TLDW - Fire Joe Biden, Not Tucker Carlson!
Peter Schiff on the Tucker Carlson Termination and the coming Market Correction
TLDW [Too Long Did not Watch] - Fire Joe Biden, Not Tucker Carlson! - Ep 890
00:05 Introduction and Sponsorship
Section Overview: Peter Schiff introduces the podcast and mentions that it is sponsored by Mint Mobile. He invites listeners to participate in a live Q&A session after the podcast.
00:51 Market Decline
Section Overview: Peter Schiff discusses how the markets are setting up for a decline, with the Dow down about 230 points despite Microsoft's better-than-expected earnings. The financials are leading the way lower, which is not a healthy sign for the market or economy.
Banks' Performance
01:39 The banks providing credit in our credit-based bubble economy are getting clobbered.
02:00 The Regional Bank index hit a new 52-week low today, down about 40% off its highs.
02:23 Republic Bank was down another 30% today, hitting a new 52-week low and closing down 97% from its high.
02:47 It's still dangerous to buy these stocks that have blown up because they could easily complete their journey down to zero.
Auto Loans Bubble
03:54 Auto loans have been financing car buying binges in the US for ten years or so.
04:16 When interest rates were at zero, anyone who could fog a mirror could buy a car, driving auto sales.
04:40 George Gammon's Conference
Section Overview: Peter Schiff plugs George Gammon's conference in Orlando happening on April 12th weekend. He talks about how he will be there and how his family is coming down to go to Disney World. He also mentions that George Gammon talked about auto loans in one of his podcasts.
04:58 Auto Loans Bubble (Continued)
Section Overview: Peter Schiff continues discussing the auto loans bubble, which he has been talking about for ten years.
04:58 The bubble drove auto sales, but it's not sustainable.
05:37 The Risks of Auto Loans
Section Overview: In this section, the speaker discusses the risks associated with auto loans and how they can lead to huge losses for lenders.
Long Maturities on Auto Loans
05:59 Many auto loans are now five, six, or seven-year loans.
Cars lose value rapidly, making them poor collateral for long-term loans.
Rolling Negative Equity into New Loans
06:16 People would go in with a car that they already owed more on than it was worth.
Car dealerships would roll the negative equity into the new loan, allowing people to borrow more than the car was worth.
This led to people borrowing $60k to buy a $50k car and being underwater as soon as they drove off the lot.
Regional Banks in Trouble
07:56 Many lenders of these risky auto loans are regional banks.
These banks are seeing a withdrawal of capital as customers move their money to bigger banks that offer higher interest rates.
As these risky auto loans start going into default, there will be huge losses for these lenders.
08:54 Gold Stocks and Market Predictions
Section Overview: In this section, the speaker talks about his predictions for gold stocks and the stock market.
Stock Market Predictions
08:32 The speaker believes we are setting ourselves up for a drop in the stock market due to bad news being ignored.
He thinks we've reached a distribution top and expects to see a break in the market soon.
Gold Stocks Predictions
08:54 The speaker believes gold stocks will be much higher in the future than they are now.
He hopes for a bigger pullback so he can buy more gold stocks at lower prices.
The price of the stock only matters when buying or selling, and he believes gold stocks will be much higher in the future.
10:26 Predictions for the Stock Market
Section Overview: Peter Schiff discusses his predictions for the stock market and why he believes certain stocks will increase in value.
Buying Stocks at a Lower Price
10:26 Peter Schiff predicts that certain stocks will be much higher in the future.
10:45 He wants these stocks to go down now so he can buy more of them at a lower price.
11:11 He believes there may be a pullback, but not as significant as what he is expecting for the overall stock market.
11:36 Debt Ceiling Increase
Section Overview: Peter Schiff talks about the recent debt ceiling increase and shares his thoughts on why it's not a good idea.
Republicans Pass Bill to Raise Debt Ceiling
11:36 The Republicans passed a bill to raise the debt ceiling by one and a half trillion dollars.
11:53 This amount is insignificant considering that deficits are over 2 trillion dollars per year.
Democrats Refuse to Sign Bill
12:13 The Democrats in the Senate refuse to pass the bill, and even if they did, Biden would not sign it.
12:41 Democrats argue that raising the debt ceiling is heartless and punishes Americans with spending cuts.
Increasing Debt Punishes Americans
13:01 Peter Schiff argues that increasing the debt ceiling punishes Americans who are responsible for repaying that debt.
13:21 He believes reducing the burden of debt should be prioritized instead of continuously adding to it.
Limiting Spending Increase
14:24 The Republicans want to limit spending increases to one percent per year, which would result in real terms spending cuts due to inflation.
14:42 However, this would only apply to discretionary spending, which is a small portion of the budget.
15:46 Balancing the Budget
Section Overview: In this section, Peter Schiff discusses the options available to balance the budget and stop burdening Americans with debt.
Options to Balance the Budget
15:46 The government needs to cut spending by a third, which includes Social Security, Medicare, and National Defense.
16:32 Alternatively, taxes could be raised by 40%, but this would harm the economy and may not even balance the budget.
