I Vomited In Your Backseat

Summary

Armstrong & Getty On Demand: "I Vomited In Your Backseat" – Detailed Summary

Released on February 24, 2025, the "I Vomited In Your Backseat" episode of the Armstrong & Getty On Demand podcast delves into a variety of pressing topics, blending insightful discussions with personal anecdotes. Hosted by Jack Armstrong and Joe Getty, and featuring guest Michael, the episode navigates through health concerns, economic insights, social issues, and everyday experiences, all while maintaining an engaging and conversational tone.

---

Health Concerns Amid a "Quindemic"

[02:53] Michael: The episode opens with Michael highlighting the prevalence of multiple health issues, referring to the current situation as a "quindemic." He mentions receiving numerous texts from individuals suffering from RSV, monkeypox, and a significant tuberculosis outbreak in the Midwest.

Notable Quote:
"I've got a sore throat and a couple other symptoms I won't mention. And as Joe mentioned, there's a quindemic going on." – Michael [02:53]

The hosts discuss the implications of these overlapping health crises, emphasizing the severity of diseases like measles, especially among unvaccinated populations.

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Economic Analysis: The California Bullet Train Debacle

A substantial portion of the episode focuses on the controversial California Bullet Train project, which has been labeled a massive financial misstep.

Key Points:

• Financial Mismanagement: Joe Getty critiques the project as one of the "greatest thefts of money," underscoring the lack of progress despite significant taxpayer investment.

  Quote:
  "It is among the greatest thefts of money, particularly taxpayer money perhaps in the history of humankind." – Joe Getty [04:35]

• Public Response and Protests: The hosts detail the public outcry, including protests by union workers dependent on federal funding, who have voiced their frustrations through actions like throwing tomatoes and heckling officials.

  Quote:
  "If you want to go protest somewhere... it was people profiting from it." – Joe Getty [06:30]

• Poll Manipulation Allegations: Michael and Joe discuss the flawed polling methods used to portray continued public support for the project, suggesting biased phrasing that favors favorable responses.

  Quote:
  "They worded the question in such a rosy manner as to get the result they wanted." – Joe Getty [07:09]

• Future Implications: The conversation touches on the potential financial fallout if the project collapses, including taxpayer losses and a possible decline in home prices in lower-income neighborhoods.

  Quote:
  "The homes might also become more affordable. What a mess." – Joe Getty [29:31]

---

Consumer Spending and Economic Disparities

The hosts shift focus to consumer behavior, highlighting significant disparities in spending between the wealthiest and the rest of the population.

Key Points:

• Top 10% Spending Spike: Joe Getty presents alarming statistics from Moody's, indicating that the top 10% of earners now account for 50% of all consumer spending, a historic peak compared to previous decades.

  Quote:
  "The top 10% of earners... account for 50% of all spending, a record in data going back to 1989." – Joe Getty [31:28]

• Impact on GDP: This concentration of spending among the affluent contributes disproportionately to GDP growth, raising concerns about economic sustainability.

  Quote:
  "Spending by the top 10% alone accounted for almost one third of gross domestic product." – Joe Getty [35:18]

• Middle and Lower-Class Struggles: In contrast, spending among middle and lower-income households has stagnated, barely keeping pace with inflation.

  Quote:
  "The bottom 80% really outpaced inflation only by 4%... The top 10% outpaced inflation by 37%." – Joe Getty [31:43]

The discussion underscores the fragility of an economy heavily reliant on the spending habits of a small, wealthy segment, hinting at potential vulnerabilities in future economic downturns.

---

Social and Political Issues: Transgender Athletes and UN Resolutions

The episode also ventures into the realm of social justice and international politics, addressing contentious topics that resonate with listeners.

Transgender Athletes in Sports:

• Public Opinion: Michael references a New York Times poll revealing that 80% of Americans, including two-thirds of Democrats, oppose transgender athletes competing in women's sports.

  Quote:
  "Why would I antagonize the guy? We're about to go into negotiations... an alligator." – Joe Getty [13:04]

• Governor of Maine's Stance: The hosts highlight a dispute where the Governor of Maine challenges former President Trump over transgender athletes' participation, leading to public debates and legal threats.

