Latest / The Ben Ferguson Podcast / A year end reminder, the government is NOT your savior, they are NOT your friend!

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A year end reminder, the government is NOT your savior, they are NOT your friend! · The Ben Ferguson Podcast

0:00
Speaker 1: Hopefully you're not dealing with the chaos of what has
0:02
Speaker 1: happened with the airlines. Mayor Pete just made it known.
0:07
Speaker 1: First of all, they found may Or Pete. This is
0:09
Speaker 1: exciting in itself. He's on a maternity leave right now.
0:11
Speaker 1: He's actually playing dress up with Wolf Blitzer on CNN.
0:15
Speaker 1: He's now come out and said on Southwest Airlines chaos, quote,
0:21
Speaker 1: this is an unacceptable situation. Their system really has completely
0:26
Speaker 1: quote unquote melted down. So if you want to know
0:29
Speaker 1: who to blame, it's the private sector, not the Transportation
0:32
Speaker 1: Secretary or the Biden administration, not at all. Listen to this.
0:36
Speaker 1: I understand you just spoke directly with the CEO of
0:39
Speaker 1: Southwest Airlines. Did you get any explanation at all for
0:42
Speaker 1: this horrendous meltdown of epic proportions? Whole meltdown is the
0:49
Speaker 1: right word. This is an unacceptable situation. You look at
0:52
Speaker 1: the number of passengers who are stranded. You look at
0:54
Speaker 1: how hard it is even to get somebody on the
0:56
Speaker 1: phone to address it. From what I can tell, Southwest
0:59
Speaker 1: is unable to locate even where their own crews are,
1:03
Speaker 1: let alone their own passengers, let alone baggage. So I
1:07
Speaker 1: conveyed to the CEO our expectation that they are going
1:10
Speaker 1: to go above and beyond to take care of passengers
1:13
Speaker 1: and to address this. They indicated a number of issues
1:16
Speaker 1: that they're having with systems, legacy systems for managing their
1:21
Speaker 1: schedule and where their crews are. But the bottom line
1:24
Speaker 1: is the rest of the aviation system has been on
1:27
Speaker 1: the road to recovery since the worst days of the storm,
1:31
Speaker 1: going into Friday of last week. As of today, as
1:34
Speaker 1: I'm looking at the different airlines, most of them are
1:37
Speaker 1: in the low single digits in terms of cancelation rates,
1:40
Speaker 1: averaging about five percent. For all of the other airlines.
1:44
Speaker 1: For Southwest right now, we appear to be north of
1:46
Speaker 1: seventy percent. So their system really has completely melted down.
1:52
Speaker 1: And I've made clear that our department will be holding
1:55
Speaker 1: them accountable for their responsibilities to customers, both to get
1:58
Speaker 1: them through this situation and to make sure that this
2:00
Speaker 1: can't happen again. I love this, right, We're gonna hold
2:04
Speaker 1: them accountable. Okay, So the federal government, you guys can't
2:08
Speaker 1: even secure a border, right you can't even figure out
2:12
Speaker 1: how to deal with power issues in our power grid
2:15
Speaker 1: in this country where people are having major meltdowns, are
2:19
Speaker 1: actually freezes right now all over the country. But you're
2:23
Speaker 1: gonna hold Southwest Airlines accountable and they better do everything
2:28
Speaker 1: they can to help people doing the holidays. Now. Look
2:30
Speaker 1: in theory, I would say that you know, if you're
2:32
Speaker 1: stuck right now, you want someone to look into this.
2:35
Speaker 1: You're angry right it's ruined your Christmas. You're trying to
2:38
Speaker 1: get home. This is a disaster. But for the federal
2:42
Speaker 1: government at this point to stand up like Mayor Pete,
2:45
Speaker 1: he's a guy that couldn't even figure out the basic
2:47
Speaker 1: issues at our port. That destroyed many American businesses and
2:52
Speaker 1: small businesses when they couldn't get their basic goods they
2:55
Speaker 1: need to sell. That hurt the economy in a major way.
2:59
Speaker 1: Hurt small businesses. We were affected by it. We would
3:01
Speaker 1: see the ship with our cargo sitting there on it
3:04
Speaker 1: for our store. We knew what number in line it was.
3:07
Speaker 1: They couldn't offload these ships. Where was he he was
3:10
Speaker 1: on You guessed it. He was on maternity leave for
3:14
Speaker 1: a couple months. And now he wants me to be like, Oh,
3:17
Speaker 1: the federal Government's gonna come to the rescue. Let's be
3:20
Speaker 1: honest about this. If you think the federal government's gonna
3:24
Speaker 1: fix this problem, you're an idiot. If you think mayor
3:27
Speaker 1: Pete is going to fix this problem, you're an idiot.
