Episode 261 – Biden Acts All Forgiving and Whatnot

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this episode is brought to you by bull johnson who is running for congress in minnesota’s seventh district if you want
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to find out more about what bull is doing in his exciting campaign to give uh members of that district more choices
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go to bull johnson for congress dot u s
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[Music] [Applause]
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[Music] [Applause]
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[Music]
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and now matt wright and spike cohen
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good morning good afternoon or good evening and welcome to the vanguard
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for spike if he was a member of king arthur’s round table his knight’s name would be sir
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cum-sized cohen i am matt wright and together we are traversing the muddy waters of
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freedom it’s so crazy how like knowing circumcised now it sounds okay
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but man that first time boy did that sound not it didn’t sound jewish it sounded
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just bad hey folks thanks for tuning in is somebody who’s not circumcised just cum-sized
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wherever you’re watching this we’re wherever you are watching us on watching
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us on listening to us uh we think we thank you
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and to all of you especially to our subscribers we say
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oola and wherever you are watching or
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listening to this thank you for doing so and be sure to uh like subscribe comment
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phone to explode with notifications every single time we go live and of
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course be sure to share this right now on any social media you have give the gift of money waters today kids love it
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it’s love it but do you know what kids don’t love
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student loan debt that’s fair
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that’s fair but thankfully joe biden has a plan to make it much much worse have a
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temporary pocket of relief just in time for the elections but then make it much worse totally unlike what government
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does with literally everything joe biden is expected uh has not done so as of
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when this is being recorded but it’s likely that it will have happened by the time you’re seeing it uh so we’re just
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gonna go ahead and say joe biden has announced uh uh very recently uh that he
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has uh uh uh forgiving student loan debts on the first ten thousand dollars of any student loan debt as well as
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extending the paws uh until at least after the november elections i wonder
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why that’s the date that he’s picking by the way that pause is never ending that
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will never there this is the ultimate can kicking down the road
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uh i don’t think it’s gonna end i think this is possible for quite some time this pause will end really it’ll be in 2025.
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um i and i i think joe biden’s going to push this down the line uh as far as he can
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so that way he can say well i did what i could to help you guys with your student loan
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um but he’s not bringing it back during a recession and we’re we’re entering a
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pretty deep recession he’s not bringing back student loan which is weird because he won’t admit that
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yeah he won’t admit that he won’t admit wherever he won’t admit we’re in recession you’re saying i remember back when my
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parents were figuring out which bills to pay or not like he really remembers that but anyway i remember when they were
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when they you were deciding what bills to pay and what bills not to pay and that’s why i’m doing all the stuff i’m
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doing now but also our inflation isn’t that bad and our economy is doing great well which which is it gas prices are
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down another 72. yeah after being up like
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three bucks but also real quick also uh yeah when uh
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your parents are making those decisions that was during the depression
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so why are you seeing parallels here you’re going to get a question you’re going to
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get fact checked for that statement and be like joe biden’s parent joe biden was not alive during the depression
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well wait when joe biden he’s seven he’s 79 yeah so he was born in like 19
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uh maybe he was a lot during that oh 42 wow yeah okay 42. wow okay so i’m way off so it wasn’t
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during the depression that was during that was the end of world war ii the late 40s
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so i’m now wondering if you really ever if that ever ever happened but regardless
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you can’t say the economy’s going gangbusters and also say that i get that everyone is figuring out what bills they
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can pay it’s one or the other this is not this is it’s either going well or it’s not uh so
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so we’re talking about student loan debt forgiveness on the first ten thousand dollars now
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just to make it clear this is not forgiveness no
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forgiveness is when someone who lends you money says you don’t have to pay them back
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or pay them back that amount or whatever it is they forget that’s a forgiveness right
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this is the government paying that debt to the lenders
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and then charging you in the form of taxes debt
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and inflation due to monetary creation to finance that debt that was created
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you know everything the government has done on everything
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more taxes more debt which means future taxes and more inflation due to the monetary creation
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to finance that debt this is not it’s just transferring the debt from
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college uh stu or actually people that graduated from college to people mostly who didn’t yeah so you
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now have plumbers and factory workers or people who pay business owners
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or people who paid it off who are subsidizing multi-billion dollar university systems
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so to put this in perspective harvard has a 42 billion dollar endowment that’s
