Introducing the M2M-MN02-LTE Cellular Communicator, a low-cost solution for cellular LTE alarm monitoring coming in either a Verizon or AT&T version. The Sleek R-Control app lends for remote arming and disarming, text, and push notifications, so you always have a status update of what's going on with your system. Easy to install, with a maximum of six connections back to the system itself and in some cases only being four connections back to the system. This is compatible with most panels on the market, such as Honeywell, DSC, GE Interlogix, NAPCO, as well as a host of other panels. A compact design for a discreet look, a magnetic antenna for easy and discreet mounting. This is a dial-capture interface supporting contact ID and CEA reporting formats. Both signals are sent in as low as 20 seconds from this device. It will require 12 to 15 volts DC of power. The dimensions on this product, 1.6 inches by 1.95 inches by 0.8 inches. It weighs 1 ounce without the antenna. Its operating temperature is 32 degrees Fahrenheit, all the way to 120 degrees Fahrenheit, making this cellular communicator extremely durable. Ladies and gentlemen, the M2M MN02-LTE. Make sure to subscribe to our YouTube page and click the Show More tab underneath the video where you can view valuable links pertaining to this product, similar how-to videos, and our low-cost, no-contract alarm monitoring services.


If you want God's power to move, you need to be willing to have your plans and ways re-arranged. When Jesus delivered a demoniac from a legion of demons, those demons were allowed to escape into a herd of pigs, and those pigs literally went off a cliff. This upset the locals, likely for economic reasons. And the crowd began pleading with Jesus to go away and leave them alone. When God moves, it may disrupt the way you want things to go. His power can do the miraculous, but can also attract controversy and criticism from others. Don't be like those who sent Jesus away. Instead, lay down your life, surrender to the Holy Spirit, and let your life be spent for God's glory. May his power move in and through you. Type Welcome Holy Spirit in the comments section.


quite often we are ended over digital technologies and ask those doctors to go with it and to try to do our best. We are being asked to operate in a world that we were not trained for. The landscaping primary care is changing a lot. And what we can see, especially in the context of technology, is that patients are more and more involved. And we really don't need to ask them to use technology because technology is the place where they are. From my experience working in a range of organizations with young family doctors, from a training perspective, I sometimes feel really unprepared when someone asks me, so what is the impact of these on my health? Is this something that can help me? They are asked to do video consultations and telephone consultations and really we don't have the training, they don't have the training and we don't have the support that we need. So we actually want to bridge this gap in medical education and that's okay for the need of better training in digital technologies. When they ask us, look I have this smartwatch, I have this app, how can I best use it to manage my health and my disease?


Aloha, welcome to Keys to Success, which is live on the ThinkTech live streaming network series. We're talking with Dr. Tonya Bagby regarding our theme today, Hold the Vision, Trust the Process. I'm Danelia D-A-N-E-L-I-A. And I'm the other half of the duo, John Newman. Welcome to the show. Mahalo for joining us today. You can catch us live on stream at livestream.com on the ThinkTechAway.com channel. We also encourage you to call our hotline at<PHONE_NUMBER> to join our conversation or tweet us at ThinkTechHI if you have any questions or comments. The goal of our weekly show, Keys to Success, is to provide professional and personal development tools and profound insights on how to achieve success in life, career and or business. David Chang, CEO of Chang Holding Company, was our guest on our last show and his words of wisdom with regards to his Keys to Success can be found on Newman Consulting Services website, NewmanConsultingServices.com or landing page, Danelia.org. The theme for today is Hold the Vision, Trust the Process. Joining us today in the studio as our guest is Dr. Tonya Bagby, Acting Director, Veteran Affairs, Pacific Islands Health Care System, which services estimated 50,000 veterans throughout the Hawaii and the Pacific Islands, correct? Correct. Mahalo for joining us today. Mahalo for having me. Thank you. Yes, great having you on the show. Dr. Bagby, share with our viewers, if you will, just a little bit about your path to becoming the Acting Director. Okay. Well, that's, it's been a great journey and I will say that in the beginning. I have a clinical psychology degree and my doctor's in clinical psychology and I joined the Department of Veterans Affairs in 2005 as a psychology intern and that was at the Hampton VA Medical Center in Hampton, Virginia. During that time, the director was an acting director named Dr. J. Robinson, who was also, he was African-American and he also had the clinical psychology degree that I have. And so it was really kind of an eye-opening experience to see a medical center director with the same degree as me. And so although I was doing my internship and was very focused on learning the craft and skills of being a psychologist within the Department of Veterans Affairs, I believe that planted a seed within me to be, to know that there are other opportunities within a healthcare system. From that time, I graduated in 2006 and then got hired with the Department of Veterans Affairs at the Hampton VA in 2007. And from that time, I just continued to work as a staff psychologist, but at any given time when my supervisor or the associate chief of staff of mental health would ask for volunteers to participate in various clinics or organizational stretch assignments that we call them, kind of like on-the-job training and training programs, I would say, okay, I'll do it. I'll do it. Because one of my goals was to learn more about the organization as a whole and not just my role as a psychologist. And so with that, I observed the executive leadership kind of formula within the Department of Veterans Affairs, which has an associate director, chief of staff, chief nurse executive as well as, of course, the medical center director. So there's either the quad or pentad when you have a deputy chief of staff, chief of staff, nurse exec, an associate director and then a medical center director. So depending on the size of an organization. But what I observed right away was that the associate director position was a second in command. So similar to being the COO or chief operating officer as a chief executive officer with the director position. So I knew early on that if I wanted to become a medical center director, I needed to kind of advance across the organization and achieve an executive position. And so I had some opportunities to participate in leadership development courses with the Department of Veterans Affairs and I also, which allowed me to transition into a more administrative side in 2012 where I jumped from being a clinician to administration and when I got hired at the DC VA medical center as the executive assistant to the medical center director in DC, my boss then told me, look, I want you here for two years. And that's it. And so in January of 2014, one cold day in DC, I saw the associate director position open at Pacific Islands, applied and got the job, was successful and moved here in August of 2014 as the associate director and again, just constantly learning and growing and understanding health care operations as a whole. And when previous director retired in February 2016, I then became the acting director of the VA Pacific Islands health care. And that's a blessing for the islands. Thank you. And one of the wonderful things that you're talking about as we're on the keys to success show is the fact that you had a goal and you worked towards achieving that goal. And so in that process, you attended classes, you just really understood that you had to learn different things in order to get where you wanted to go. It's interesting because as a management consultant, that's exactly what happened to me because when I first started out, I started out in a certain position and even though I wasn't paid to do anything else, I went and I learned all the positions in that particular setting and within the first year, I became the executive director. And so that's one of the keys to success, is set your goal, learn everything you can about where you want to be and do everything you can to get there. Yes, and I think the one thing that I find is critical is a lot of people think they have to know everything, right? And what I've learned, even when I took on the operations manager position of a clinic in Virginia Beach, which is our community-based outpatient clinic, one person came to me and said, you don't know anything about running the clinic. I was like, yeah, I don't. That's right. But I will learn. That's exactly right. And you will help me. That's exactly right. And so taking on stretch assignments or mentoring opportunities really is, as you're saying, and not expecting compensation for it. You say? Yes. Because that will come. That's right. It will come. Such a great statement. Right. And just learning has been really, I think, again, kind of a key to my success. Oh, so true. Sure, with our viewers, what's your vision and what do you want to accomplish in your role?  