0:05 Try not to get too fired up, cuz I know you're going to get pretty angry talking about this. But, I want to know um what are the dumbest uh policies you've ever heard of, whether they got put into place or not, but you've heard things get pitched. Like for me, one of the dumbest things I heard was some um I forgot what socialist wing was trying to do this, but they were arguing that the um >> [snorts] >> that in a in a in a factory, right? Let's say you have a factory. They were saying that the the product of the factory should be owned by the all the workers. So, like everyone should own the company that works for the company. That's crazy. I know. I thought it was extremely stupid. And this And it was just one obviously some college kid was
0:56 like uh talking about it, saying that it Yeah, like it's it makes perfect sense that if you work at a factory, you should be an owner. Like you shouldn't just be paid a wage. Everyone should be an owner. >> means are they willing to risk capital? Cuz it's like >> he had it thought out at all. But like it was just the dumbest I've just never heard something so dumb, cuz then they were just like, "Who's going to like what about the guy that put up all the effort and money and time to start the business? Like >> only working there for 1 year. How do you own 1 year of the product? >> Yeah, exactly. Cuz there's ████ turnover all the time. Not everyone's a ████ lifer at a company. >> That's very true. This kid was basically and I know that it's an entire ideal that has a bunch of functionality behind it. I can't find the salvaging feature of why that makes Or what if like the CEO did some shady ████ ████ right? And the whole company's getting canceled. So, everyone's shares go to
1:47 zero, too? When everyone else is innocent, it's just the ████ CEO that's like on to Epstein's Island or whatever? >> [laughter] >> And like how is your job as like as assemblyman, whatever? Like or a guy that's on the assembly line like putting stuff together. That I'm not saying that's a a ████ job that it doesn't pay well, but like how how do you make that equal to the people at the very top that like, you know, had to do a bunch of ████ to get there that probably were working your job at one point. Like I don't understand how that just becomes like, you know, socialist heaven across the board. >> that what this guy's looking for does exist. There are companies that like if you work for so however many years will start giving you shares. Not equal Yeah, not equal shares. >> But you can earn shares. Yeah, like a lot of accounting firms work with this way where you become partner and then you work your way up and then like yeah. exist. Like he just has to find something like that.
2:37 >> saying like everyone should be having equal, like it should be equal across the board for everyone involved. >> a lot of it is like I think well-intentioned, but a lot of them are just college students that are naive and they don't really understand how things work. So a lot of socialism is rooted in like thinking that um people that own the company are evil oppressors and then the workers are like the benevolent um exploited people. >> And it doesn't make sense to me like the conversionism of it also is odd to me. It's lost on me cuz I'm like, how do you take things that are prosperous as they are and be like, now we're going to make it socialist and it's still going to be successful because it won't. But then like if that's your ideal, why don't you build something from the ground up that has that feature and prove that that works? >> the privilege. They don't have the funding. They don't have the access.