17:12 Most of it will have to come from real spending cuts. However, Democrats are opposing these tiny spending cuts proposed by Republicans.
18:14 Inflation and Cutting Costs
Section Overview: In this section, Peter Schiff talks about inflation and how we can fight back by cutting our own costs.
Fighting Back Against Inflation
18:33 There's nothing we can do about inflation as long as the government keeps creating it.
19:20 One way to fight back is to cut our own costs wherever possible.
19:38 Mint Mobile offers premium wireless service for just $15 a month by eliminating traditional retail costs.
20:03 Raising the Debt Ceiling
Section Overview: In this section, Peter Schiff discusses why raising the debt ceiling is a mistake and how it contributes to increasing national debt.
Raising the Debt Ceiling
20:03 Any raise in debt ceiling is bad news because it means that the government will continue not paying its bills running up debt instead of paying its bills.
20:26 We've been raising the debt ceiling for more than 100 years, and it has got us $32 trillion of debt. None of this brinkmanship brings any good.
21:08 The Debt Ceiling and Student Loan Debt Forgiveness
Section Overview: Peter Schiff discusses the impact of raising the debt ceiling and eliminating student loan debt forgiveness.
Democrats' View on Raising the Debt Ceiling
21:08 Democrats believe that if the debt ceiling is not raised, it will lead to worse consequences in the future.
They are opposed to even small cuts proposed by Republicans.
Impact of Eliminating Student Loan Debt Forgiveness
21:25 The Republican bill eliminates student loan debt forgiveness, which could help reduce the deficit.
Many people with student loans have not been paying them back, leading to an increase in deficits.
Starting May 1st, these individuals will have to start making payments again, which may reduce the deficit but hurt their finances.
This change may lead to a tax hike for those who were previously not making payments.
23:22 Extra Money for IRS and Tax Collection
Section Overview: Peter Schiff discusses how cutting extra money for IRS can impact tax collection and small businesses.
Cutting Extra Money for IRS
23:22 The Republican bill eliminates extra money for IRS that was supposed to bring in more revenue by targeting tax evaders.
Government claimed that this would only target millionaires and billionaires who use legal loopholes to avoid taxes.
However, middle-class taxpayers are more likely to cheat on their taxes because they cannot afford expensive lawyers or qualify for loopholes.
Impact on Small Businesses
23:56 Small businesses are more likely to cheat on their taxes than large corporations.
Self-employed small business owners often put personal expenses as business expenses.
People earning cash income such as gig economy workers or those receiving tips do not report all their income leading to unreported income.
Harassing small business owners with government audits may lead to firing of employees and depletion of resources.
25:53 Negative Impact of Repealing Green Energy Tax Credits
Section Overview: In this section, Peter Schiff discusses the negative impact of repealing green energy tax credits and how it may have resulted in lower tax collection.
Repeal of Green Energy Tax Credits
25:53 The repeal of green energy tax credits may have backfired and resulted in lower tax collection.
26:57 The inflation reduction act repealed some green energy tax credits.
27:49 Government always achieves the opposite of whatever they title their legislation.
28:07 Politicians' Fraudulent Naming of Legislation
Section Overview: In this section, Peter Schiff talks about how politicians name their legislation fraudulently to deceive voters.
Inflation Reduction Act
28:07 The inflation reduction act was paid for by inflation, making it ironic that it was named as such.
28:57 Politicians label their legislation fraudulently to deceive voters into supporting them.
29:32 There should be a law truth in legislating to prevent fraudulent naming of legislation.
Increasing Collective Liability
29:16 Every American has a share in the national debt, which is several hundred thousand dollars per person.
29:58 President Joe Biden decided to run for a second term despite his poor performance in his first term.
30:21 Biden's Speech on Running for Second Term
Section Overview: In this section, Peter Schiff discusses President Joe Biden's speech on running for a second term.
Biden's Speech
30:21 President Joe Biden gave a speech on running for a second term despite his poor performance in his first term.
30:45 Biden talked about all the great things he wants to do if he gets reelected, but why wait for a second term?
31:00 Biden's Re-election and Promises
Section Overview: Peter Schiff discusses Joe Biden's re-election campaign and his promises to rebuild the middle class. He questions how Biden can ask for another vote when he failed to fulfill his promises in his first term.
Biden's Failed Promises
31:18 Schiff argues that Biden's campaign promise to rebuild the middle class was not fulfilled in his first term.
31:35 He criticizes Biden for promising to create high-paying union jobs, which he believes is impossible.
31:53 Schiff suggests that politicians should focus on fulfilling their promises while in office instead of making new ones during their re-election campaigns.
32:14 Government's Role in Economic Growth
Section Overview: Peter Schiff explains why government cannot create wealth or prosperity and how it can only hinder economic growth.
Government Hinders Economic Growth
32:31 Schiff argues that government cannot create good-paying jobs or wealth because it does not have any resources of its own.
32:51 He suggests that government can only destroy wealth by taking resources from the private sector through taxes and regulations.