So true. Having a health care organization that is where employees are fully engaged and committed, that we practice customer service and provide great customer service, but that we really have a goal for operational excellence and kind of a culture of safety. So if we have a culture of safety, then we allow, we build trust with the veterans that we serve, their families, any of their stakeholders. And then if we work to a level of excellence, meaning ongoing learning, developing training, mentoring, and not accepting the status quo, per se, in our performance, then I think my vision, if you will, will be achieved because we will be known as the facility that provides excellent care and that is engaged and cares about the veterans who come through our doors. And it's not only about the veterans, but it's also about the employees. Absolutely. I want the employees. I want all of our employees, we have over a thousand employees within the Pacific Island health care system. It's not only here on Oahu, but on all the Hawaiian islands, Guam, and American Samoa. I want all of them to come to work feeling as if they have a, that they have meaning, that they have purpose, that there's passion. Because as a veteran myself, a lot of veterans that we feel that we've been forgotten. Our time was in the active portion of our careers. We were loved. And now that we've, we've moved on, we've, some of us feel forgotten. And what I'm hearing you say is that that's something that you want to, not to happen. You want them to know that we're still, we're still careful and we can't come back and get that. Of course. Of course. So in your role, you have a lot of responsibility and I know, and I know it's not even, I'm sure I'm positive that you have a lot of challenges along the way. What are some of those challenges and how are you working through those challenges? So that, and that's an awesome question because I think one of the challenges I have is really understanding I have expectations and then there's my reality. And how do I manage both or how do I find that balance? And so it's really trying to maintain the balance of, of, of having the expectations of the organization, of the staff to achieve certain goals and outcomes. And yet, you know, at times we don't necessarily have all the resources that we wish we had or want to, to get to our final state, right? And so I have to find ways to empower staff and, and to help them think about achievement sometimes a little differently, right? Because sometimes we just get blinds, you know, we get this kind of tunnel vision about what we want and how we get there. And yet there may be a detour path or a different way and yet we can still achieve the goal or even more of a, even a more informed or better goal if we go a little different, if we take a little kind of detour. So that is the challenge. So it's constantly thinking of and being present. And one of the things I use from a psychology perspective for theoretical conceptualization is that Freud always said that you've got to have equally hovering attention to be effective as a therapist. Would you say that again, please? Equally hovering attention. I like that. So I'm here, but I'm constantly paying attention to things that are going on around me. My administrative staff will say that I have bionic hearing, right? Because I constantly try to, and that's how I'm able to address challenges because I usually have a sense of what's going on before people bring them to me. And with that, I already kind of have an idea of how I want to respond. So staying a few steps ahead, it helps me kind of run, I think, an effective organization. You know, you're so right with the tunnel vision. Actually, John always uses those two words. He says, you know, it's important not to have tunnel vision, that we've got to expand our horizon and understand that their life will bring you all different challenges. And if you're just looking at it like this, you have a really hard time kind of accepting and hamming those, but in actuality, we need to go with the flow. Yes? Go with the flow. With our end result, always in sight, but understand that we're going to go like this a little bit. Yes. And actually, our lives become much more rich. Yes. Because we just experience things that we could not have even envisioned for ourselves. Absolutely. And we experience people and scenery, and you know, the detours are absolutely phenomenal. Yes. So true. So, Dr. Bagby. Bagby. Very good. Bagby. Forgive me. Unique name. What is that? Correctly, please. It's a married name, so it's Bagby. It's a married name. Okay. It's his, right? Yeah. All right. How does your mission and vision relate to your strategy? Well, with the Department of Veterans Affairs, our mission really comes with Secretary McDonald and Undersecretary Sloane Gibson, and then Dr. Shulkin, who's over Undersecretary of Health Operations. And you know, we have the mission of ICARE, which is kind of our mantra, if you will, of integrity, commitment, advocacy, respect, and excellence. That's we care, right? ICARE. And then we have a document called MyVA, and with the blueprint for excellence, which has certain directives and initiatives across the Department of Veterans Affairs, or Veterans Health Administration, goals that we need to achieve as a health care facility. And so that really provides the overall kind of mission or vision, I guess, and our mission within Pacific Islands. And then the strategy comes in, how do we operationalize these directives, right? How do I, as a leader of the organization, tap into the various expertise on the leadership team and the staff members across the organization in Pacific Islands? How do I empower them to come together, to come up with plans for us to achieve the goals in which have been set by us from our executive senior leadership, right? And so if I understand the mission and how it relates to strategy, it's really the idea that how do I help translate that mission, give it a vision, a lot of times when I share with staff, because we always get new directives and always get new things that we have to do and all that kind of stuff, but it's not really anything new, right? And so it's just a matter of helping people incorporate and understand that we're already doing it. We're just having to do it a little differently. And so let's tweak our process to kind of meet these objectives and goals and succeed. Right. So hold that thought just for a moment. We're going to take a short break. This is Keys to Success on the ThinkTech live streaming network series. We're talking with Dr. Toneo Bagby regarding our theme today, Hold the Vision, Trust the Process. My name is Danilia, D-A-N-E-L-I-A. And I'm the other half of the duo, John Newman. We'll be back in a minute. So please stay tuned for more Keys to Success. Hi, I'm Steven Phillip Katz. I'm a licensed marriage and family therapist here in Hawaii, and I'm the host of Shrink Rap Hawaii, which is on Tuesdays at 3 o'clock. Have a great summit.  Aloha, everyone. I'm Maria Mera, and I'm here to invite you to my bilingual show, Viva Hawaii, every other Monday at 3 p.m. We are here to show you news, issues, and events local and around the world. Join me. Hey, everybody. My name is David Chang, and I am a new host for the show, The Art of Thinking Smart. I'm really excited to be able to share with you how to get the smart edge in life. We're going to have awesome guests in the military, business, political, nonprofit world. So no matter what background you're from, we have something for you. Please join us every other Thursday at 10 a.m. at thinktechhawaii.com or on The Art of Thinking Smart.com. I look forward to seeing you. Aloha, I'm Shantel Seville, the host of The Savvy Chick Show. You can watch the show every Wednesday at 11 a.m., Honolulu time, and enjoy how to be inspired and powered. If you're a woman or girl, everyone is welcome, but it's really dedicated to you, and we look forward to seeing you. You can also find us on thinktechhawaii.com. See you soon. Aloha. Welcome back. This is Keys to Success on the Think Tech Live Streaming Network series. We encourage you to call our hotline at<PHONE_NUMBER> to join our conversation or tweet us at thinktechhi. We've been talking with Dr. Tonya Bagby, Acting Director of the Veterans Affairs Pacific Islands Health Care System, about our theme today, Hold the Vision, Trust the Process. My name is Danelia D-A-N-E-L-I-A. And I'm the other half of the duo. Welcome back to the show. Dr. Bagby, share with our viewers, if you will, what are your three top success habits? Three top success habits. So one, and this is based on some of the feedback I've received from staff, is being present, being kind of like it goes back to that equally hovering attention, being mindful of my environment, of other people's experiences, and being approachable. People know that I have standards and or expectations. People also know that I have strong boundaries, yet people also know that, and that I will be truthful. Right? And it was integrity. Integrity is really important. Yes, it is. So I think there is a level of consistency in my behavior, and that has helped people feel confident in me as a leader. And I think being able to, again, be present, mindful, approachable, and in somewhat having some transparency in who I am has helped me quite a bit. Just talking with you in the past, we've had conversations, you are very calm, and that's actually really an important trait as well, because there's so much going on. Emergencies here, emergencies there, but to be able to not get caught up in that and to be able to sit out and think about what's happening and then be able to respond not react accordingly is really, really great. I'm not always great at that. I do that. I really do my best to catch myself sometimes, because sometimes I'm just reacting to this situation, but I've learned over the years, when I was much younger I was reacting, but as I learned over the years, I'll catch myself when I start reacting and just sit back and go, wait a minute, there's a reason for this happening, so just take it in, respond. Yes, and I've also found that too, it's kind of listening to the silence, but also usually when people are crying, chicken little, the world's coming to an end, it's just distraction, it's just noise, and when you start asking the right questions, listening, asking the right questions, and really getting to the root, then the truth comes out, and you can then strategize and or plan your response, and I have found nine times out of ten if I just kind of stay calm, if you will, and not buy into the drama, it allows me to make better decisions. I think as a leader it's important to be calm, because everyone's watching, right? Yes. But it seems as though you're also passionate about what you want to do and where you are, and your goals and visions. Very much so. What is the best advice you've ever received? It was from my mother, and it was during the time in my life, teenage years, where it was very, as we all know, is not always the most fun, and she said, you know, your life is what you make it. Yeah, so true.  I have a choice in knowing or in whether I accept the status quo, if I stop. You know, there's choices, and if I want more, and more doesn't mean material things, but if I really want to live an engaged life, then I have to take ownership of that, and I have to hold myself responsible for that. Right. And so she shared that, oh, and I was about 14 in a very pivotal time, and I thank her for it, because it gave my life meaning. Right. You know, it's interesting, because my mother gave me some of the best advice as well. All I can say to the millennials and the next gen is, listen to your mothers. Sometimes. Sometimes. Because they are human too. Yeah, that's true. That's true. But the joy of it is that, even then, I'll say this, and my mom told me recently before I came to Pacific Islands, actually, I was with her in Florida, and she shared with me, which I thought was amazing, which is part of the why I really value communication and being open and transparency. But she said, you know, I would never dream this for you. Yeah.  Yeah, that's wonderful. That's wonderful.  My life. Right? And yeah, you're up here. Oh, my goodness, you know. Good thing you didn't listen to me. Right, very true. And that's another thing that people think that they always know what's best for you. Yeah. Well, no, you have to know what's best for you. You have to, I've had to learn to trust what is best for me. That's true.  