3:30
Speaker 1: If you think the federal government's gonna hold Quote Southwest
3:33
Speaker 1: Airlines to task for this, you're an even bigger idiot.
3:38
Speaker 1: The federal government it's not gonna fix this problem. They're
3:41
Speaker 1: not even gonna get close to fixing this problem. And
3:44
Speaker 1: this total meltdown will be fixed, I will say this
3:47
Speaker 1: by the private sector. That's how it always works. Now.
3:50
Speaker 1: Is it fair to say that this should have been
3:52
Speaker 1: handled better, and there's certainly things that should have changed, Yes,
3:55
Speaker 1: but we all know that when you know what hits
3:58
Speaker 1: the fan, because of the lobbyists and because of the
4:02
Speaker 1: federal government, we don't have to worry about getting screwed.
4:06
Speaker 1: We know we're gonna get screwed. If you're flying right now,
4:10
Speaker 1: the airlines are going to screw you. They're gonna claim
4:13
Speaker 1: it's weather related, so don't have to give you a
4:15
Speaker 1: voucher for anything. They say. We're not God. We can't
4:19
Speaker 1: control the weather, right, but all of the rules and
4:22
Speaker 1: all of the regulations of the quote airlines, every single
4:26
Speaker 1: time you need them to step in. They don't do it.
4:29
Speaker 1: We've seen people remember since the trapping of people on
4:32
Speaker 1: the tarmacs and the in the you know, the airport
4:35
Speaker 1: for our the airplane for twelve hours, fifteen hours, nineteen hours.
4:39
Speaker 1: When all that happened, they promised it would never happen again.
4:42
Speaker 1: Guess what, it's happened again. In fact, it happens on
4:45
Speaker 1: a pretty regular basis, not necessarily in large numbers, but
4:48
Speaker 1: it happens. There were celebrities this last week talking about
4:52
Speaker 1: being trapped on the airplane for nine ten hours, and
4:55
Speaker 1: people were tweeting about it. Remember the government may Or
4:58
Speaker 1: Pete said this will never happen under my leadership, and
5:01
Speaker 1: we're going to change the rules and the laws, and
5:03
Speaker 1: we're gonna make it so expensive for these airlines that
5:07
Speaker 1: they'll never think of doing again. That's exactly what they're doing.
5:11
Speaker 1: They're gonna keep doing it because the federal government is
5:15
Speaker 1: not going to deal with these airlines. Why, because they're
5:18
Speaker 1: on the take. This is all about being on the take.
5:22
Speaker 1: Anyone that thinks it's not about being on the take,
5:24
Speaker 1: you're an idiot. These special interest groups, the transportation sector
5:29
Speaker 1: specifically gives a hell of a lot of money over
5:32
Speaker 1: and over and over and over and over and over
5:34
Speaker 1: again to Democrats. And why do they do this because
5:38
Speaker 1: they know then they will never be held accountable for
5:40
Speaker 1: any of this. They know it. They're not dumb, they
5:43
Speaker 1: understand it. And you can yell and say, or as
5:47
Speaker 1: Mayor Piez says, you know where we're gonna I just
5:48
Speaker 1: talk to them and I told them what they're gonna
5:51
Speaker 1: have to do, and they better pay attention because we're watching.
5:55
Speaker 1: I promise you the CEO right now of Southwest Airlines,
5:58
Speaker 1: the last person he's worried about right now is the
6:02
Speaker 1: Transportation Secretary. If there's anybody he's worried about, it's probably
6:07
Speaker 1: passengers that might never fly Southwest again because of them
6:11
Speaker 1: ruin their holidays. But then there becomes the next part
6:14
Speaker 1: of it. And let's be also honest about this. The
6:17
Speaker 1: airlines have been able to consolidate to the point where
6:22
Speaker 1: you have virtually no options. And if Southwest Airlines screws
6:27
Speaker 1: this up as bad as they have, and they have
6:29
Speaker 1: screwed it up very badly here, people are still going
6:32
Speaker 1: to fly Southwest because it is quote the cheapest, and
6:36
Speaker 1: they'll forget about it. In three months or six months
6:39
Speaker 1: and certainly by this time next year. There's also just
6:42
Speaker 1: not enough competition on major routes in this country. That's
6:45
Speaker 1: one of the biggest problems that we have. If you
6:48
Speaker 1: want to fly direct, usually you're screwed. You might have
6:51
Speaker 1: one or two options. If that so, all the people
6:55
Speaker 1: that are sitting there while their system is melting down,
6:57
Speaker 1: their crews are not there, they don't know where they're
7:00
Speaker 1: what'sar and all of these things. Do not think for
7:02
Speaker 1: a second that mayor Pete is going to come to
7:05
Speaker 1: your rescue and save you here. This is the same government,
7:08
Speaker 1: by the way, that allowed, because of special interests, the
7:12
Speaker 1: total collapse of XTF not recently costing people billions of dollars.
