welcome to the show we're getting back into one of those phases very much reminiscent of twenty twenty, where things are changing relatively quickly when it comes to the pandemic and the trajectory over the next two three four five months and part of the question that has been increasingly asked is will there be a third vaccine dose. Will there be a recommendation for some or maybe even most people to get a third dose of the corona virus vaccine in order to have a stronger protection against the delta variant and or future variant. And over the last twenty four hours. The answer seems to increasingly be pointing to. Yes, let's review

couple of articles about this Cnn, article Pfizer Data suggest third dose of covert. Nineteen vaccine strongly boosts protection against delta variant. Now there are some important details here: let's review a third dose of the Pfizer by on tech covered nineteen vaccine can strongly boost protection against the Delta area beyond the protection afforded by the standard two doses. New data released by Pfizer on Wednesday suggests the data posted online suggest that levels of anti bodies that can target the delta variant grow five fold in people aged eighteen to fifty five, who get a third dose of the vaccine among people age, sixty five to eighty five, the Pfizer Data suggest anti body levels that should protect against Delta grow eleven four fold more than following a second dose. Now it's not likely that in older folks they get to it

I or level of anti bodies, it's that, because an older folks, it's looking like the anti body start to diminish it is, getting them up at a greater multiple because they are starting with a lower base rate. It's just a simple mechanism of a of understanding. The base rate understand that this is this is the key line. The data involve tests of twenty three people. and have not yet been peer, reviewed or published. Very very early in this, but there are other countries studying this as well, which we will get to animals So if you are wondering why does your CDC vaccination card of more than two slots, even though up until now, the protocol has been two doses? This may well be why it's another important detail: it's not clear if boosted anti body levels actually correlate to better protection or if that extra protection

is even needed. The? U S, CDC and prevent the USA Dc says the current vaccines protect people well against all the common variants. So there's a bunch of different factors. Your one is does visor have a financial interest in everybody. Getting a third does sure. You could say that that there is no question about that. They they stand to make a lot of money if all of a sudden, instead of two doses for every american and three doses for every american and people in other countries, as well as the other, It is even with diminished anti bodies. Do you have enough anti bodies that you would still in most cases be immune or at least unlikely to get seriously ill, because that's the point of vaccine, if we say if cases mean mostly colds and vaccinated people, cases become less important and sort of like well that cases of the flu cases of colds etc. We ve talked about that before we don't need to go over it again. Needless to say, other countries are all

investigating this third dose idea and Israel is going to be moving forward on it. As you can see here, the israeli Health Ministry, a recommends. A third covert shot for older Israelis, most experts on the many argue for a covert booster shot for israeli sixty and, above as the delta variant spreads. Experts advising the health Ministry have recommended that older people receive a third dose of the corona virus vaccine, though they did agree on whether the cohort should start at sixty years old, sixty five or seventy. Some of the day, presented at a discussion Wednesday, suggested that the vaccines effectiveness in preventing severe symptoms among sixth year olds and above has dropped to eighty one percent from ninety seven percent. In January, while most panel members favoured a booster shot for any one, sixty or older others suggested that the Barbie raised to sixty five or seventy, the health ministries director General,

all will make the final decision. We are seeing a dramatic drop in the level of immunity, and we know the elderly respond less to vaccines than the young, but we don't have this data for covered. Nineteen Tuesday, the Prime Minister declared Israel was very close to making a decision uncovered. Booster shots and on obtaining additional doses needed so. For me, there is every indication here that were going in the direction of a third dose, at least for some portion of the: U S, population, even though, there is still some lack of clarity about, even if your anti bodies diminish you may still enough anti bodies to mostly protect you from the disease and again this is one of those situations where other countries are saying. Third doses guys were desperate for some vaccine. Send us anything will take anything will even give us first doses for some people and in the U S, we have this increase incredibly unexplored.

Early privileged situation where anybody can just walk in and get a first dose in a second dose if there is a decision made about third doses that that we go in the direction of yes Those are going to be widely available and yet tons people in the United States still don't even want to go and get vaccinated. We are also, fortunately, and it's only a slight improvement, but fortunately we are starting to see vaccination numbers go up in the United States over the last couple of days. We a couple consecutive days where there were about three hundred and seventy five thousand new vaccinations, meaning not when it's a two dose regimen. If you just look at the number of doses, you don't know how many people that represents about three hundred, have any five thousand new people per day going in getting of acts. He now you look at that, and you say: oh, my goodness, that's zero point, one percent of the population, that's an improvement, and it's very depressing when we could be vaccinating tens of millions of more people,

but the fact that the numbers are going in the right direction rather than the wrong direction, is certainly something that we can be glad about. So that's the latest on third doses. What I why to talk about next is increasingly now the framing here. Businesses may king decisions, that they judge our good business decisions for them. Ok, let's get into that next, no shirt, no shoes, no vaccine, no service, ok, that is legally something that businesses can say. Same way, that you can have requirements for going into a business that might lose you ve gotta be wearing shoes? Are you ve gotta, be wearing a shirt for public health purposes for sanitation purposes, businesses. Say you. Ve gotta be vaccinated against covert nineteen. We ve seen the star in other countries, and we are now seeing it start.

