AMS Full Show 8.16.mp3: Audio automatically transcribed by Sonix

AMS Full Show 8.16.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Producer:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs, and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy. This is another money show. Get set for another hour of the latest financial information and economic news affecting your bottom line. J.r. and Anthony are committed to helping more Americans like you optimize their income, reduce their tax risk and reach financial freedom. So let's start the show. Here are your hosts, Anthony Correa and J.R. Rochford.

Anthony Carrao:
Here we are, your host, Anthony Carrao and J.R. Rochford taking a break from our day to day as financial advisors with Rochford and Associates, a fully independent fourth generation family office right here in the greater Phoenix area. To bring you information you may not find on some of those other financial radio shows. We're aware the last thing you need is another money show. But we appreciate you being here. And today, we're going to continue what we were talking about last week with the Inflation Reduction Act, which has absolutely nothing to do with fighting inflation. But it does seem like a very. It's a fun buzzword to throw right in the middle. And oh, also, we want to tell you, this is our last show on this time slot. We will still see you on Saturdays, but starting next week, we will be at noon. You excited for that chair?

J.R. Rotchford:
I am fired up about that. So we have appreciated all the people listening to us. We hope noon is actually even more convenient. So. Yeah. And as always, you can find us whenever wherever you subscribe to podcasts. Go to our website and other money show dot com you can hear all the reruns reruns repeats the re-airs. You know one thing I usually have people start with. Jump to our very second episode. I think that thing was a mix of really good financial advice. It was it was me on my crazy. It was pretty good. So jump to the second episode and.

Anthony Carrao:
Where of you're crazy, so.

J.R. Rotchford:
Oh, I'm super aware. No, I'm super aware. No. If you could see us right now, if you're watching us at all on YouTube or whatever, you know, I always wear a tinfoil hat when we do the show. I want to make sure I feel I feel the part as much as I sound the part. So and today I noticed today Anthony is wearing a white shirt. With Black Logo for our company. I'm wearing a black shirt with a white logo for our company. It makes me think of good cop. Bad cop makes me think of like in all the John Wayne movies, the good guy wore white, clean shaven face, bad guy wore black, had a had a beard or a mustache. That's going to be us today. We're going to be good rep, bad rep. I'm going to sound alarms. I'm going to scream. Anthony is going to keep me calm and say, let's talk about financial stuff. It's going to be good. This is going to be a fun last show at 4:00. So and then again, like Anthony said, make sure you keep joining us, but join us at noon every Saturday starting on August 27th. So today is the 16th of August. We're recording this on Tuesday. Hopefully you're hearing this on Saturday. So and Sam, we we forgot to tell people, Sam, our producer, Sam, the one and only Sam Davis, amazing man. He when I was talking about good cop, bad cop John Wayne movies, he actually put up their shoulder angel, shoulder demon. And that one's a little too far. Sam, I don't feel like Anthony is a demon. I know that one was a role reversal. I feel like I am an angel, but I think you're going too far with Anthony.

Anthony Carrao:
So the name calling.

J.R. Rotchford:
In the morning, right? So let's jump right in. Today's subject, the Inflation Reduction Act today again is the 16th of August and at 1230 Arizona time, President Biden. Anthony, did you I didn't use air quotes when I said president, the commander in chief is going to be signing the Inflation Reduction Act. So I guess I mean, it's it's coming it looks like it's a done deal. And I can tell you what any kind of legislation there's a couple of things in all my reading, all the legislation you see where it's this one 750 something pages, you know why? Why, if simple bills should be simple to read, they should be easy enough to get through. When you're talking over 700 pages, that's a monster. And all it means people are sneaking in their agenda items on everything under the sun. I know last week I referenced park rangers and maintenance for parks and all this stuff. They put in all kinds of stuff that I think should be separated. So it's easier to disseminate. You know, a lot of people that are saying, you know, they're cheering this. The media is saying how wonderful this is. We're going to save the environment and the planet. You know, this thing went through without one single Republican vote. So I realize our focus on the the Inflation Reduction Act is on financial matters. But when you look at the politics of it, it was 100%. Yes, on the Democrat side, 100% no on the Republican side. So and as polarized as our country is how I look at that, about half the country thinks this is a glorious thing. Half the country thinks it sucks. Pardon my.

Anthony Carrao:
French. You think? Half thinks it's a glorious thing. I think they just don't know. And it's party politics and just going with the flow.

J.R. Rotchford:
I love that because you're right.

Anthony Carrao:
For anybody, because none of this fights inflation. If anything, it creates more. But what does that what it actually is in there?