7:20
Speaker 1: There was an investor on today who lost one point
7:23
Speaker 1: three million during the FTX collapse. He said his chance
7:28
Speaker 1: of getting his money back is zero. And this is
7:31
Speaker 1: again the federal government was supposed to be looking over
7:34
Speaker 1: all this. If they couldn't do that with a massive
7:37
Speaker 1: Ponzi scheme, what makes you think they're going to do
7:40
Speaker 1: it with the airlines. My next guest is a crypto
7:43
Speaker 1: investor who lost nearly one point three million dollars during
7:47
Speaker 1: the FTX collapse, Calvin Side joins me. Now, Calvin, thank
7:53
Speaker 1: you for talking to us. How confident are you that
7:57
Speaker 1: you can recover your money? Okay, first of all, thanks
8:02
Speaker 1: for having me. Actually, actually I've already written off my
8:07
Speaker 1: FTX losses on on on my book, So I guess
8:10
Speaker 1: the chance of having my money pack is nearly zero.
8:14
Speaker 1: Maybe some analysts out there saying that we could have
8:17
Speaker 1: the money back, maybe like having a haircut off ten
8:19
Speaker 1: percent or ten twenty percent, But I guess the situation
8:23
Speaker 1: is we will be very long, like a several years
8:25
Speaker 1: according to the past, like a bankruptcy of some other
8:29
Speaker 1: cryptogras platform back in twenty fourteen or fifteen. So I've
8:33
Speaker 1: already I think that my memory is going to be
8:37
Speaker 1: zero in an event zero. This guy's at least honest.
8:42
Speaker 1: Now he knows the bitcoin and all of this, and
8:44
Speaker 1: the XTF disaster was in an unregulated industry. Why was
8:49
Speaker 1: it unregulated? I'm gonna answer that question for you because
8:54
Speaker 1: the guy was the second largest donor of the Democratic Party.
8:57
Speaker 1: He was best friends with Nancy Pelosi and best friends
9:00
Speaker 1: with Democrats. He gave insane amounts of money. Why is
9:04
Speaker 1: it that you could shadow band, conservatives and big tech
9:07
Speaker 1: could get away with it because they were all big, big,
9:09
Speaker 1: big best friends with liberals. You notice about the conspiracy theories,
9:14
Speaker 1: and we're gonna get into the Twitter files, I can
9:15
Speaker 1: promise you in a moment, but I just going to
9:17
Speaker 1: start with this generic. If you think the government's here
9:20
Speaker 1: to save you, protect you, and help you, you're just wrong.
9:22
Speaker 1: If you think they're gonna fix things like this as
9:24
Speaker 1: simple as an airline debacle that we're dealing with right now.
9:29
Speaker 1: With transportation, they can't even fix a power grid, folks.
9:33
Speaker 1: And if they can't fix a power grid, if they
9:37
Speaker 1: can't handle cold temperatures like we are dealing with right now,
9:41
Speaker 1: what makes you think they can deal with complex issues.
9:46
Speaker 1: They're not gonna fix the problem with flying. Anytime you
9:50
Speaker 1: any company wants to have a meltdown, they're gonna let
9:54
Speaker 1: them do it, and they're not gonna hold them accountable.
9:58
Speaker 1: They're not gonna fix None of it will be fixed.
10:02
Speaker 1: Understand it, know it, and just deal with that reality.
10:07
Speaker 1: This government is not in the business of fixing problems.
10:11
Speaker 1: You look at what was happening. Everybody that said there
10:13
Speaker 1: was a you know, it's a conspiracy theory. Right, if
10:16
Speaker 1: you said and you told the truth, if you told
10:19
Speaker 1: the truth about what was happening on social media silencing conservatives,
10:26
Speaker 1: everybody said you were crazy. It can't be, it's not real,
10:29
Speaker 1: it's not true. Again, I go back to the basics
10:32
Speaker 1: on this one. The federal government can be bought off
10:35
Speaker 1: the airlines that bought them off. Big Tech has bought
10:38
Speaker 1: them off. And they I mean the XTF and all this,
10:42
Speaker 1: everybody bought them off to look the other way. So
10:46
Speaker 1: nothing's gonna change when it comes to the airlines, mark
10:49
Speaker 1: my word. Nothing's gonna change with the regulations of new
10:52
Speaker 1: industries as long as the people leading those industries early
10:55
Speaker 1: on given sane amounts of money to the Democratic Party,
11:00
Speaker 1: silencing by the deep state, the FBI, the federal government
11:04
Speaker 1: of conservatives will no one will be held accountable for this.