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they got 42 billion dollars of cash and liquid relatively liquid assets
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investments that doesn’t include like the property they own and stuff like that their their
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their non-fungible car this is just just
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their stuff they have like or this is just their like their money and their investments like they’re
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at that 42 billion dollars that’s larger than
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afghanistan incidentally uh the yale has a 31 billion dollar
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endowment and many other many other hospital systems as well but university
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systems have multi-billion dollar or multi-hundred million dollar endowments and you’ve got people who uh now get to
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meet the 87 000 new irs agents who are going to be auditing their etsy accounts to pay for this uh
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it is incredible to me that we’re even
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so this is a textbook example of pandering to people who don’t understand
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economics and because they don’t understand economics you are setting them up knowingly for a future for
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europa dope where they will be victimized even further by the very thing you claimed you were saving them
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from and all along they will clap and cheer because they have no idea the very
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easy to explain process of what’s happening here so speaking of um
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pandering to people who don’t understand economics uh of that 42 billion that harvard was getting
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yeah we can all take solace in the fact that they were giving 400 000 to liz warren
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to teach one class um thinking
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thinking incorrectly that she was a native american right and also that she understood
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economics um yeah but
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so this is going to be complete sidebar but i was thinking about this earlier uh today because
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like you said you know uh the 87 000 new irs agents that are going to be monitoring etsy accounts and going to be
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monitoring your venmos and [ __ ] like that today
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literally today uh superfan sarah anderegg needed to pay for something
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but she doesn’t have an atm for her bank and she did not want to pay the fee to pull out the money so she
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transferred it to me through zell and it was over 600
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i’m probably gonna get taxed for that yep
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and it’s like wow you should’ve you should’ve just paid the two bucks but thankfully someone who went to a
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liberal arts college to get a degree that almost certainly uh or in many cases did not factor in marketable
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skills whatsoever uh will have that uh debt uh at least
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partially subsidized which again only subsidizes the
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two two groups here uh get subsidized the lender and the university
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the only thing because the real problem here is that tuitions cost too much and lenders are
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making bank on bad loans that they know aren’t going to get paid off
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if you pay those loans off you are incentivizing the lenders to
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keep giving bad loans and the universities to increase their tuition
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rates there is a very simple way to fix the student loan problem
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go ahead so before before we get to that i think i know where you’re going with that the way that we got to where we are on
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student loans is back in the 1990s or the late 1900s as
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gen z calls it and i hate them um
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how dare you because they weren’t even alive then
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they weren’t even alive yeah they weren’t around um [Music] so
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back in the 1990s student loans were they were government they were government loans
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but what a lot of people were doing is they were getting their degrees doctors were doing this especially as they were
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getting their degrees and then they would just declare bankruptcy and they’d write off the loan
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and it’d just go away so in the early 2000s congress got
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together and they said hey we need to stop this from happening because it’s costing us a lot of money how do we do
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that and some some upstart
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some upstart from delaware uh who had been in office since like 1970 something
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said hey how about we make it where you can’t write these off on your uh on your bankruptcies
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and it passed i remember back then a lot of my friends
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were going to school at george mason university in fairfax virginia and they said that tuitions were just
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climbing exponentially year after year after this was passed
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it was just it passed it was signed it went through and year after year
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tuitions just started raising going higher and higher and that was because the schools knew
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that there was no way they weren’t going to get that money it was going to be paid or it was going
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to be backed by the federal government they knew one of those two things so schools started going okay let’s
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spend all we can and to do that we will raise tuition rates because they can’t write these
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things off so tuition rates just started exponentially going higher and higher
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and higher and people just were like okay well you need a college education to get by you
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need a college education to get by i will point to you two examples one of
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whom has a college education and the other one who does not and
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the one who has a college education is on the left side of your screen and he makes less than uh or if you’re
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listening the one talking right now uh he makes less than a hundred grand a year the other one retired three years
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ago and then decided to start working harder i don’t understand that part for
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no money but um i guess that makes me the smarter one uh
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but college education does not is not a meter of success