in the United States. Restaurants tell customers Novak's no service as delta variant spreads. This is an interesting article from market watch as covered cases. Increase establishments are requiring the most approve they are fully vaccinated and their running into protests in the process, not surprisingly, as covered nineteen cases through the: U S, a growing number of dining and drinking establishments are turning on vaccinated customers away, saying their businesses can't risk, possibly exposing patrons and staff to the virus, but these Novak's, no service decisions have sparked controversy. With anti vaccination groups and individuals, saying they constitute a violation of civil rights. Some states such as Florida in Texas have enacted laws that essentially proof private businesses from imposing these bans on the UN vaccinated on today's bonus shall we will talk about, despite what Republican

being governor, Rhonda Santa's has done in Florida trying to ban any such vaccine requirements. Mayors all over Florida, indifferent parts of Florida are define Rhonda, Rhonda Santas and seeing no, let's do the vast in requirements? Let's allow the vaccine requirements anyway, we'll talk about that on. Today's bonus show the bars and restaurants putting the vaccine requirements in play. range from individually owned ones, the small chains and send from disco a local bar owner organization, representing more than three hundred establishments announced Monday, its calling for bar customers to show proof of vaccination or a negative cove attest to enter bars. Italy has started doing ES parts of Spain are going to be doing this. France, I'm sorry, France, not ITALY. Italy me, it is going to do it, I'm not actually sure on ITALY, It who don't meet the requirement will be allowed to sit outside at local drinking spots by

blame and president of the San Francisco bar owner alliance in a bar proprietor himself said it is hard to ignore the fact that covered team, can easily be spread by non vaccinated individuals. So, at a time when is a dramatic rise in cases. The ban is simply necessary. It seems to be the easiest and fastest way to protect people, said, city, winery inaction a bar and restaurant chain that offers live music by prominent artist. Actually, our friend modest Yahoo is soon going to be playing some city. Why we gigs in New York and I believe in Boston City winery already had a vaccine requirement in place for its New York City location after serving customers throughout the country over the last few days by email. It is decided to extend the requirement at all its establishment, starting next week, more than seventy five percent of customers who responded to the survey supported the vaccine required

He also said that when he is that is New York City venue and talk to those on hand before performance, he gets a standing ovation. This is going to be the new, battle. This is going to be the new battle and we are later I'm going to show you it's going to look like it's a five year old. It's actually a full grown adult going on a complete tantrum about masks on the floor of the House of Representatives. We are going to see. Certain contingent of the american population. Go. Absolutely cuckoo for cocoa, Puffs Bay, on. Here we go now. Business is not right, related in this way by the government- in other words the government, is not regulate. Some states are trying to put the government is not regulating businesses in so far as telling them you must or you nod or whatever put in place a vaccine requirement. Businesses are deciding for themselves the way Republicans claim they want businesses to be able to.

hey. Are we better off, overall, with a vaccine requirement to come to our establishment or not, and if people see the vaccine requirement and they say that's terrible, sir. We hate it. Then they can choose not to go to that establishment. The businesses well to make the decision they believe is best for them. They may be right. They may be wrong, but it's their right to make that decision, and then you, as the consumer can say I want to reward this business. With my my voting with my dollars, because I, like their rule- or I am going to avoid this business, you might choose to avoid a business because they do have a vaccine requirement. You might you to avoid a business because they do not have a vaccine requirement and either way everybody is making the choice that is best for them. You dont have a right to go on vat send aid to a private restaurant, it will be up to you to figure out

where you want to go now. That's that's the libertarian small government. You know argument for what is going on, I have a sense that so called small governing conservatives are not going to take it. The way that I am laying it out there are going to say about the violation of the constitution is a violation of hip, ah ha bow rhino elephant giraffe whatever right, though, they'll come up with what the violation, I'd say I've been violated. And it is going to be the latest. Seventy two ninety six hour scandal on rightwing media That's the expectation I assume by Monday we're going to start to see it speaking of important Monday's by the way We are now one too. I guess three Monday's away from the sixtyth anniversary of the David Pachmann Show also known as the sixteen year Wait! No! Sixteen year anniversary. Is that stuff you don't that's an oxymoron right sixteen year and over it's the sixtyth anniversary that I'm sure It will be Monday August sixteenth. We

are doing a one day. Membership special were calling it a membership bomb, but it's a bomb only in up in the best sense does nothing violent of any kind and if you're interested in signing up at an extreme discount to celebrate this sixteen year anniversary, please sign up for my newsletter? It David Pachmann, dot com and then Monday August, sixteenth you'll be notified. Hey here is how you sign up and take advantage of the discount. one of our sponsors is rise. The science based apt that makes it easy to improve your sleep and daily energy. I have struggled with sleep times. In my life, I've tried many different things and rise has been really useful. It tracks your sleep debt, which is how much sleep you. Actually, oh your body tracks here general rhythms helps you understand your daytime energy levels and rise.

improve your sleep and energy by giving you personalized feedback about your sleep metrics when you should go to bed when you should wake up in terms optimizing. Your personal rest, they can even tell you things like how long should you expect to be rocky in the morning, based on when you wake up, you can make science based improvements to sixteen different. How It's that will make you feel more rested every day and most right users start feeling, that way. In the first five day, including me and rises still Helping me every day. It's great. It's based on real sleep. Science. Very few things are as important as improving your sleep go to rise. Science, dotcom, slash, Pachmann to try rise for free for a week. You find the url in the podcast notes for this episode. Alright, we just have to much to get to today for me to spend

next twenty minutes talking about membership, so I won't. I hope people will accept my apology and and people, I'm sure we're looking forward to that. Let's get right into some notable discussion, from the David Pachmann Show sublet it. You can join more than thirty two thousand of our viewers and listeners on the sub. Read it David, Pachmann, dot, com, slash are Ye D d. I t join the discussion and a lot of important things being discussed there. Here is a question that has been coming up a lot and there were very interesting discussion and pool of our audience. The question is: do you guys have any sympathy for Anti Baxter's who wind up getting sick with covered nineteen and we're gonna. Look at such a story in a moment and the majority in our audience said no, but I don't wish death on anybody or no. They should have known better. So a lot of not feeling any SAM the people who don't get vaccinated and later get sick. Some in the audience said

