This is the rich dad radio show, the good news and bad news about
money. Here's Robert Kiyosaki. Robert Kiyosaki, the rich dad radio show, the good news and bad news about
money. And today we have some really, really bad news. I like
that's it all saying? He was just saying the
Marine Corps stand up, bend over and kiss your butt goodbye
because I think what we're going to be talking about today is the
biggest crash in history coming. And the question is, I mean,
it's bigger than what's happen. And the question is, how is it
going to affect you personally? What are you going? What are
you going to do personally? But I think the biggest issue is
how's it going to affect your family? And so we have this pandemic
sitting out here, um, it doesn't seem to be getting much
better in Florida where Ted is. And in Arizona, where I am there's
keeps shutting down the economy. I don't know how much longer we
can sustain that. And you know, the bills bills are backing
up. The unemployed are happy. They're collecting their 600 a week.
And, um, pensions like buying broke. We can't live in a better time, but
sorry, I guess today is Ted Siedle, he is my coauthor on the
book who stole my band passion. And the reason Ted brings such
wealth of knowledge. And God said, well, I don't really have a
pension. I don't run a pension fund, but you've got to know how
they steal from when you read, who stole my pension, if
you don't get upset and say, how can these bastards
do this to me legally, that's really the issue. And
then you got to say, well, how what's the ripple effect
from deaths? You know, that pension goes down like a lot
of, a lot of California, CalPERS, the biggest pension in America goes down. It's going to be like an asteroid
hitting planet earth. And that's not, we're not that far away. So the real purpose of this show
is to prepare for our other guests, his dear friend, Phil, a Hawaii resident who saw the light and
left the communist Republic of Hawaii, John MacGregor. And John has been
in the financial planning business, talking to people about 401ks and
IRAs and trying to get them to say themselves for years is
the author of 10 reasons. The top 10 reasons the rich call
broke. Cause they can't hear a thing. He tells them anyway, they
keep the same old thing. So today we're got to be talking
about big pensions and small pensions, but more portly. I want
you to think about who is, how is it gonna affect? You know, I have family members with Jack, nothing, nothing, but they've got college degrees,
all of them, they're all smart people. So with that said, let's
start with Ted Ted, please introduce yourself and why you
and I got together with the write this book who stole my pension. Yeah. Thanks Robert. Yeah, you and I decided one of the things
that we said early on was we wanted to do a book about pensions, but
what the world didn't need was, was a book about pensions
that no one would read. So we didn't want it to
be an academic study or actuarial report, but something people
could really get their hands, uh, get their minds around. And I think
that's exactly what we gave them. A very, uh, uh, insightful, uh, action
plan on what they can do. Yeah. But you, you made
it a human. You're not, would you mind telling the story Mark
now he was a ups driver and everybody thinks, you know, UPS drivers
are set. He was set for life. And what happened to his USP? Pension? Yeah. Mark was Mark Green was a, uh, is still a ups driver has
been for 30 years. And uh, he was looking at, I think about a $5,000 a month pension
when he retired and he was going to retire pretty young. And he
was, uh, I think early fifties. Yeah. He's still a young man.
I was surprised when I met him. Yeah. He still is, you know, a
good looking young guy and uh, early fifties I'd say healthy. And uh, so he was looking forward to a nice,
uh, retirement and upstate New York. And uh, but he was, his pension is what's called
a multiemployer pension, which are some of the most vulnerable
of them. All. They're over 150, I think that are scheduled to run
out of money in the next 20 years. And his was one of the first, it got taken over by the federal
government and his pension benefit, the PBGC, the pension benefit
guarantee corporation. And now its pension is, I believe
less than a thousand dollars a month. You can't live on that. Yeah. And it's only not happy. It's not
a happy situation. So again, you know, the, I think what happens
for people as well. I don't have one of those pensions,
but somebody around you does. Yeah. And the thing to remember
is state and local pensions. You're if you're not a participant in
a pension, you're still paying into it. If you're a taxpayer in the United States, you are paying into some
state and local pension. So it should matter to you. Even if
you're not getting a pension benefit, you're paying the cost of that pension. Well, it's going to affect your
families. I may. And I already know, I have surrogate family members there.