11:08
Speaker 1: This is how the game is played now. It's not rigged.
11:13
Speaker 1: It's their normal game. The game's always been rigged. It's
11:17
Speaker 1: the worst I've ever seen it, and maybe that's just
11:19
Speaker 1: because now we're experiencing just how bad it actually is.
11:24
Speaker 1: But they're not going to stop rigging it. They're not
11:27
Speaker 1: gonna stop silencing or censoring Conservatives, and they're sure as
11:31
Speaker 1: hell not going to stop taking donations from shady and
11:34
Speaker 1: corrupt people buying influence over industries like cryptocurrency. All of
11:41
Speaker 1: these liberals and all of these famous people that got
11:45
Speaker 1: money from XTF. You think they're gonna give them money
11:47
Speaker 1: back to the victims. Hell no, Look at all the Democrats.
11:50
Speaker 1: It took money from the XTF founder. How many of
11:53
Speaker 1: them decide to give the money back. None of them
11:56
Speaker 1: have that I know of. At this point. You would
11:59
Speaker 1: think they would have given it all back to the
12:01
Speaker 1: people that they mean. These are stolen funds, right number two,
12:06
Speaker 1: Guy XTF writing massive checks with other people's money to
12:11
Speaker 1: the Democratic Party because he knew he could keep his
12:14
Speaker 1: Ponzi scheme going, and he could do it as long
12:17
Speaker 1: as he could do it for as long as he
12:19
Speaker 1: possibly could if they didn't regulate his business. And that's
12:23
Speaker 1: what they did. The government is not at your savior.
12:26
Speaker 1: The government is not your friend. Today, the Supreme Court
12:30
Speaker 1: has ordered the Title forty two border restrictions are to
12:35
Speaker 1: remain in effect while legal challenges play out. Title forty
12:40
Speaker 1: two will send the books until at least early to
12:42
Speaker 1: mid twenty twenty three. Is what the Supreme Court has
12:46
Speaker 1: now said this is obviously big you know, a big story,
12:49
Speaker 1: a big deal, and the Supreme Court will hear these
12:53
Speaker 1: arguments on whether these states can actually ask individual states
12:58
Speaker 1: can ask to preserved out of forty two order safeguards
13:01
Speaker 1: when the Biden administration tries to let the policy die,
13:05
Speaker 1: voting today to leave the Trump Air policy in place
13:09
Speaker 1: until it hands down a decision in the case by
13:12
Speaker 1: early summer of twenty twenty three. Now, as you may know,
13:16
Speaker 1: Title forty two allows federal agents to turn away illegal
13:19
Speaker 1: aliens immediately without taking them into custody if the agent
13:24
Speaker 1: believes the alien might have COVID nineteen. Even though the
13:27
Speaker 1: number of illegal crossings is at an all time high,
13:30
Speaker 1: the number at the border would be up to double
13:32
Speaker 1: their current levels without the policy in place. So how
13:39
Speaker 1: did Stanon cover it a moment ago when they had
13:41
Speaker 1: to tell you what happened? This is amazing. Listen to
13:44
Speaker 1: how depressed they are, like they're on I mean, this
13:47
Speaker 1: is like TV suicide watch. They want to turn out
13:51
Speaker 1: to breaking news. The US Supreme Court has issued has
13:54
Speaker 1: ordered Title forty two to stay in place while legal
13:57
Speaker 1: challenges play out. Now, Title forty two is the Trump
14:00
Speaker 1: era pandemic policy, which allows border officials to expel migrants
14:03
Speaker 1: either back to their home countries or into Mexico. I
14:07
Speaker 1: want to bring in c and in justice to correspond
14:09
Speaker 1: to Jessica Schneider. Jess what are you seeing right now
14:12
Speaker 1: and what's been released? Well, Phil, we've been waiting for
14:14
Speaker 1: this from the Supreme Court for about a week now.
14:16
Speaker 1: The bottom line here is that whereas Title forty one,
14:19
Speaker 1: or sorry, Title forty two was set to expire on
14:22
Speaker 1: December twenty first, it will remain in place indefinitely at
14:26
Speaker 1: this point because the Supreme Court has stepped in to
14:29
Speaker 1: definitively say that, yes, we are going to initially here
14:33
Speaker 1: side with the Republican States Led States who were challenging
14:37
Speaker 1: the end of Title forty two, and we're going to
14:40
Speaker 1: schedule arguments on this case to decide one of the
14:42
Speaker 1: issues here in February. In the meantime, Title forty two
14:47
Speaker 1: will stay in place it was supposed to end. Then
14:49
Speaker 1: these Republican led States jumped in, asking the Court to
14:53
Speaker 1: then jump in. The Supreme Court did jump in, And
14:56
Speaker 1: now the Supreme Court is clarifying here saying we jumped
14:59
Speaker 1: in and we're also going to grant the Republican led
15:02
Speaker 1: States request to hear this case and to keep Title
15:05
Speaker 1: forty two in place until we decide that. So. I
15:09
Speaker 1: love how depressed they are. They're like, they can't even
15:11
Speaker 1: figure out what they're like, Title forty What I mean,
15:13
Speaker 1: Title forty They're distraught. They are completely distraught. How could
15:18
Speaker 1: it be? How could it possibly be that we lost this? Like?
