Jason Hartman starts the show explaining Daren Blomquist’s latest Housing Report. He explains why the low housing starts are a long-time trend and breaks down other pieces of the report. Later in the interview segment, he hosts Senator Dr. Ron Paul to explain liberty, the role of government, and our educational system. Paul also explains why we should end the federal income tax.
This show is produced by the Hartman media company. For more information and links to all our great podcasts, visit Hartman media.com.
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow in Jason’s footsteps on the road to your financial independence day. You really can do it on now. here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 1:03
Welcome to the creating wealth Show Episode Number 912 912. Thank you so much for joining me today. This is your host, Jason Hartman. And I am happy to say our guest today will be someone I’ve been trying to get on the show for many, many years. We almost got him on the show several years ago. He is who I think might be one of the world’s most legitimate politicians while he’s a former politician, still a doctor, and that of course, is Dr. Ron Paul. He was a congressman for what 20 some odd years and he’s just got a great history. He’s got some great ideas. He is loved by both sides of the political aisle in this day of very divisive world in which we live. Ron Paul is thought of very highly by both liberals and conservatives, but especially by libertarians, which in my opinion, is the only legitimate choice. For a political party is to be a libertarian, because the best government is a small government. And then you get all of your socially liberal policies. And you get your fiscally conservative policies, essentially with the libertarian camp. So it’s the best of all worlds, the best of all worlds. So before we get to Ron Paul today, who also will be speaking at our upcoming meet the masters of income property event, I am so happy to have him as a speaker, and we’ve got an all star lineup of other speakers. I’m going to make some formal speaker announcements give you a little biography on some of the speakers in the future here on future episodes, but we also just booked two more, I believe I mentioned Ken McElroy, the rich dad, advisor, author, he will be joining us. Ken McElroy has got a wealth of experience in property acquisition, development and property management. And then also I did not mention to you yet That my old friend Jeff Myers, the real estate market researcher, Jeff Myers of Myers research will be speaking as well. So, think about we’ve got the two leading real estate market researchers in the entire country. Speaking at our event, john burns, john burns, real estate consulting, and Jeff Meyers, who used to employ john burns is speaking as well with Myers research. You’re gonna get some fabulous information, just a phenomenal outlook on what is going on with the economy. What is going on with the housing market, of course, we’ve got several other speakers that I have mentioned before, but Jeff Myers is new on the roster. And Ken McElroy is fairly new on the roster as well. So before we get to Ron Paul, I want to talk to you about a couple things. The Aaron Bloomquist has been on the show a couple of times. He’s with Adam data, also, you know, realty track affiliation, and he’s been On the show several times, and he also spoke at last year’s meet the masters of income property. And his housing report is really, really interesting. This time, especially, of course, the article I was in recently on his housing report was even more interesting. Just kidding. But this one’s really good because it examines the topic of bubble markets, you know, are we in a bubble? In many markets, housing prices have increased so dramatically. And of course, you know, we divide the country or the world, not just the country into three types of markets, cyclical linear and hybrid markets. The cyclical markets are crazy. They’re nuts. They’re way beyond the point of fundamentals when it comes to real estate valuation, the hybrid markets less so the cyclical markets I still think are quite a bargain. And apparently all of you do too, because you are buying properties like they are going out of style. As the old saying goes, my mom used to Tell me when I was a kid chasing, you spend money like it’s going out of style? Well, she thought I did that because my mom’s more conservative than I am. But I don’t know, I’m fairly conservative with my money lately, I guess, you know, you get a few years under your belt, and you just realize that was a lot of hard work to earn all that money and I don’t want to have to do it again. So that’s why we do a lot of consumer advocacy on the show and we report to you on various scams and bad investments and so on and so forth. We will continue to do that. You’ve Of course heard my shows about the folks in Kansas City, the guy in Hilton Head, South Carolina, but they Atlanta all over, I don’t know, p IP, the tax lien company and so forth. You just heard another interview, a third victim came for really a fourth victim on the show, talking about that when it comes to a bubble. There were a couple of interesting things in here in this article, one One of them was the construction void as a risk factor. So they talked about these various risk factors. And I love the way Darren and his co author outlined them in this article. And remember, I have for the last 12 years, taught you about what I call the three dimensions of real estate. how things are non correlating non correlating indicators when it comes to housing value. Now, what do I mean by value, I don’t mean price, I mean value to you as the investor, because you might have