WEF wants to ‘democratize’ the Stock Market
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Not only do we have a retirement funding crisis, we’ve got woke crazies coming after your portfolio. I kid you not. Wait till you hear this. Anyway, everybody familiar, I made fun of it before. World Economic Forum, the Davos crowd. You remember how Indiana Jones early on in Raiders of the Lost Ark, he was escaping the Houthis there in the jungle and he gets in the plane and there’s a boa constrictor there and it was just his friends.
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My pet snake, Lucky, I think it was, whatever it may be. Snakes, I hate snakes. But yeah, Indiana Jones doesn’t like snakes. Remember the whole well of souls. Anyway, neither here nor there. The World Economic Forum and the woke crowd at the World Economic Forum, the Davos crowd, they scare me like snakes scare Indy. And they should scare you too. Way to get a load of this. The latest.
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from the world economic form. Talent and intellect are equally distributed. Opportunity is not.
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First off, that’s horseshit. That’s horseshit. Talent and intellect are not equally distributed. God gives each and every one of us different types of talents and abilities and intellects, okay? I happen to be able to sub-reference pop culture, movies, books, things that I’ve seen in an instant. My brother Matt’s got the better one. He’s, you know, he’s…
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You can see numbers. You can see the matrix when it comes to math. One of my best friends my entire life, phenomenal artist, I can’t draw stick figures for crying out loud. That’s how bad I am. And the other thing that they forgot to add in here is hard work. Hard work is most certainly not equally distributed because that’s what’s going on.
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made us successful. We just I outwork the competition playing simple. Outwork the competition. Anyway, anyway, the World Economic Forum wants to create a more democratized stock market. What the is that? What is a democratized stock market? Anyway, OK.
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The reality, everyone is given a shot, given a shot to go out there and succeed. I say it again and again and again. I want my kids to grow up in a world where they can succeed beyond their wildest dreams, but there’s a flip side to that. You can fail too. A democratized economic policy or market, that would kind of change all that. Ah, the World Economic Forum program seems to run parallel to the ESG related woke ideology that has been spreading like.
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cancer into major corporations and Western governments. While promoting fairness in investing, the World Economic Forum addresses theory while ignoring practice. How would such fairness be achieved? What is the World Economic Forum definition of fairness? If we go by the common ideological mantras of globalists and the political left, fairness for them is the definition of fairness.
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means equality of outcome, not equality of opportunity. Is there any magic barrier up there for people to go out and build a portfolio?
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No, no. So you wanna democratize the stock market. So what are you saying? You’re going to, I guess that means all the hard work that we put in, everything that we’re doing for our clients, if our clients do too well in their portfolios, they’re gonna have to give up those gains to somebody else.
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Is that what you’re saying? Again, I guess so. What else could it mean? Anyway, so this is well, here’s some numbers for you. Fewer than 60% of baby boomers have retirement accounts. Millions of working age Americans, age between 56 and 64, are edging closer to retirement without having savings stashed away. This is…
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was this, the Transamerica report that they do. Yes, Transamerica Center for Retirement Studies. They also went through…
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Yup, 56% generation X, that’s my generation. They had retirement accounts, half of millennials, 24 to 39, 7.7% of Americans who fall under the generation Z, that’s age 15 to 23. Again, they’re young, okay? They got a while to go, my kids. Anyway, I’m gonna be brutally honest like I always have.
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Again, from what I’ve been doing throughout my life, I’ve been in contact with all walks of life, all walks of life, backgrounds, immigrants, you name it. One of the most paralyzing things that you’ll see in life and talk about this with my kids is operating out of fear. Operating out of fear. And I would tend to believe that
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Many of these people that don’t have retirement accounts that haven’t invested, they probably were afraid. Probably scared. And again, you take a look at past 16 or so years, you haven’t gotten any money on that cash positions. So that’s kind of put you at a disadvantage. I’ve been banging a drum for a long time. I mean, the government doesn’t give you much, but it does give you the opportunity to put money away.
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and have it grow tax free. Why wouldn’t you take advantage of that? Also mentioned the billions of dollars that are left on the table every single year by people who fail to put money away and could have gotten money in matching from their employers. That’s again, people, I’m sorry, it’s just plain stupid. And I know, you don’t understand, it’s rough out there, it’s tough out there and…
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Don’t have the money to save people. Give me a.