15:21
Speaker 1: How is this like? How could this have happened? We
15:23
Speaker 1: should have been able to allow millions and millions of
15:25
Speaker 1: people to come in here right away. We don't understand it.
15:28
Speaker 1: How could this be? This is not how they're supposed
15:33
Speaker 1: to work. Remember, they like to just make up things
15:35
Speaker 1: they go. They like to dictate. They like to make
15:39
Speaker 1: it very clear that you can dictate people what you
15:43
Speaker 1: want them to do, force them into submission, silence them,
15:48
Speaker 1: demand that they live a certain way, do things a
15:51
Speaker 1: certain way. You know in the Southwest Airlines chaos. This
15:55
Speaker 1: is an unacceptable situation. No it's not. You guys have
15:59
Speaker 1: created the industries where this is completely acceptable. Let's not
16:02
Speaker 1: act like you that this is not something that they
16:06
Speaker 1: that you've allowed by design, the same way that this
16:10
Speaker 1: investor who lost one point three million during this FTX collapse,
16:14
Speaker 1: says in his words, he says there's a zero chance
16:17
Speaker 1: of getting his money back because he knows the federal
16:20
Speaker 1: government is not going to step up and do anything
16:24
Speaker 1: about this. Look at look at the national news. I
16:27
Speaker 1: gotta play this clip for you. Okay, this is the
16:31
Speaker 1: national news. They said worst Christmas ever? Right, They want
16:35
Speaker 1: you to to be outraged because of all the cancelations. I'm like,
16:38
Speaker 1: did you have you have you not been paying attention
16:40
Speaker 1: to the last ten, fifteen, twenty years. The airlines on
16:43
Speaker 1: us were like cattle. They can treat us, actually worse
16:47
Speaker 1: than counter because cattle at least have pete on their side. Okay,
16:50
Speaker 1: this is the worst it gets because they don't care
16:53
Speaker 1: about us. You can be stranded for two, three, four days.
16:56
Speaker 1: The airlines don't care because they know that the government
16:59
Speaker 1: is not gonna hold them accountable. Even when there are
17:02
Speaker 1: headlines like this listen historic winter storm through a haymaker
17:08
Speaker 1: to holiday travel, thousands of flights are canceled or delayed.
17:11
Speaker 1: Southwest Airlines passengers are feeling the biggest blow, with more
17:14
Speaker 1: than sixty percent of flights canceled today. As Alex Perez explains,
17:18
Speaker 1: federal authorities are now looking into the massive breakdown. I said,
17:24
Speaker 1: no one's getting on a fight southbus flight for four days,
17:27
Speaker 1: and I said, we can't help you go home. Southwest
17:29
Speaker 1: Airlines melting down in the wake of the Christmas holiday.
17:33
Speaker 1: Christmasmas just ruined. This was the worst Christmas ever. While
17:35
Speaker 1: thirty eight hundred flights were canceled across the country Monday
17:38
Speaker 1: after the punishing winter storm, nearly three quarters of them
17:42
Speaker 1: were Southwest flights, and the company has already canceled over
17:46
Speaker 1: two thousan five hundred flights today, with more misery expected
17:50
Speaker 1: this week. It's been catastrophic. It is simply a failure
17:53
Speaker 1: of Southwest management. When asked about the collapse, of spokespersons
17:57
Speaker 1: for Southwest blaming the weather, I think it's just the
18:00
Speaker 1: sheer size of the storm. It's just the fact that
18:02
Speaker 1: this one started west, swept east and impacted almost every
18:07
Speaker 1: single one of our largest airports. That put us in
18:09
Speaker 1: a position where we struggled to recover, and we struggled
18:11
Speaker 1: to get our flight crews and airplanes where they needed
18:14
Speaker 1: to be. In a statement, the company vowing will work
18:17
Speaker 1: to make things right for those that we've let down.