They're going to be on my pension. Or maybe even moving in with you. God help me. I buy him a
house before I did that. Anyway, it's gone. The ripple effect is really what I
want people to listen to. You know, because we brought about it in a, who stole my pension there
isn't it affected me. My poor dad lost his pension and it
affected the whole family because the guy was almost on the street at
50. You didn't have anything, the teacher's pension. And then my poor dad wanted
me to fly for United airlines. If I had flown from United airlines, I have joined my fellow pilots because
what happened to the United airlines? Pilots, pension. Yeah. Same thing. It was taken over
by the federal government. It was one, it was the largest, uh,
takeover in history back in, I think 2006. So the government
took over the pension and the, the pilots, which had, you know, pretty good pensions because they
made the most money versus the flight attendants or the mechanics. Uh, but
they saw, they took the biggest hit. So their pensions went from, I dunno, maybe a hundred thousand a
year to 40,000 a year or even less. Um, so one of the concepts we talk about
in the book is gross malpractice, generally practice. And
uh, most pensions, uh, are mismanaged, grossly mismanaged.
The investments are mismanaged. So they just don't have that.
The kind of return they should. Yeah. So just hear me, is
that I talked to my peers, we're all United pilots. They were
in retirement and they lost it. So now they're working and they're
all guys and they got families, they got kids and that the
movement with the kids. So it's, it's a huge hit that you don't think
about it until it happens to you. The reason I want to
write the book with Ted, it happened to my father and it happened
to my friends who flew for United airlines. So. Qualitative, rough, because there
was, you may remember this Robert, there was a mandatory retirement of
60. So I think they changed that. They bumped it up a little, but
it was, if you, uh, at eight 60, you were not legally allowed
to work any longer for help. The concerns was that pilots would,
would, would die in the cockpit. So that was a real issue for the pilots. That's why you, I want you to read Who Stole My Pension
because you're going to find out it's going to affect a lot of people
around you. Especially today. I would want to be an airline pilot. I
think they're going to furlough like 35, 40% of them. They're gone. They're toast. So anyway, it's, that's
how it is. In fact, we have John McGregor cause I dear
friend neighbor from Hawaii and all this, but he saw the light and left like
me a people's public of Hawaii, John, which gave us a little bit of
background. And why you wrote the book, the top 10 reasons why the rich go
broke and that you've been a financial planner for 25 years. And you've been wasting your time for 25
years. Other than that, how's it going. For 25 years working thousands
of individuals trying to
get them to change their financial behaviors to, to no avail. Um, so I wrote the book
purely out of frustration, just witnessing thousands of people that
had everything and then lost it all. So although the book is about the rich, very alluring stories of people that I
knew that had everything and then lost it all. It's really about why everyone goes
broke or why so many people struggle financially. And it's a storybook.
That's why I think it's been so popular. But you wrote it before.
COVID my question to you. John has coal will Covid effect the rich again. I mean. It's going to put this
crisis on steroids. I mean, we're already suffering financially as a
society before COVID 78% of people were living paycheck to paycheck. I mean, I don't know what the statistic today is
given what, what COVID COVID has done, but it's a rippling effect.
And, and I say, my, you know, there couldn't have been a better
time for my book, but I will say, I don't think there's a better time
for your book who stole my pension and whether you're sitting out there
thinking, well, I don't have a pension. So how is this going to affect me? I'll tell you whether you
have a pension or not. It's going to affect everyone
in society worldwide. This isn't just a U S thing. As, as Ted points out, there are 2
billion baby boomers retiring right now, worldwide and pensions all
over the world. I'm broke. Correct. And the other, the only way they're going to solve this
problem is by raising everyone's taxes. So our taxes are going to go through
the roof because of this crisis. So it will affect everyone
regardless of your income, your age, or whether you have a pension or not. Are you, uh, are you a Democrat? You
come and vote for Biden. So come on over. Oh my goodness. I'm independent, but I will tell you a
Biden presidency will just, our country will be unrecognizable. Sadly. Let me explain something that
res and I got involved in. This is because when I started looking
at pension is due to the United airlines pilots, my class, my
classmates, and then my father. The thing that I thought was
really strange. And I, um, I enjoy talking to them at
Ted a little over a year ago. Now it's what I didn't understand
was how could the stock market, since 2008 be going up and pensions were going down. Other words, it was the best 10 years, 2008 till approximately 2020. Today is when I started
looking into it was 2018. How could so much money be going
into like the S and P 500 and all this pensions are being depleted. And that's why Ted has the sophistication
for those who really want to understand how pensions
got looted. How was, how were they able to do that, Ted?