I have a little bit of sympathy, but not much, and by far the least com answer among our audience was yes, I do have sympathy for the Anti Baxter's who get sick and I heard they all have a speedy recovery. I'm sort of that Minority- and I understand that there is a significant level of ignorance and were disconnection from reality in many of these people, but I do consider themselves. Victims? And I know the egg man will call it and say David you're too empathetic. That's not gonna get you anywhere. Maybe that's the case, but I think that I mean listen I think it's totally normal to resent the anti boxers. There is no doubt about it there extending this. We have widespread vaccines available here and there choosing not to get one, and this furthers the spread and it increases death and it increases hospitalization. I get it so I understand resenting, but also when I hear that someone like, for example, approach

anti backs. Radio hosts Phil Valentine is now on a ventilator which we will talk about in a moment. I don't, I don't feel good about it make me that I dont, like that. So that's the point of view. I guess of the audience another post from the suburbs it called clearing. The arguments over mask wearing brings up a couple of interesting questions and it says now that the cities is recommending indoor mask wearing again even for vaccinated Americans, I'm already seeing the insane outrage in ignorance from conservatives we saw last year. I thought this would be a good supper at it to make sense of the issue I feel like I'm losing my mind, so I'm just clearing this. I feel free to discuss, there's plenty of evidence to show that the vaccinated. patients do not end up in the hospital. In fact they experience very little symptoms. This is like the flush right, I remember the one year I didn't get the flu shot. I got the flu I was bedridden for a week. I got the flu this last year, with a flu shot, had a minor headache and sniffles. This is the way to debunk any argument stating the vaccines don't work see we told you then

Have the mask wearing? Why would I wear a mask? If I may, I find vaccinated well, because you can still transmitted to the UN vaccinated. We might have some people say they don't care about giving its on vaccinated people, which honestly I find perfectly okay, but that's the reason. The city is recommending masks right. Lastly, why do these conservatives thinking? squaring is about government control. I don't get it Biden hasn't he an advantage of government control at all. That's what they always said. It's a slippery slope, no they're just going I want you to wear a mask because we haven't one hundred percent defeated this thing right. It's inside to me how little like an empathize with their views right now, unless I'm the crazy one, which is what I'd like you help me with, because to me these people must be very, very stupid and lack any critical thinking, skills How is it possible to reason with them how you can't, and so the pretzel that you find yourself in trying to talk to these people and thing? How can I just get them to get it? Why don't they understand? It unfortunately weaken both feel sympathy and empathy for people

get sick and resent them and be going out of our minds, because any conversation with them is an exercise in futility and frustration and desperation. It's all of the above and you know, there's this cons Furthermore, I don't know if it's I don't know what area of psychotherapy it's from, but it's basically being able to hold two conflicting ideas at the same right, you know in a relationship, it might be that you find yourself in credibly angry at someone who hasn't treated you right, but yet you still love them because their family or whatever the case, maybe you ve, gotta gonna, hold both ideas. It's the same thing and the word. Empathy keeps coming up, weaken both empathize and sympathized, with people who are getting sick without being vaccinated and be mad resentful and frustrated up to the war zoo because of those very soon people, I think it makes absolutely perfect sense, joined the discussion way in yourself at David, Pachmann, dot, com, slash, read it all right

I'm going to show you video here of an adult. This is a full grown human republican congressmen, ship Roy from Texas. Throwing a tantrum, the likes of which you would expect from a two year old in a sandbox about what about mask, wearing, given the new guidance from the CDC about the spread of the Delta variant in great part because of on vaccinated people. The house, representatives is looking at reimposing a mask requirement on the floor of the house and in fact I believe they have done it. There are some members that are protesting at one such members Chip Roy, you will notice if you're watching that, like a toddler, Marjorie Taylor Green, this is such an attention. Seek behaviour in SB? I know a lot of people who participate in these attention, see behaves your behaviour, as you know what I'm talking about. It's you go to a restaurant and there's someone at the next table over talking really really loudly about how

money they make or how smart they are the vacation. They went on not for the benefit of the people at their table, but for the better for the benefit of the people at surrounding tables. Its head attention seeking behaviour, Marjorie, Taylor, green. Does this all the time on the house floor when, when the debate is about masks or vaccines. Bullshit or whatever she plants herself right behind the person who is speaking and ranting. That's going on here. Let's listen to chip Roy Absolute we lose his mind. This is not a two year old folk folks. Take a look here are the people of house and we have to go around and see if we can come to the fore. I can execute by constitutional duty unless I wear a mask, which is it back leaves or masks. Does he not understand it or he is he pretending not to understand it about seeds, worker they don't work. Do the math swarm, so they don't work. I'd like to know what it is like doctrine valves you to come down and age or single quest in about net natural immunity and then use even Marjorie Taylor, Green nodding, like chip, royal mail

in some kind of incredibly salient point here: factor with a virus. Do you have immunity or they it's gonna go round poking people saying you must take a vaccine orbit. Sorry, the vaccine doesn't work you worm ask this institution is a sham and we John and shut this place down so there are Marjorie Taylor, Green standing up and a cheering and clapping and and what so, and so this was the point they to adjourn the house proceedings over the mask guide I mean it's sort of like the congressional equivalent of if I can't play in the sandbox, I'm gonna put in it, so nobody else can either right apologies for the I'm still thinking about past or playing with the dog poop yesterday then we move on to Kevin Mccarthy, Kevin Incarcerate Mark Mccarthy's. The house, minority leader and admit grid gives me great pleasure to call the minority leader because Republicans did lose. Can of the house, and he It goes on a rat about all the things he claims Democrat.