18:19
Speaker 1: We recognize falling short and sincerely apologize, but federal officials
18:24
Speaker 1: are launching an investigation into the chaotic response, the Department
18:27
Speaker 1: of Transportations saying it is concerned by Southwest's unacceptable rates
18:31
Speaker 1: of cancelations and delays and reports of a lack of
18:35
Speaker 1: prompt customer service, adding it will investigate whether cancelations were controllable.
18:41
Speaker 1: Again this TSA, are this transportation statement here right? Department
18:48
Speaker 1: of Transportation Administration saying it this way. It's laughable. Okay,
18:54
Speaker 1: it is laughable. They're not gonna do anything. There's not
18:58
Speaker 1: going to be some big fine for this, all right.
19:00
Speaker 1: Anyone thinks that there is, you're an idiot if you
19:03
Speaker 1: think it's gonna And by the way, the final will
19:04
Speaker 1: be nothing compared to the reality of what we're watching
19:09
Speaker 1: and witnessing right now. Okay, so that's not I mean
19:13
Speaker 1: this idea that they're like, oh, Southwest is shaking in
19:16
Speaker 1: their boots right now. They know, look, we give you
19:19
Speaker 1: guys money. Shut up. I mean, Jeff, this is called
19:23
Speaker 1: buying off a government. Is there any doubt in your
19:27
Speaker 1: mind that what I'm saying right now is going to
19:29
Speaker 1: be spot on, that there's not going to be hell
19:31
Speaker 1: to pay for what just happened. If you think the
19:35
Speaker 1: government's going to come in and the government is going
19:39
Speaker 1: to fix any of these problems, you are flat out stupid.
19:45
Speaker 1: They are not. They will not. There is no chance
19:48
Speaker 1: that they're going to stop it. There's no way they're
19:50
Speaker 1: gonna stop it. They're gonna keep letting these companies make
19:53
Speaker 1: their record profits, and then every time they need to
19:56
Speaker 1: bail out, we bail out the transportation is because all
20:01
Speaker 1: of these centers and congressmen are on the take. How
20:04
Speaker 1: many times in your lifetime, Nancy, have we bailed out
20:08
Speaker 1: the airlines? All right? We bailed him out after nine
20:10
Speaker 1: to eleven. We bailed him out again after that, noa,
20:13
Speaker 1: we bailed him out again. And with the you know,
20:16
Speaker 1: the lockdowns and everything with COVID. I mean, we bailed
20:20
Speaker 1: them out. And it doesn't matter how much money they need.
20:23
Speaker 1: We'll give them the money every single time, every time,
20:28
Speaker 1: over and over and over and over again. If they
20:32
Speaker 1: need to bail out, they get it. And then when
20:33
Speaker 1: they screw up, they always say, oh, there's gonna be
20:37
Speaker 1: hell to pay and record fines. This is no different
20:40
Speaker 1: than Wells Fargo. Have you guys looked at there was
20:42
Speaker 1: a very inchting tweet that was sent out and I
20:44
Speaker 1: got to find it, all right, I'll do my best
20:46
Speaker 1: to find it. But there was a very inchesting tweet
20:49
Speaker 1: about the other day that you know, oh, wells Fargo
20:51
Speaker 1: gonna be held accountable for what they did. And I'm sorry,
20:54
Speaker 1: I just kind of had to laugh at it because
20:57
Speaker 1: I knew that this was not gonna be something they
20:59
Speaker 1: were gonna be held accountable on over and over again.
21:02
Speaker 1: They can screw their customers. Yes they get fines, but
21:05
Speaker 1: it's not more than their profits, and so they allow
21:08
Speaker 1: them to do it. And every couple of years it
21:11
Speaker 1: seems like these big banks are able to screw people
21:14
Speaker 1: and then they have these fines that come and no
21:17
Speaker 1: one really gives a care after that, right, like the
21:20
Speaker 1: fines happened. So what now? Before I get into more
21:23
Speaker 1: of this story, I want to say thank you and
21:25
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Speaker 1: eight six six seven five one twenty two eighteen one
22:15
Speaker 1: eight six six seven five one twenty two eighteen or
22:19
Speaker 1: online at Legacy PM investments dot com. Wells Fargo is
22:25
Speaker 1: a perfect example. The government is not here to help you.