How was the stock market going up? But pension laying. Yeah, we had the. Longest historic bull
market in history, 11 years, and a pension benefits throughout
that 11 year period were being cut after Oh eight, over 50% of all the state
and local pensions had their benefits cut during yeah. During the greatest financial
Mark bull market in history. So one of the things I tell people, and we tell them in the book
is that if in the good years, your pension benefits get cut, guess what's going to happen to
them coming back years, you know, things are only going to get worse. And I will tell you that probably
99% of the people who have a pension can look forward to having
their pension cut in the future. Someone is sitting down right now, figuring out how to screw
them out of their pension. Either the corporation
trying to cut costs or look, state and local politicians
trying to cut costs. Someone is actively
working on it right now. Okay. So, so, so I want you guys
to solve this puzzle stock market, going up pension going down. Interesting. So, John, I mean, you've been in the
market for years. You're very, very good. Uh, do you have any idea how that's
happening? Well, in terms of the pension. A significant portion of the pension
assets are invested in fixed income or bonds. And a lot of these are high yield
bonds, which means they are junk bonds. And when bonds are paying next to zero, that's like a 300 pound jockey on a horse. So you're never going to get the
assumptive returns that these pensions are, are assuming that
they're going to get. I mean, I think Ted correct me if I'm wrong, CalPERS still has a seven and a half
percent projected return on their pension. I think that's right. It might be
down to seven and a quarter now, but it's way up there. Yeah. It's amazing. And I just read, they're going to
increase the leverage. In other words, they couldn't get seven that
they were getting, let's say two. So what they're going to
do is back up, you know, that's like saying I'm going to
mortgage my house because the price. Possibly go, what could possibly go wrong? Correct. And then when they, when they make these promises
to so many retirees to retire at 90% of their final pay at age 55 in a declining market, the math
just simply does not add up. Well, it does, but wait, it gets worse. Also the pensions that
we're talking about, at least Ted's talking about are
police, firefighter and schoolteachers, and the police are
retiring in droves, right? Yeah. But the real reason that
the pensions are in such trouble, again, gross malpractice,
generally practice. The management of the
investments is terror. You're saying it hasn't, you're saying
it hasn't changed. It's gotten worse. Oh, it's gotten worse. It's gotten
worse because the gambling is, is getting more extreme. The
more underfunded they are, the more risk they take on. Right. And the reason that's important
to know is I'll say it again. And the one when I got together
with Ted a couple of years ago, now the stock market was going
up. Mom and pop were really happy. That was John's gang. You
know, the 401k IRA gang. Well, when I was talking to Ted, my friends
are getting ripped off left and right. The police officers, teachers,
firefighters, airline
pilots, I got sucked out. And so John sitting there and
he's talking to affluent people, I mean his book, the top 10 reasons why they're rich golf
broke a lot of them called bra because our kids are idiots, right?
John well, and the parents. Everyone's financially illiterate. And it just transfers down to generation
after generation, after generation. That's the problem. And people assume
everything's going to be right. I mean, we talked about United airlines.
I've worked with flight attendants, pilots and high level
executives at United airlines. And they all thought this is United
airlines. Are you kidding me? This is the greatest
airline on the planet. We're
worldwide. We're going to be, we're going to be traveling,
transporting people forever. And then what nine 11 hit
and all chips were off the table. I had a very high level executive
as a client at United airlines. And they spent money like they were
invincible. And then again, nine 11 hit. They had an employee stock
options. They were ruined. And I'm still hearing this today.
You know, as a result of my book, I got people coming up to me all the
time and say, well, I've got a pension. It's guaranteed. My husband's
a firefighter. I'm a teacher. It's in writing. It's a contract.
They promise me. I just say, look, if there's no money, there's no money. So that's why Ted is here is
because why, why it got worse? I think at one of the
Kentucky state pension, let's say they need a hundred
dollars to cover the pension. They only had $15 in there. So
to pay that you don't have to, if the pension had the backs of
kids today, it got 85 bucks short. But today I think is down to six bucks.