J.R. Rotchford:
All right. I have no idea. I can't read seven or if it had a bunch of pictures in it, I would have read more of it. I mean, I've skimmed it three times now. Oh. A little suggestion for you kids if you can't sleep, read 14 pages. That's the magic number, because I've gotten up to 14 pages three times and then I'm sound asleep. So no, I mean, a lot of what's in it. I mean, it's really, really hard to read this thing. Oh, one last thought before we dig into what's in it, because I really have no idea. So I'm stalling here. So there's going to be what I understand next month, there's going to be a grand celebration. That's how I've heard it put. There's going to be a grand celebration, you know, for putting this this Information Reduction Act in place. And I'm like, we're a money show. I know. Tongue in cheek, another money show. We're really not a money show as much as we are a current event show dealing with money. You know what? The country is broke. So this Inflation Reduction Act, no, it's not going to reduce inflation. It's going to hurt us no matter how much people say this is a wonderful thing. You know what I think of when I think of grand celebration cost, the taxpayers again are going to gather all the you and we're going to have a big celebration on something that's really going to hurt us. We're broke. You know what broke is when you have no money, right, Anthony? I mean, I broke means I'm out. I don't have any money. We're not broke. We have really deep problems with our debts, deficits. We are 30.6 trillion in the hole. So I think that's more than broke. Speaking of trillions, I've really skirted your question about what's in the bill. And I'm good at it because you already forgot.

Anthony Carrao:
All last week to you successfully, just like all last week is like maybe not dig too deep into it.

J.R. Rotchford:
And.

Anthony Carrao:
Maybe that's what you did. Be next.

J.R. Rotchford:
That's what this whole show is about. This is my launching pad for me to run. I know you need millions of dollars. You know, you got to put signs on every quarter corner. Every quarter. I need quarters. So. And I do need you and Sam to support me financially. Just I want to open that door. So when we talk about trillions, here's some financial for you, Anthony. This will surprise you. A trillion is a massive, almost unfathomable number. Almost. I think it's pretty unfathomable. The human brain has trouble understanding something so huge. Let me try to put this into perspective. Yes, I'm reading this. If you earn $1 per second, it would take 11 days to make $1,000,000. Seems like a lot. $1 per second, $60 an hour. It would take you 11 days to make $1,000,000. If you earned $0.01. If you earned $1 per second, it would take 31 and a half years to make $1,000,000,000. Every second I give you a dollar, it would take your you're 30, you're 32. So when you were born, you would just now have $1,000,000,000.

Anthony Carrao:
If you give me a dollar every second, then.

J.R. Rotchford:
I threw it away. It's in a coffee can. When I die, you'll have to look for it. It's in the backyard somewhere.

Anthony Carrao:
All right. I'll bring a shovel.

J.R. Rotchford:
In my last. I'm sure you will. You just heard that right? He's going to hit me with a shovel. So if you earned $1 per second, it would take 31,688 years to make $1,000,000,000,000. That's how enormous a trillion is, 31,000 years, a dollar a second. So when you hear these people throwing around $1,000,000,000,000 and we're just used to it now, you know, ten years ago we got really used to billions. Now we have to get used to trillions. I don't know. It's after trillion. Is it a zillion or a quad? I mean, who knows what it is it at this point, it's game.

Anthony Carrao:
Over pretty soon with our rate of inflation.

J.R. Rotchford:
Correct. Now is with Inflation Reduction Act. It's so funny because, you know. Yes, I have tried to get through it. No, I haven't been successful. I'll keep going. I don't know if you have yet, Anthony, but I know some of the parts that really are being spread on the media. You know, my favorite part is the IRS, because that is going to affect every single financial matter we deal with, you know, hiring armed, armed IRS agents. We've told you that there's a bill. There's there's politicians that are trying to stop the IRS from purchasing ammo. By the way, when you get audited, you know, do you really want your IRS agent to be armed? Aren't you scared enough? Aren't you intimidated enough? And now they're going to show up with a sidearm or a rifle? I mean, you know, and by the way, we're hiring roughly 87, 87, probably trillion IRS agents. How much training are we giving them? Do they have to get a concealed carry permit? Are they doing a lot of range time? So at least if they shoot me, they don't miss. What was that.

Anthony Carrao:
Article too about? I guess they got removed from their hiring plan about whether or not they're comfortable carrying firearms.