want to control. I don't even know where he's getting the stuff, but it's just like their philosophy. They were mandate. They want to oppose. They want to tell you when you can go to school when you can eat. When you can, that does anybody know what that's about is that about like lunchtimes at school? Is there actually something he's referring to, or is that just more trash gutter trash from these people? You know what they're going to do If you walk into this building without a mask they're going to charge a five hundred dollars, why? Because they got the power to do it, How ominous what an ominous thing now there, one guy- and I just absolutely love this- was one guy who wasn't having any of this garbage and it's our friend him and TIM Ryan, has been a guest on the show really interesting guy here either I agree with him on every single policy, but just the ito he's an informed guy. He has interests is intellectually curious. He knows about mindfulness. He knows about alternative entered he's, just a good guy

delivering an impassioned. Take down of these absurd Republicans. Take a look at this. Somebody represents the hot spots right and they gave him a plane, and they fly here and they interact with all of us and then we leave here and we go home to our families. Some take care of their sick parents. Some Care of kids, who may have an auto immune disorder, and I just find it absolutely immature and appalling to somehow diminish it to try to score cheap political points right. That's exactly what we saw a few minutes ago you,

that is beneath a minority leader of one of the major political parties in the sort of not any more. In other words champion ism, has reduced the dialogue so much that it's actually no longer beneath the Republican Party to do what they they did earlier. It states America San. We should take no caution, oh, that someone from a hot spot, hot spot, is working in this chamber and could potentially get someone infected that could go home to a sick parent or are immune compromise kid there's beneath us that is beneath us, and it should Lee beneath leadership here in Washington DC. It should be, but unfortunately, the it is just par for the course now. This is how trompe in politics works. Kevin Mccarthy is a up.

solely perfect example of that so an absolute mass on the house floor and these people and by the way men. These people are vaccinated, even though they talk about all the mandatory jabs knows there vaccinated their vague, but that if they were to just say it they would suffer politically. That's the real in so many of them are hiding their own. Vaccination will actually get back a little bit later. I do want to update people. on another one of these Anti backs pro trump people who is very sick with cold it's actually getting worse. I dont like the here this. I told you about radio spill, Valentine Phil Valentine was a he says he was vaccines. Skeptical spaces anti backs are okay, and pro Trump guy told you earlier this week that he was very sick with covert hospitalized on oxygen, but his family and the radio station where he works made it a point to say He is not on a ventilator that has now changed.

bill Valentine is now under ventilator. Amid his covert nineteen battle, conserve radio talk show host Phil Valentine, currently hospitalized with covered, has now been placed. ventilator according to a tweet from NASH bills, so Her talk. Ninety nine seven w tea in the move to Ventilator was made out of an abundance of caution. The stations tweet goes on to say the housemaid, the decision to be put on a ventilator to give his body some much needed. Rest Valentine it previously been on oxygen now. In terms of the rest, I think when you're on the ventilator you're also sedated, so maybe it maybe it's on as much about that. I dont, we just don't know what sort of a cryptic way to say this It went from the radio station states, they are confident he will pull through and thank everyone for continued. mayors in July, eleven Facebook posts Valentine confirmed he tested positive for recovery, spoke about his battle with the virus on his show

think I'm on the other side of it. He said ass. He described coughing congestion and fatigue that hurts like crap. He said I'm certainly moving forward, but not in a straight line valentine previously expressed. This agreement with mask mandate, stating hospitals were never in danger of being overwhelmed by covered patients. That's a conspiracy theory, completely untrue, he's been critical of the vaccines voicing concerns over safety. Mark Valentine fills brothers spoke with news to earlier this week. At the time he said, Phil Slight, improve. It said we haven't, turned the court the corner to recovery, yet he went on to say Valentine would be the most pro vaccine person you ever seen when he returns. So listen. It's good Phil Valentine is now a axing. I hope that he recalled was and is able to be a pro vaccine advocate because he would be speaking to his anti backs Tennessee audience. This is exactly the group that needs to hear hey. Look at what happened to me. Go and get yourself the vaccine,

but this is another cautionary tale. I take no pleasure in the fact that fill Valentine is now even sicker, I'm home that he gets better and part of I'm hoping it gets better is not because I think he doesn't you know it's not about resenting his anti back surrealism. I resent it, but if he does recover and becomes a vaccine advocate, it could actually save lives because he's going to be speaking too, Exactly the people who need to hear it will have more on this on our Instagram page sure you're following us, there, David Pachmann, show and follow. Was on Tik Tok yeah. Can you believe it? Almost fifty thousand followers on Tik Tok, also David Pachmann show their one of our sponsors privacy dot com there, giving you five dollars when you sign up for their completely free service at privacy, dot, com, slash, Pachmann, I've been using privacy for a little over a year. Now you ve Herbie talk about it before it's a lifesaver and here's how it works takes just a couple of minutes to set up anything.

You buy something online or on the phone instead of actually used your real credit card number, the privacy app and the browser plugin. Let you give each company, a randomized virtual credit card number that you create out of thin air it'll. Even auto fill the card number with one click and the payment is taken out of your checking account without them. can't ever knowing your real information. So this allows you to keep your bank information secure, but also to take control of your finances. You can create up to twelve of these virtual credit cards a month. You can set spending limits, you can freeze them. you can delete them anytime, you want! So when you do this, it me you're not going to be charged when you don't wanna, be because you can destroy the virtual card number right after using at which, for instance, I love using free trial,

because I know I won't be charged when the trial is over. If I use a virtual credit card number you keeping your identity private by not telling companies who you are you keeping your bank or credit card info protected against data breaches and identity theft, and it's free and, like I said, you'll get five dollars to spend. When you sign up at privacy, dot com, slash pachmann, you can find the link, in the podcast notes. It's great to welcome back to the programme today, Nick mutually, who is c o o at rid holds wealth management and also founder of of dollars and data. A data focus personal, FF finance blog to which I subscribe a great to have you back on Nick, I sincere again David oh ok, many in my audience, our millennials or they know millennials or they ve heard of millennials at least and There are probably familiar with some of the headlines that say, millennia

dramatically worse off financially than their parents than their grandparents. The millennial generation is just financially a disaster. Oftentimes student loans, combined with stagnant wages, are pointing to Et Cetera, Et Cetera, ok, so that that may be true. I think I want to underline and how these things are being calculated first and foremost. So maybe, let's start there, when those headlines are written. What are they based on? They are based on so one of the big gong staff that people use a look at these share of total well that every generation elms, and so the federal sir basically says of eight years, one generation excuse years in ages and ears and failures, boomers, eugenics, hears millennials, etc, and I just