UN Resolution on Ukraine:

• U.S. Opposition: Michael notes that the U.S. joined Russia, North Korea, Belarus, and Hungary in opposing a UN resolution condemning Russian aggression in Ukraine for the first time.

  Quote:
  "The United States sided with Russia and North Korea, Belarus, and Hungary, and being against saying something as clear cut, obviously true." – Michael [12:48]

• Trump's Approach: The conversation critiques Trump's strategy of negotiating with adversaries like Putin, questioning its efficacy and labeling it as negotiating with "an alligator."

---

Personal Anecdotes: Navigating Modern Life

Injecting humor and relatability, the podcast features personal stories that reflect everyday challenges and societal observations.

Driving and Ridesharing Experiences:

• Lyft and Uber Woes: Michael shares frustrating experiences with Lyft drivers, including communication barriers and unexpected app notifications about deaf drivers, sparking discussions on inclusivity and driver competency.

  Quote:
  "Got this notice before one driver picked me up... No purchase necessary." – Michael [19:52]

• Merge Etiquette: Joe Getty humorously advises listeners on proper highway merging behavior, emphasizing adherence to speed limits and lane etiquette.

  Quote:
  "Pay attention... Very simple, folks." – Joe Getty [16:48]

Consumer Behavior Insights:

• Conspicuous Consumption: Both hosts lament the societal obsession with status symbols and unnecessary luxury purchases, pondering the psychological and economic impacts.

  Quote:
  "What is it that you buy a really nice car... is that a status symbol or what?" – Michael [35:19]

---

Final Thoughts and Wrap-Up

As the episode concludes, the hosts reflect on the discussions, reiterating key points and encouraging listener engagement.

Notable Exchanges:

• Theme Music Challenge: Earlier in the episode, Joe challenges Michael to create a new theme song for the "Eye on the Economy" segment, highlighting the show's playful dynamics.

  Quote:
  "I'll challenge you, Michael, to come up with some theme music... almost half an hour to come up with it." – Joe Getty [03:30]

• Economic Forecasts: The conversation ends on a contemplative note regarding the sustainability of current economic trends and the potential for future crises.

  Quote:
  "Economic growth is unusually reliant on rich Americans to continue to spend." – Joe Getty [35:18]

---

Conclusion

The "I Vomited In Your Backseat" episode offers a multifaceted exploration of contemporary issues, blending serious analysis with lighthearted banter. From scrutinizing large-scale economic projects and consumer spending patterns to navigating personal challenges in the digital age, Armstrong & Getty provide listeners with a comprehensive and engaging discourse that is both informative and entertaining.

Notable Quotes Summary:

• "It is among the greatest thefts of money, particularly taxpayer money perhaps in the history of humankind." – Joe Getty [04:35]
• "The top 10% of earners... account for 50% of all spending, a record in data going back to 1989." – Joe Getty [31:28]
• "We worded the question in such a rosy manner as to get the result they wanted." – Joe Getty [07:09]
• "The bottom 80% really outpaced inflation only by 4%... The top 10% outpaced inflation by 37%." – Joe Getty [31:43]

This structured and detailed summary encapsulates the essence of the episode, ensuring that both regular listeners and newcomers can grasp the depth and breadth of the discussions undertaken in "I Vomited In Your Backseat."

Transcript

[Jack Armstrong]

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[Joe Getty]

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[Jack Armstrong]

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[Joe Getty]

Broadcasting live from the Abraham Lincoln Radio.

[Jack Armstrong]

Studio at the George Washington Broadcast Center, Jack Armstrong and Joe Getty.

[Joe Getty]

Armstrong and Getty. And now here's Armstrong and Getty.

[Michael]

I've got a sore throat and a couple other symptoms I won't mention. And as Joe mentioned, there's a quindemic going on.

[Joe Getty]

We're getting a lot Quinn. Depends who you ask.

[Michael]

Getting a lot of texts from people who've also been quite sick with either rsv, whatever that is. Monkeypox. Nobody's texted that has monkeypox, but that's going around. Bird flu, Covid. Regular flu. And then there's one other one going, is there?

[Joe Getty]

I don't know.