3:27 They don't have the resources. >> Yeah. So that's I think the the difference in like let's say like a socialist takeover, it turns into a controlled economy, right? So we've seen this before where uh for example, the Soviet Union, >> Yeah. um they didn't have many options because they don't like they're against capitalism, they're against competition. So like if you go to their store, you have one option for bread, you have one option for cheese. You have and it's government owned, right? When it came to the states, it's capitalist so there's a bunch of competition and there's free commerce. So you have 10 options for cheese. 10 whatever, right? And then so um You can buy the black owned bread. What ends up happening is when you're in a a controlled economy, which is more communist and socialist,
4:17 there's no reason to evolve your product. There's no reason to make it any different. And I could make an argument where there is a toxic side of capitalism where there's so much waste and there's so much over consumption and you don't need 15 kinds of bread. >> Look at Shein. Right. Yeah yeah and it's just it's just wasteful. But on the flip side, there's always like a issue with scarcity and not having enough and then like the production's bad, people aren't motivated properly in a socialist system. They're always going through People can say, "Yeah, well that's the trade embargoes and all these issues." But no, it's because they're not motivated to produce enough to supply to the cuz they're not making enough. There's another issue that I I recently kind of was like reading more about. Have you heard of like the the um
5:07 the concept of like donation damnation? How it's like when you have countries that are struggling or trying to develop like let's say some small towns in Africa or whatever. And you just keep on giving them ████ >> Oh yeah, you destroy their economy. Yeah. economy. Like their farmers get put out of business. They can't have clothing makers because they have too much clothes from the ████ states and you're just giving them a bunch of ████ and they they just are going to grow dependent on it. >> Yeah. I that's an interesting thing. Like I I didn't I Well, it's it's because it's it's like it's kind of like shortcut activism where you do more damage than good because you want to feel good. There's so many examples. There's one example >> satisfied. >> They did like a egg um fundraiser thingy for this African country and they destroyed their poultry industry because they flooded the
5:57 >> Those are locals owning those markets, yeah. So like it was like a church or it was it was it was like well-intentioned cuz they wanted to feed them. >> Yeah, yeah, yeah. Then they ████ flooded the market >> [laughter] >> and drove down the value of their own products, yeah. egg businesses, chickens, they're just like, "I can't even sell my ████ eggs cuz you guys are giving it to all these people for free." Yeah. Same like with with the Gates Foundation donated like insane amounts of mosquito nets and then they used it as fishing nets and it tanked their own fishing industry. >> [laughter] >> One of the stupidest laws that pissed me off is the taxing unrealized gains. >> Yeah. That is I don't understand that at all. >> I'm like, "What the f███?" Cuz then now it's like, let's say you got someone that ████ unrealized losses then? Cuz
6:47 ████ dude. >> Yeah, like let's say you got like you got you got 20 grand, it grew to like let's say 40 grand. So now you have that 20 grand of unrealized gains. So if you have to tax that, now this guy has to sell his shares to pay for that tax. And then so he ends up losing money. And the whole point is for it to like ride and and and let it grow. So it's like, "What the f███?" Like he didn't even sell it. Like he and now you're forcing him at the end of the year to pay the the tax on those gains. It's crazy. It's like almost selling the money you don't have to pay for these taxes. >> Isn't isn't that also bad for inflation because it's just creating money out of thin air, too? Like you're just like making money appear, aren't you? That part I don't know. But for the taxes, I'm like, "Dude, that's ████ Cuz like let's say you you had something like
7:37 let's say you had $200,000 in an asset, right? The then then the tax year came and lapsed and you have to pay a tax of whatever 200,000. But then the next year the value of that drops to 10K, right? Yeah. So, you're kind of ████ out of that money that you had to pay when you taxed the previous fiscal year. You can deduct unrealized Yeah. But then because you can't, then that means that didn't that money just kind of like >> There's more money in the supply. Yeah, it's like a genie just went and created like money because of stuff that people own on unrealized gains. I don't understand that ████ >> Like how do you tax a an event that that a transaction didn't happen? So, for example, like it makes sense to me if you realize a gain, meaning you cashed out your earnings, that you're getting taxed on that because now you cashed it out and you have it in your possession.
