here, for 15 grand right now. But, but but, the, part, of, it, is, you, you know why the cars the average truck size 40 years ago was 14t, you know, and now the average truck size is 22 feet. We have 22 foot trucks. You know what 22 feet is, by the way?

22, feet., That's, not, the, average, truck size, but that's the big ones that they make. 22 feet is three of me plus three more feet. That's insane for a truck to be that big. So, they created regulations for trucks to be bigger. But what I'm saying is they sit in a room. They eliminated some of this nonsense regulation that they have in place. Uh, and then the automaker problem that they have, Mark, is there is federal regulation, there is state regulation. So, these automakers are sitting there saying, "I'm not going to produce this car." Why? Forget about federal whatever your laws are. California is the the one that screw me over, right?

So,, yeah,, I'll, I'll, produce, the, car,, but for what? Kansas for what? Idaho. I need to be in LA. I need to be in New York. I need to be in Illinois. And these are the places that are overregulating. So then does the president come over executive order and no state can do this. So, it's a little bit complicated. But if they were able to sit down kind of like the Sanders and Holly and and they're trying to figure out this 10% thing and debate it out if we created incentives for companies to create, you know, less than $20,000 cars. Now I'm going buying a $19,000 car. Say the company gets a $5,000 bonus on the back end for producing a car like that. Now kids coming out of college can buy $19,000 car. I don't know. I think I think there's creative ways of doing it.

the the the problem with automakers is not federal regulation, it's state byst state.

That's, preventing, a, lot, of, guys, from getting involved. Brandon should, it, be, like, the, AI, thing, where they did the federal AI bill? And I'm I'm not saying that's a good idea. I'm just tossing it out there. Do you think that'd be helpful if there was like a federal emissions standard? Like in Connecticut and in California, New York you have to pass the emissions test every year. They have to build a car to emit a certain amount of emissions or limited to certain amount of emissions. Would it be beneficial, do you think from a light regulatory standpoint if we did had a federal laws like that?

No. No., Why? The, reason, why, I'd, say, is, we, need, less laws. We need less regulations. And so the problem is we just continue to add more and more and more and more and more and it gets too many. So um I believe in Trump's first term for every new regulation, I think three were removed. I think he's way outpacing that right now. And so really it's not more laws it's reducing the laws that we have. Um

take, away, the, ability, for, a, state, to, put an emission mandate maybe then. Uh, I mean I I'm not an auto expert, so I don't know all the different costs, but like we can certainly understand a lot of those. Why Toyota can't sell that truck in the United States? Yeah. Like that would be the that would be the question.

Why, can't, Toyota You're, right., It's, a, good, question, in the US. Why can't Toyota sell that car here?

I, agree., But, it's, it's, truly, we've, done this. You and I put this case study together. It's purely regulation by state, not federal. He controls federal. He doesn't control state. So even if he deregulates federal regulation, he can't deregulate state regulation. Nuome is going, to, sit, in, front, of him, and, says, "No, I want to keep this regulation here." If Nuome was okay losing Musk

you, think, he, gives, a, [ __ ], about, losing like, a, couple, of these?, No,, he, doesn't care about that kind of stuff. Tom, I'll give you final thoughts and I'll do one story and we'll wrap up.

No,, I, agree, with, that., I, mean,, you, take a look at what's happening with AI. The states are coming out with AI regulations on their own which are complicating it. But some of the AI regulations has got nothing to do with AI. Has to do with data centers increasing the cost of electricities for average communities because they put a data center here. It sucked all the

Oh,, Tom,, can, you, talk, about, what, Trump did with Microsoft? Oh,, I, just, real, quick, give, that, one minute on the way he managed that project with Microsoft. Microsoft. He negotiated with Microsoft and Microsoft has agreed that they will not build data centers that put the burden of energy demand uh into a price increase on the consumer. that if they're building the data center that they will figure out power either they'll self-s subsidize or they will build their small nuke generation 5 generation six I believe they're called small nuclear reactor that's there to provide electricity for the data center so that the so that what happens is good expansion and creation of jobs a data center people say well it only creates so many jobs yeah I've heard it creates 300 jobs to build it and then 30 jobs to live there okay but it's jobs, but data centers use a lot of power. And when you

use too much power, the surrounding area, the price of power go up because there's a shortage. So Trump negotiated with Microsoft and said, "Hey, I want you to pay for the electricity so that you don't impact the affordability of the community." And guess what? They agreed. So this is good leadership without regulation because they came to an agreement on this without a law, without a regulation.

I, agree., What, I, would, say, though, is, they would love to do that but the regulations prohibit them from building the smart nuclear reactors. I think of a quote from Einran. She said that when you have to ask permission to produce from men who produce nothing.