J.R. Rotchford:
Did you talk last week? Let me read part of this says here they have to the major duties adhere to the highest standards of conduct, especially in maintaining honesty and integrity. Yeah, of course. I mean, you don't you don't want to single out people of a certain political affiliation and be harder on them, work a minimum of 50 hours per week, which may include irregular hours and beyond. Call 24 seven, including holidays and weekends. Let me let me go back that one to finish maintain a level of fitness necessary to effectively respond to life threatening situations on the job. You're a pencil pusher, a bean counter. What? What? Life threat? These situations are you going to be in? I thought you'd have a pocket protector, not a nine. Or I'm going to get myself in trouble here.

Anthony Carrao:
So military militarizing the IRS?

J.R. Rotchford:
Yes. And I know we're running up against a break, but you've got to work holidays and weekends right after the break. Let's put together what I think this all means, because don't forget, I'm wearing a tinfoil hat, so let's do this. Let's take a break. Don't forget. Email us your questions team at another money show dot com. Give us a call 6235230444 or set up an appointment. Let's sit down with you. One person, one couple, one family at a time. That's better. Your situation in these uncertain times. Thanks for being with us.

Producer:
Remember, all of J.R. and Anthony's listeners receive a free financial consultation just for listening to the show. Visit another Money Show to learn more and schedule an appointment. Thanks for listening to another Money Show and subscribing wherever you listen to podcasts. Some. Are you concerned about market volatility, rising taxes from the Biden administration and how it could affect your retirement? Then listen to another Money Show with J.R. Rochford and Anthony Corio. Learn how you can reduce the taxes you pay before and during retirement. Another Money Show every Saturday at 4:00 pm on 960. The Patriot. Schedule your free no obligation consultation now by calling 6235230444. That's 6235230444. Another weekend, another money show visit. Another Money Show.

J.R. Rotchford:
Thank you so much for being with us today. Don't forget, today is our last time from four and to five on the Patriot Intelligent News talk. We are moving to noon starting next week. The 27th will be on noon until one. So that's the.

Anthony Carrao:
Irs audit for that move. Are they going to be on the lookout?

J.R. Rotchford:
We haven't heard yet. I've been watching my email for a notification because presumably that this is a promotion. I mean, when you go from afternoon on a Saturday to midday, this is huge. So pretty soon we're going to have minimums. You know how a lot of practices say if you've done the heavy lifting and you have 250,000, you know, there's there's an attorney in town that's also a financial planner who will see you if you have a million or more. Notice them. I don't I don't name names. I've gotten in a little bit of trouble in the past. Sam keeps putting off the national debt clock. He knows it makes me chuckle, because, you know, what would Anthony say? Well, yeah, it's 30,651,000,000,350 70357 357. It's a lot of money. The debt clock, Anthony would say to me, what can you do about it? So, you know, a lot of the stuff I bring up arming IRS agents, I bring up all this stuff, and Anthony is like, there's nothing you can do about it. I'm like, Well, I don't know. I mean, I'm not sure if we take all of this overwhelming information that we throw out there every week. What I would suggest is taking bits and pieces of it and running with them.

J.R. Rotchford:
You know, we've talked about banks and the potential of a bank run and a bail in and this stuff. Why not be proactive, put some money in cash, you know, take some money at home? Yes. I'm aware of fire, flood, burglary. I know you need a good hiding space. Don't put it in the master bedroom, especially the master bedroom closet or the jewelry box or the sock drawer. Be careful how much you put in tinfoil and then in a baggie in the freezer shaped like a dollar bill, but saying brownies and a date on it. So. But yeah, I mean, we can help you. We've introduced you to Marcy. She is the woman that we've gotten our tower gardens from. We want you to self sustained. We can talk to you about hoarding. We can talk to you about hoarding. Food, water, alcohol, tobacco, ivermectin, whatever you think you might need for barter. You know, people come to us about gold and silver. We can talk to you. About what? Smart proportionally for your net worth. We have all these ideas for you. We can talk to you about land. So, yes, there is.

Anthony Carrao:
Talk to us about the Inflation Reduction Act.

J.R. Rotchford:
Yeah, well, I really I have to keep going around it because I just don't understand it. All I understand with it is it's it's this basket full of things that are really, really wonderful for people that want to change this country. So and I did say after the break, I would tell you what I really think this is all about. You know, so when you look at the direction of the country and you match that up with our ten pillars, you know, yes, we talk about financial markets, politics, geopolitics. If you cannot see the shrinking middle class by now, I'm not sure why you're having trouble. I think you're just not looking. You know, the dark part of the ten pillars is civil war. So, you know, when you're talking about armed iris, the only thing I can think of is there's a different role that they are going to have to play. Pause for effects. Sam Ad Cricket noise here. We think I think I'm never I don't want to bring you into this, Anthony, because when I go to a reeducation camp, I want to be alone. I don't want you to go. So I think that we're going to have a stock market collapse. This is purely opinion. I have no inside knowledge on this. I think we're going to have a stock market collapse that takes 2000 and 2008 combined. I do want to later in the show, I do want to talk a little bit about your foreign K because obviously the markets have roared back the last three, three or four weeks.