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no when they took a poll uh something like 58 59 of people in college believe that
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when they got out they were gonna start out with a job making a hundred and five thousand dollars a year
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when in all actuality you are going to come out and you probably start right around that 50 000
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a year mark but you are going to spend hundreds of
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thousands of dollars at this point in order to get 50 000 a year in salary
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yeah i i remember being 15 16 years old and i was watching these ads
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with uh zach and screech from save by the bell who were explaining
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uh why you should go to college this was on like i don’t know saturday morning tv or no i guess i this would have been
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early teens so i’m not sure what i was watching but zach and screech you know the people i grew up with you were
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watching saved by the college years weren’t you when they were in prime time oh you know
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what it might have been yeah yeah or saved by the bell when they went to the beach for a while there they were at the
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moment that was still saturday that was still saturday morning was that still saved by the bell that was still saved by the bell yeah that
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was still saved by the book okay well that was when he met leah remini and leah remini was his girl yes
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yes leah remini and she and she kept him away from scientology no she tried to get him to join scientology back then um
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so anyway so i’m watching this and they’re explaining they’re even showing charts and they’re saying you know if
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you go uh if you’re you know uh if you don’t go to college you’re gonna make this much on average but if you do go to
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college you make this much and i remember looking at that and thinking
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yeah but you have to take four to eight years of your
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potentially productive working years off and you have to pay
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for that and i didn’t do the math on if you come ahead there but i thought
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and again this was me at 12 13 something like that and i thought maybe it was younger but i think it was
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i think it was early teens uh you know late tweens or whatever and i thought
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i’m guessing that unless you’re like going to be a doctor or lawyer or something like that that this isn’t gonna work
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that this actually isn’t a good a good thing to uh to to pursue and so i just i
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ruled it out quickly i that’s why i started my business now not everyone is going to start a business uh and that’s
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fine at 13. reality is at what at 13.
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well i didn’t start a business at 13 i started at 16. that’s not being unreasonable you saw zach and screech
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talking about college and you’re like no i’m starting my business now let me learn how to code i’m starting a business
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now i’m now i’m starting one right now this is now the spike cohen company we’ll figure out what we’re doing
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in about three years but i’m starting the company right now so i i you know i could have been the only one
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seeing that scam but the problem was the way they sold it especially to our generation was
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trusted figures telling you that this was all going to work out and little did we know that they were going to take
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away the one thing that actually could uh hold lender bad lenders accountable
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which is being able to discharge it with bankruptcy and so they get rid of that ability so
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that lenders now have no negative feedback mechanism on you know if you don’t pay it then they’re guaranteed by
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the government thanks to obamacare and uh which why would obamacare have anything to do with that but that is
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what happened so now it’s already underwritten by the federal government just like your garbage mortgages are and
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uh and so now that’s you know that problem has been created and so now there is no
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mechanism there is no equilibrium there’s no potential negative feedback there’s nothing that stops universities
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from charging whatever they want for tuition and lenders just giving out whatever loans they want to whoever they
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want regardless of any perceived ability to pay back and this this move which will not be the last
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time they do this this will just lead to more uh future um
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future forgivenesses or taxpayer bailouts and uh and more future um uh
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pauses on payment uh which ultimately are just going to continue to make the
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problem worse until eventually what i think is going to happen is the government one day is just going to step
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in and say universal college any college you want to go to and if you think that
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if you don’t like the uh the government-run primary education system
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wait till you see them take over colleges and by that i mean wait till you see america not beco not no longer
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be the number one place for higher education because the united states prior to the federal department of
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education was the number one uh education system in the world
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and since then and trillions of dollars that have been spent through the federalization of the education system
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we’re now what 24th 25th something like that yeah so it is until our colleges are like that
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too yeah wait till our colleges are like that too and cost more
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than they do now yeah it’s one it’s one of those things i still have student loan debt uh and
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i am of the yeah take the money absolutely take the money
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like i don’t think that it is unprincipled for you to say no i’m not going to take
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that money and i’m going to pay the extra 10 000 because you’re paying the government 10 000 at that point oh no if
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it’s available take it yeah but what what is going to happen is he’s gonna give the ten thousand and ex and
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pause the uh pause the debt re uh the repayment until after the election