Now I may end up, it's gotten worse. So it's bad news, but it actually makes who stole my
pension and John's book why the rich are going broke 10 top reasons
more valuable today. And it comments on that, Ted. You're right. The, uh, we had, uh, Chris Toby who was a former board member
of the Kentucky pension system fellows that it's, their funding
is now going below. He estimates it will go below 10%. So they have whether it's 6 cents
or 9 cents on the dollar that they, that they owe. And so that, uh, is probably going to be the next
pension collapsed you hear about will be Kentucky. But if you're in a pension,
if you've been promised a pension, you should know at this point that those
promises are worth little or nothing. Half of these state and local pensions
have been cut already since away and corporate pensions are being cut. So you really need to
watch that pension go on. It's more than the pension.
It's a thing you say, the PBGC, the pension benefit guarantee corporation, which is a quasi insurance that says,
well, if your pension goes broke, the PG PBGC cover the future pension, but there's one big problem.
What's the problem with a PBGC Ted. It's $54 billion in the red. That's the problem. Yeah. The good
news is you've got an insurance policy. The bad news is your
insurance company's broke. So, so it's a really a worthless a guarantee. And then that problem is
only going to get worse. When these multiemployer pensions over
a hundred of them get taken over in the next few years. So we'll wait, come back. You know,
we got some more bad news for you. And the reason I want to give you as
much bad news for you is hopefully some of you will get off your
ass. I wouldn't be a writer. I wouldn't write the book with Ted and
I wouldn't be encouraged John to write the book. Cause John is from modern pop and Ted
writes for the big cooperations guys. They're in the same problem. So I
want to scare the hell out of you. So we're going to come and we're
going to say, I'm going to ask Ted, what does his crystal ball
say? And John's going to say, what does his crystal ball say?
We're not going to Patty KQ and blow, smoke up your butt. It is hard and as bad as
possible. Well, bill right back. Welcome Robert Kiyosaki, rich dad
radio show, the good news and bad news. It's all bad news today. So pay it, pay attention because this is what
the rich dad radio show, anytime, anywhere on iTunes, Android, or YouTube
and leave us a review whenever you can. All of our programs, all of our podcasts
are archived at rich dad. radio.com. Several reasons for that
is because it's important. Number two is that if you
listen to this program again, y'all pick up even more because
repetition is how we learn. Uh, three more importantly, if you have
one of these people, I say, well, my pension is guaranteed. Oh,
I have a 401k living with you. I would just tag them, drag them
down to rich dad, radio.com and say, we're going to listen to this.
How am I going to discuss this? Because that's why we do this show. We
don't need to scare the crap out of you. So anyway, you can, if
you have a question, you can also use hashtag
askrichdad on my social media, but we'll do our best to tell
the situation has gotten worse. Since I helped John write his book, the 10 top reasons why the rich
golf broke and the situation is much more worse when Ted and I
wrote, who stole my pension. And that book only came out in January, but Colvin hit in January
and the whole world economy changed. So if you think, Oh, don't
worry, happy days are here again. I don't know what you're smoking,
but it may not affect you. That's the biggest point here, but
has gone to affect somebody nearby. And that's why I want you to
pay attention and all this. So like most people think
their pension has Garren teed, but really what many pensions
have as an insurance policy. And that insurance policy is the PBGC. The pension benefit guarantee corporation, which we all knew was going
to go broke eventually anyway, but it went accelerated pro. But could you tell the audience what
it was like to negotiate with the PBGC and my friends United airline pilots? Yeah, we met, uh, I was invited by a two Congressman and the USERRA white pilot union. I'm sorry, the United airlines pilots union
in 2006 to meet with the senior staff, the PBGC and the pilots
wanted to know what caused their pension to class. They wanted
a forensic investigation done, and the PBGC told us that
they had taken over over a thousand pensions. This was back in 2006. They had already taken away. 2008. Yes. This was before, this is 14 years ago. They said they had taken over
over a thousand over or over 4,000 pensions and never
once investigated what caused these pensions to fail. And we
said, well, we want to do that here. The pilots want that done. They believe every debt
pension deserves an autopsy, right? And it's, you know, their entire retirement dreams
were held in this pension, which is now would be, they