Anthony Carrao:
Though, on to because we talk about stock market manipulation all the time and we're not saying that the stock market couldn't go up forever, but if it were to go up legitimately because things are getting better in this country and we're more prosperous, that would make sense. But this is very much a bubble market that has nothing to do with the real world. And when we talk about inflation, we talk about stock buybacks all the time. So because I can trust J.R. to bring it back to the Inflation Reduction Act, I'm going to. So our Representative Sinema, one word, the eliminations of tax or what's it say among the changes that cinema one or eliminations of tax provisions targeting wealthy hedge fund managers and private equity executives. So this whole thing about we're going to fight the rich. Well, they kind of took that out of the bill. But what they did put in is a 1% excess tax on stock buybacks. That was introduced starting at the beginning of 2023. So we talk about stock repurchasing all the time. And it was illegal until 1982 because it was considered a version of market manipulation. Well, what's changed since then? Absolutely nothing. It's still market manipulation. The only difference is now it's legal. Not only is it legal, it's been at all time highs for the last few years. So this is massive. So what they're saying is, is if this is. Going to go into effect next year. There could be a massive amount of stock repurchase in between now and the end of the year that could skyrocket the market in the short term. Which I'm sure Jer wasn't expecting me to say that we're going to talk about your for one weeks in this insurgence now. But what we're saying is it's not built on reality. Outside of this market manipulation and this fake money that's being printed and apparently more fake money will need to be printed to pay the expenses of this bill.

J.R. Rotchford:
You are correct. And here it is. I mean, good cop, bad cop. I was going down the road of putting together why I think this bill is even in place. And you took financial, which I appreciate. You know, I mean, we call it an everything bubble. We think that there's a bunch of problems. So with with the markets, could there be a huge runup? Yes. But we all know how financial markets work. Money goes up a lot slower than how fast it goes down. I think the best way I heard it years ago, money takes the escalator up and the elevator down. So there's a whole bunch of people. As the money's going up, they're taking money off the table. But there's a whole bunch of middle America again, the middle class, upper middle class. When you have a bunch of stocks and bonds, you know, for one case, mutual funds, they're they're thinking that we hit the bottom, we got through it. It's time to get back in. They're going to ride this money up. Write it up. Write it up. And I mean, it could be this year. I again, I don't know, without a crystal ball, they're going to ride it down. Also, you know, you got the same old people out there again saying it's only a paper loss. You've only lost money if you lock it in. You've got the people that say you're not smart enough. Don't try to time the market. You know, you have to buy and hold. You've got to be in the market. If you miss the ten best days in the market, you know you're in trouble. Look at the world around you. I mean, I do. I mean, even if we have to do it after break, I do want to put the end of my real bad cop hat on and tell you what I think this whole bill really means. But with your 41k, it's it's explain it to me. I mean, the last three weeks, did the world get better? You know, it did everything all sudden we're okay, you know? Well, let's do this.

Anthony Carrao:
You're better if you're in the semiconductor industry. And if you have a mother who's high up in politics, then you're doing fine.

J.R. Rotchford:
Ooh, let's talk about that, too. We need Sam. You've got to work on this to be a six hour show. Anthony and I, when we prepare for the show, we talk about these different things that we're reading, and we came up with some doozies yesterday. Why don't we do this? Let's take a break for that. Yeah, yeah. So we will be right back. Please make sure you reach out to us 6235230444 or find us at another Money Show. Thanks for being with us.

Producer:
You're listening to Another Money Show. To learn more and contact J.R. and Anthony visit another Money Show. I hear the drums echoing tonight. Cheers. Old only whispers of. You're listening to another Money Show.