That's, where, we're, at. Man,, where's, Ran?, We, need, her, today going back and watching her interview with Phil Don and all the other stuff. But anyways, let me wrap up with the story here. FYI, you guys heard number the second company that just crossed $4 trillion in valuation is officially Google.

Not, Apple,, not, Microsoft, is, officially Google is now the number two $4 trillion company. And the two founders both moved to Florida. One bought $174 million. He bought two homes at 174 and I think the other one's buying something as well. I don't know what it is. I think the other one moved to uh Florida and I think one of the guys moved 46 LLC's which is really the big one that Tom was talking about. But let me tell you a story, Rob if you want to pull this up. This is why Iranians around the world are talking about bringing back freedom to Iran. Look at the story here. This is Sultani. The Islamic Republic is set to execute Efron Sultani today. He was arrested last week during Iran's 2026 uprising. His only crime is calling for freedom for Iran. And and while while you go a little bit deeper into understanding how Iran works, all this guy did is he says, "Hey, I just don't want this current regime. I don't want

the IRGC." Okay? And so Iranian authorities have charged him with waging war against God. Can you imagine if you can have that in a country you live in? You choose that God is not happy with you. Did God text you? Did God email you? Did your God send a notice? Did you get a package from him that came from heaven? H how did you know that God or did you just decide who your God is and what your God thinks about? It's kind of like pastors that they'll read scripture and they'll say based on the scripture I have a feeling what God was telling me last night that you need to give 40%.

You know these preachers that they're doing all these uh interviews, the guys that are using their scripture to get money out of people, that's what Iran is doing today. So, we're praying for Sultani, this 26-y old man, for the people that are out there that the mainstream media maybe is not covering this enough. These are stories that need to be out there because this 26-y old boy, all he's saying is he's saying "Let us be free." And we are hoping this noise of the people that they're making around the world gets to Iran, gets to them realizing what's going on with the fear that President Trump is imposing on them to realize, "Leave these people alone. This is why people don't want your regime anymore in Iran. We're praying for them. I'm about to jump on um I think I'm about to jump on the the truck is outside. I'm about to jump on one, of the, shows, and, I'll, be, talking about what's going on with Iran here in

a minute. But Mark, actually really enjoyed having you on, man. This was great. Really like I I like uh your very the way you process issues and the way you answered is in a very structured way of me being able to consume what you're thinking about. No wonder your YouTube channel is blowing up and you're growing the way you have the uh in six or seven years of doing what you're doing. Folks if you're watching this, you like what Mark had to say. Here's his channel. He's not only smart, but he's also kind of Hollywood. He's got that Hollywood look. Can you just tell when you look at him he's a Hollywood look? Listen

maybe, Mike, Tyson, was, right, with, Mark., I don't know. It's expensive to live in heaven. I can't live in the heaven. He lives in California. But aside from that, we'll forgive him with the California stuff. Everything else, go support this man. His channel is right there. Wealth is not earned, it's engineered. Go to Mark Moss, Rob. Let's put the link below so people can subscribe to his channel. With that being said, we have a podcast on Friday. We may do a couple other things in the next couple days, but we definitely have a podcast on Friday. Take care everybody. God bless. Bye-bye. Bye-bye.

Questions about this episode

Who speaks in "Trump's Credit Card CAP, Musk's Iran Move, 50% OnlyFans Tax + Efran Soltani Execution | PBD Podcast"?

Patrick Bet-David (Host), Mark Moss (Guest), Tom (Guest), Brandon (Guest).

What is "Trump's Credit Card CAP, Musk's Iran Move, 50% OnlyFans Tax + Efran Soltani Execution | PBD Podcast" about?

The content discusses various current events and economic issues, including Trump's proposed tariffs on countries doing business with Iran, troubling statistics regarding civilian casualties in Iran, and the departure of wealthy individuals like Google co-founder Sergey Brin from California. It also highlights a growing crisis among millennials who feel hopeless about homeownership and student…

What is mentioned in this PBD Podcast episode?

14 people, works and ideas are mentioned, including Capital One, BNPL, Google LLC, Mark Moss, Nissan Versa, Chevy Spark. Each one on this page links to its own page with every episode that mentions it.

How long is "Trump's Credit Card CAP, Musk's Iran Move, 50% OnlyFans Tax + Efran Soltani Execution | PBD Podcast"?

The episode runs 2 h 4 min; the transcript is about 25,511 words in 369 timestamped sections.

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About this transcript: the episode's spoken words as captioned on YouTube, split into timestamped sections. Reclip.Me locates every person, work and idea in the text, keeps the time it is first named, and quotes the words around it verbatim. Last updated January 24, 2026.