[Michael]

Oh, they got the biggest tuberculosis outbreak in the Midwest they've had in like a century or something.

[Joe Getty]

And you got your measles among mostly illegal immigrants. And the AP says I should never use that term. Unvaccinated people as well, breaking out. And a certain, you know, it's not a huge percentage, but a certain percentage of kids die of the measles. It's not just, you know, red spots, extremely high fever, problems with the brain. Terrible. Anyway, coming up, Eye on the Economy, A couple of really interesting stories about, you know, dollars and cents and that sort of thing. Now, Michael, I'm gonna challenge you. You remember when that was hot? Instead of saying, hey, this is something you gotta do, I'm going to challenge you, Michael, to come up with some theme music for Eye on the Economy. That's not the same damn music you always play. I want a good theme. You got like 20 minutes, almost half an hour to come up with it. All right, I'll come up with something. All right.

[Michael]

And we need five things you accomplished last week to justify your employment.

[Joe Getty]

Yeah, that too. By noon. Oh, I thought.

[Michael]

I'm working on mine. I haven't come up with number three yet.

[Joe Getty]

I've got two solid ones. And I'm thinking, I'm thinking hard. William Lace, Fox News unleashed this report Friday after our show. I liked it so well, I reached out to the fellows to chop it up and have it for you. It's not like it's plowing new ground, but the facts are worth reconsidering yet again surrounding the so called bullet train in California. It is among the greatest thefts of money, particularly taxpayer money perhaps in the history of humankind.

[Michael]

Definitely could be. That's not hyperbole. That actually could be when the pharaohs.

[Joe Getty]

Of old said, you know, I'm going to be Dead soon. And I need a gigantic tomb. How big? Like 30ft, Mr. Pharaoh. No, no, no. Like 500ft tall, twice as wide. And we're going to have people from all over the world slave away and you all got to get more granite than anybody's ever seen in their lives. And you got to build me a monument. That was a smaller theft of, you know, community resources than the bullet train. William Lodge. Next. Michael, it's. We'll start with 80 here. You got that ready? Let's hear it.

[Michael]

This is the biggest boondoggle in the United States. California knows it, you know it. So does President Trump, which is why he has called for this audit, which could effectively kill the bullet train. And it's also why this is how the LA Union Station looked like yesterday. Protesters, many union workers who depend on that federal lifeline turned out to throw tomatoes and heckle Transportation Secretary Sean Duffy.

[Joe Getty]

If you want to go protest somewhere, if you want to shout at someone, go to the governor's mansion. Go talk to Democrats in the legislature who have brought us this crappy project. You notice it was not would be rail riders protested because they're so excited about the bullet. No, it was people profiting from it.

[Michael]

Right.

[Joe Getty]

And only people profiting from it. Next clip.

[Michael]

17 years and $16 billion later, the project has yet to lay a single foot of rail. It was sold to voters in 2008 as a low cost, environmentally friendly way to get from LA to San Francisco in under three hours. Even then, the claim was wildly misleading or a lie, depending on who you believe.

[Joe Getty]

This is a failed project.

[Jack Armstrong]

It is a complete waste of money for California taxpayers and federal taxpayers.

[Joe Getty]

We want to say no to a king and yes to high speed rail. This is something that will help people for generations, will help take vehicles off the road and help people have more options to get around California.

[Michael]

By the way, I just for my birthday, I traveled to LA from Northern California like so many people do. It took 50 minutes. It was quite cheap and very handy. It's called Southwest Airlines. Three hours.

[Joe Getty]

Why would.

[Michael]

Why would I ever want to take a three hour train ride to L. A if I can fly there in 50 minutes, maybe take in the beautiful.

[Joe Getty]

Scenery along I5 if you've driven ever driven I5 between San Francisco and LA. Ugh. Anyway, in a transparent maneuver which we talked about last week, the rail authority and their union buddies put out a study that said a majority of California still support the high speed rail. Last week and Jack despaired over that. I think it is clearly an example of and this is how it goes, which is why you have to be at least a little careful talking about issues, polling. The Rail Authority commissioned a poll from, I think it was Emerson or somebody like that. But the specific wording of the question is going to be incredibly important in this sort of poll. I'll bet they asked, hey, high speed rail between LA and San Francisco, where you can zoom between there and it's environmentally beneficial and very inexpensive and we'll always save a nice comfy seat for you. Are you in favor of that? Against it? Yeah. They worded the question in such a rosy manner as to get the the result they wanted just before the Fed stepped in and said, hey, this is a pile of crap and a huge theft. We're not financing it.