J.R. Rotchford:
Thank you again for being with us. Don't forget, this is our last Saturday at 4:00 until 5:00. We got a huge promotion. So starting next week, we're going to be at noon. We're going to see you from 12 until one. And you can always find our re-aired shows at our website. Another Money Show. So let me get the real negative ending out of the way, and then we're going to move on. We're going to talk about something a little bit more light. So when I talk about the IRA, the Inflation Reduction Act of 2022, you know, the one side of the country thinks it's great. It's going to let us go green. One side of the country thinks it's not so good. It's going to put us deeper in debt and in the poorhouse. Anthony, you hit on a couple of things when when they're taking out the hedge fund managers and the big money, that's a bad sign here nor there. What I think is going on, we've had such sweeping changes in this country over the last decade. And I think that there's going to be a massive again, this is me thinking there's going to be a massive stock market correction. I think it will be a collapse and that's going to lead into a bank closure. I actually if you look at FDIC dot gov, you already know that your money is only covered by one point. I believe it's 2.7% right now. So for every $100 you have in the bank, you should expect a dollar and $0.27 back.

J.R. Rotchford:
But I don't think you'll get that because I think they're going to close the door to the bank. Then I think there's going to be a digital currency, a central bank, digital currency ushered in, and then we're going to need the armed guards to basically keep everybody come. That's what I think is coming, whether I'm right or wrong. We'll see, you know, when do it. You know, first question, people are well, when do you think all this is going to happen? Crazy man. If I knew that I may not even be here talking to you, I would probably be out of town because this stuff's scary. And, you know, what can you do about it? Well, not a heck of a lot. You know, when I talk about buying food and water, you know, make sure, you know, your neighbors, maybe have a little team if things get weird. That's just good advice in an uncertain world. I mean, you know, we're in a world right now where crime is rising. You know, I live in a painfully boring area of the valley. And last week there was a carjacking at about 91st Avenue Northern. Somebody was shot. It's like, you know, you could be in danger anywhere. And if the world gets sketchy, if inflation gets higher, you know, when's the last time we talked about food shortages? That's not off the table. That's still there. We just have the attention span of a gnat. So if things get sketchy, you need to worry about your family and yourself and your friends and you need to be prepared.

J.R. Rotchford:
You know, this this country, we have had a really good run. We've been the world reserve currency. You know, we've been fat and lazy for a long time. And no offense, I'm one of the fat and lazy. It's just we're so instant gratification. We're so it's just tick tock, Twitter, Facebook. Where do you get all your news? We're on Facebook. That's pretty smart. So we are ripe for changes. And I think everything I've said, all the ten pillars, all of this new stuff brings us right down to what's coming. And in my opinion, none of it's good. So when we talk about your 41k, when we talk about this market run up, a couple of thoughts for you. We've spent a couple of episodes talking about on your phone on K what's what's perhaps you know for some people good for some others maybe not, you know, protect what you have, you know, as things are running back up and you have money again and you feel like you didn't like it going down, protect it. You know, you can take your form. K Say you have 50,000 in your 400. K You can take that 50,000, put it into the safest area, put it into the stable value or the money market. Again, I'm not giving financial advice, I'm giving conceptual thoughts. You can safeguard what you have and then your future contributions.

J.R. Rotchford:
What goes in every Friday or every other Friday, you know, make that for growth. You know, look at you still have to look at traditional financial planning, your date of birth, your income, your assets, your tax bracket. But you also better look at the world around you. So a lot of our financial strategies, we're not your normal advisor, where what we do is stick with your date of birth, your risk tolerance. You know, I mean, Anthony, you you you're full service. You have these tools to help people. You can sit down and do risk lies for people and you can make charts and graphs. And what all of these traditional financial planning scenarios don't include is what if we go to a digital currency? What if we have a societal collapse Argentina, Brazil, Panama, Sri Lanka, Venezuela, you name it. The rest of the world is is experiencing stuff. Kiana, our office manager, she has a friend in Germany that she went to college with. So she's checking in with her German friend here periodically. And things are getting really sketchy over there. So what does that have to do with us? You know, Anthony, what does it have to do with finances? I mean, look at the entire world. If we have a market collapse, if we have a global recession, it will have very much to do with us. If you watch Germany right now with the with what's going on, that could be our future. And for some reason, nobody's talking about it.

Anthony Carrao:
What was going on with Germany? I heard a bit of what Caixinha's response was, but what? What was the article that prompted you to reach out again?

J.R. Rotchford:
Skyrocketing energy costs. Scarcity of energy inflation is the same exact stuff we could be experiencing here. So and really, I mean, when I say I think things could be global, I don't think people here in this country in general, I don't think that they're thinking about it. It's not that they're thinking about it. They think I'm wrong and that I'm crazy. There's not thinking about it.

Anthony Carrao:
We're busy, conceptualized when we've never had issues like that, correct?

J.R. Rotchford:
Correct. You know, the Great Depression, most of us weren't even here. I don't even think you were here, Anthony. You only, what, 77, 79 ish.