What percentage of the total, whilst chilion by these estimates and the percentage that Millennials on right now, is smaller than the percentage that boomers around the same agent smaller than watch annex under the same age? That only issue that is the pies gun considerably bigger right. So that's that's something to consider, and then you also have to look at like can just for inflation. You have to adjust for the number of households there are now there are, I think, more millennials and boomers. But at one point I mean you know you go back five six years that wasn't the case. Booms are the large generation, but as as that, generation dies off, you know millennials of basically are taking over. So I think there is some truth to that. There is truth to the student that loads there's truth studio stagnant wages. Those things are happening, but I think you have to look at a much broader picture. I think those are their focusing on a very

all selection of millennials and not the entire. If you look across all millennials new kind of agri things, look across the entire generation on things is dire, as the media makes it out to be so make that case I mean how can we, how do you defend empirically the idea that millennials actually are aren't so poorly? Ah, yes, so if you look at inflation, adjusted per capita per household network, the same I'm using same data source that they used to say millennials, are poor using the same data from the Federal Reserve. You look at those trends over time and I have to say I can send you a charter in my blog posts, but there's a charm. It shows ok, here's your millennials argues. We're rumors were the same age and, like the lines are lining up. It's like there on the same trajectories like people are just getting older and you know work any more wealth like even during covered the thing I remember it's like millennials added one trillion dollars and total wealth to their generation during cove and which is obviously a very bad time financially for them.

People south we hear the stuff in like I'm, not saying that there are people struggling, I'm not trying to debate that. That's definitely true and I can in the data we see that clearly the bottom ten percent of the millennium generation of younger households in general are far far worse off than any bottom temperance, ten percent of the younger generations previously and his because of debt load. It's because of me, no job prospects. It a lot of reasons why this is happening, but you can clearly see it in the data. So, if you're looking like an islamic people struggling and focus on that segment, you can write stories about that which are legitimate the same time than paint that subsidy to the rest of everyone else. I think it's completely fair, and so I'm just trying to bring about a more balanced and more objects, more activity to this kind of discussion. Now, when we talk about the other thing, is some of these terms. When we talk about wealth, are we talking up? assets where we talk about net worth, because in for example, inflation could lead, The people having more asked

in a nominal sense. But then, if you account or liabilities, then it's not so so. I think it's important to understand what we're looking at. Yes, we were, I'm buying all this, when I was talking about those charged and wealth, I'm talking about net worth assets, minus liabilities, and so I guess financial assets are higher by debt- is also higher, yellow, not Amnon mortgage that is higher for millennials without a doubt. If you look, it's even and are taking on earlier, then than genetics did and ate and which who took it even earlier than the boomers did right. So looking those types of charge, you can see that like. Yes, we are, we have more dead than than any other generation, but the same time we do have a little bit more financial assets, so a kind of even zau on on aggregate. But member aggregate isn't what people feel people feel their personal situation and just brush it away. But I don't think it's as much of a crisis the media, portrays it. That's that's, I think, where I'm kind of getting at, let's pick one kind of sub issue within all this. That sometimes talked about like, for example, of home ownership and that's another one where you will often see

millennials, are have a lower homeownership rate than prior generations, and then there will be people say well yeah, that's because the cost of living has gotten so evidently out of sync with we ages and then you add to that the college dead and there you also add to that. The people are just getting married later on, and so there may be sort of cultural reason how how an issue like that. How should we be thinking about the real significance? of home ownership for millennials gas. I think you brought up allow the key issues. Are people getting married later? That's a cultural reason and usually what? When homeownership gonna would happen like

Example? I am thirty one in single right now, if I were to, but I could buy a house, but then it like, if I end up getting married in the next couple years, something I've been in need of bigger house. I just pay the transaction costs to do that. So I know I'm not gonna be buying anytime soon until you know that part of my lifestyles more cemented, that's a culture reasons are true in terms of your. She look. If rents rent over income levels, those levels haven't changed. Amis. You look at you know. After tax income, you know d by our divided by ranch. You can look that ratio. Those ratios are kind of flat, and so I did look at that in some way. So rent is not necessarily all that much higher, so I wouldn't say that, like ok wages worst stagnate, if you look houses like five years ago. This is very true, but since, like two thousand and fourteen two thousand and fifteen things are kind of boomed and like incomes have gone up a lot and a lot of these stories that were written in twenty thirteen, two thousand and fourteen two thousand and fifteen. They don't look as

Now, because using the same data, I have you go and stop the strain. Twenty thirteen. It looks pretty dire from one else. I'm not gonna lie, but you move forward at five years and, like all things are caught up, you know things referring to happen and there's the it isn't. Looking is bad now in so that's kind of the thing I see some terms, a homeownership yeah, there's a lot of issues there and you know, obviously, prices have gone up at rates are lower so like that the cost of a mortgage may not necessarily be that much higher similar but it's. A complex topic is a lot of issues on unpack, so big picture. I mean what what is the kind of defining, narrative overall about how we should understand the financial picture of MILAN those in the aggregate understanding, as you say that people people's personal experience is there lived experience and that that sort of way and if you look at the individual level at the aggregate is, is there not

much of a story in terms of how millennials are doing relative to prior generations. Financially, I don't. I don't think I think it depends. When you look cry ass, he said. If you go back a couple years, it looks pretty bad, but now things have no incomes have gone up a bit like you know, assets have gone up as a result, because of that millennials aren't looking is, as they are. Struggling as much, however, I think the real story to take away here is there is a subset of millennials that is struggling and I think they need help, and so, whether that's right now, the there's debates about whether we should cancel sue alone data rightly