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and then he’s going to pause the repayment later he’s going to pause the repayment later and he’s going to keep kicking that can
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down the road like we said uh until 2020 until whoever’s the next president but
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if i was him if he’s actually running for re-election
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or he wants the democrats to win in 2024 before the election just forgive student
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loan debt and basically you’re just waving the white flag to the people who have student loan debt and be like we
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gave you we got rid of your student loans vote for us and he will try to entice people in that way
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similar to how nixon right before the 1972 election uh made
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it where 18 year olders could vote and then said hey come vote for me i’ll get us out of vietnam
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so you won’t be drafted it’s going to be the same type of mentality
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to be fair i predicted trump would do this with weed and i was wrong but with with this 10 000 uh dollar
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forgiveness that will probably be signed by the time you see this episode
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yep i believe that this is what he’s going to do he’s going to hold on to that nugget until closer to the 2024
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election so that way he can say look what we did for you
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we got rid of the debt you don’t have to worry about it anymore and so many people will be out there if they got rid
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of the debt you know how much more i can afford without thinking about the massive effect
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that this will have on inflation on debt spending on
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everything else in our economy because uh what is it um
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something it’s it’s stupid high it’s like seven it’s like four trillion dollars is it out in student loan debt
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right now so it’s many trillion dollars yeah i don’t i don’t remember what the exact
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number is but that would be one of the largest spending packages
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ever and it would be done with the sign of a pen like i don’t even think that needs to be voted on i think he just could
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sign it saying nope we no longer accept these debts yep
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over done those debts need done those debts need to be consolidated so they will pay off
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those debts and then in order to get that money they will start taxing everybody more which means the people
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who went to trade schools that only paid a couple hundred bucks a couple thousand bucks i don’t know what trade schools cost i’m sorry um
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yeah they who have paid paid off been making good money they’re gonna start getting tax more to pay for people who are
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working at starbucks uh with their
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liberal arts degrees who can’t get jobs uh working anywhere else because nobody
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actually needs somebody with that degree before they started saying you can’t uh
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before they started saying that you can’t uh declare student loans on bankruptcies people were going to school for
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typically legitimate reasons uh you know you’d get your english you get your english majors and
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those people you know you don’t really do anything with that degree either but you’d get
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your communications which is basically your general ed so that way you say i have a college degree and okay great or
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you got people who are going for business or you got people who are going to law school you got people were going for things that could get them jobs
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after they started doing the bankruptcy schools started pushing the liberal arts degrees they started pushing all of those degrees
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because they figured people would be enticed to come in to learn about something that interested them when they were 18 years old
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and they could say now you’re an expert in this field good job go out find a job and people couldn’t exactly but they
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couldn’t declare it on on the bankruptcy so they were stuck with that debt forever and that is what
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has happened over the course of all time and now they just push trash degrees
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and another uh negative thing was you had the for-profit
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colleges start coming out saying yeah we’ll give you an education we’ll give you a degree
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and it’s just as good as any other degree because 27 percent of people in america
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have a degree so you may as well have a degree because that’ll put you up above 73 percent of america when looking for a
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job and people started going okay well i’ll go to these colleges because it seems
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you know it’s much more advantageous for us and you start going to them and then
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all of the sudden you realize your degree is worthless you’re still tied in to that degree
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to that loan and you can’t get it back because joe biden in the early 2000s said
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let’s just make it where they can’t declare student loans uh on their bankruptcy
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yep and then to turn around with the hubris that he has to say
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i’m gonna get rid of student loan debt dick you are the reason the student loan debt is where it is
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exactly exactly it’s an absolute cri a nightmare
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and it actually i’m looking back at this he started this in the 1907
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so the uh he at the same time was loosening loan eligibility starting in
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the 1970s loosening loan eligibility requirements and tightening the
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bankruptcy requirements so you’ve got you know make it so the lenders can lend
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out whatever they want but make sure the students have to pay it off uh and again we’re talking about
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17 18 year old kids who are often making these decisions we’re saying that
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they’re not old enough to drink they’re in many cases now not well they’re not old enough to smoke uh in
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some states they’re not even old enough to have sex yet in california you’re not legally allowed to have sex until you’re
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18 but you can start taking making student loan decisions before that really we decide that they they’re not
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allowed to they’re not in california 18.