22:28
Speaker 1: The government's bought off by big donors. They're bought off
22:34
Speaker 1: by special interests. Banking is a great example. This story
22:38
Speaker 1: you may not have even seen this past week. It's
22:40
Speaker 1: a really big story. It's a story every one of
22:42
Speaker 1: you should have known about. The CFPB has ordered Wells
22:46
Speaker 1: Fargo to pay a three point seven billion dollar fine
22:54
Speaker 1: for wide spread mismanagement of auto loans mortgages and deposit accounts. Now,
23:00
Speaker 1: if you don't know where the cf PB is, it
23:02
Speaker 1: stands for the Consumer Financial Protection Bureau. The company Wells
23:08
Speaker 1: Fargo repeatedly mislabeled loan payments, wrongfully foreclosed on homes. No
23:14
Speaker 1: big deal there. You just lose your home and illegally
23:17
Speaker 1: repossess vehicles, incorrectly assess fees and interests, and charge surprise
23:23
Speaker 1: over draft fees, along with other illegal activity affecting over
23:28
Speaker 1: sixteen million consumer accounts. Now, you just get your head
23:32
Speaker 1: around sixteen million consumer accounts and you get your head
23:36
Speaker 1: around this headline. Wow, three point seven billions a lot
23:39
Speaker 1: of money to pay in a fine, is it not?
23:41
Speaker 1: If you're Wells Fargo, it's not. This is just if
23:45
Speaker 1: you went back in time and said, hey, Wells Fargo,
23:49
Speaker 1: if you do all of these things later on down
23:53
Speaker 1: the road, you're not to pay a fine for three
23:55
Speaker 1: point seven billion. I think they would actually sign up
23:57
Speaker 1: to do it on purpose. I think they realize this
24:02
Speaker 1: was a great decision because even if you got caught,
24:05
Speaker 1: it was worth it. It was worth the risk. Who
24:09
Speaker 1: cares if you screw people's lives? Who cares if you
24:12
Speaker 1: foreclose on homes illegally repossessed vehicles. Right, if you wrongfully
24:17
Speaker 1: foreclose on someone and then illegally repossessed their vehicle and
24:21
Speaker 1: then incorrectly assess fees and interest to their bank accounts,
24:24
Speaker 1: then you charge them surprise overdraft fees and along with
24:27
Speaker 1: other illegal activity, and you affect sixteen million consumer accounts
24:31
Speaker 1: doing this, you'd think of fine A three point seven
24:34
Speaker 1: billion is a lot of money, but in reality it's not.
24:39
Speaker 1: The Consumer Financial Protection Bureau also came out like they
24:43
Speaker 1: were Billy bad A right ordering, Well, it's farther to
24:46
Speaker 1: pay the more than two billion dollars and redress the
24:49
Speaker 1: consumers and one point seven billion civil penalty for legal
24:54
Speaker 1: violations across several of its largest product lines. Doesn't matter.
24:57
Speaker 1: They're making record profits the banks that legal conduct led
25:01
Speaker 1: to billions of dollars in financial harm to its customers
25:05
Speaker 1: and for thousands of customers the loss of their vehicles
25:08
Speaker 1: and homes. You basically stole homes and vehicles from people,
25:12
Speaker 1: and you did it knowing that what you were doing
25:14
Speaker 1: was wrong, and you did it anyway, and yet they
25:17
Speaker 1: are still operating. Did any of their banks shut down
25:20
Speaker 1: over this note? Did any of them closed down. No,
25:23
Speaker 1: did anybody really get fired from this base on what
25:26
Speaker 1: I can tell No, do you get to screw Americans
25:31
Speaker 1: and you pay off the right politicians and the Democratic
25:34
Speaker 1: Party and some of them in the Republican Party, and
25:37
Speaker 1: you can keep screwing them over and over again as
25:39
Speaker 1: long as you're willing to pay the fine. Wells Fargo
25:45
Speaker 1: quote unquote rents repeat cycle violating the law has harm
25:49
Speaker 1: millions of American families. That's with the consumer, the cf
25:55
Speaker 1: PD director said. They said the CFPD is ordering Wells
26:00
Speaker 1: Ago to refund billions of dollars of consumers across the country.
26:03
Speaker 1: This is an important initial step for accountability and long
26:06
Speaker 1: term reform of this repeat offender. Wells Fargo is one
26:10
Speaker 1: of the nation's largest banks, serving households across the country.
26:14
Speaker 1: It offers a variety variety of consumer financial services, including mortgages,
26:19
Speaker 1: auto loans, savings and checking accounts, and online banking services.