these counter cyclical things right, like the value of your house the capital appreciation potential of your house. Yet at the same time, you have the rental income, the yield produced on the income generated by your property. And these two things, many times during many cycles of the market are very, very much non correlating. And I always refer to the conversation with my friend Nancy, back in circa 2004. At the carwash, I bumped into her, and she works for Irvine apartment communities, one of the largest apartment owners in the country. And I said, how’s business, Nancy, How are things at IAC? And she says, we’re not having a very good year. And I said, Why is that? And she says, well, Jason, everybody’s buying a house from you. And so it has sucked renters out of the renter pool. And this is the wonderful thing about income property, the most historically proven asset class in the entire world. Why? Because you can win, regardless of the market by simply adjusting your thinking and thereby adjusting your strategy. So is your strategy a capital gains strategy, or is it a yield strategy? So that adjustment is important. So one of the risk factors they talk about in the report is the construction void. And this is pretty startling. Are you ready for this? Okay, let me read this to housing risk factor number four, the construction void, available for sale housing inventory is so low, in part because of the aforementioned lengthening homeownership 10 year, what they talked about there is how people are staying in their homes a little longer, which by the way, I don’t think that will be a continuing trend. I think that’s a symptom of the Great Recession. I think that’s a bit of an anomaly. We live in a very mobile society. You know, there’s always new stuff, new technology, if you want to see a stagnant housing market, just look at Well, for the westernized world. Just look at Europe, okay, Europe, people own their homes forever. Stay in them forever. There’s not a huge real estate brokerage business and you’re Now, of course, you could go much further than that. And you could say, well, what about Russia? What about, you know, what about Eastern Europe? The former Soviet bloc, right? Even more so there, but I’m talking about even in Western Europe, you know, much less activity in terms of move up buyers, right. So the homeownership tenure has increased again, I don’t think that is a long term trend. But right at the moment, it increased to I believe, 8.3 years, so a little longer than normal. You know, typically, that’s a five to seven year turn, right. So in part because of institutional investors, so we talked about homeownership tenure, in part because of institutional investors, who acquired hundreds of thousands of single family homes as rentals near the bottom of the market, and are continuing to hold on to these homes. Well, that’s in part true, but it’s not clearly true. You know, lots of those have also been liquidated as well. So, you know, I predicted that the institutional buyers would not believe Love this business, because it’s very fragmented. And the temperament of big institutional buyers is that they can deploy billions and billions of dollars worth of capital very easily. They can manage it very easily. Even if they get lower returns, hey, it’s not their money. So it’s that sort of ease of management, right? But for the small investor, embrace the fragmentation, put up with a few frustrations, and make a lot more money than you will in the institutional type asset classes. Okay. I think hopefully, you can tell where I’m reading and where I’m editorializing, because, you know, you can just tell, so I don’t need to quote this map, I hope, I hope I don’t need to be that strict about it. But if you want a copy of this report, just ask your investment counselor and they will give you a free copy of this report. If you attended, meet the Masters last year. Then you go Got a free subscription to this report. Okay, so you, of course can refer to it. And you can see where I’m actually reading it where I’m just talking off the cuff. Okay, so moving on here. They’re keeping the houses blah, blah, blah. And in part because there isn’t much new supply of homes in the pipeline. Now, this is the startling part. You ready? If anything, were falling behind. Now what he’s talking about there is construction falling behind in construction of new homes. HUD, in the Census Bureau estimate that we’re likely to market 610,000 new single family homes this year, based on June sales figures. That’s about the same production rate as we saw in February. of Are you ready for this? Are you sitting down investors? Are you ready? That’s about that. Same production rate of new housing stock, as we saw in February of drumroll 1964. Oh, are you telling me that the new single family home supply in February of 1964 was just about the same as it is today? In February of 1964, we had about 192 million people living in the United States. And today, you know how many we have about 320 million? Oh my
Ron Paul 12:43
God, is that our shortage or watch? Oh,
Jason Hartman 12:49