were being told as debt. So they wanted an autopsy done. The PBGC said they had no interest
in finding out what caused his pension to fail. And so
they denied the request. Oh, is that, is that kind of why Jeffrey Epstein is
dead because nobody wants to know who he was doing business with. So they, you know, I couldn't believe that they wouldn't
want to know what the best way to keep pensions from failing is to
know what causes them to fail. Right. But they said, we don't want to
know about that. We that's not our job. Our job is just to take over these
pensions and let the off the hook. Yeah. And FYI, FYI, Ted is a biggest West. He was a former FCC attorney because he
saw it from the government side by one, he realized that the sec or the
PBGC was going to do nothing. It became the largest
whistleblower in America. And now he lives comfortably on his
pension that came from pensions. I don't know how many millions you put
on your pockets swing. Those bastards. You did. Doing the work of doing the autopsy work. The forensic investigations
of failed pensions. You see all the bad actors. So I was able to over the last 25 years, accumulate all this knowledge about
who's ripping who off what wall street firms are ripping people off. And then when the sec created financial
incentives under the whistleblower program in like after Dodd Frank, I can monetize all of that knowledge
that I've been accumulated over the years through doing these autopsies. So if you,
if you are, by the way, in a pension, that's being cut or eliminated, you
should demand them. Not autopsies. I'll contact Ted. And he'll, he'll either he'll do it or feel T
and he knows who's going to do it, or are you so anyway, that's, that's why Mark Green is part of who stole
my pension is because they called Ted in to say, well, how did
they steal our money? Okay. So now we have John who
was on the other side, which is a 401k IRA side. And
like, I was sick. You know, the thing I was wondering, how
could the stock market be going up, but pensions going down. So, John, um, what do you know about that?
How many people would fall? One Ks and IRAs are now in more
serious trouble and they were, they looked pretty rich a few
months ago. Cause of COVID 19. Yeah. Well, we've seen, we've seen the market come back quite a
bit since COVID and it's really because the fed has been printing monopoly money
and the stock market is just betting on the fed to continue to do so. I see a train wreck coming
at the end of this month, if not early on early August, when
you have the $600 a week benefit, ending student debt relief, ending mortgage debt relief ending. And this COVID crisis, which the media will just will not let go. I see a collision course headed in the
market very soon and that's going to affect again, of course the pensions,
but of course also 401k balances as well. So this, this false sense that your, your, your 401k balance has increased, I would just be very prepared
for what's about to happen, especially as we get closer to the
election. Anyway. So crystal ball time to add about a USA. I
could make it up. I mean, it's just look on Tuesday and
you think about the is not a lie. It's just your crystal ball. You've got state and local governments
who have been taking a huge hit as a result of COVID. And so those pensions are
going to be in real trouble. And there are tax collections down. Yeah. Their tax collections
are down. All of their, their revenues are down and they've got
to fund these pensions. So that's a, that's a real issue. The same
thing on the corporate side, the corporations are not earning as
much as they used to because of COBIT. So they're going to try to trim their
pension costs. That's a fixed cost. They can cut that costs even if
they can't boost their revenues. So you're gonna see COVID hitting
corporation and their pensions and governments and their pensions. And so it's going to be
a very difficult time. So let's say, let's say I'm working
for ABC corporation and 50 years old, and I got 10 more years to retirement. What would you say about
the corporate pension? Well, if you've been promised a pension
and you're counting on a pension, you need to be watching that
every minute now, more than ever, and strategizing about what to
do, because I can assure you, there is a consultant at
that corporation or at that municipality who's, who's advising
them, the people running your pension, how they can benefit. But also the point is that's where
they contact somebody like you, because the smoke screen, they're
going to run into some massive, I mean the smoke screen and
John's business with mutual
funds and ETFs and all that stuff, he'll never get through
you'll they don't give a crap. So the point here is this. That's why I just want to prepare
for what's coming. So, John, what are you seeing your crystal
ball with your rich clients web? I think an overall theme of this and