26:24
Speaker 1: According to today's enforcement action, Wells Fargo harm millions of
26:28
Speaker 1: consumers over a period of several years, with violations across
26:32
Speaker 1: many of the bank's largest product lines. In other words,
26:35
Speaker 1: they did this on purpose. The specific findings included that
26:40
Speaker 1: Wells Fargo quote, unlawfully repossessed vehicles and bungled borrower accounts
26:46
Speaker 1: on purpose. Wells Fargo had systemic failures and its servicing
26:51
Speaker 1: of automobile loans that resulted in one point three billion
26:55
Speaker 1: in harm across more than eleven million accounts. The bank
26:59
Speaker 1: in correctly applied borrowers payments and properly charged fees and interests,
27:03
Speaker 1: and wrongfully repossessed borrowers vehicles. In addition, the bank failed
27:08
Speaker 1: to ensure that borrowers received a refund for certain fees
27:12
Speaker 1: on add on products when a loan ended early. They
27:16
Speaker 1: properly denied mortgage modifications during at least a seven year
27:20
Speaker 1: period the bank was doing this. They legally charged surprise
27:24
Speaker 1: overdraft fees, and they unlawfully froze consumer accounts where you
27:29
Speaker 1: couldn't get your money and misrepresented fee waivers. Are they
27:34
Speaker 1: still operating? Yes? Senator elect John Fetterman who starts off
27:39
Speaker 1: debates by telling you good night, who looked like a
27:43
Speaker 1: homeless person. Actually, that's not fair the homeless people. I
27:46
Speaker 1: shouldn't say that. I apologize. He was named one of
27:49
Speaker 1: the ninety three This is not a joke Most Stylish
27:53
Speaker 1: People of the Year by the New York Times. Fetterman,
27:56
Speaker 1: a Democrat, was given one line in the list, which
27:59
Speaker 1: said that he is going to bring Carhart to the Capitol. Fetterman,
28:06
Speaker 1: known for wearing shorts and a hoodie during campaign events
28:10
Speaker 1: instead of a suit and tie, although, as The Daily
28:13
Speaker 1: Mail noted, the Capitol has a dress code that requires
28:15
Speaker 1: mail centers to wear a jacket and a tie. Independent
28:19
Speaker 1: Journal Review pointed out that there is nothing fashionable about
28:23
Speaker 1: Fetterman's clothing choice, but speculate that The New York Times
28:26
Speaker 1: might have included him on the list because he's sparked
28:29
Speaker 1: so much conversation during the campaign. I don't know if
28:32
Speaker 1: it was conversation. It was more like mumbling incoherent thoughts.
28:35
Speaker 1: But whatever. The New York Times though, because he's a
28:39
Speaker 1: liberal on the you know that they're obsessed with, described
28:43
Speaker 1: its list as high and low, fun and serious, curious
28:46
Speaker 1: and open minded. It's sounding like they're writing about sexuality
28:50
Speaker 1: at this point. They said that they had certain revealing
28:54
Speaker 1: characters appreciate the material world in inviting everyone to the part.
29:00
Speaker 1: All of these are ways at the time. Style Desk
29:03
Speaker 1: defines its approach to whom and what it covers. Next
29:07
Speaker 1: time someone says the media isn't biased. Just remind them
29:11
Speaker 1: that they have decided that Fetterman is one of the stylish,
29:16
Speaker 1: most stylish people of twenty twenty two. Okay, why would
29:22
Speaker 1: they do this? That's one reason only They want to
29:24
Speaker 1: suck up to him. They want access to Fetterman. Now
29:28
Speaker 1: they've admitted now that Fetterman can't answer questions a usual way.
29:31
Speaker 1: They're not sure exactly how he's going to even do
29:33
Speaker 1: all the voting or how that's gonna work. But the
29:36
Speaker 1: New York Times has said that bloody war right clothes
29:41
Speaker 1: that made and look like a homeless person is now
29:44
Speaker 1: a new style bringing Carhart to the Senate. As they
29:47
Speaker 1: put it, these are the hacks of the Democratic Party.
29:52
Speaker 1: These are the hacks of the media. And this is
29:56
Speaker 1: how much they're willing to carry water for people, including
30:00
Speaker 1: in this situation, in this scenario, exactly what I just described.
30:06
Speaker 1: Fetterman is now one of the most stylish people. Now. Look,
30:10
Speaker 1: I know a lot of Conservatives okay that are more
30:13
Speaker 1: stylish than that. They would never put them on this
30:17
Speaker 1: list because they're Republicans. There's some beautiful Republicans at women, right,
30:22
Speaker 1: we actually know what a woman looks like that would
30:25
Speaker 1: should be on this list. They would never put them
30:28
Speaker 1: on this list, and the reason is clearly because they
30:32
Speaker 1: are biased, and this list is about virtue signaling. Right,
30:36
Speaker 1: this guy's such a bad dresser. They're like, no, he's
30:38
Speaker 1: actually so bad. It's good. It's so bad, it's somehow stylish.
30:44
Speaker 1: It's so bad. We actually think it's awesome. So that
30:49
Speaker 1: is your New York Times, all right. Lastly, please make
30:52
Speaker 1: sure you hit that subscribe button or auto download button
30:56
Speaker 1: wherever you were listening to this podcast right now, and
31:00
Speaker 1: take a moment to write us a five star review
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Speaker 1: social media to help us grow. See you back here tomorrow.