That's very important. Yes. But I must say this. It's a good thing you did listen to her because it inspired you to do and be who you are today. Of course.  Yeah, of course. But not everything. No, no, that's true. You don't have to do everything. But listen to her. Come on. And I got to hold up your mother's image. Oh, yeah. My mom.  But I'm going to tell you anyway. Anybody. All right. Here we are. Let's see. Dr. Bagby, when you have a chance, what do you ask other leaders like yourself? What questions do you ask? I usually ask about their journey because oftentimes a lot of people just focus on the title and or the position and they forget about the person. And so really learning about people's journeys just opens up a wide book of opportunity. And I learn from listening and so having a person tell me their story allows me to engage differently and to reflect better, I guess, if you will, on some of my goals and challenges as a leader. You know, that's really critical because people who are successful, and we've said this many times before on the show, are more than willing to share their journey and their success habits and everything else and share advice. If you ask, if anybody asks, you know, never ever be afraid to approach somebody who you feel is successful in life, whatever that success is to you, it could be a great having a great relationship, a great marriage, it could be, you know, being financially very well off, it could be a lot of different things.  You can cut out a lot of those if you learn from other people first, you can get there quicker. Right? You have to be able to listen. You have to be able to listen. So true. And listening, a good listener is a powerful person. Correct. And that's one of the keys. People just wait for their turn to speak. Correct. So how have you developed as a leader and as a person, as a result of being in your position? You know, and I thank you for that opportunity because, and when I was reviewing the questions, I thought, wow, I had to sit back and think on that. And as a leader, I think I've become more focused as, you know, just more focused. I've become more confident in who I am and what I understand and what I know. And I also feel that I've just become more grounded because, you know, it's just, it's a very dynamic environment in where I work. And so, like I say, being calm and kind of, and just feeling more grounded and focused has just, has helped me tremendously. I don't know. And I guess I was trying to say that people have shared that with me too. People have watched me in my journey, but I've become more grounded, more focused, more confident. And personally, I think I've become more vulnerable because, again, there's a perception of leadership, right, and authority and power. And so you never know what other people's agendas really are. And so I find myself a little bit more vulnerable and which allows me to appreciate the friendships and the relationships that I have, like with my mother, with my family, you know, and friends who just like me for who I am and they know the, you know, the good bad and the ugly, right? So it's not, they don't have just the perception of me now. Yes. They've seen me from the beginning and, and, and continue on. So the vulnerability is, is, is, is interesting. Yes. Yes. Very true. So what, let's kind of sum up right now as far as your three top keys to success. Three top keys to success. Well, I, I believe to, you need to do what you are, what feels right for you. Okay. And what is a part of who you are. Yes. I think, and I think that truly is the key. Uh-huh. Okay. And I just like to share a quick quote that really, I think captures it from First Lady Michelle Obama in her 2010 Oprah's Magazine and what I know for sure column. First Lady Obama said, authentic power. This happens when personality aligns itself with purpose to serve the greater good. Right. So true. So what's your second key to success? Being intuitive. Okay. Trusting myself, my gut. Okay. And what's your third key? Don't, don't force the outcome. Yeah. Don't force. Oh, great. Wonderful. That's all great. So we've reached the end of the show. It didn't that go quick. Really quick. And you had so much more to give us. No. So Dr. Bagby's Words of Wisdom with regards to keys to success can be found on Newman Consulting Services webpage, NewmanConsultingServices.com and landing page denilia.org. Thanks to you, our viewers and listeners for tuning in. Thanks to our broadcast engineer, Zuri Bender, our floor manager, Nick Sexton. And to Jay Fudella, our executive producer, who puts it all together. And thank you so much, Dr. Bagby, for joining us today and sharing your insights to success. And tech keys to success will be back next Thursday at 11 a.m. So please tune in again. And ask your friends and family to do so as well. My name is Denilia, D-A-N-E-L-I-A. And I'm the other half of the duo, John Newman. And in closing, Denilia and I would like to share a quote from Mikkel Govindroff, believe me, and it says this, a successful leader implements projects that benefits others. Okay. Thank you all. And Aloha. Aloha.


This is Think Tech Hawaii, Community Matters here. And guys, we are back here in Think Tech Studio in Haululu, Hawaii. Thank you guys for joining me. It's episode eight and we still haven't gotten canceled. Can you guys believe that? Episode eight, we still haven't gotten canceled. But we're going to keep it going. I think they forgot that I'm on air, but we're just going to have fun with it. But anyway guys, as always, I don't have a lot of time and I definitely know you guys don't have a lot of time. So we're going to jump straight into it. So one of the topics, the big topic as you guys can see in the description box is going to be about generational wealth with insurance policies. Now with insurance, why do I bring up the topic of insurance, right? You guys heard me recently talk about in the last episode, episode seven, the five ways you can start about investing for children. You know, the shows is that producer Chad Davis said, hey, you know what? I think it'd be a good topic. Let's go further into about insurance because in the world of investing, you hear so many people talk about investing for their future. You hear about stocks, you hear about real estate, you hear about business, but nobody talk about this thing called insurance. And I guarantee you, you would never meet a financial company that doesn't do insurance. They go hand in hand, right? And think about the insurance industry is in 2008, you're talking about the insurance industry as a whole pretty much went unscathed. You're talking about doing a great recession is one of the few industries or the only industry that stayed alive that made it through the Great Depression. Been around hundreds of years in insurance business, right? Some large insurance companies that are out there, they're doing pretty well and they are part of your financial plan as well. So I'm going to be talking about in this episode how to create or how generational wealth can be created via insurance. Like me, if you thought about insurance, you think about insurance as something that, oh man, that's something that older people do. I don't worry about it. I already got that with my job, my employer. I got good benefits, all that stuff is great, cool. But have you ever thought about what if you lost a job? Because an employer and an insurance company usually come up with a group policy to cover its employees. That's between the company and the insurance company. If they decide to drop the coverage or do whatever the case may be, you could possibly lose insurance on that, right? So long story short, what I'm saying is that don't think that you just, hey, I got a good job. I got good benefits. I'm covered. Don't worry about it. Think about it. What if you lost a job? What would happen with that insurance? Let's think about a scenario. Once if you was 18 years old, you started at a job, a corporation called ABC.  After the 20 years, now you're 38 years old. You go out to get maybe a life insurance policy now because maybe you're married now with kids or whatever the case may be, and you want to get a life insurance policy. Now, who do you think is going to pay a higher insurance policy, the person at 38 versus the person at 18? You want to be the person at 38 because fatality. You know, usually when you get older, you have a greater chance of dying. So that person at 38 is going to pay a higher insurance policy. And God forbid, if you created a, if not created, but if you came up with an illness during your 20 years, you know, let's say a life-threatening illness, that insurance company may not even cover you. Or you could have a hard time getting coverage. Or your premiums could be sky high. So when you're young at 18, young healthy body, you could have gotten pretty early. But anyway, that's just a situation. So that's why it's important. Now we're going to get into why and how you can create generational wealth to the insurance. Now there are a couple of ways you can create, when you think about the concept, the concept of insurance, they pretty much break down the two different types of policies. You have term and you have whole life or permanent. People may call it permanent, whole life, right? A term policy covers you for a particular term. Usually it's 30 years, right? It's usually like the max I've seen and heard of, 30 years. So for exactly what it would say, and it's the cheaper policy, it'll say, hey, from this time into 30 years, let's take it today, I'm 33 years old. So let's say from now into 63 years old, which is 30 years from now. If you die, we will cover you for $100,000. And all you have to pay is $20, $30 a month or whatever the case may be. It's covered me for a term. But once I turn 63 years old, if I'm not dead, the policy laps, right? Which means that I have to go find another policy or whatever the case may be. That's a term policy. That's the end. You pay a low amount. And if you die, if I die something like that, your beneficiaries, the people you put on there, could benefit from that money. Now, the thing about it is, why is this so important? How does this create generational wealth? When you look at majority of the wealthy people, not in America, but I interned at a company that I remain nameless, nothing bad with the company. It's just that maybe the company don't want to be broadcasted like that. But I interned at a company, and this company, all the clients that I saw come in, the clients were pretty wealthy. All the clients, majority of them, received the life insurance policy from someone in their family. Meaning, grandma died, dad, father, somebody died and passed down wealth to them of $100,000, $200,000. That money was passed down to them. They had a high interest, they had a great job, where they was making over six figures. So you combine those two, where the person that makes more, has the possibility to save more. So, don't mean they're going to save more, but they was pretty good with their money, they saved their money on top of the insurance policy that was left behind from their family members. That put them in a great financial situation. So it's a great way of being able to pass down money, right? So having life insurance. So we talked about term. The next one we have is a whole life. What is a whole life policy? A whole life policy does exactly that. It covers you for your whole life.  