which ties into your book is what you're aware of. You can control, but what you're
not of not aware of will control you. And the more you're aware of
what's going on in the economy, the pension and stock market, the
more you can prepare for plan plan B. And I seriously think people should
really be thinking about plan B. If they're 50 years old, they've got
it. They think they have a pension. They need to start planning for a future
where they're generating additional income somewhere else to
offset what they're not, not going to get with their
pension or their 401k. Okay. So it's crystal ball time
for me, you know, like, uh, Jim and I on about 8,000
rental units. Now, if, if that all that all hand out those
$600 checks a forbearance kicks in a forbearance means that they're going
to keep rolling the mortgages forward and then forbearance leads to
foreclosures on, on houses, especially. But if I want, I'm
saying as if that don't bail, this whole thing out the trouble is
how big, but that bailout have to be, how big would it have to be? There's a thing called CMBS is
commercial mortgage backed securities. There are like the loans on the, um, office buildings and shopping
centers and all that they're broke. Can the fed bail them out, plus the pensions plus mom and pop who lose our jobs. Then it could be 40,
50 years old, three kids, a mortgage. How big is this tsunami going to be? And the idea John. We just saw on June 30% of mortgage
payers in mr. Mortgage payment, is that number going up or down? I mean, I think anyone would say that number
is going to get even worse. So I think, I think people really need to waken
awaken up to what's going to happen, particularly when you have the media
that's going to pile on and make this crisis as worse as they possibly
can to destroy the economy. It's going to be Trump's
fault anyway. So, yep. Well there. Ted, how bad, how bad can
it get far mom and pop. Your things I've mentioned Robert. Yeah. One is gay back to the 401k problem. Uh, the average for Onk balance for
a 65 year old was something like $35,000 pre COVID. The numbers, the numbers are thrown
around anywhere from, from zero to maybe 65,000,
but very little, your average, 65 year old had almost nothing
saved and his 401k for retire pre coded. And so that's
only going to get worse. And now the sec has just
proposed new rules to allow riskier investments into 401k, which are called a private equity
investments, which have the highest cost, highest risks investments
ever devised by wall street. It'll cause 401k costs to go from
maybe a half a percent or 1% to four, six, 8% a year, huge costs. So that's a big concern. Equity guys are the ones who went
to the fund managers of the States. And so these private equity, basically,
I don't let you call him anymore, but that's what drained
the public pensions anyway. Exactly. And here we have the
chairman of the sec, Jay Clayton, Trump's appointee approving
private equity for mom and pops in their 401ks. This is a real prescription for disaster. And it's coming at a time
when over the last 10 years, private equity has been devastating to
pensions. Oh, there's a bottom blind. Yeah. It's this is the
track record here is, is just horrendous. And to expose mom and pop to private equity is what
I, in my article reports, I called it that the sec was
throwing 401ks to the wolves. And another thing that I went with John
said earlier was that the CEOs of our biggest corporations have taken
their corporations from AAA bonds down to beads and CS. So the credit rating of the biggest
corporations in America Dow like Ford, a T and T they're toast.
So anyway, it, huh? What's that? I wouldn't be surprised to see the
FCC approving buying lottery tickets. I mean, why not? Why not? You know, if I could share just
a little behind the scenes, I've done a lot of pension consulting
and working with company pensions, nonprofit organizations and union plans, they'd hire me to either provide overall
consulting or manages sleeve of their investments. Most of the committee, mostly investment committee have no idea.
They have no knowledge of investments. They couldn't, they couldn't tell the
difference between a stock and a bond. And too many times they get together
on a quarterly basis for one big boondoggle. It's a nice fancy lunch.
And then they go off and play golf. And almost every single time
when I came and I had to present the performance of the
portion that I was managing, I can't tell you how many
times I was told, Hey, John, you've got two minutes for your report
because we've got a tee time at noon. The amount of mismanagement of
these funds like Ted says is just criminal in my, in my opinion.
And it's only gonna get worse. So if I could give you a, um, a little
commercial plug here is, you know, you can go to my Twitter
account at the real Kiyosaki. And I always recommend the same thing,
you know, as save gold silver Bitcoin, because I think they're going to print.