yeah. Okay. Stop yelling Jason. Calm down. Keep telling the people what they need to know. So here’s what it says. The bubble danger with this supply shortage. By the way, can you tell I’ve had two cups of coffee this morning? Okay, Yes, I have. One was a bulletproof coffee and one was a regular one, two cups already. And it’s only 11am. That’s why I’m hyper okay? The bubble danger with a supply shortage, home prices can quickly rise, thus reducing the pool of qualified borrowers and cutting sales. Well, prices go up, fewer people qualify, you gotta drive further drive until you qualify to the outlying areas of any metro area and cutting sales. But folks, and this is just me talking, as I’ve told you before, what this ultimately means, and this is what it means with inflation, but also with asset inflation. Remember, there is a distinction, and I think I even alluded to this in my interview with Ron Paul coming right up here in a moment is that the asset inflation issue is not really Really counted in the consumer price index when it comes to inflation, right? So what happens is that people have to come to terms with accepting less, they just get less, less housing, higher density, lower quality, smaller square footage, inferior locations, inferior school districts, you’re just gonna get less as you have asset price inflation, and people are priced out. That’s the reality of the world. Okay, you just get less. That’s it, your tenants get less and buyers get less. So that’s it. You know, I went to my mobile home park yesterday, and this is a mobile home park that I purchased with our clients. Steve, a lot of you have met Steve at other meet the Masters events and creating wealth seminars that I’ve done. And I went and met with Steve yesterday went down to the mobile home park. It’s about 90 miles south of Las Vegas, I drove down there in my new car. Not a Tesla. Thank you very much in my new non Tesla primitive, but wonderful gasoline powered German car. It was such a joy. You know, Tesla owners have something they call range anxiety. You know, we adults, we’ve all heard of performance anxiety, right? It’s a male thing. Okay, so range anxiety. That’s what Tesla owners have range anxiety, because you’re always worried about your stupid battery running down a tank of gas in my new German car, my new high performance beautiful German car that costs $40,000 less than my hundred and $17,000 Tesla that they finally took back because it was such a lemon. Oh, God. I can go 492 miles on a tank of gas. What a joy anyway No further tangent, Jason get back to business here. I went down to my mobile home park yesterday, Steven, I met with a contractor. We looked at the further improvements that we’re making to the park really, really exciting stuff. And so as you know, you know, I own apartments, single family homes and mobile home park and I love to partner with clients. By the way, I love to partner with clients. So if you want to partner on any of your deals out there clients, I’ve got cash, and I would love to invest. I have more cash than I do time to invest. So if you need a cash partner, look me up Jason hartman.com. Okay, so I’m having lunch with Steve after we looked at the park. And I said, Hey, Steve, do you remember when you used to come into our office a couple of days a week back in 2010. And remember how we were writing letters of intent, one after another after another on all these different properties, apartments, self storage facilities, mobile home parks, we were Interested in the mobile home park thing. And we just had so much competition, the buyers were lining up to buy these assets, multiple offers, we got outbid. We just wouldn’t pay the price to buy anything. And so we didn’t, we didn’t buy anything. We bought this park that we have together now about three years ago, I guess, on a 1031 exchange when we sold another hundred and 25 unit apartment complex that we had in Scottsdale, Arizona. And what happened here, we look back, it’s 2017. We’re sitting at lunch. I’m talking to Steve about this. And Steve and I both looked at each other in kind of a depressed fashion, thinking we should have just agreed to the price every seller wanted and bought everything we could, if we would have just bought everything we could get our hands on we would be so much richer today. And that’s always thing, the price always seems too high at the time, The Reluctant investors lament. You’ve heard it before. I hesitate to make a list of all the countless deals I’ve missed, Bonanzas that were in my grip. I watched them through my finger slip, the windfalls, which I should have bought or lost because I overthought. I thought of this, I thought of that I could have sworn I smelled a rat. And well, I thought things over twice. Another investor grabbed the map that price. Well, that’s the reluctant investors love man. Right. Very, very good lesson. So yeah, that’s the deal. I just wish we would have bought everything right. Now, you may be thinking that now. But look, folks, this is an unlikely bubble scenario we’re in the banks have been incredibly conservative. I’m going to talk to you a lot more about this, but I just wanted to share with you this. So the bubble danger is that there’s this housing shortage. Well, what does that do it pushes prices way up. Now, keep them Mind, people always talk about a good market as a seller’s market. They never say a good market is a buyers market that’s always considered to be the depressed bad market. But hey, if you’re a buyer, it’s pretty good. Okay, this article, and all of the people that they interviewed for this article, are people who generally come from the context in their thinking of more sales volume is considered a good market. And lower sales volume is considered a bad market. Nowhere in this article that I have seen at least, are they ever talking about rental rates in the sense that if the investor owns the property, and supply is constrained, of course, prices go up, but so do rents. Okay. It’s a multi dimensional asset class, and that’s the beauty. So here, I’ve just finished Stop. We got to get to Ron Paul. Okay, he’s obviously more important than whatever I’m going to say, Well, I don’t know maybe. Okay, so even if new home demand soared, it’s likely that much additional production is now impossible for two reasons. First, the building industry