A whole life is going to cover you up to like 125 or something like that.  The big difference between that is a whole life policy is more expensive in the beginning years especially. Why is a whole life more expensive? One of the main reasons is a whole life carries a cash value. What is the cash value? Let's say in the previous scenario, I only got a 30 year term policy. I may only pay 30 bucks a month for $100,000 coverage. But when you got a whole life policy, I may be paying $100 bucks a month for $100,000 coverage. I got the same death benefit, but one causes me more. Why does one cost me more? Because with a whole life, that 100 bucks that I'm paying, some of that money is going towards my premium and the rest of it's going to a separate account which can depend on how you, what type of whole life policy you have can grow, it turns into an investment. So for example, if I ran into a hard time, I lost my job, I lost my income. I can use money out of my cash value of my whole life policy to pay my premiums to catch me up, right, with my policy. Let's say if I lost my job, I can't pay 100 bucks a month. But throughout the years, I put back 200, not 200, but say if I got $2,000 in my cash value. That cash value can be paid into my life insurance policy until I find a new job, right? So whole life policy covers you for your whole life, it costs more money. Term policy covers you for a term, costs less money. A whole life has a cash value and a term policy doesn't have a cash value. Those are two things, those are two big things that boils down to. Now inside of a whole life you have different types of whole life policy. You have universal, variable and variable universal. Universal pretty much says you pick how much money that you have you want to pay for your policy. Let's say you say, hey, we know what, I only have 200 bucks a month. What can I get with 200 bucks? Assurance company will say, hey, with 200 bucks, I will give you, let's say for 200 bucks I will cover you for $150,000. And for $150,000, I'm gonna cover you for $150,000. And that's pretty much it, whatever the case. You pretty much choose how much money you have to invest. And then they offer the money you have to invest, not to invest, but for your policy they will dictate and tell you how you come about which coverage you can have. Universal, a variable insurance policy is with a variable insurance policy, you have a variety of ways you can invest your policy. And depending on the returns of that goes with your debt benefits can go up and down. What do you mean by debt benefits? Means that if you die, how much money would your beneficiaries be paid from the insurance company? That's the debt benefit. So a variable means that it's accurate, a variable. I have variable ways I can make or lose money with a particular insurance policy if it's a whole life variable. Variable universal, universal variable is the same way of taking the universal, being able to decide how much money you can put in on top of the variable, which means that you can use it as an investment vehicle. Now why are these things even important? Prince, why do I care about this? What would a case mean be? Because this is the number one way wealth is transferred from one generation to another generation. Because the money that is paid into a insurance policy is tax free.  Versus if you take your money you put it inside of an insurance policy, build up a cash value that can track the index, right? Build up a cash value that can track the index when your parents or when you pass this down or whatever the case may be, it can be passed down tax free. It's the ways you can do it to add it onto a trust where only so much money is paid out to your family. But this is a great way to transfer money to the next generation tax free. Because when you die, your debt benefit goes to the beneficiary tax free. Your cash value can be tax free. You can pay into insurance policy at a young age and end up paying it off. And being able to use the cash value to borrow against. But prime example, it's a concept called private banking. That you probably heard me mention before. You can borrow instead of borrowing from a bank when you want your car or borrowing from your bank when you want to, I don't know, make a big purchase by furniture or whatever the case may be. You can borrow against your own self. You can borrow against your insurance policy, buy what you need, and pay yourself back with interest, right? So that's called private banking. If you went to a credit union and borrow, say, hey, let me borrow $1,000 so I can go buy a PlayStation and whatever the case may be. They're gonna charge you 10% whatever the case may be. That's what the bank does. But you can borrow against your own insurance policy that is tax free and pay yourself back, right? That concept is called private banking. And that's what you can do with a cash value on a life insurance policy. People don't know that because, I don't know. Now, I'm not here to sell you in on anything or nothing like that because I'm here in Hawaii. And yes, here in Hawaii, how do I know this? Yes, I am a licensed life health and accident insurance agent. I went and did it for the education, but insurance is regulated by the state. So if you're in Georgia, you have to go to an agent that is licensed in Georgia. If you were in California, you have to go to an agent licensed in California. If you're in Hong Kong, I don't know. But I don't know what they do overseas. I'm not 100% sure on that. But here in the States, it goes by your particular state that you're in. But this is a way that you can do, like I mentioned last week, investing for your kids. This is a way that you can accumulate wealth for your child and borrow on to pay for their college, to buy them their first car, all that type of other good stuff. Now, one thing that I thought about I wanted to get into was riders on insurance policy. What do the riders mean? What is, how does a rider work? A rider is an added feature onto an insurance policy. I thought insurance policy wasn't worth anything until a person died. I thought, hey, you work on it, and when you die, that's what a person benefited from it. No, if I develop cancer, I can use, I have an accelerated death benefit on my policy.  I'm saying, hey, well, when I die, my family's gonna get $300,000. I wanna borrow against that while I'm on my death bed. I can borrow against that money to help me to supplement for my pay that I lost, things like that. You can use, those are called living benefits. You can have it where you can have living benefits to where, hey, what if I lost my job? I lost income. I can borrow against my insurance policy until I get back on my feet. But we're gonna go way more in deeper into riders, but we're gonna take a quick break. And you guys stay tuned right here on The Prince of Investing. And we'll be back with more with Generational Well with Insurance. This is Think Tech Hawaii, raising public awareness. Ted Rawson here folks, you're a host on Where the Drone Leads are, weekly show at noon on Thursdays here on Think Deck. When we talk about drones, anything to do about drones, remotely piloted aircraft, unmanned aircraft systems, whatever you wanna call them. Emerging into Hawaii's economy, educational framework, and our public life. We talk about things associated with the use, the misuse, technology, engineering, legislation with- Aloha, my name is Mark Shklav. I'm the host of Think Tech Hawaii's Law Across the Sea. Law Across the Sea comes on every other Monday at 11 AM. Please join us. I like to bring in guests that talk about all types of things that come across the sea to Hawaii. Not just law, love, people, ideas, history. Please join us for Law Across the Sea, Aloha. Guys, and we're back. If you guys haven't, if you guys just tuned in, if you haven't tuned in, we're talking about generational wealth via insurance, right? Now, one of the things who's getting into is the writers. These are ways, these are called living benefits. These are things that you can use while you're living. These are benefits of while you're living. So because people think, hey, when I get insurance policies and I die and my kids or grandkids get it, then that's great, right? But these are policies, things that you can use while you're living. You can have a terminal illness policy. You can have a long-term care policy where if you got sick or you lost your job, lost the income policy, well, you can use your insurance policy. Now, one of the greatest, one of the greatest investors of our time, Warren Buffett, always says he has two rules. Rule number one, don't lose money. Rule number two, see rule number one. The first time I read this, I said, well, that's kind of crazy. How can a person invest without losing money? You gotta be willing to risk, right? Even at the lowest risk possible, I can lose my money. That doesn't make sense. What is he talking about? Then I made it understood as I grew and I learned how the insurance industry was built, right? So, for example, you guys heard me use this terminology for, you can have, we just spoke about an insurance policy, you can have your cash value track a major index. And when your cash value is tracking that index, what you can do is have it that, hey, if the index goes up, I get some of the gains, I get none of the losses. Something you heard coined in Tony Robbins' book, Seven Ways to Match the Money. It's where you get some of the gains, none of the losses. How does that work? For example, let's say if the stock market goes up 30%, your cap could be 12%. So you get 12% of the 30%. But let's say 2008 happens, market crashes. Market crashes, you get 0%. If it goes up, the max you max out at 12, you get 0. So you have a floor of, I'm not gonna lose this, but I gain, right? That's how someone can invest with making money without absorbing the risk inside of insurance policy that is tax free. That's the way that people can invest for their kids. Now, what's the catch is, can anybody do this? No, of course not. The catch is you must qualify for a policy. You must have an insurance company that is willing to invest into you. Because when you buy insurance, you're pretty much saying, hey, I'm gonna die, or I'm gonna have a car wreck, or my house may get burned down. And the insurance company is saying that, no, I don't think you're gonna die. I don't think you're gonna have a wreck. So what I'm gonna do is take this money