Anthony Carrao:
Yes, missed it. But we're going to be right back.

Producer:
Thanks for listening to another Money Show. If you like what you're hearing, be sure to leave us a rating and subscribe to the show wherever you listen to podcasts.

Lee happy. Make me smile with me. Never will.

Producer:
I feel discouraged. This is another money show. Except this one's different. This one will actually keep you awake.

J.R. Rotchford:
Welcome back. Thanks for being with us today. And don't forget, starting next Saturday, we are from noon until one. We're leaving our 4 to 5 slot and going to noon to one. So huge for us anyway to. Let's do this. We need to wrap up the Inflation Reduction Act. I mean, you know, I'm not answering your question because it's overwhelming. You know, we talked about the hedge funds. We talked about the 87,000 IRS agents, a lot of the rest of it. It would take hours to get through that bill. And I just haven't had the time yet, so I will keep doing it slowly. But I apologize for not knowing the bill more intimately, you know, and by the way, Inflation Reduction Act, you know, people aren't asking us about inflation as much as they were. Why? Because gas prices went from $5 to four. I mean, they're still for you know, I looked at Brent sweet crude this morning. You know, the oils, the barrels of oil have come down. They're in the 80 and $90 range. So why isn't my gas down to $3? I mean, you know, kind of like when I say that money goes up a lot slower than it goes down. Same thing with gas prices, by the way. I mean, if you look proportionately at the barrel price, you know, a couple of months ago versus now, the price of the pump should fall. But it doesn't. They raise it quickly. They lower it slowly. This just.

Anthony Carrao:
That way. They're saying the inflation numbers, you know, they were celebrating that they're not nearly as high this month, but they really are. The difference is gas has gone down, so it's weighted a little bit, but everything else is skyrocketed. And going down still doesn't change much because it's still way higher than it should be. So we're still not in a good place. But I love that they're able to spin that as such a massive victory. It's like, Oh, you're still getting screwed, but slightly less now. So congrats.

J.R. Rotchford:
Enjoy, enjoy. Have a good time.

Anthony Carrao:
You know this for you.

J.R. Rotchford:
Food's going up. I mean, you know, housing, rent, you know, the average rent, I guess, is 2000. That's insane. Average. That means half is higher. That's insane. You know? And you want to know how you can help my inflation situation. Me personally, I'm pretty sure there's going to be a percentage of people that would join me on this. Everything is changing in the country like and I'm just using from when I was a kid to now if you bought a house and you had to replace the roof, a roof when I was a kid was known to be 40, 50, 60 years. You would never need another roof while you own that home if you bought a refrigerator, the old 1970s refrigerators, you know, they're this beautiful yellow or avocado green. Does that remind you of something? Anthony We actually have an avocado green refrigerator in the back of our office, and it works like a charm. My sweet little kindergarten teaching wife, Sandy, bought a fairly new refrigerator that we have in our home. This thing gurgles and make noises, and it's just a piece of, you know what? And it was really expensive. Everything's disposable. Air conditioners. I heard a commercial recently that said if your air conditioning unit is ten years old or older, we need to come out. What, you know, even even in the nineties, my my home in Desert Harbor and West Shore that I had bought it in 94. So I'm just whenever I picture refrigerators, one of those is the one we have the top left corner. Sam, I know you can't see this, but that is our refrigerator in the office. So air conditioners, they were 15, 20, 25 years. No problem. No problem. They would last. Now it's like they're becoming disposable. And guess what, Speaker?

Anthony Carrao:
They are designed to be dispersed.

J.R. Rotchford:
Because we're a disposable nation. Now, people put up with it. They didn't get angry. It's you know, we can make higher quality goods. You know, it's just it's all about what's in it for me. How do I get money away from you and over to me, you know, we.

Anthony Carrao:
Have China make it for.