of one, I have attacks credit. Every American gets a ten thousand dollar tax credits. The moves towards education, few never use it. You lose it. If you used in the past, you can use in the future. If you paid off stood alone dead, you know ten years ago, guess what you can use it. You can write off that. You know. I don't exactly know how that would work, but something like that work, it's gonna, feel fair. Everyone gets a technically. You know. Anyone help those people that are in debt, at least a somewhat simonov. That's the solution, but I think that our people that need help and painting the picture of all millennials are struggling. I think that makes boomers looking windows. They owe their just lazy verses like no just some millennials are struggling. Then boomers may look at this and say: oh, that's! The real problem should help them. I think it's it's much easier to help a subset of people than the billing. Oh I'm, not just gonna. Do a massive, well transfer animal. which I don't think we need. I think it's like any sort of thing like that. I think it needs to be very towards the people were actually like in a really bad position. May yet I mean that's one of the criticisms, one of the criticisms

comes up about the just. The blanket cancellation of student debt is that it wouldn't really be that progressive and I'm not saying politically progressive, I'm saying and in terms of the inner who its who is hitting, because there are lots of people who have choice was to take on debt, even though that is even though financial position today is actually quite good and who are going to be hitting them, even though their ability to repay is actually significant. Is that a fair criticism of like a blanket student debt cancellation versus something like what you're talking about? Yes, see. The issue is like okay, personal responsibility. Oh, I chose not to go and you threw realize like what is only a third of Americans end up getting a call,

we any ways, and so, like you know, for me, I'm obviously in a bubble. Whirling most my friends or college educated select to me it's like. Oh everyone has caused me, but marital about third american job, creating a policy that only fervent arrogance is something that like, and it's not like age based or something I shall securing its is something that's gonna be hard to pass. That's one thing like try and come up with something. That's like fair. Maybe you come up with a policy where you can use your these credits for technical school. You can use it for anything you visa for coding. Camp, you know if you expanded, should not just be college that I think you can get a lot more Americans and on it and it would actually help people. So I think you needed is rethink that and asked walls of the reasons why they get Cancer Zoo loan that well that's thou, be helpful to some people I think allowed people see then say like yet ass. I why my paying for someone else's things, I think you need to come to make a little bit more fair to get a lot more by

from from everyone. I don't know how to do that. Yeah is the Andrew Yang idea was to include trade school and that's not unique to Andrew Yang. Just his name comes to mind. I know Joe Biden has talked about that. That is welcome and so have others. I mean, I think, the cultural issue around the cantons. You ve got the economic issue, There are some on the american political right who say well. It It shouldn't be done because either we can't afford it or people have an earned that cancellation because they chose to go to school, they knew what it cost, etc. There is also the political cultural side of the perception that college is left wing indoctrination, and so there is some resistance to that, because there are people who politically on the right thing. Well, if you encourage more people to go to college, that's actually going to be a problem politically and that's probably another hurdle that would have to be cleared of course, apples. Those things I think the fiscal arguments make more sense than the Dockers indoctrination arguments. Obviously, yes,

The universities are more liberal for a host of reasons, but I dont think it necessarily the induct indoctrination coming in its view that strong now, but I do think, the fiscal arguments you can make those I get. Can we afford this this and that I think there are probably some multiplier effects Ivan really read all the studies on this. I think education's generally good of yes idle. if you gotta you do with the junk, is underwater basket. We think you know it's probably not a good use of resources, but I think a lot of a lot of educational things are in general positive for society year, I mean- I think, when you look at the range of that the House stimulative different types of government spending is, flash are. I dont know grammatically. What with the right word, is there on the one hand you ve got like letting rich people who have all of their expenses covered. Just put more money in the bank, account right that that would be on the low and on the other side, things like food stamps are extremely stew. Will it have in terms of a multiplier effect than we can imagine why the monies going right back into local businesses and and its

meeting the demand side stimulus in communities. I think education tends to be closer to the food stamps side than the letting rich people. sock money away to savings account side, yet thy I'd. I wouldn't tender, probably agree with that. I'm haven't looked the studies on employment, I think education's, probably closer to that then some It's not really helpful. Nick, while, while we have you here because you ve written and tweeted alot about your ups and downs with crypto currency band recall correctly a few months ago you got out right, I got half out, you got half out about this. What is your sense now of what we're seeing, I recently did an interview with the CEO of Celsius, who obviously has invested financial interest. In saying this is only the beginning. This is going to be great as some who is half out any sort of have a casual interest in it would be cool if that went up what you still have, but but it might not what's your sense of what its looking like the role of crypto current

He is going to be in the bigger financial picture going forward. I have no idea, I beg the question. If I knew if we knew the prices would reflect that, whether that's up or downright, if we knew its, not convey that useful, like their stole out people saying, I don't see a lot of the steps useful, there's some people saying all while this is going to take over the world everyone's amusing bitcoin for everything, I think the truth is somewhere between the two who I am, It's the most useful thing ever. I don't think it's absolute useless either in the reason I sold wasn't because I have seen for a market outlook out just like I bought it with a it was supposed to be a certain percentage. My portfolio- a crew I got at eight thousand group, was up at fifty two when I sold have. I bet I paired that half off to get back to eat a fair allocation of what I feel comfortable with. I can't have you have kept growing inches. That's what happens. It got to beg and I've sense now that at the price of come down, I said. Ok will the allocations are small.