in, that's how you can qualify. So if you have some type of illness, not everybody may qualify for a particular policy, it depends, right? On the company they want to work with you or whatnot. Now, how does insurance companies make money? For instance, I'm sitting here listening, I can go out here and get insurance policy and depending on how this works, they're gonna pay out hundreds of thousands of dollars. They're gonna give me some of the market ups, none of the market downs. How do they make money? It's a big question I ask. It's the one thing Warren Buffet, it's his biggest investment as insurance. That's his cash flow, he owns Guyco. Now he owns Guyco, but before Guyco, he started as an insurance guy. And how does insurance companies make money? To be honest, it's statistics. Insurance companies know that 98% of the people would cancel their policies, right? They know 98% of people will lapse their policies, meaning they will stop paying on their policies. They will either stop paying on it, get rid of the policy or they'll outlive it. I covered you for 30 years, they just didn't need it. That's what they're banking on. And statistical data shows that 98% of the policies that they take in, they never have to pay out. They know that hey, if I give a policy to a person today, the likelihood of this person keeping this policy for 10, 20, 30 years is pretty slim. So the likelihood that most insurance companies don't pay out. Yes, you have people that die, yes, car accidents happen, but it's a vast majority of people that pay into an insurance policy for years and years and years and never take anything out. For a prime example, let's take me for a prime example, my personal life. So I got a whole life policy years ago, it was a standard whole life policy. And my cash value of my policy, it just sat there. It did nothing, it just pretty much was a savings account. And later on in my life, when I learned about what an index universal life policy was, I learned that my cash value could be tracking the index. Something that it wasn't doing in my current policy. So what I decided to do, I decided to surrender. Surrender means when you close out and you say, hey, I don't want it anymore. I want to surrender the policy. I want to take the cash value and I want to go into a new policy. Now what I did that, the insurance company won. Because guess what, for those four years that I had the policy, I paid into that insurance company, right? They kept that policy.  So after four years, I said, hey, I don't want the policy anymore. They said, okay, cool. They just collected premiums that they probably could make interest off of. And that's 98% of the policies that they hand out. Most people won't use them. Even when you go into, when you go to Best Buy, they go in and say, hey, yeah, do you want to cover this for 100 bucks for a year of protection?  I don't want it to, of course I'm going to buy the insurance. Because they know that only 2% of the people, computer, that they're probably ever pay out on. You know the insurance that you get because you're buying your phone and when you get ready to check out, they'd be like, hey, for extra 10 bucks a month for a year, we'll cover you for whatever the case may be. And most people would be like, yeah, I want that insurance. Because insurance already done statistical data and they know that, hey, it's a small amount of people that will ever utilize this insurance. And that that's why when the recession happened in 2008, that's why when a great recession happened in 1929, that insurance companies were in pretty good hands. Now, the thing about insurance companies, they are regulated by the state. You say, Prince, what if I go out and get an insurance policy, insurance company collapse? Insurance companies are regulated at the state level. When they're regulated at the state level, they much have, they only could take a certain amount of risk. They only could, they have to keep a certain amount of cash on hand. They have all type of regulations. And with these regulations, just like we know with Equifax, and of course they had their issues, when you get your credit score like Equifax, TransUnion, and I can't think of the other big bureau out there, they have bureaus that go around and they rate insurance companies. Standard and poor, being one, AME best, being another one. You have insurance companies that go out there and you have another one called Moody. These credit agencies, they go out and they rate an insurance company of the likelihood of them being their financial stability. So you can go and Google or look up any company that you may have and see what their insurance rating is. See what their rating is. It's the same thing. It's like looking at a credit report. Before you loan money to somebody, you don't know what their credit score is, right?  You can do that with an insurance company before you even invest with them.  What if it goes bankrupt, whatever the case may be? That's the way you can look at the financial stability of a particular insurance company that's regulated at the state level. These are great ways for a prime example. These are another added feature to passing down generational wealth. When someone passes away, this should be a way that you set your family up better than what you receive. Let's say if your grandmother died and you got 500 bucks or you got nothing or you had to go raise money to put her in the ground. How about you stop that with your generation? You say, hey, you know what? I don't want my kids to do that. So I don't have to go out here and give them a $50 million policy, but hey, I can give them a $50,000 policy or $100,000 policy that if I was to die, I can pass something over to them. Another thing insurance companies do is something called annuities. Annuities, they're three types of annuities. You have fixed, variable, and immediate annuities. Let's say if you wanted a lottery. Let's say if you came into a lot of money. Let's say if you, if my father died and he left me $200,000. And now I'm sitting back saying, well, with $200,000, you can buy a car, pay off some debt, do a couple of things. Before you know it, you can have $50,000 in your account and be headed back to work and trying to figure out what you're gonna do. Essentially, you can outlive your money. Annuities are ways that you can not outlive your money. You go in with the lump sum. Let's say if you wanted a lottery. You wanted a lottery, you got $100,000.   You say, okay, great. You give them a million dollars.  Because if you ask me which one I would wanna receive, what I want, 10 million, if somebody walked to me today and say, do you want $2 million a day or $10,000 a month for the rest of your life? Just ask that question. I ask, Rob, what do you got to say about that? If somebody asked you if you wanted $10 million a day, if you wanted $10 million a month, now $10,000 a month for the rest of your life or $2 million a day, which one you would probably take? No, not $2 million a day. You get $2 million a day, that's it. Here you go, $2 million. Now I'm not putting you on the spot. I'm talking to our camera guy. I'm putting you on the spot.  Why would you want to take $10,000 a month? You can't outlive it, right? Because if I take the $2 million a day and I go buy a yacht, a car, especially living out here in Hawaii, get you a nice house, you might be left to a couple hundred. Oh, don't forget about taxes. So you don't even get the $2 million.  I hear to get a decent house in Hawaii, you're gonna spend about $600,000, right? And you get the $600,000, and next thing you know, you could end up having a couple $100,000 and you could be running your money. But what you could do, you can take that $2 million and you have annuities. You have immediate annuities. You have variable annuity and fixed. Fixed being, hey, I want to fix a particular amount. Variable, you have a variable amount. Immediate, I want to get paid right away. You can say, hey, I want to pay this much into this annuity for 10 years and I want to start getting paid for the rest of my particular life. That's the way to think of it, right? So that's another investment vehicle. You can get paid, or you can have your kids being paid for the rest of their natural lives, utilizing annuities, different type of annuities. Now, another thing about a policy, let's say if you pay up, I have a particular insurance policy. I can give my insurance policy to my kid or my son as a gift, or my nephew. I can say, hey, I don't want to pay on this policy no more, I'm dying or whatever the case may be, but if you pay the 200 bucks a month when I'm dead, you can receive this. Or I have paid up this policy and I want to give it to you as a gift, then it comes to me tax-free. Now annuities do have, if you draw them after the age of below 59 and a half, they do have penalties. They're not tax-free like other insurance vehicles. But think about these insurance vehicles you just heard me talk about. Building generational wealth, having money that you cannot live, having money that you can invest without taking the risk of the stock market, all these particular ways. Now Prince, how do I apply this? How can I make this happen? Depending on your particular state you're in. If you want to reach out to me, drop a comment below to ask more questions about it. But reach out to your particular state that you're in to find an insurance agent, a licensed insurance agent. Do your research, look into it, add this to your arsenal. Just don't think about stocks, bonds, and real estate. That's the only way I can invest for my child's future. Insurance is another great vehicle that you can set up your child for the, you can set up the next generation and also set yourself up to where you can be a benefit and not a burden to the next generation. I don't want my family figuring out ways how they're going to bury me, how they're going to carry on. I want them to be, hey, you know what, dad set us up. Our uncle or my husband or whatever the case may be or my brother. But anyway guys, that's going to conclude the show. Of course I would love to talk more on this topic. I hope this was beneficial to you that you took something away from it, that you analyzed and you look into your financial plan and see where does insurance fit into it. Think about your kids, ask your parents. Does your parents have insurance? Does grandma have insurance? Things like that, these are great ways that you can earn generational wealth and pass down generational wealth within your family. Go fund me, it's not an insurance policy, right? So think about it, look into it. Things you know is not that expensive depending on who you are, but add that into there and that's a way to create generational wealth via insurance. Guys, my name is Prince Dax. This is The Prince of Investing, the number one financial literacy show here in Hawaii, episode eight. Don't forget to hit the like, subscribe, comment and share button. Until the next episode, peace, be safe, I'm out and thank you.