has a huge labor shortage, as the National Association of homebuilders points out, topping the list of problems builders faced in 2016 and expect to face in 2017 is the cost slash availability of labor, a significant issue for 78% of builders in 2016, and one that has significantly grown in importance since 2011. Second, new homes are expensive. The median sale price for a new home in June was three $110,800 versus $263,800 for existing homes, meaning that for many potential buyers, new homes are simply beyond reach. Folks, don’t wait to buy real estate, buy real estate, and then wait, the only thing you’ve got to do to make sure you’re going to be in good shape. I mean, there are outlier problems, I get it. Nothing’s perfect. This is certainly not perfect. But if you simply follow my 10 commandments of successful investing, you know, when you buy properties that makes sense the day you buy them, you do all the other stuff that we talked about on the show, you’re going to be in good shape. I mean, we are in my opinion in the linear markets. We are very, very far from a bubble concern for many reasons that we’ve talked about, but we will keep talking about this. I got a lot more I want to talk about here. We got to get to Ron Paul. This interview is already getting long. So remember your five year plan contest, Jason hartman.com slash contest. Do your five year plan video do it for yourself. But hey, also, you might win free VIP tickets to meet the masters. You might win free travel allowance what else are our prizes? I don’t even remember go to Jason Hartman calm slash contest. They’re awesome. Oh, and adventure Alliance weekend. Yeah, we got incredible prizes. So do your five year plan video. Also register for meet the masters and get your ticket if you haven’t purchased a ticket that 160 of you have, I believe, but if you haven’t purchased a ticket yet get your ticket. While we still have early bird pricing, you’ve got three levels of options. If you enter and win the contest, we will refund your ticket costs and then you will get that back and you’ll have your free tickets or you can just give your ticket away or you know, bring your significant other whatever you like to do. Okay, so here without further ado, it’s my honor to have ron paul on the show today. And here he is. It’s my pleasure to welcome Dr. Ron Paul to the show. Of course, you know his name. He’s a former congressman for many years. And he’s known as America’s foremost advocate for liberty. He spent 23 years in Congress Congress. He was an outspoken critic of the banking system and, and some of the monetary and fiscal policy that we have. And it’s just a real pleasure to have him on the show today. I’ve been a fan of his work for many, many years. And I know a lot of you in our audience are as well. Ron, welcome. How are you? I’m doing fine. Jason. It’s very nice to be on your program today. It’s good to have you on and we’re also looking forward to having you speak at our upcoming meet the masters of income property event in San Diego in January, so we can’t wait to see you there. You’ve talked a lot about the true meaning of life. Liberty over the years. What is the meaning of liberty? I mean, this is a word that people throw around kind of carelessly, what does it really mean?
Ron Paul 24:08
I believe that you can start with, you know, self ownership. And that means you have responsibility for your own life, and you should have the ability to benefit from the fruits of your labor. We’ve been drifting far cry from that. I think the founders understood that position that we as individuals have natural rights, and that they don’t come from the government, and that we ought to have the right to lead our life as we so choose that we can seek our happiness, but they never put anything in the constitution that says that the government will become automatic part owners in everything that you do. So liberties the opposite of liberty would be a personal income tax on on your efforts. Because that means that if you interpret the income tax that means that everything you earn belongs to the government. And then what you get to spend is what the government gives you permission. is banned, and to keep on certain conditions and exactly what the prices will be and all these kind of things. So liberty is self ownership. But along with this for it to work is responsibility because if there’s a dependency on others, or at least a demand, and a conversion of some people say, Well, some people can’t do this. And if that is the case, and people can demand assistance, rather than the responsibility for oneself, and getting Health and Family, friends, neighbors at church, that’s a whole different system. And we had a nice introduction to the principles of liberty and the early years, but I think we have drifted away. I frequently say in my speeches that if you want to ask the proper question, in anything you do politically, is what should the role of government be? My answer to that is very simple. The role of government should be limited to the protection of our liberty in the rest of the problems that we face and that we have to take care of depends on the individual And how that individuals interacts with his friends and neighbors and family. Very good points. And
Jason Hartman 26:05
you know, one of the things I really like about your work and your philosophies and all of your excellent books is that you seem to be really clear on this. There’s so much opaque sort of murkiness out there. So many politicians are, you know, they look their finger, put it up in the wind, see which way is the wind blowing, you know, how have you been able to maintain such a real consistency, and clarity, when it comes to these ideas?