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asia argento got in trouble with having sex with a 17 year old
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yeah so who was like weeks or months away from being 18. but anyway all that to say uh
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you’re many years away from being trustworthy enough to rent a car for a matter of days
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but you can make a life-altering five or six potentially six-figure
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financial decision for your future and there’s no way the lenders are going to be predatory at all especially after
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they’ve been using zach and screech from saved by the bell to tell you that you need to do this to begin with so and if
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you’re listening to the screen simple if you’re listening to screech on your financial decisions
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he was the only jew on the show i just want to be clear about that well yeah but
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we didn’t know he was gonna have all those problems afterwards okay all right we didn’t know that
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we didn’t know that we did not know that that’s true yeah we didn’t know okay there are there are jewish outliers okay
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but generally speaking gives you financial advice they were
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back probably good nbc was backing a horse and they picked the right one but
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like i would bet on that one that’s fair yeah that would you know i mean listen it it
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you know his name’s got die his name had diamond in it but rest in peace by the way the man is dead now but he has his
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name a diamond dustin diamond you’re not gonna trust dustin diamond
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for financial advice what’s your name diamond oh well then i guess i can’t trust you because you come from a family
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that knows money so well that they’re named after diamonds
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wow so you weren’t lying about california that’s insane the age of consent refers to the legal age at least
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at which a person must be in order to legally engage in sexual
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intercourse this law applies to all genders without exception it is legal for anyone over the age of 18 to have
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sex with a minor 18. so if you’re 18 and 17
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you’re going to jay broken if you’re 17 and 17 the way this is written the law is broken
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yes but i i think they have prosecuted a prosecutorial discretion there but a 17 year old sending a picture of their
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stuff to another 17 year old child pornography yeah
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that’s in most states tried as an adult because of minimum because of their laws
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their sentencing laws tried as an adult for sharing
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themselves as child porn
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and because they’re so vulnerable as a child
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to themselves and we must because it’s such a serious crime try this vulnerable
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child whose sexual images should never be as an adult try him as an adult
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yeah so anyway you’re gonna be tried for as an adult for child pornography as an
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adult for your own child porn of yourself of yourself there is not a single part of that that makes sense
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meanwhile i’m not saying that teens should be out here you know sex stop shouting their snapchatting their junk
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or anything like that i’m not that’s not good and one of the reasons you shouldn’t do it is because it’ll land
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you in jail for child porn as an adult even though they’re saying you’re a child
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you you this is this is like you know um uh this is like the ego versus the id
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thing you the adult are guilty of sharing images of you the
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child at the same time can you
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could you imagine this episode is now about child porn laws in california could you imagine how terrified you
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would be if the senate put together a bill
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called the student loan forgiveness student loan debt forgiveness act
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i’d run for the hills i i wouldn’t even know what to expect from it it would probably be about child porn
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but uh we’re gonna forgive your loans by
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throwing you in prison because we’re pretty sure that you once uh did something sexual as a child and allowed
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yourself as an adult to do you the adult allowed you the child
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to like of the exact same age of the the the same moment that you
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i became two people the victimized child who were also
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throwing in jail the victimized child who was trafficked for pornography
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purposes but you also in that very moment were also the predatory adult who was
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victimizing this child who is you who was victimizing you the child
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this is mandated multiple personality syndrome
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or whatever they call it now it’s like it is it is an actual identity we have legally determined you to be two
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different beings both of which are in serious trouble um gosh so yeah no this is an absolute
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nightmare the victim isn’t going to make things worse the victim’s not in trouble yes of course the victim’s not in
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trouble the adult is in trouble the victim’s just going with the person who victimized the victim
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well you know sometimes you gotta crack an omelet to crack an egg to make omelets right no i mean so so there’s an
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inherent in implicit acknowledgement in this case
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i can’t believe we’re still talking about it where the the victimized child is
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like they know this says this child is also going to jail for many years but that’s what you got to do to stop
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sex trafficking it’s just it’s like it’s the most absurd
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stu now some other actual adult doing this yes
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now a crime has been committed yes someone doing it themselves like i mean folks thanks so much for tuning into
32:56
this uh hard turn episode of uh of of the muddy waters of freedom that we had there uh
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be sure to tune in later this week this weekend we are having one more episode i know what
33:09
you’re thinking i don’t think you have an ep three episodes a week i think you only have two well we do have a third
33:15
one but only if you’re a subscriber what are we going to talk about what are we not going to talk about am i right
33:22
huh anyway go to anchor dot fm slash muddy water subscribe to become a subscriber
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today that allows you to get access to our weekly subscribers only episode of
33:33
the money watchers of freedom every single weekend you will get that it also gives you access to an ad free listening
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experience on all of the podcasting platforms all of your favorite platforms including anchor and spotify it also
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gives you a members only discount to the muddy waters media store as well as some
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of our participating vendors and all of this for the price of 10
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dollars per month that is nothing it is a nuisance
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fee and you get all of that for only ten dollars a month anchor dot fm slash money water slash subscribe if you are a
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subscriber we will see you in just a couple days and if you’re not a subscriber we will
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see you next week folks we love you and where we’re going we don’t need roads
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[Music]
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you
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