33:57 Schiff believes that removing barriers to economic growth and prosperity is the best way for a president to help create a more prosperous economy with higher paying jobs.
34:18 The Need to Stop Hurting
Section Overview: Peter Schiff discusses how government policies have undermined productivity and hindered economic growth. He suggests that the best way for government to help is by stopping its harmful policies.
Government Policies Undermine Productivity
34:37 Schiff argues that government policies are the reason for the lack of prosperity and better-paying jobs.
34:56 He suggests that government needs to stop hurting the economy by removing harmful policies instead of promising new programs or regulations.
35:51 Trump's Incompetence and the Lack of Debates
Section Overview: In this section, the speaker discusses how Trump's incompetence is a good thing because it limits the damage he can do. The speaker also talks about how the Democratic National Party is not allowing any debates, despite Biden claiming to support democracy.
Trump's Incompetence
35:51 The speaker believes that Trump's senility is actually a good thing because if he were more competent, he could do even more damage.
36:07 The fact that Trump is incompetent means that all the things he wants to do are bad.
36:59 The reason why the DNC doesn't want debates is that they don't want Biden getting hurt in them.
Lack of Debates
36:23 Despite Biden claiming to support democracy, the Democratic National Party is not allowing any debates.
38:13 Other candidates can still organize and have a debate, but they need to get media coverage for it.
38:44 If Republicans were smart, they would try to sponsor or cover these debates themselves.
39:07 2024 Election Predictions
Section Overview: In this section, the speaker predicts that there will be a rematch between Biden and Trump in 2024. He also believes that beating Biden in 2024 may be easier than it was for Trump to beat Hillary Clinton in 2016.
Rematch Between Biden and Trump
39:07 The speaker predicts that there will be a rematch between Biden and Trump in 2024.
39:31 Despite some people thinking otherwise, the speaker believes that Trump could win in 2024 because of the bad economy and Biden being a bad candidate.
40:01 Tucker Carlson Leaving Fox News
Section Overview: In this section, the speaker talks about how Tucker Carlson has left Fox News, along with another host whose show he used to be on. The speaker also mentions that Laura Ingram is the only person left on Fox News who still has him on her show.
Tucker Carlson Leaving Fox News
40:01 The speaker talks about how Tucker Carlson has left Fox News.
40:09 Another host whose show the speaker used to be on has also left Fox News.
40:23 The speaker hopes that Laura Ingram sticks around because she's the only person left on Fox News who still has him on her show.
40:52 Tucker Carlson's Departure from Fox News
Section Overview: In this section, Peter Schiff talks about Tucker Carlson's departure from Fox News and the reasons behind it. He praises Tucker for his honesty and willingness to speak the truth in a corporate environment.
Tucker Carlson's Honesty
40:52 Peter Schiff praises Tucker Carlson for his recent podcast where he talked about the hypocrisy surrounding the war in Ukraine and called out the mainstream media for being politically correct.
41:11 He also commends Tucker for speaking out during the George Floyd protests when nobody else wanted to speak the truth.
41:54 Peter explains that some advertisers were afraid to advertise on Tucker's show because they were worried about boycotts from left-wing groups who didn't like what he was saying.
Speaking Truth in a Corporate Environment
42:12 Peter acknowledges that while he is similar to Tucker in terms of speaking his mind, he doesn't have a platform as big as Fox News.
42:33 He gives credit to Tucker for speaking the truth in a corporate environment despite knowing the consequences of doing so.
43:13 Although Fox News allowed him to speak his mind, they eventually decided that it was too much for them.
Loss for Fox News
44:16 Peter believes that firing Tucker will be a loss for Fox News because there is a big market out there for what he is saying.
45:08 He thinks that while Fox News helped cultivate Tucker's audience, he doesn't need them anymore and can reach his audience without them.
46:12 Tucker Carlson's Future
Section Overview: In this section, the speaker discusses Tucker Carlson's future and potential options for him after leaving Fox News.
Potential Broadcast Options
46:12 The speaker suggests that Tucker Carlson could do broadcasts with other networks such as One American News, Newsmax, or The Daily Wire.
Going Solo
46:12 The speaker believes that Tucker Carlson should go out on his own and start his own show.
Fox News Losing Viewers
46:31 Many viewers are upset with Fox News for firing Tucker Carlson and are canceling their subscriptions to the network.
46:51 The speaker's mother is a big fan of Tucker Carlson, but has canceled her subscription to Fox News in protest.
48:00 There are now many alternatives to Fox News where people can get their news and watch shows like Tucker Carlson's.
Potential Benefits of Leaving Fox News
48:22 The speaker believes that if Tucker Carlson leaves Fox News, he may be even more effective and speak even more freely than before.
48:46 The speaker wishes Tucker Carlson good luck in his new adventure and thinks it will be the best stage of his career yet.
Endure till the End and take Care of Yourself. Remember on planes they always tell you put the mask on first, before helping others. Therefore, Take Care of Yourself First and then do what is in your control, and then leave the rest to the universe to solve.
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Ephesians 6:12
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