[Michael]

Are you in favor of supporting high speed rail which will save the planet and your child's life, or are you.

[Joe Getty]

A bad person, which is you want your children to die of black lung from the climate change. Next clip.

[Michael]

So far, federal taxpayers dumped about 3 billion into the project, with another 4 billion promised by but not already spent from President Biden. Now this aud could provide President Trump the legal authority to claw that money back. We're going to look at whether California.

[Joe Getty]

High speed rail has actually complied with the agreements that they've signed with the federal government. And we can't just say we're going to give money and then not hold states accountable to how they spend that money. A minimum of $7 billion of Californians and the other states taxpayers money being squandered on this.

[Michael]

Well, this is what gives the energy to Doge and should $4 billion Biden promised to give to an already stupid, obviously wasteful program. $4 billion of people's taxpayer money from all around the country. Nobody. I mean, there'll never be a train anyway. But even if there were a train, none of these people's tax dollars. These people aren't ever going to ride the dang thing.

[Joe Getty]

I can't hand out the money.

[Michael]

Nobody's been able to come up with a reason like we're just talking about why you would ride the thing. When are you going to decide? You know what? Today's the day I'm going to spend three hours getting to LA or San Francisco instead of the 50 minutes that would take me to fly.

[Joe Getty]

Right, right. And it's a perpetual money printing machine too, because you got the environmental groups who can fundraise off, they're going to put the track through the sacred habitat of the San Joaquin rat mouse and then you've got all of the attorneys who are going to sue over all the phony environmental claims and the rest of it, and we're not doing enough for this and that and the other. The point is to hand out the money.

[Michael]

The San Joaquin rat mouse needs to be protected. Yes. I wish we would all catch on. I've only caught on in the last couple of years. The spending is the point. That needs to be on T shirts everywhere. The spending is the point. They don't care if it actually accomplishes anything. They just need to get it, you know, allotted.

[Joe Getty]

If I'm Joe Biden and you asked me to be honest, I would say. But before he was completely senile, he'd say, yeah, the money's earmarked for the bullet train, but I don't care if they use it to preserve pelican habitat or build windmills or a library for bipoc people.

[Michael]

I don't care.

[Joe Getty]

The point is to hand out the money. Last clip.

[Michael]

So the train is decades behind schedule and about 100 billion short. Governor Newsom wants to finish the Central Valley leg, but even that needs another 20 billion. And without federal help, that's unlikely. Many say any money, federal or state, should be better spent on wildlife or wildfire prevention and water storage than a train to nowhere or anything.

[Joe Getty]

Or lighting it on fire or buying everybody in California a pair of jeans or again, practically anything. I'm good, by the way. I need to get rid of clothes, not buy more.

[Michael]

That's funny. Do we have time for this before we take a break?

[Joe Getty]

Sure, why not?

[Michael]

The UN had their big vote on this. It's the three year anniversary of Russia invading Ukraine. One of the worst aggressions, if not the worst aggression by a major country since World War II. The UN has adopted Ukraine's resolution condemning Russian aggression. So that's good. And demanding the immediate withdrawal of Putin's forces. But the US Joined Russia, North Korea, Belarus and Hungary in opposing the resolution. For the first time, we opposed a resolution condemning Russia for the invasion.

[Joe Getty]

Trump thinks he can strike a real deal with Vlad Putin.

[Michael]

These are meaningless. I mean, it's a meaningless debating society and these are meaningless things, but it's. That's something. The United States sided with Russia and North Korea, Belarus and Hungary, and being against saying something as clear cut, obviously true, as Russia's the bad guy here and they ought to get out.

[Joe Getty]

Yeah, yeah, I just. Trump would say, why would I antagonize the guy? We're about to go into negotiations. I just think he's wrong. It's trying to negotiate with an alligator. You're not going to buy favor or intimidate or woo or anything.