You know I'm also looking at how did a theoretical, but is it may go get some of that and I have a look at the eradication is taught my half bitcoin just because prices drop enough, I will buy more crypto currency to kind of keep my allocation and it's a very small occasion, but is something that I even I Bronson date on it will see, will see what happens, obviously known as the future. Yeah yeah. I mean that sound similar to my position. I mean I think at more than ten years in there's no reason for me to think this is going away and even as different governments have have done, yes have changed policy in different ways. Its my going away in the number of individuals holding at least some seems to have gone up. So for me- and this is not- and who advise I've said it's like a three to four percent type thing in terms.

in terms of acid allocation. That's exactly come along the way I'm gonna looked at it. You know it's like find a small percentage. I remember if I'm not here, to give full financial might, of course, all the bulk of my investments or an income producing acid recently, like stalks bond real estate stuff, like that some Balkan, my wealth, is in there. That's what I recommend for people, what percentage that's kind of up to you, what you feel comfortable with both sides- I don't know I haven't crypto, but if it is a revolution of is a revolutionary things can change the world. This is kind of. We should expect with prices like it's, not gonna. Let Russia awaken Twomly. Ok, we're all going to agree that this is the price. No, it's gonna go up way past. That price is gonna crash below it's gonna oscillate upwards until a finds its final price, and maybe it's too I relatives were its equilibrium, should be It's too low. If it's like a digital gold, it's far too low right now, if it's not too sure googled, it may be too. I dont know right. So that's that's the truth. We have been speaking with Nick mutually, who runs the blog of dollars, an data. Now here is my request to people in my audience. If you disagree with Nick says

tell him where his data is wrong, no add hominids, please yak might be napkins doughnuts Agnelli back exactly exactly nix also c o o at rid holds wealth management. Nick always great to talk to you, it's octaves, all David. I'm really excited that. One of our sponsors today is helix sleep. I sleep on a helix mattress at home. I absolutely law it and that's why I reached out to them about sponsoring the David Pachmann show. Buying a mattress in the past was always a huge guessing For me, I didn't know what I actually needed. I didn't know what I would like, but helix has asleep quiz on their website.

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all of my viewers will get up the two hundred dollars off your order. Angelo get to super premium pillows for free when you go to helix sleep, dot, com, slash, Pachmann, that's h, e l, I acts sleep dot, com forward, Slash P, a k am a and you can also find the link in the pod cast notes. For this episode. So one of the republican members on this House Select Committee. That's investigating the January six Trump Riots, Adam Kins, anger. usually admitted to Wolf Blitzer last night on CNN that, other than one or two republican elected officials. None of them actually believe that Donald Trump, one, the twenty twenty election, it's not a surprising admission, but I would make the point that it's actually worse, that, despite not believing it, they continue mostly to allow the claim to spread publicly and we'll get back to that, but before we look at them,

yo, just as a sort of reminder, there was a proposed January six com. That was going to be nine. Eleven style is the way it was described as proposed months ago. It was going to be truly by partisan in the sense that we would also agree that its by partisan, which meant that they were going to be five members chosen by the Democrats. Five members chosen The Republicans, the chairman, would be a real look at a Democrat rather because democratic control, the House vice chair, would be republican every subpoena would have to be signed off on by both the democratic chair and the republican Vice Chair Republican said no hope. two reasons why they said no, many of them bogus. We ve talked about it before so. Eventually we get to this House Select Committee, which is investigating, and in this on House Minority leader, Kevin Mccarthy, said hears five Republicans reporting on it. Two of them were Jim Jordan and Jim Banks, who really should be witnesses or there essentially accomplices in the riots they should they have no business investigating them and so near.

People who see the speaker of the house rightly said they can't beyond the commission. Ultimately, we saw public and Adam Kensington and republican was Cheney placed onto this panel. and on after the first day during which we heard from a four different members of capital police last night hinder was interviewed by Wolf, puts on CNN now it's really important as we watch this clip Adam Cleansing or is talking about elected officials, dont believe Trump really one. This This is not about republican voters, that's an important distinction which were going to talk about in a second, but let's start with ie. Interview here and The very very important points made we can get to answers have very real republican colleagues. I'm just curious, actually privately said to you good work. I support you,

yes just one or two, is a handful or give us a review of all part member. You know because over time I don't know it's there's a lot of people you now and that come up and say it. it's not to be the ones that go on tv and about the big lie and then say it: it's the ones that are staying more quiet that I think appreciate the stand. But it's a lot and look what the thing to keep in mind, save one or two navy out here. Nobody- and I think, it's very important repeat nobody actually Believes the election was stolen from Donald Trump on a lot of them are happy to go out and say it was a useful company being a member of the Republican Party. Have you given any. thought it all? Maybe of switching parties, as you are you're gonna, have to seek reelection next year. Not now. Look I'm a Republican at heart rate. I was a republican way before Donald Trump, since our six years old, I believe,

The values on six year old are appalled by the way we could explore that six year, old Republican, but let's not right now I didn't for, and I believe that a party was such a great rich history deserve to have people, even if it's only a couple of us at the moment in their fighting them nor the solemn. It's I'm gonna fight hard for that. So, let's do let's think about this. I I essentially believe that Atkins anger is right here. I think there are almost no actual republican elected officials who think Trump one, the twenty twenty election. There are not good people because privately, they dont believe it there actually bad people. How do I would tell you it's a simplistic terms, but what would the point I'm trying to make is? I would respect them if they came out and said this is a lie. This issue, the Joe Biden, one We might not like it, I'm not a Democrat, but Joe Biden, one. This is republican, saying this price ITALY, believing that Joe Biden, one button,

coming out in saying it and allowing it to be perpetrated in perpetuated and blown up in signal. did by your colleagues. I would argue that that's actually even worse and no, that there are some people who will hear this and they'll say I knew that most of these Republicans had a good head on their shoulders. I knew it. They couldn't really be so I honestly believe that Donald Trump actually won the election there there. Actually there, okay, people, none and you know it even worse, that they allowing something like that to be continually spread, discussed, signal, boosted and reported as if its renewed, a when they don't actually believe it and the most infuriating part, and this is where we have to distinguish between republican politicians and republican voters. It is not true that republican voters don't believe The republican voters do believe it. They are pulled on it regularly, and so these