Certainly there are some thank-yous in order at all these events. We have several of our society and club members here today. I won't name them all individually. You know who you are and these are people who have done so much for the Institute over the years financially but not just financially otherwise. I mean it's their time and their energy and their involvement and engagement with us. So thank you so much. It means quite a bit to us. And our hosts today I will name their class in Anastasia, Talisman. They live close to locally here but not too close but they are farmers very interested in what the Mises Institute is doing, very interested in what it takes to create a freer society. So for hosting us thank you so much. And when I say farmers I mean at least in part dairy farmers right. So there's recalcitrant beasts from whom they must rest a living every day. So thank you so much for having us today. And it's been a great venue. I must say this is our third trip to Texas this year. So Texas is a great state for us so thank you. Our first afternoon speaker needs a little introduction I'm sure for most of you Tom Woods. Do we have some of Tom Woods show viewers listeners here in the audience night show of hands? Wow!  This is a heavy Tom Woods crowd. You know all about his achievements academic and otherwise the books he's written. So instead I'll just tout his latest venture which is a joint effort with Bob Murphy also an economist in a new website in a new podcast called Contra Krugman. They're going to be doing I believe weekly podcasts which are basically debunking Mr. Krugman who writes a pop political blog for the New York Times called Conscience of a Liberal. So ContraKrugman.com is the website you need to check out and Tom is our afternoon speaker. Tom?  Don't say I didn't warn you. Before I get started today and today by the way I'm gonna cover all kinds of things that could make people uncomfortable. I'm gonna talk about the so called gender wage gap and argue that there really isn't one. I'm gonna talk about all kinds of differences between all kinds of people and all kinds of groups so fasten your seat belts but before I do that I'd like to urge you to see these devices that you have and we haven't hectored you about taking them out and turning them off. I'm actually going to hector you about taking them out and turning them on. Turn this on now not just so you can tweet things about what I'm saying but primarily because I'm going to give you a free book right now it's called Bernie Sanders is Wrong and it will be think I'm this is a real book it's a real e-book it's about 150 pages and it covers inequality, trade, renewable energy, should we be like Sweden all these sorts of arguments that you hear it's all in there and I'm giving it to you because it'll actually be helpful for one of the topics I'm discussing today so the way you get this book for free is simply and it comes in three formats if you like Kindle give it give it to you that way if you like PDF EPUB just text to the name Bernie to the number 33444 so that's 33444 text the name Bernie and you will get the book Bernie Sanders is Wrong amazing what technology makes possible all right I'll tell you in a minute what topic from there is going to be helpful for us this afternoon what I want to talk about today is the narrative of oppression that underlies the whole political correctness movement and this narrative holds certain things to be true true to the point that you're not allowed to question them questioning them is not even considered to be a legitimate point of view and if you should be so foolish as to question them you will not be refuted you will simply be hounded out of society we all know what I'm talking about if you make some of the claims that I'll be making here today you will not be met with a careful sober scholarly refutation instead you will be hectered and called names and your motives will be impugned in a way it is reminiscent of Marxism in that Marx would often say that an opponent of his was obviously simply a pawn of the bourgeois class it was not necessary so much to refute this person what we needed to do was unmask his class background because then that we would know that that colored all of his thinking this man belongs to the bourgeois class well likewise it is sufficient to say well so-and-so is a white man of course he will say these things now if it so happens that it's a white woman saying these things or a black woman or a Hispanic man or whatever well those people are not even human from the point of view of the political correctness movement they cannot conceive of why people would want to participate in their own oppression which is the only way they can account for why people might disagree with their conclusions the primary narrative of course as Tom de Lorenzo indicated is that there is an express and oftentimes implicit oppression a campaign of oppression against all groups other than white men throughout society and coupled with this narrative of oppression is an expectation that in the absence of this oppression we would have equality of economic outcomes in terms of job opportunities and educate and incomes and if this equality of outcome is not present then there must be a sinister reason there must be a deliberate attempt to bring about unequal outcomes somewhere and what follows from this and this is why the Mises Institute would have a particular interest in this is that state policies to rectify the imbalances are thereby proposed we need state policies to overturn this outcome to reverse this outcome to minimize these differences and so on so it's it's not just that we're dealing with toxic and irrational ideas if these are ideas that obviously lend themselves to government intervention we need government intervention to reverse all these outcomes that we're told are unnatural it would not occur spontaneously but the presumption that we would have equal outcomes for all groups is based in an extremely well I don't know how to say this here a childish juvenile let's say an approach to society that is so simplistic as to be juvenile because the different racial and ethnic groups in the United States differ in all sorts of ways all sorts of ways that are completely benign they differ in average age for example they differ in their geographical distribution across the country they differ in their educational levels and they differ in their culture and their cultural values and they differ in these ways that are so extraordinary that it would be astonishing if there were equal outcomes among groups even assuming absolutely pure motives on the part of everybody involved let's take a quick example to illustrate what I mean Japanese American women are only only 10% of them are married by age 18 but 50% of Mexican American women are married by age 18 that difference alone is going to have a lot to do with educational opportunities job placement and so on because when people get married it has an impact on these other aspects of their lives that's just one cultural difference between two groups that right off the bat will in a totally benign way account for many of the differences between them now we're told that if there are income differences between groups this must mean discrimination and if one group let's say earns more than another then that group is suffering from less discrimination than the other and then a group above them is suffering from still less discrimination so the fact for example that Jewish people in the United States earn more on average than Hispanics is taken to mean that anti-Semitism must be of lower intensity than anti-Hispanic feeling that's the explanation for why there are these differences in incomes well then how do we explain the much greater incomes of Jewish people in Hispanic countries good question the answer is the question is not to be posed if you pose the question you're obviously a spokesman of the oppressor class and so on and on so in other words you can't even make an argument the making of an argument is an act of hostility or let's take we're sometimes told that black Americans have higher infant mortality rates presumably because they are deprived of prenatal care they're deprived of access to prenatal care but Chinese Americans have even lower infant mortality than whites even though they have less prenatal care so there are disparities everywhere in American society and around the world and there would and will be such disparities as long as human beings roam the earth and there is no reason to expect otherwise I give you a few examples in 2012 out of the 100 top ranked marathon runners 68 were Kenyans the national spelling bee has had an Indian American as the winner for seven consecutive years despite being greatly outnumbered by black Americans and slightly outnumbered by black Americans in terms of earning bachelor's degrees Asian Americans received more than twice as many bachelor degrees in engineering as blacks moreover Asians outnumber blacks despite the fact that they are vastly outnumbered by blacks in the general population they outnumber them at MIT 3 to 1 10 to 1 at Harvey Mudd College and 40 to 1 at Caltech but even this as Thomas Sowell points out was not as great as the disparity between Chinese and Malays earning engineering degrees in Malaysia in the 1960s students from the Chinese minority in Malaysia maybe 5% of the population earned over 100 times as many engineering degrees as students from the Malay majority and this is in a country where Malays dominate the government and they dominate university policy so as soul says there are grossly uneven and non random outcomes from all sorts of purposeful human endeavors moreover serious laws and policies are based on these assumptions that we should expect everything to be equal in defiance of the facts the Malaysians have never or I beg your pardon the Chinese minority in Malaysia Indonesia the Philippines Vietnam and Thailand have never operated under an equal playing field and yet most of those nations total industry a total investments in key industries are held by this Chinese minority the Chinese minority has had twice the average income of the Malay majority despite the fact that they are officially they've been officially discriminated against the Italians in Argentina have outperformed native Argentines despite discrimination the same could be said for Jews Armenians East Indians and more in the United States Japanese Americans were so discriminated against that some of them were put into special camps during World War two and yet in spite of the temptation to use this as an excuse for poor performance by 1959 Japanese American households had equaled white households in income and by 1969 we're earning one-third more so there are a lot of disparities and there are disparities that are the opposite of what you would expect if the narrative of political correctness were true that discrimination and oppression must have these sorts of outcomes sometimes we have exactly the opposite outcomes because human beings are widely variable and they are in many many different sorts of circumstances there are many factors that contribute to various outcomes it is not in other words a comic book the world is not a comic book in which there is one factor at work and in which everything would be equal if we could just get this one factor just right now what about the what about the so-called gender pay gap we're told that women earn 77% of what men earn that is not true it's true in the most trivial irrelevant sense imaginable but it is not generally true now when I was arguing this on equal payday they have an equal pay day every year I was trying to argue this with somebody and the person actually believes that what's being complained about is that women are earning 77% of what men earn for doing the same work that is actually not the claim that the gender pay gap people are making but like with the war in Iraq where they were glad to let people think Saddam had had a hand in 9-11 even though they didn't have to come out and say that the gender pay gap people are quite happy for people to believe that the issue is women are earning 77% of what men are earning for doing the same work that is not the claim because in fact the equal pay act of 1963 already made it illegal for women to earn less for doing the same work that's not the issue what they're saying is that if you if you add up all the hours that women work in all different occupations and you add up all the hours that men work and you divide the one into the other the answer is 77% so you might ask yourself well what kind of jobs do they have might that have a little to do with the difference do they have different kinds of jobs in general what are their degrees in are women getting degrees in engineering more often than men or are they getting degrees in education more often than men which one pays better how many hours are they working can you believe that's not factored in that's not even factored in they say well we're dealing with full-time workers that's an equivocation full time according to the Bureau of Labor Statistics means you work in the vicinity of 40 to 41 hours plus or no I beg your pardon it's 35 hours now they now say 35 hours plus means you're working full-time well let's disaggregate those statistics let's see how many of those people are working just 35 to 39 hours 12% of women earning 35 are working 35 to 39 hours per week and 5% of men are working 35 to 39 how many are working 41 hours plus 26% of men are working 41 hours plus only 14% of women are working 41 hours plus so when you factor in the number of hours worked the so-called 23% paygap drops immediately to 12% just with that one adjustment now how could they not know that right that's an obvious lie are they that pathetic and uninformed they don't even know the difference in hours worked they're gonna make a big federal case out of this whole thing and they're not even measuring hours worked no I don't believe that they're obviously lying because they don't care about the facts they honestly do not care I remember when I was in academia year after year I would say gosh I mean I've got all the facts and statistics what do they care what they care about is power they don't care about these statistics now what's interesting is we still have a 12% paygap to account for but you know what institution in the United States very prominent institution also has a 12% gender paygap the Obama White