[Michael]

I understand the logic to a certain extent of sure, look, your your view of voting on the other side is right, but what is it going to do in terms of ending this war? Is it going to make it more likely or less likely to end it Right?

[Joe Getty]

Yeah, I get it.

[Michael]

That is his argument. We'll see how this turns out. Man, that is something. More on the way.

[Jack Armstrong]

Armstrong and Getty Ready to upgrade your Entertainment experience? Vizio TVs make streaming easy with convenient access to all your favorite apps. Enjoy top hits from the iHeartRadio app or watch over 300 free live channels of news, sports and more on Watch Free Plus. And now take free TV and movies on the go with Watch Free plus in the Vizio Mobile app available anytime, anywhere for everyone. Download the Vizio Mobile app now or visit vizio.com iheartradio to learn more.

[Joe Getty]

Ready for the country music experience of a lifetime? Country superstar Keith Urban will be performing live on the brand new Top Shelf Country Cruise set in sail February 2026. This isn't just a cruise, it's seven days of non stop country fun aboard the luxury Celebrity Reflection with stops in St. Kitts and Nevis and St. Martin experience live performances, games, contests, dancing, exclusive meet and greets plus photos and autographs to make your memories unforgettable. All produced by Signature Cruise Experiences, the gold standard in charter cruises since 2001. It's not too late to book your stateroom. Guests who registered for the presale are already selecting their staterooms, but you can still join the pre sale and get in line just behind them. Head to topshelfcountrycruise.com to sign. Sign up for free with no deposit required. That's topshelfcountrycruise.com and listen for more artist announcements in the coming weeks.

[Jack Armstrong]

The New Year's here. It's the perfect time to refresh those household essentials and score some cash back rewards with Colgate Palmolive. From toothpaste to dish soap, chances are you've got Colgate Palmolive products on your shopping list and in your house. Right now we're talking brands like Colgate Soft Soap, Palmolive, Irish Spring, Fabuloso and Tom's of Maine. And right now you can get up to a $10 digital Visa prepaid card when you buy up to $30 of Colgate Palmolive products. Here's how it spend $20 on their products. Get $5, spend $30, get a $10 reward. All you do is shop your favorite brands, snap a pic of your receipt and upload it to cprewards.com it's so easy. That's cprewards.com so grab what you need. Or maybe try something new and get rewarded just for doing your usual shopping. And start your year fresh by earning cash back rewards with Colgate Palmolive rewards available while supplies last. Limit supply us only 1125 through 331 25. For full terms and conditions, visit cprewards.com.

[Joe Getty]

Pay attention on how to merge onto the highway. So you're going to be a dude at least the speed limit. Not crawling under speed limit, not making other people break. Pay attention. See that? No issues. You step on it. Speed limit 5, 10 above speed limit. You merge with no issues whatsoever. Stop holding up traffic, mind your damn business in the right lane. Very simple, folks.

[Michael]

Well worn topic. But what is the thinking of the people that enter the freeway so slowly?

[Joe Getty]

I'm being cautious and safe to be cautious and safe. That means going slowly. Simple as that.

[Michael]

Right. Even though you're doing the most dangerous, dangerous thing anybody on the road's doing, you. You just upped the likelihood of you dying in a fiery crash by a lot. But.

[Joe Getty]

And innocence as well. Yes.

[Michael]

The interesting thing to me was how often I'll have that happen. Like I'm behind them getting on the on ramp and they're going like 45. And okay, first off, effort I get. I, you know, check my mirror and get around them and go like. But then they'll pass me. I'm going like 80 miles an hour. They're going driving faster than me. So they're more than willing to drive fast. They just don't. They can't enter quickly. Now I know someone and I just wonder how many people are like this. I know someone who I like a lot who just finds it too, like taxing on the car. They feel like it's too, you know, it's too much demanding of their vehicle to like hit the gas and speed up like, like that.

[Joe Getty]

They need to drive with me and my big giant engine. That's the fun part.