Ron Paul 26:33
I’m not exactly sure how you arrived at that point. But a lot of people ask me that question is Why did you succumb and capitulate and become the chairman by playing their game, and I tell them that I wouldn’t be a miserable person if if I did that, and I wouldn’t be able to bear it. So I find greater satisfaction by doing it my way and having a belief which everybody professes to have but they don’t follow they always find an excuse. About a day or two, after they get to Washington, they’re always idealistic. And by the time they get there, they need to be on this committee, I need to get this for my district, I need to raise money for my next campaign. And then all of a sudden, they know that they have to play the game. And if not, then you get severe criticisms, and you get really shunned in the political sense. But I’ve been able to maintain this because in this whole definition of liberty, there is one principle that has been applied throughout the centuries in developing societies that are actually designed to protect people, and that is that there should be no initiation of aggression against another person. And that’s been noted in all our great religions. In the Judeo Christian religion has been the 10th commandment, Thou shalt not kill steal, and this means that you can’t commit aggression. Now, the big thing here, this principle, if you understand it, most people do understand this. Most members of Congress would understand this, that you’re not supposed to steal from people. You’re not First hurt people sometimes they don’t understand that they’re hurting a lot of people with their legislation. But they’re not supposed to hurt people they know they’re not supposed to go in and steal from people and hurt people kill people. But they have no compunction about sending the government and the IRS and the NSA and all the agencies of government to do what you and I can’t do. If you and I can’t do it. This is so clearly put in boston law, that you can’t do anything in government that you can’t do as an individual. So if I can’t go into your house, you know, because of your privacy protection, government shouldn’t do it. But you hear it all the time. The government doesn’t go for search warrants anymore, and especially since this century, in this century, the NSA is totally abolish the Fourth Amendment. Our government has lost it lost its way.
Jason Hartman 28:51
Yeah, no, it It definitely has. But you know, one would argue that well, the government has to protect people’s liberties and they do this under the guise of protect hectoring us, it’s for our own good. So how do you distinguish that? How do you draw that line? Of course, like you said, Don’t commit an act of aggression against another person. If we can’t do it, the government shouldn’t do it. But the government, there are bad guys out there. I mean, we all know that the bad guys have to be, you know, stopped, right?
Ron Paul 29:18
Yeah. And they will appeal to you for humanitarian reasons. Because like after 911, I had a lot of people come up to me and sort of challenge me on my position. They say, Ron, you have to give in to this. Because we have to be safe. Governments are supposed to make it safe, physically safe, and economically secure. Which, you know, a lot of people still believe. But I don’t think that’s the purpose of government. They can’t make us perfectly safe or perfectly secure and redistribute the wealth that invites the whole concept of socialism and welfare ism and communism, that they’re going to give us perfect safety and destroy the whole nature of man because the government has to make all the decisions so why an individualistic society caves in and say, the government needs to make me safe. And believe me, I can understand it. I can sympathize with it after 911. That was certainly a disaster. But just think we were spending over $40 billion before 911 to make us safe and secure. It was a total failure of government, the government can’t do it. All they can do is undermine our liberties and make things much worse. So I think the practical argument has to be stated the moral argument has to be stated, and then we have to refute those people so that, you know, only the government can make us safe. I don’t believe that is the case. I think when governments attempt to do that they make us unsafe, and very poor. And we get involved in wars, trying to make us safe and secure.
Jason Hartman 30:46
Well, and then there’s the whole issue of blowback of you know why it happened in the first place. Why 911 or any of these acts happened in the first place. kind of wonder in the ron paul thinking, how much of it is blowback? I mean, You can’t really argue that 100% of these acts are blowback problems. Certainly that’s our huge part of it, I’m sure but, and nobody can really know. But, you know, there probably be some terrorism even if we weren’t, you know, feeling and everybody else’s business right or no,
Ron Paul 31:14
I think it is combination. It is an all or nothing. But the radicals are out there. I think there’s radicalism in all religions. And if it’s initiated, you know, they can become very, very violent. And I and that is a big problem. But when you have an excuse, such as us portraying violence on people invading their countries and bombing their countries and committing coups and getting so involved in hurting people, and many people suffering from our foreign policy, this just feeds in to those who want to radicalize and, and I think they do not the radicals in all the religions, I don’t believe for a minute they really represent those religions. And some people in this country especially right now, if you believe in Islam, they It’s automatic that you are a very violent person. And I don’t buy into that. But I do buy into the fact that there’s a lot of radicals that have been incited and they get their support from our foreign policy. So the stimulus for it may well be blowback. But you have to have somebody out there looking for a fight anyway, I think that’s what happened.