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Okay, give me a break. Something, something, listen, I understand that some people are gonna have a real difficult time, but more than 50% of the population, you can’t deal with a little delayed gratification. Again, this should be a priority.
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This should be a priority. Were you waiting for somebody to come in and save you or for some rich uncle to die and leave you some sort of inheritance? Is that responsible? And I gotta be upfront and honest with people here because again, I’ve talked about this before on the program. I see it all the time. I see it all the time. People who have a lot of nice things, but they don’t own those things, those things own them.
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That’s right, they don’t own their stuff. Their stuff owns them. They’ve got tens of thousands of dollars in credit card debt at high interest and they’re paying a loan on their boat and cars and a house that they can’t afford and they don’t have a proverbial pot to piss in when it comes to savings. Why? Because they needed it right now. I want it and I want it today, I want it right now.
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That’s immature, it’s stupid and irresponsible. And I see what’s gonna happen down the road. Either you’re gonna get your financial house in order, you’re gonna do away with those things, pay down that debt, or you’re gonna run into all sorts of problems with your family and your relationships and your marriage because money problems are always an issue and you’re gonna have money problems. How many conversations that we’ve had over the years with people that, yeah, this is what you need to do. I am sorry. We cannot.
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We cannot help you with your retirement preparation if you’ve got no money to put away. What are we gonna do? You gonna pull it out of thin air?
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And when I, in essence, when I turn into a credit and debt consultant, which often is the case here on the program, people don’t want to hear it. They don’t want to hear it, and they don’t want to make those necessary changes in life. And that’s, we stop hearing from them. Sad, but true. And everybody out there is saying, eh.
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It’s okay, we got social security!
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No story, it was a story. Actually CNBC, it was a joke. I’m laughing at it pretty much. I don’t even know who the writer was in this, but talking about, oh no, raising the social security retirement age would haunt young people.
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Listen, to all you young people out there, you’re screwed. And even the Generation Xers, my generation, we’re screwed. Okay, we’re screwed. The older generations screwed us royally. And I’ve been talking about this for a long time. We’re over $30 trillion in debt. Well, you think the baby boomers are gonna pay that off? They borrowed it. We’re over $30 trillion in debt. Social Security.
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Social security is headed toward a fiscal cliff. Period. The end. Benefits are going to be cut in less than 10 years by 20%. That’s the reality. And again, you’ve got the two leading candidates of both parties that do not even wanna touch it. They don’t wanna address it. They don’t want to talk about it.
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And we’re talking maybe about raising the retirement age because people are living longer and healthier lives and you got articles there saying how this is gonna be such a burden on the younger generation. At least it’s something, maybe you either do that, you either do that or you’re gonna have to start paying more money, you’re gonna have to start paying more money in your taxes.
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You’re going to have to express your… it’s reality! You’re FICA! You’re going to have to start paying more! Everybody! Is that what you want?
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Or they get to find some other funding source. Oh, we can start taxing stock transactions. It’s a tax is a tax is a tax. It is what it is. This has been ignored for an extended period of time. Again, we wished, we wished back at the end of the day, George W. Bush.
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Decided not to invade Iraq and could have actually gotten some intelligent domestic things done and possibly gotten some sort of social security reform Put on the table where money was actually starting to go into private accounts for people. Yeah, I was hoping Hoping I mean, I’m again. It’s going back to 2004 Almost 20 years ago. We’re taking up could have taken up a portion
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of the money or even if I had to put in more and put it into another type of investment account.
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Just take a look at the performance in the market from that period of time to this period of time. And even if it was in the most conservative equities out there.
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how much better everyone would be off, but no, no. There’s that old line. I think it was Daniel Patrick Moynihan was a former democratic center from the state of New York. And he said that, so Democrats, and I’m paraphrasing Democrats are against any sort of social security form because it would make them wealthy and make them Republicans. He was saying it in jest, but he had a way on words he did. But anyway, few and far between Democrats like that man.
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But anyway, this is the retirement funding crisis, what you’re dealing with today. And again, what side of this you wanna be on? Again, you’re gonna need to make sacrifices, people, you want things in life, you’re gonna have to sacrifice, you’re gonna have to save.
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28, 25 years ago, maybe, yeah, about 25 years ago, Ranton and Raven wrote columns. I said, listen, if you’re young, if you’re young, don’t plan on getting social security. If you get it, congratulations. Don’t plan on it. The funding crisis was as plain as day. Anyway, Watchdog on wallstreet.com, Watchdog on wallstreet.com.