[Michael]

Yeah. Well, anyway, speaking of driving, so I took probably, I don't know, maybe a dozen Lyft rides in la. Although I had been told this. Maybe this is a Northern California. I don't know where it is where you live, but I was told I had a problem with Uber and somebody said, you use Uber, you got to use Lyft. Lyft is Target, Uber is Walmart. And so I started using Lyft. Well, I had some bad experiences with Lyft in Los Angeles and somebody told me, no, it's the opposite in LA by far. Oh, really? Yeah, Uber. Uber is, Uber is Nordstrom and, and, and Lyft is, you know, your local convenience store, so. Okay. But anyway, I had a couple of really weird experiences with Lyft where like the, the people driving just had no idea to get to the. Where I'm going. And I had to get out my phone and look up away myself and start telling them how to get there, which was just weird. I've never had to do that ever.

[Joe Getty]

Got. They got an app when I couldn't.

[Michael]

Read it or something. I don't know how many times I circled my hotel. I was in no hurry, so just circling it, circling. I finally like said, you okay? Or I just can't figure out how to get there. He said in a very thick Spanish accent. So I got out my phone, I turn left here, turn left here, turn right again. Okay, you can drop me off there. But I mean, just. I don't know if he's gonna drive around the rest of his life, but got this notice before one driver picked me up. Your Lyft driver is deaf. Please text instead of calling. Learn how to say hello or thank you in American Sign Language, which I tweeted out and responded with. Got this notice. Oh, sure, I'll just pick up sign language real quick while I'm standing here on the corner. No problem. But it brought me a bunch of hate from people who believe I was being really like coarse and non sympathetic to our disabled countrymen by not learning it. Oh, would that really be too much to learn a little sign language for someone who's deaf?

[Joe Getty]

Wow. How about to say hello, I wave with a smile on my face and to say thank you, I give him a thumbs up with a smile on my face.

[Michael]

Or how about we don't interact at all? Which is my favorite.

[Joe Getty]

Go to a proposal of marriage and. Or a threat. No, it's universally understood.

[Michael]

Well, so aside from the hate for me being so lacking and compassionate for our deaf friends that I wouldn't learn sign language real quick. I'm standing there with my bags on the corner. They go pick up a foreign language, which it is real quick. A number of people texted. Now that's what the people do who can't speak English so that they don't get outed is not being able to speak English. It's very common in la, yeah, yeah. Wow. I took this job, I don't speak English. And to get around that there are.

[Joe Getty]

Too many layers to modern life, I swear. Oh, no, no, you don't understand that this is going on that. And here in la, as opposed to everywhere else. And then the driver is going to claim to be Armenian because Armenians, of course, have no thumbs. And if you have no thumbs, you don't have to turn right. I got to believe signal when you're. Oh, this is too much.

[Michael]

I would assume that it's a requirement to drive Lyft or Uber. You speak English, right? Because how else can your passengers say, no, drop me off here or I've changed my mind. I'd rather go to blah, blah, blah if you can't talk to the person.

[Joe Getty]

Or I vomited in your back seat.

[Michael]

But if the. But if what we're going for here is some sort of agreement where there's no chit chat, sign me up. I'm all day long, Pedro. I'm with you. Let's. You don't talk to me, I don't talk to you. We're all happy.

[Joe Getty]

I don't care if you're deaf or Guatemalan or Armenian and some. We're both happy here.

[Michael]

Drop me off.

[Joe Getty]

Just drive. I'll sit here.

[Michael]

Yeah, drop me off someone near my hotel within walking distance and we'll call it Good.

[Joe Getty]

It's the big one that says Hilton on it right there. Oh, that's right. You can't understand me. Never mind.

[Michael]

Right?

[Joe Getty]

Wow. If you know, I. On the economy. Coming up in a moment or two.

[Michael]

Joe's Eye on the economy. I've got an interesting nugget too about consumer spending that we'll get to. What was I going to say something I was going to say, I don't know. Now I flitted out of my head. Anyway, if you missed a segment or an hour, you can get the podcast Armstrong and Getty on Demand. We do four hours every day. I mean, it's ridiculous.

[Joe Getty]

It's too much. I'm being held without against my will. Yeah, stay tuned if you can. The economy stuff is actually really interesting and thought provoking.

[Jack Armstrong]

Armstrong and Getty.