J.R. Rotchford:
Us. Well, and you know, China, I mean, let's go into geopolitics. I mean, you know, Sam, good point. It's called planned obsolescence. You know, your vehicle, everything that we have, we people have to worry about the bottom line. They have to generate revenue. So if I can get you to buy a new air conditioner every two years, every two, every ten years, a new refrigerator every six, seven, eight years. That keeps the companies going. But it hurts the families. It hurts the people. So and I don't know the answer. I mean, do we pay workers $50 an hour in this country and get rid of China? Do we bring back drugs, you know, make them in this country? You know, this is interesting times we live in. And that's why I think when you deal with people's finances, you know, you have to be Wayne Gretzky. Wayne Gretzky didn't go where the puck was. He went where the puck is going to be. That's that's how we look at financial planning. We have to look out five years, ten years, 20 years. You know, when we sit with somebody without a crystal ball, you know, what's one of the things I used to say? I used to say how I help you as I look back five years, ten years, 20 years and I look back, I look forward five, ten, 20 years. Do I think things are going to be the same, better or worse? Let's start there and act accordingly. Yes, Sam, we're officially we're going to change the name of the show to another hockey show. So make sure you find it at another hockey show dot com. Just kidding. Don't go to another hockey show. I'm sure it's trademarked. So why don't we do something a little more fun? Is that okay? Anthony, can I read an article to you? I know you love when I read nothing. He's not even smiling. We got to have some fun to read.

Anthony Carrao:
So I was like, Who are you trying to impress here?

J.R. Rotchford:
Just pick. I thought I'd give you a copy of this article, those pictures. So let's have a little fun. And then, you know, it's funny because today, I mean, when I think about how heavy the thought of what I was saying earlier, how the Inflation Reduction Act ends, that's heavy stuff. If we have bank runs, digital currency, if we have people hunkered down, that's pretty heavy. Let's read something a little bit fun now. Taiwanese Oh by the way, this is from Zero Hedge on eight 1422 if you want to look it up. Taiwanese officials trounce Pelosi after son's huge holdings in China Tech Exposed. Let me read just a few lines of this. House Speaker Nancy Pelosi's son is the second largest investor in a Chinese tech company whose senior executive was arrested in a fraud investigation, according to Dailymail.com, raising questions about his secretive visit to Taiwan with his mother. 53 year old 53 year old Paul Pelosi JR did not publicly disclose disclose his stake before accompanying his mother on the taxpayer funded. Wait a minute taxpayer funded trip to Taiwan. Well, that ties into money. Suddenly, Pelosi is not only a major investor in a player in the Chinese Internet of Things and 5G sector, but has also worked as a consultant for the firm rewarded for his services with 700,000 shares in the firm, at which time his holdings were exceeded only by CEO Pat Seck.

J.R. Rotchford:
Un Chien I hope I didn't slam your name, Pat. I know Pat is listening. Pat SEK un charm. He's listening online because he can't hear this. He's in China, so he's not hearing this live. So interesting, this article. It's interesting because I you know, I mean, obviously, Nancy Pelosi's trip was taxpayer funded. I mean, that's that's you know, she's a representative. It's going to be taxpayer funded. But when you go further in this article, something that that kind of bothers me a little bit, while House speaker the House speaker makes 2220 $3,500 annually in her government role, her net worth is estimated as high as 252 million, according to her own financial disclosures. So, Anthony, when we talk about this world and we talk about the haves and the have nots and we talk about how everything's going, you know, we've let people represent us that are so far removed from us. Don't you think we kind of get what we deserve? Is that is that harsh? You know, when I talk about that, it is harsh or is it I mean.

Anthony Carrao:
Why haven't we voted these people out? I mean, everybody I think is complaining about the same thing and that's on both sides of the aisle. So why isn't anybody doing anything about it?

J.R. Rotchford:
I don't know. I don't know. And I think about 53 years of age, you know, making massive wealth, you know? I mean, Anthony, you and I both sit on a board. You you're on the board of directors at a senior community. You're you're on the board at the Alzheimer's Association. I'm on the board of HSP, the Human Services Professionals. I mean, we try to do things to give back to the community. You know what? I don't believe either one of us have ever paid a penny for our service. You take people that are high up in the government and they're being rewarded handsomely for their service. So I just I think the reason.

Anthony Carrao:
Trade for it, there's a reason why we're not getting paid. We got nothing to offer except for our looks.

J.R. Rotchford:
We are good looking. We are good looking. Anthony, especially Anthony used to say at networking meetings that J.R. is the one that's had a, you know, 20 year experience. And I'm the eye candy of the office, which is very true if you haven't seen it.

Anthony Carrao:
Really low, but still funny. I forgot I said.

J.R. Rotchford:
That Anthony said he's the eye candy and that got quite the laugh, which actually should have hurt Anthony's feelings. But it did. He went.

Anthony Carrao:
Very.