8:28 >> Hell, yeah. That's the important [laughter] part. So, it's like you cashed out the 20K and now you can, you know, uh uh you get capital gains or whatever. But if they're going to tax your unrealized gains, then you cash out and you get taxed again for capital gains, you're getting ████ taxed on on basically a non-transaction and then you get ████ It's just too And And that's a And that's like cracking the piggy bank if the piggy bank is even separable. So, stocks way easier, right? But let's say you have a ████ '60s Camaro you bought for 30 grand. Now it's worth 50 grand. So, you got to pay 20 Gs of of capital gains tax. If you don't have the capital gains tax, you got to sell the ████ Camaro >> Yeah. to pay for it or you go to jail, right? When you win a Camaro on Price Is Right, you got to pay the tax. Yeah. So, now you sell the Camaro, you pay the
9:18 tax, you have no Camaro. You're like, "What the f███?" And on a system that's was incentivized for us so we could make money and build wealth and they're immediately just taking that away from us. Well, I I do get that like the reason that I'm sure the motivation to do this is that so they can regulate who gets to do it at all. >> Yeah. They're usually They're usually pointing out like billionaires or whoever. But we getting ████ over, you know? Yeah, because that's not going to happen to Pelosi for sure. They're going to have some kind of weird loop where like they don't have to be taxed, but then the weird thing is that the people supporting this are the tax the rich people that are like just mad about that because they're not playing that game. So they're like, well, I'm not going to be hurt. I want all of you to be hurt, but then that doesn't stop the elites from doing it. And that whale game is infinitely more than anything of the a regular homeowner's actually shooting themself in the foot cuz most of these people have like 401K and all that. That
10:09 means you're ████ yourself so hard. that were passed down to them. Property that was passed down from generations. Speaking of property, that's one tax I don't understand is property tax. I feel like once you pay off your ████ property, it should be yours. Why the ████ are you paying taxes? And cuz there's this this has been happening California, too. The property tax is based on estimate, right? So like let's say grandpa got his place 1960s and ████ Paid off his home, whatever. And he's retired. He has no income, right? This is happening in California. A lot of people, especially in like black neighborhoods and stuff like that. Retired seniors can't ████ pay for their property tax. They can't, yeah. They're like, yeah, like when I bought this place, it was like $90,000. Now it's 1.5 million. It's being estimated
10:59 to current like now under the they got to pay like tens of thousands of dollars that they don't have. And then so they're forced to sell and they can't even die in the home that they ████ bought and pass it down to their kids. They just have to bounce and I'm like, that's robbery. That exact thing you described it word for word happened to a a black family I met in Windsor Hills. Exactly that. Sounds like it's by design. It sounds like it's intentional. But then that's kind of like why the poor stay poor is cuz like you can't build generational wealth with this kind of ████ But like if he was able to pass it down, then it's like now what used to be a poor community can now become a rich community with the same local residents instead of being gentrified. Right. And the gentrification cycle just continues. >> Yeah, because who can afford it? Like
11:50 East Coasters that are rich that come gentrify LA and ████ you know, or whatever. Yeah. The crazy thing too is the inheritance tax that California now implemented. You know, where you can't pass your house down to your kid unless you pay a s███████ of money to do it. It's tough. And they have to move in within a year, right? That's what I think that's what the rule is. You know, if they don't move in within the year, then it's ████ up for grabs. But that's even if they can afford to move in. >> Exactly. Exactly. >> you run into a situation with property tax like 20 G's a year, you're like, "Dude, I can't even afford to move in." Oh, then you got to have to sell it now. You're like, "Dude, what the f███?" So they're forcing people to sell all of their assets and homes for like reshuffling the deck. >> Not even not even what they could get max value on. Yeah. And I'm like, "Dude, I don't Yeah, I just think >> Move back, yeah, sure. Pretty sure. >> [laughter] >> You know another dumb policy? The the policy that they ████ did in uh where was this in Argentina or something
12:40 with the forest? Oh, what country was it? Argentina. Argentina, the a new policy just kind of came out of nowhere where after a forest has been burned, you can build property on it after a certain amount of time. And then guess what happened? >> Wait, you're telling me Patagonia is on fire? Magical fires appeared overnight. >> Getting like riverfront properties? That was a dumb ████ policy and they just let that ████ happen. It's crazy. I mean, they didn't let it happen. There was nothing they could do. But that was a pretty stupid policy. Oh, the uh the mileage tax. That's a stupid one. >> I don't understand that. >> understand that one. That means if you drive more, the more you drive, the more you >> The more you pay in tax. >> You already pay that. If you drive more, you pay more gas, right? >> You pay more gas, you're paying more tax. You're already You know how expensive insurance is, too? How expensive insurance is?
13:30 >> in California? It's ridiculous, dude. Like, people are just opting out of insurance, cuz they're like, I can't afford the monthly ████ premium. It's bad here, too, in Nevada, and that's why nobody There's so many Everywhere you drive, you'll see people with no plate. No plate, you know? No insurance. You get an in a fender bender in Glendale, good luck, bro. Cover that yourself, my boy. >> [laughter] >> Yeah. >> Adult problems, yeah? We didn't worry about none of this ████ 10 years, 20 years ago.
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