That's the only reason I say that. But I, but also I think
you need plan base. How, how are you going to generate
income so on Twitter? You know, I cover some ideas and all that. The problem is most people are
like deer in the headlight, right? There's just, no, no it's going
to come back. You know, Trump will say, may Biden will save me cause
he'll Cortez will save me. But I think that we're heading into
the biggest disaster I've ever seen. You know, when, when the pensions that Ted talks
about are underwater $7 trillion. Let me give you an idea how long it takes
to print a trillion dollars takes less than a minute, 12 keystrokes. But if you were to spend a
trillion dollars at $1 a second, so let's say I give Ted a trillion dollars
so he can spend a trillion dollars, but you have to spend that a $1 a second. It would take him 4,000 years.
And in the last few months, the pensions have gone short
just for the public eyes by $7 trillion. That's a lot of money to me. So that's why it's gold,
silver Bitcoin right now. But just as a pure hedge,
a defense mechanism, but really as time to be more creative
and figure out how you can generate more, you know, something else. So anyway, well, I'll tell you how I got
ahold of Ted and John, John. How's the best way for
people to get hold of you. Thanks, Robert. I'm a real pleasure
today. They can reach me at my website, johnmacgregor.net and
it's johnmacgregor.net. Okay. And Ted. And they can reach me through my,
either my website, benchmarkalert.com or the siedlelawoffices.com Is my
other website. [inaudible] dot com. That's spelled S I E D L E. This is the book. So I encouraged
them to go out and get it. We have actually a
chapter on John's point, which is called the people running your
pension, have no investment training. That's the name of the
chapter. It's horrifying. Yeah. You're looking at a picture of your
buck, John. I do. Thank you, Robert. Yep. Right here, the top 10 reasons, the rich go broke powerful stories
that will transform your financial life forever. And I, and the reason I'm pumping on meth
has gotten worse. The books come out, the books are terrifying as
it was, but it's gotten worse. And I think a little terror right
now might be useful, not for long, but a little bit of terror would
be useful. Another thing, Ted, you also just wrote an article in Forbes. Yeah. I wrote an article
about, uh, the, the, for the private equity and 401ks, which I really a couple
of articles about it, which I really encourage people
to read because this is brand new. It's never been allowed
before in history, high risk. And it's something you
should pay attention to. Cause it'll sneak into your
401k through a target date fund. You may not even notice it's there,
but there's some big changes going on. 401k's that investors
should be worried about. And what Ted is talking about is, was drained the public pensions. So what they did to the public pensions, they're now doing to 401ks and IRAs. That was what was so remarkable about
the sec chairman's comments in approving this new investment. He said, ordinary investors should have
the right to invest in the same crap. He didn't say crap to save
investments that the big boy pensions and I was in my head
almost blew up. Yeah. They, the big boy pensions invested
in these terrible deals and they exploded. So now in fairness, we want to let mom and pop get
into this game. Ridiculous. And the only winners wall
street, well as Ted, Ted, and I send that back and who's told my
pension, what's America's number one, export toxic assets. That's TLO your wealth and they're doing
it more and more and more the next part of all over the world. So anyway,
I want to thank you guys. You know, I've done my way. We've done our best
to scare the crap out of here. You know, for 20 bucks you can buy John's book
in 20 bucks, you can buy Ted's buck. You don't have to rate, I just put it under your pillow and
you don't have nightmares all night, but at least, at least you'll be more aware
that mom and pop right now was one room when they're $600 a month
check will show up. Okay. So thanks. You guys. Thank you so much. Great to see you guys. Okay. Alright. And we'll
be right back. Okay. So this is the final rate
cap. We just shut down, but Ted had brought up another
point while we're on the break. I want you to understand they robbed
the pensions of police officers, firefighters school teachers
on a government employee, and they robbed them via the
same call private equity. And now that the Corona virus
has hit what's happening, Ted, that's the final word on this one? Well, what was amazing in the press release
that the department of labor and the sec put out, they said, we're going to allow mom
and pop to invest in private equity as Corona relief. The idea is mom and pop can
recover from their Corona losses by going to Vegas and gambling on private equity. And it was such, such a disingenuous lie to call it Corona relief. Hey, John, John a call up all your 401k clients and
tell them relief is on the way. Okay? Geez. Unbelievable. You put a
10 on it and call it a circus. It's unbelievable. Okay guys. Thank you. And thank you all for
listening to always say, I hope we scared the crap out of you. Just get two bucks study a little bit
and you may take evasive action because this baby is coming down.
Thank you very much.