J.R. Rotchford:
Sensitively. He went on to repeat that repeatedly. So in this article, I mean, it's it's I don't know. I mean, is it funny? Should it make people angry? We are so busy with the masked singer and Dancing with the Stars and whatever's on the boob tube. We don't think that these big things are within our control. We don't think they're important, you know, apathy and ignorance, you know. What do you think about this? I don't know. And I don't care. Well, sooner or later, you're going to care. I think all of the stuff we talk about, each each thing we talk about is problematic. Each thing we talk about, if they start coming together, is going to be huge. And I'm sad for especially for you guys. I mean, if you're younger and you have more time in this country, you're going to see more. So, you know, once again, the rich get richer, the poor hover and the middle class shrink. So I've said it, I'll keep saying it. It just doesn't make sense. So with that said, Anthony, do you want to go back to financial planning and talk a little bit further about what people may want to do right now in their own lives?

Anthony Carrao:
And I thought we had more articles to go over.

J.R. Rotchford:
Well, we do, but they're all really negative. And I wanted to end this. I mean, here's another article.

Anthony Carrao:
I mean, because we could be. You know, all these financial shows I've listened to quite a few of the the ones on this station, but it's it's the same thing every week. But you're not getting the education. If you want to know what to do about the situation, reach out to us. But for right now, let's let's give them more to. What kind of information are they not getting from those other radio shows?

J.R. Rotchford:
Well, and since I haven't memorized in this, let me just read a couple of lines from a couple different articles. This one is also from ZeroHedge. I know I seem to pull from ZeroHedge. The most reason being it is it's very obscure. You know, when you when you when I read things on MSN, it glosses the surface. It's usually got a spin that's very upbeat. You know, here this one is from ZeroHedge on also eight 1422, the title of this it's game over for the Fed. Expect a monetary rug pull soon. So this kind of stuff matches up with what I think is coming. And I know we gravitate towards what we think is going on. You know, when I look for information, I really do try to find both sides of things. You know, when I look into politics, I really do try to listen to what both sides are saying, not only because I want to make sure I'm on the right track personally, but also because, I mean, you have to be well-informed if you're going to be debating, arguing, discussing matters of politics and money with other people, you better have an idea where they're coming from. So you're equipped to have that conversation. And a lot of people don't. You know, a lot of people, they see something on Facebook, they start regurgitating it. And then if you call them out for it, they just get louder. You know, that's the modus operandi of a lot of people that are low information. So let me read a couple of lines out of this. With price increases soaring to new 40 year highs, a return to the historical average interest rate will not be enough to rein in inflation, not even close. A drastic rise in interest rates is needed, perhaps 10% or higher. If that happened, it would mean that the US government is paying more for the interest expense than it takes in from taxes. So basically it's saying when it says game over, it's like, you know, we cannot get ahead of our problems by raising the interest rates and that's what they're doing currently.

Anthony Carrao:
Well, and they're not even raising them enough to really fight inflation. I mean, how long they've taken to raise portions and fractions of percents while inflation is nearing 10%? Because I still don't think those CPI numbers are correct.

J.R. Rotchford:
Well, they massage them. They they manipulate them. That's correct. And how does it end? I mean, is this article right? Is it really game over? We just don't know it yet. I mean, I hate to say it with my negativity, but I believe it. I believe this is on to something here.

Anthony Carrao:
Yeah, I think the Fed's been out of ammunition for a long time. I mean, they had near zero interest rates. But a crashing market, you know.

Producer:
Or.

Anthony Carrao:
Fears of recession like, well, what do you do? Because they didn't raise it over the last ten years, because they allowed all these large industries to take this cheap money to inflate the stock market. So as soon as you do anything to write the actual problems that this country has. The stock market fights back and then we bow down to it. That's been the history of this.

J.R. Rotchford:
Well, let me read one last line, then. We got to wrap it up for the day, unfortunately. So the last line from this, in short, the US government is fast approaching the financial endgame. It needs to raise interest rates to combat out-of-control inflation, but it can't because it would cause its own bankruptcy. The economic trajectory is troubling. Unfortunately, there's little any individual can practically do.

Anthony Carrao:
That's a great way to end this. So that's it for today's show. If you like what you heard, have questions about any of the topics today or you want to sit down with us to review your personal situation. You can reach us at team at another money show dot com or find us on the web at another Money Show dot com. There are no minimums, no cost for appointments, and nothing to lose by getting a second opinion on your financial situation. We'll see you again next Saturday at noon right here on 960. The Patriot.

Producer:
Thanks for listening to another Money Show. You deserve to work with a private wealth management firm that will strategically work to protect your hard earned assets, to schedule your free no obligation consultation. Visit another Money Show dot com Investment Advisory Services offered through Brookstone Capital Management LLC. Bcm, a registered investment advisor, BCM and Rochford Financial are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Investment involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.

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