[Joe Getty]

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[Michael]

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[Joe Getty]

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[Jack Armstrong]

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[Michael]

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[Jack Armstrong]

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[Michael]

Not gonna talk about it today, but the topic that's about to take over our lives for those of us who follow the news, is the whole tax thing. That bill that they've got to get to like in the next couple of weeks. There's a couple of giant bills that are going to be proposed in the next Couple of weeks that are going to dominate the political conversation for like the next six months probably.

[Joe Getty]

Now if you're listening, a while ago you heard me challenge Michelangelo to come up with a good theme song. Jack, the tax bill might be in a future edition of Eye on the Economy.

[Michael]

I'm Kent brockman. That's good.

[Joe Getty]

10 out of 10, Michael.

[Michael]

My money. Yes. That is really good.

[Joe Getty]

Wow. It turned harsh there, but I don't mind it.

[Michael]

This sounds like your local news in like 1998.

[Joe Getty]

27 it up a little bit, but it's high on the economy. I'm Joe Getty. Oh, that's beautiful. Just tighten it up and they will be right in the sweet spot. So a couple of stories I found very, very interesting. First of all, the weird, weird housing market we're in which everybody knows no matter whether you're in a house, hoping to buy a house, hoping to sell a house, renting, what have you. Nice piece by Alicia Finley in the Wall Street Journal. Why do housing prices keep climbing despite higher interest rates? Well, the Biden administration.

[Michael]

Confusing to me.

[Joe Getty]

Oh yeah? Well, the Biden administration did some real activist stuff that was Obama esque and did not really get much attention. The federal government has allowed borrowers to take out much bigger mortgages than they can really afford to prevent foreclosures. It's bailing them out when they miss payments. Behold another subprime housing bubble. The problems began, Alicia writes, when the Obama administration eased underwriting standards by enabling more home buyers whose debt payments exceeded 43% of income to qualify for government backed loans 43% higher than that. So that sort of borrower is risky, obviously, because they might not be able to make payments if their income drops or expenses rise or you know, they blow all four tires or what have you. As the home prices climbed, the fha, the Federal Housing Administration insured more loans to financially stretch borrowers with as little as 3.5% down. Now this was the Obama time, no skin off lenders backs if the borrowers defaulted since the mortgages were backed by the government. And you remember the whole Barney Frank Obama thing where if banks didn't write a certain number of mortgages to bipoc people or whatever they were calling them back then we would bring the full weight of the regulatory state down on your heads. And the banks were like, well then we'll go under. And Obama said, no, no, no, no, we'll have the federal government insure those loans so the taxpayer will fund it and the taxpayer will deal. Taxpayer will deal with it. When they go under anyway. So listen to this though. This is where it gets crazy.

[Michael]

So does that mean there might be a giant collapse again, where prices drop, those who are on the sidelines?

[Joe Getty]

That could never happen, Jack. We're kind of getting there, but. In 2007, 35% of new FHA borrowers had debt to income ratios above 43%. 35%. By last year, 54% did more than half.

[Michael]

Wow.

[Joe Getty]

And as housing prices and inflation surged, borrowers became more stretched. The FAA kept insuring mortgages to borrowers who were increasingly leveraged. About 64% of FHA borrowers last year exceeded the 43% threshold. So the FHA's loan portfolio is a lot riskier than it was just before the 2008 housing crisis. Now, I don't know what percentage they may have mentioned it, how big that is within the, the, you know, the global housing market within the US I don't actually know that, but the number of delinquent are heading for delinquent mortgages is, is rough. It's high right now and, and the Biden administration's gone now, but the house of cards they built could collapse if Trump officials dare to end some of these programs because they're the only thing keeping people in their houses and paying their loans.

[Michael]

Home prices are so ridiculously high though.