public and elected officials who may be. They privately know that Donald Trump didn't actually win. They are allowing or even participating in the leading their constituents, because it keeps them. Politically relevant it keeps them on trumps good side, which they think maybe they're going to need, and twenty two and twenty four, if they know, whats, allied than why are they spreading it or allowing it to spread and its beak they know that a lot of the voters believe it and the voters, believing it probably is benefit. to them in terms of getting themselves reelected and that the voters, believing it is, having a real impact, the underwent when I drive by this house. a few miles away that has this huge, twelve foot? Why I'd buy. You know ten foot tall Trump flag in the yard that says Trump One, They really do believe it and we see the polling and we see

tens of millions of these people believe that Donald Trump, actually one so great there are. publicans who are immoral or a moral enough that Walter, Firstly, they know Donald Trump didn't actually when they either say publicly. he did or he might have, or they shut them odds and allow the Republican Party voters to contend spreading that idea they aren't good people because they privately know the truth. They are bad in the sense they don't come out and say hey guys. I might disagree with Democrats on taxes, abortion, foreign policy, whatever, but the president of the United States is Joe Biden, because Joe Biden won the election period, fair and square end of story, and you know I'm not surprised to hear Adam Kinsey, Mercedes, he's willing to say it. Fortunately many of his colleagues may not believe it, but there still owing to allow it to spread like a virus within the Republican Party.

This is really really bizarre that this may be one of the biggest most jarring instances of saying that a is actually be, or that too plus two equals five or that you know that doublespeak- reminiscent of of George Orwell, I told you yesterday that There was a really important race. Tuesday in Texas is sixth congressional district. It was a run off where a Trump endorsed Republican went against another Republican, not endorsed by Trump, and the Trump Indoor see lost, not by a crazy amount, but by about six points it was a do. There is no question that they lost, and this was our First, signal about is Donald Trump, going to be able to play kingmaker in twenty. Twenty two trombone needs to successfully be it. Maker and twenty twenty two to have a better? running in twenty twenty four and to continue raising money into continue at the head of the Republican Party, etc, etc,

and now from calling it a win it just it's absolutely bizarre There is a very interesting article in acts Yos where a trump spoke. The Jonathan Swift, on the phone. Listen to this trumps advice there are angry. At David Mackintosh, president of the conservative club for growth for persuading trunk to endorse a losing candidate in the special election protects us. A sixth districts are, first of all, its blaming others. Why it matters. Susan Rights defeat Tuesday in a republican run off with Navy. Better and Jake Elsie dealt a blow to trumps aura of sensibility as a republican kingmaker, its critical to his twenty two mid term endorsements. and continued hold on the republican Party trumpet users and allies have been ambivalent about the clubs, advice and thought he should stay out of this Republican on public and contest. They take the long view and our protective of his successful record so far,

and Republican Party primary endorsements. Mackintosh did not respond to repeated requests for comments, but this is the wacky part, Trump himself disputed the reserve then did his power in a phone call with acts Ios on Wednesday, the former president conceded Mackintosh had pushed him to support right, but blamed Democrats for Elsie's victory. He also said he actually one day and night As white up is down, he said he won because right, bested, Elsie in the initial primary and the run off came down to two Republicans. He liked so Trump is doing revisionist histories saying well. Ok, I of these two Republicans. I Doors one and that Republican lost. That might look like I lost, but no, I actually like both Republican. So really it's a win now, of course, this is absurd, because, if that's the way from site, then you should the north. Anybody- and this is incredible- revisionist history trump then goes on to say I think

as the only race we ve lost together from set of Mackintosh in the club for work for growth before catching himself. mid sentence on the word lost is the only race weave This is not a loss again. I dont want to claim it is. Alas, this was a win. The big thing, We had two very good people running that we're. Both Republicans, that is the win trump is notorious for. Shifting are refusing to accept blame for any failure, whether as a businessman or as a politician the club for growth, spent more than one million dollars on the run off, making it easily the top outside spender. So what's interesting. Is you and I are going to look at this and we are. to evaluate it on the merits, but even losses. From his calling wins any completely divorced from reality. Maggie Haber men from the your time sent an interesting tweet, which was the biggest complaint republican care that its who might run in twenty four have is that trumped gets a presumption of strength? He does

actually have any more? We actually no yet for long term of republican Party. But last night was an equivocal loss in a race. He didn't need to step into also some conspiracies starting point. Lee. Maggie Haber been writing. There are also some interesting conspiracy theories going around right now in Trump land, blaming various republican Senior elected for. Why lost. For example, are people intentional trying to diminish trumps clout, and my reaction to that is of course there are conspiracy theory starting to spread. This is a loss for trump Let's see what happens on the next one in building up this picture of how influential he will or won't be, he could also be influential, but in the negative sense that he influences people to lose. By giving them an endorsement. It could end up being like an anti endorsement. It's just too early to tell we have a voice mail number. That number is too one nine to David P. Here is a voice. Mail from someone saying, hey would Cove would be taken seriously

led by the right, if it became flesh eating, it's actually a good question, and often when on your journey young, I had thought about people that are also a covert. Am I thought was does a thing after maybe mutate to the point where it make He paused for a law or is like a fresh eating Myers. My point is for people to quit being denial. Yeah did it take ongoing zapper body'd. All be onboard about how their diseases. I do think that, if coded mutated to become, Flash eating and the death rate went up to ten percent, which would be a global tragedy of historic proportions. By the way You will see more people on the right. Take it seriously, but not all know or how crazy you think, but we ve seen them be? There will always be

I'm whole doubts, and even if covered became a ten percent death flash eating disease, you would see The deniers continue to deny its an unfortunate problem in the United States. We'll talk on today's on a show about the Simone Byles olympic situation. We will talk about the hundred dollar cash therefore New Yorkers New York City residents getting vaccinated and we will talk Florida mayors who were defying run dissenters with mask and vaccine mandates. All of those stories and more on today's vote, no sign of a joint Hackmen Dotcom us either