House now they're gonna go around and harass private employers all day long about having a 12% paygap so it was raised to Jay Carney well hey I mean you guys have a 12% paygap how do you count for that and you know what the answer was well you know I mean women have different jobs in the White House than men you don't say that's the point all right but where's the 12% again there are many possible reasons but one of them of course is the difference in effects on men and women of marriage marriage and childbearing if a woman expects to be out of the labor force for an extended period of time to raise a family this automatically rules out certain high paying occupations where your knowledge would be simply out of date by the time you return so there are some high paying types of careers that are immediately ruled out moreover there are other careers where there are a lot of people packing into them because they're so desirable from the point of view of a woman with children like education or being a secretary where you can make hours that are very friendly and family friendly so this is entirely benign these are the this is these are the ways people sort themselves out and these these particular jobs tend to have lower salaries but this is not any sinister plot to keep women down obviously if women were only earning 70 percent 77% of what men earned every business you know how how razor thin profit margins are these days they would drop every man on the payroll in a second and hire women to get a 23% advantage over your competitors it's so funny how these same people spend all their time talking about how greedy the private sector is and they don't stop to realize if they were that greedy and there really were a 23% pay gap there'd be no male employees they would all have been fired hello so I cover this in that Bernie Sanders is wrong book so there's all these statistics and much more analyzing that is all in there it's important by the way to disaggregate statistics to understand what's really going on it's not enough to say well there must be some discrimination because white PhDs are earning more than black PhDs or Asian PhDs are earning more well the question would be what are the PhDs in are the PhDs in chemistry in mathematics and in engineering as most of the Asian PhDs are which these are very high paying fields or at least 50% of black PhDs are in education which is a notoriously low paying field might this account for the disparity we're seeing what wouldn't that be a better way to try to think about this than to assume there's a deliberate hate-filled campaign against black PhDs in the United States why would that be your automatic default position to assume the absolute worst of your fellow human beings educational differences can also account for later outcomes in life and here we have an enormous amount of material that we can cover so I'll keep it as limited as I can there was a study in the late 1990s it was the NAEP I think it was a national assessment of educational progress big thing fully funded and what it found that after billions of dollars had been spent on busing programs and so on and on they found that the average black student who was about to complete his senior year of high school was slightly lower in reading in U.S. history than the average white eighth grader and was far below the average white eighth grader in math and geography they saw that the progress between 1977 and 1999 among black students in science was they went from the eighth percentile to the tenth percentile in the year 2001 they found that the math SAT on the math SAT the number of black students scoring 700 or above in the entire country was 700 whereas Asians vastly outnumbered by black students had over 16,000 such students it was found that even in the early years beginning in kindergarten there are disparities so this is long before the there could be other sorts of influences so for example the National Center for Educational Statistics found that black students entering kindergarten were already disproportionately testing in the bottom quarter of students in reading math and general knowledge that between one third and one half of black students were testing that low but only one sixth of whites they also noted behavioral disparities requiring discipline also evident at that early age and this has sometimes been attributed to racist white teachers who just arbitrarily pick out the black students but to the contrary they found that black teachers are even tougher on the black students than the white ones are this gap persists even when social class is accounted for yes obviously people who are raised in a wealthier environment do better but that's true of whites also so the gap is still basically the same it's only marginally different and there is a study done of an affluent Cleveland suburb called shaker heights Ohio this is where the high school spends about 50 percent more than the national average and the town's black residents have only slightly below the are only slightly below the white residents in terms of education and income levels in this school anybody can take advanced placement classes you can take any class you want so there was a special effort to get the black students to take the advanced placement classes 30 percent of them do but 87 percent of the white students do two-thirds of the city's black students were failing at least one of the Ohio State proficiency test this was true only of one-sixth of whites over half of whites past the tests with honors this was true of four percent of black students and as Stefan Thernstrom points out he was my professor at Harvard that number four percent is no higher than the statewide average for blacks despite the fact that income and educational levels of black families in shaker heights were far above those for Ohio as a whole and children attending integrated school they were attending integrated schools that were regarded among the best in the state well these are facts you know as I say you're entitled to your opinion but you're not entitled to your own facts so therefore we need political action is the remedy that's proposed by the political correctly correct movement obviously we need state action to deal with problems like this to deal with disparities to deal with income disparities do whether whatever we need we need state action but one thing soul has pointed out as he has studied groups ethnic groups all over the world is that actually it's the most successful minority ethnic and racial groups that are not involved in politics at all he said for example if you look in the United States look at the groups that got ahead they didn't get involved in politics till after they got ahead but look at the groups that lagged behind the most the Irish for example the Irish had political machines they did everything to get involved in politics and they were the slowest to advance in Detroit you had you had blacks elected at every single conceivable level of government a lot of good it did them how about the Chinese in the United States only after they became affluent did the Chinese begin to get involved in politics and even then they campaigned on on platforms of advancing the general welfare not being obsessed with their their race this is true also of the Chinese in Southeast Asia and in the Caribbean it's true of the Germans in the United States it's true of the Germans in Brazil and it's true of the Germans in Australia English immigrants in Argentina have been very prosperous but played next to no role in Argentine politics for a very long time Italians were notorious for not participating in American politics and even for choosing non-Italians over Italians in fact in 1940 the best known elected official Italian elected official in the US Fiorillo LaGuardia lost the Italian vote to his his Irish competitor now even when government has gotten involved in the United States the outcomes of course as you can predict have been terrible in 1948 when the minimum wage was hadn't been adjusted for inflation so it was basically lower than the typical wage everybody was earning anyway so it really was not even a factor they may as well have been no minimum wage in 1948 black teen unemployment was under 10% then they start increasing the minimum wage that was the last time black teen unemployment would ever be below 20% by the 1970s it was around 47% and it tracks the increase in the minimum wage very closely or of course there's been a lot talked about how the welfare state encourages all kinds of pathological behavior and all kinds of unhealthy behavior encourages the opposite of the sorts of virtues we would want to see encouraged and people say yeah yeah yeah I sort of accept that but the fact is in the 1920s in New York you know the percentage of families black families headed by a single woman 3% so much for the legacy of slavery argument how could the legacy of slavery be worse the farther away in time you get from slavery from 1940 to 1960 the black poverty rate declined 87% to 47% how did it do that 40 percentage points that's before there was a war on poverty that was before there was a great society is before any of these things it was migration black migration that was what solved it now it's true that you do see a continued 18% decline the poverty rate that's not in substantial later on but this is an already existing trend and if I had a little more time I would tell you about already existing trends in black employment before the 1964 civil rights act already sitting we see greater gains in employment in the 1950s and 40s then in the 1960s no one tells you that because that would undermine the narrative we can't have that so the argument just becomes that blacks owe everything they have to the government these are already existing trends everything you can think of was an already existing trend all right now what I do want to leave you with a all right we're bombarded with false hoods that are easily refuted and we got to figure out what to do about it before I do that I do want to point out one little thing though that I forgot to mention just because it was so big when I was in school when I was in college a big issue on campus was faculty diversity and we were told and we heard this over and over again the fact we don't have more black professors at Harvard is an indication of a deep-seated racism at the university so they don't they don't hesitate to accuse people of the basest motives imaginable just immediately automatically assume that so I wrote an article about this at the time and I pointed out that I don't think it's because Harvard doesn't want more black perfect Harvard would you tell every Harvard administrator would step over his own grandmother putting his boot right in her face to get more black faculty you insane the reason we haven't got it is that you just look at the numbers in 1988 because I I entered in 1990 the number of people awarded PhDs in math and computers was 600 608 to be precise of those two were black how many of those is Harvard going to be able to hire how many in and we can go into a lot of other scientific fields where the number is also extremely low even in US history five and that includes African-American history five how many colleges and universities are there do the math and it goes on and then there were entire fields dozens of them with zero black PhDs at all now you can say this is because they didn't have adequate opportunity whatever the explanation for that is this is not the moment to deal with it deal with it earlier but it's certainly to go around saying that you are bad because you just don't want different people here at the university is just morally wrong and despicable and disgusting to basically use career destroying smears to try to advance your so-called argument which has as usual zero statistics behind all right so what do we do well it's true as Tom DeLorenzo says we can ridicule these people that's easy because they're so ridiculously wrong on everything and then they just double down they're really wrong and then they just they try to go out of their way we can't have anyone come to campus to talk about how wrong we are will all sit as Tom DeLorenzo says about Brown University will sit in our safe room with our pillow and blanket and our coloring book and if you have people watching on YouTube that's actually what they have at Brown University live they have coloring books they have cookies in there to make you feel better well I I would need that too if I were being demolished so badly in a debate give me my pillow and blanket but we can do more than this first of all anytime there's any article pushing the PC agenda this is the only time I ever recommend you read the comment section in the internet the only time it's ever going to make you feel better no one's buying it no one's buying it they've been playing this tune for too long but there are two other practical things because I want to say what are practical things we can do one is of course the thing that I've had the chance to work on for a couple of years and that's Ron Paul's home school program Ron Paul home school dot com is something I devoted two years in my life to and if people are exposed to have a chance to hear an alternative they hear the standard worldview and a different one like namely ours which is what they'll also get a chance to hear in this curriculum they'll be less likely to be swept away by political correctness they won't buy into it because they'll have the analytical tools and the knowledge to know where it goes wrong that'll help and secondly of course the Mises Institute which is utterly fearless which is smeared by everybody you would want it to be smeared by attacked by everybody whose attacks are metals on its chest every time it's attacked you say ah my donation to the Mises Institute is secure would never dream of doing anything other than help the Mises Institute more because that's what we need is not people who go scurrying for the exits because the New York Times call them a name if the New York Times is inviting you to write a column for them that means you're their lap dog the Mises Institute isn't anybody's lap dog it believes in truth it'll follow that truth wherever it takes us and that's why I commended to you so strongly and I'm so proud to say that I've been connected with the Mises Institute as a student and now in my present career capacity for over 20 years and I invite you to join me. Thank you very much.