Jason Hartman 32:22
Yeah. Yeah, no question. One of the things you talk about that I absolutely love. I’m not sure it. Almost all of our listeners love the idea of this, and that is the Liberty amendment, the Liberty Amendment, which is ending the income tax. But Ron, how would the government survive the government needs money to at least do the few things enumerated in our chartering documents, you know, promote the general welfare that’s been blown way out of proportion? I you know, provide the common defense that’s been blown way out of proportion. All of this stuff is so far from original intent, obviously, but the government still need some money to run where would it Get it? If we didn’t have an income tax? Would it strictly be by inflating the money? That’s another form of tax? Like we have double taxation.
Ron Paul 33:07
You know, I think the first question is, is Do we have any examples of a country doing well, without an income tax? I would say, Yeah, we did pretty well. So from the time our country was started up until 1913, we didn’t have an income tax, of course, they tried it in the Civil War. And, and it was very small and 1913 on, but the principle was established and that was very bad. No, it goes back to what the role of government ought to be. If you have the government that has following a proper role, and the people are satisfied with and they understand that liberty is what they want, and they want a chance to take care of themselves. Then you don’t have to have an income taxman since it’s such a terrible PACs that say you do if you’re not a total anarchist and you don’t want it you have to have a government and I believe in national defense. You can get the needed funds. Even if you want to to endorse the principle of user fees, you know, we have that in our highway system. But the problem is, you know, the highway taxes probably take care of our highways, but the money goes into a kitty in Washington and they use it for everything else. And then to get your money back for your district that are your state’s up there, you have to play the political game. But a user tax is pretty good tax for the military, I think could be done with a very, very small import tax, or very, very small tax on sales. But the problem is, it always gets out of control. So even if you didn’t have the income to action, and you say, well, let’s have a small tariff to pay for the bills. Well, all of a sudden, there’s protectionism that comes in and they’re spending all money and they need the money and look at him or her in Iran today to try to find more money, and they don’t talk a bit about the role of government. Nobody is talking seriously about in the weeks that this tax bill has been going on, and they’re not going to get the reduction of it. They should be talking about what his attack, I think attacks is when government spends money the way they collected is secondary. And you mentioned even the inflation tax rate. It’s still attacks, and it always hurts the middle class and the poor the most. Oh, yeah.
Jason Hartman 35:16
Yeah, absolutely. You know, when they talk about regulating this, that or the other thing, I mean, the minimum wage debates a good one. And I don’t know that I’ve actually heard you talk about that one. But I have a feeling I know what your your view would be. To me, at least you raise the minimum wage, it’s just gonna trickle right through the system, the businesses are all gonna raise their prices, and it’s just gonna cause inflation. You know, it’s funny how people somehow think you can get something for nothing. Like things can be created out of thin air, like, I mean, these, these are adults, don’t they? They have these like childish belief systems.
Ron Paul 35:49
It’s crazy to me. Part of it is they’re reflecting their education education in our country for 100 years. It’s been downhill. You know, the progressive education teaches that these things are good, you know that deficits don’t matter in depth, we can monetize data and we can help the poor and we can police the world. And they they’re taught this so most members of Congress have been taught that all along and judges have been taught this. So they endorse this. But they don’t understand what a voluntary society you talk about a minimum wage. Well, it’s easy with a easy to get to the college is about you know, a voluntary arrangements for social things, social and sexual matters. As long as you don’t hurt force people do what you want. But when it comes to economic policies in the liberal influence would come in a way you can’t do it there. But it’s the moral principles the same government should allow us to have our social associations decided by ourselves as well as economic if that is the case, then you work for the person you want, then you get you have to work out a deal that I had decided to pay. It actually works out better than the coercion and the coal version that is so dangerous. I’ve often said that, you know, even if the system that I described would not work the well and we’d all be a little bit poorer, I’d still want it just for the moral reason. But we only have to deal with that this system that I’m talking about and sound money is the humanitarian system where you have the greatest amount of wealth and the best distribution of wealth. And yet we as conservatives and libertarians, we don’t do a good job in promoting that message. This episode has gone a little longer than expected. So we will be back with part two on our next regularly scheduled podcast. Thanks for listening.
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