Welcome back folks. I doubt I was down 23 Nasdaq is up 31 the S&P's the flat Let's go inside that dial and see What is the strength versus the weakness inside here? Put this baby up point wise what we have is that Yep, it's Boeing Boeing's putting 30 negative points Caterpillar 9 Dow to point 9 not that bad Apple's putting 11 positive points You got 3m putting 9 big Mac is putting 8 and let's go over to dear Tom and see what? They have to say they there's no doubt. This is a man. I was down eight bucks Yeah, off the lows, but they had a little bit of negative action this morning on their earnings That's for sure. Yeah, so let's see what that. Let's see So the headlines is dear outlook disappoints as trade war keeps farmers frugal can't blame them Yeah, it's the sales of agricultural turf equipment forecast to fall five to ten percent Let's see dear delivered more cautious outlook than expected for a year ahead as simmering US trade tensions and Growing and difficult growing conditions keep North America farmers from replacing large equipment Demand for machinery has taken a backseat as trade concerns of farmers worried about who will buy their products Man, it's got to be pretty intense to be in a farmer right now, man You know man, it's not much tougher that you can be going through I imagined from what I continually hear what they're dealing with out there Yeah, seriously, man Okay, so giving their first guidance for fiscal 2020 the newly appointed Chief is executive office John may project a net income in the range of 2.7 billion of 3.1 and That compares with the 3.46. That's that's quite a that's staggering, right? I was waiting again I mean, that's just they might have income of 2.7 billion and they were gonna have maybe 3.5 That's 800 million dollars to the bottom line that just might go poof. Yeah So that's that's serious business And that's keeping in mind that that was the average analyst estimate which already factored in some struggles Yes, you know, so it's yeah. Wow Let's see a fiscal fourth quarter the top truck to make reported better than expected sales and earnings that were broadly in line with estimates the There let's look at the positive there are positive the deal between the US and China could provide stimulus So well, good grass, what you're waiting on that man Seriously, yeah, I if you were a farmer just pitch this hook if you're a farmer and a deal comes down and You have to depend on that deal staying in place. Would you go spend the hundreds of thousands of dollars on equipment? That's right That's pretty no. It's a great point. Exactly.  So that's the deal. Let's go over to Caterpillar and see what that's doing to Caterpillar Yep hitting Caterpillar a little bit this morning as you might expect right now. It's bad though. Interesting, right? You know, no. Yeah, and I think they're both, you know They they got of course the farming equipment, but they're both into mining equipment big-time too. I believe let's see so Under the scripture of Caterpillar, you got construction mining forestry Let's go into deer and see maybe deer is just a bigger agricultural deal. I See so that's interesting. They they they're into construction of forestry also, but agriculture is the number the first one Yeah, yeah, so if I put the revenue, yeah, that's what I was waiting for Okay, so this is cool. They do break it down. So deer revenue wise Agricultural and turf 23.7 billion construction 11 billion. Okay. Now, let's do Caterpillar. So we got to remember those numbers with 20 23 and 11 Okay, cool. And then inside Caterpillar, let's see if they even break it down for us, right? Sometimes they sometimes they hide the sauce they do they do and there you go Yeah, machinery energy transportation 51 billion. Yeah, it's it's a little different mix Yeah, hey, how about oil if we could jump over so we just had those crude numbers come out quite a miss man We were looking for we talked about it yesterday on the show The estimate was looking for the an EIA inventory decline of about 800,000 barrels and it looks like we still got plenty of oil man that number coming in at 1.5 million barrels on crude and I'm pulling up the chart. We initially got a little bit of a thrust downward. I got the chart up there We spiked to 58 16 But oil right back to where we were man 58 dollars 37 cents. We didn't miss a beat and we're actually trading higher on That number right now.  Hi, we had it 650. I call it last night 6 50 a.m. This morning we're up at 58 dollars and 66 cents and Boy, oh boy crude catching a bid right now at 58 49 As it looks like Even a surplus an unexpected surplus on that EIA number can't hold it down. That's pretty wild And it is what you're doing here folks. Okay, it was gonna be interesting here Is that you're going right, you know, we've been up here a few times and 58 74 is the number that it's trying to break through right now Look at we might get there by the end of the segment let alone show no no totally totally I can see that I mean talk about a trend of higher highs and low and higher lows, right? I mean that trend is just It's pretty clear. Let's put that on a yearly. Well, I actually got to do a C L And C L1. Yeah There we go We got the gas inventory up there as well plenty of gas 4.3 million barrels of gas inventory Oh No, excuse me. That's the API gas came in at 5.1 and the estimate was only an increase of 800,000 So plenty of gas as well coming into Thanksgiving Yeah, you can see they have this long-term charred up now of oil and we've been here for quite some time I mean this thing back down and let the well actually a year ago. That's that's when it's back down uh Look at that. So in September last September folks here at 76 dollars And In the middle of december we were 42. Yeah, that was crazy run. Yeah, and that's that's of course The market it took the market down simultaneously. That's in the market itself also. Oh, yeah, I'm sure that you look at that December Low some of those big bars. That's when the market right good old good old christmas eve was Scrooge on christmas eve coming coming for all the cash coming for all the cash on christmas eve And he got it and he just had to give it back the next uh That's right. It's not giving it back the next week though, right? Seriously. Yeah, no doubt So if we go overseas and take a look at overseas folks last night You have um, you know, europe is basically up slightly this morning Um asia was mixed last night, you know, hong kong still hank sang still can't move So there's not a lot a lot of moving over there And what does happen even though that they are not opened We are not opened There's not really a lot of action even the next couple days It's it's always intriguing to me that if our markets are closed their markets are open, but they're a lot slow, you know It would make sense with the biggest uh economy in the world So we shut down, you know, you take out all that gdp. You take out all the workers We're eating some turkey we're eating some stuffing And um, even we're closed on friday one of the only days really that we're closed when the market is open Stock market open for a half day on friday But really, I mean if if they didn't have the regulations, I think that say that the stock market can't be closed for four straight days They have to sneak in a half day open there just for you know price discovery to make sure that things aren't closed for too long But very few traders in the office for friday after thanks to that. That's quite a rule, huh? It should be because bad things can happen You start closing the market for four or five days when you reopen You know a lot can happen over that time you want to make to mark to mark you on against these things Stay right there folks. That's how me and I come back. We get out man. Mr. Teddy Taste that we're gonna be talking comments. Let's come right back