[Joe Getty]

So if something's got to happen. Oh, I know, I know, it's got to burble down. But just remember, politicians don't care if they are presiding over the road to ruin. If they are out of office when the ruin happens, they don't care anyway. Foreclosures would inevitably decrease, which could cause home prices to fall sharply in lower income neighborhoods with more FHA mortgages. More borrowers would then fall underwater, ballooning taxpayer losses. The homes might also become more affordable. What a mess. Who will get blamed? Not the folks who inflated the bubble. Alicia points out. She's absolutely right then. I thought this was really interesting and really easy to understand. They mentioned that many Americans are pinching pennies, high prices, stubborn inflation. But the well off are spending with abandon. The top 10% of earners, top 10%, which is households making around 250,000 or more per year, as we always point out. And for some reason we're the only people who point this out. Quarter of a million bucks in la, San Francisco, Manhattan, it's nothing. You're living in Okie, you're living a good life, you're living a fine life. If you're in Kuhnhall or Kentucky, you're rich as hell. Anyway, the top 10% of earners are splurging on everything from vacations to designer handbags. Buoyed by big gains in stocks, real estate and assets, the top 10% now account for 50% of all spending, a record in data going back to 1989. When Moody's analyst looking at this stuff.

[Michael]

This doesn't sound good. That just doesn't seem like on the face of it, it could be good. Two thirds of consumer.

[Joe Getty]

Half.

[Michael]

What?

[Joe Getty]

Half. Half of consumer spending is 10% of the population.

[Michael]

Gonna quote a different statistic, okay? Two thirds of the economy is consumer spending. And yeah, half of that is just the top 10%. That ain't correct. That is not good. That is a setup for disaster.

[Joe Getty]

Three decades ago, the top percent was about 36% of spending. So it's up by almost half. Not quite up by 40% as a percentage.

[Michael]

I would like to see the next quintile or however they would break it down because I keep talking all the time about, you know, you see these statistics or how many people are paycheck to paycheck and how much credit people have maxed out credit cards and all these different things. But you know, you go to Vegas, you, you, you, you fly in a plane, you go to a restaurant, it seems like people are spending like crazy. So if, if you got half of the consumer spending is that top 10%, I wonder what the next 10% of people account for. I'll bet a lot.

[Joe Getty]

Picturing Bernie Sanders yelling top 10 percenters as who to demonize gets bigger and bigger, as we predicted.

[Michael]

But in other words, I'm wondering if like the top 25% income account for like 95% of consumer spending.

[Joe Getty]

I'll bet you're right. I'll bet you're, you're damn close to right. All this means that economic growth is unusually reliant on rich Americans to continue to spend. Mark Zandy, chief economist at Moody's, estimating that spending by the top 10% alone accounted for almost one third of gross domestic product between September of 23 and September of 24. High earners increased their spending by 12%. Spending by working class middle class households, meanwhile, dropped over the same period. So taken together, well off people have increased their spending far beyond inflation, while everyone else has not. Here's a little of what you're asking for. The bottom 80% of earners spent 25% more than they did four years earlier, barely outpacing price increases of 21% over that period. So in real dollars they only increased by 4%. The top 10 spent 58% more. I realize there's a hell of a lot of numbers if you don't have them in print in front of you, but again. So the bottom 80% really outpaced inflation only by 4%. The top 10% outpaced inflation by 37%.

[Michael]

I find this a fascinating topic and I was thinking about it a lot on Friday since I was in LA for my birthday and I was on Wilshire Boulevard and Rodeo Drive. It was really expensive area, stuff like that. Looking at stuff, not buying and how many things that are purchased in America don't need to be purchased at all or even the things you do need to purchase, you could purchase a much cheaper version and be fine. Yes, Cars, you know, almost always you could, you could be perfectly fine with a cheaper car.

[Joe Getty]

Now I realize. Go ahead.

[Michael]

And it just, it just, it's interesting that as human beings we do that and it would stop quite quickly. A lot of it. Well, it's basically the difference between elastic products and inelastic products. But all that would come to a head really quickly in a bad, bad downturn, like a, you know, a cataclysm.

[Joe Getty]

I gained so much weight over my birthday week. I'm really grateful. Grateful for elastic products.

[Michael]

I agree.

[Joe Getty]

Anyway, yeah, it's all very top heavy. I wonder what. Well, I was going to say I wonder what percentage of the GDP is based on status symbol purchases, but. Right, right. To a certain extent. What does that even mean? I mean, like, I have a nice car. I have a really nice car. It's also super zoomy and capable. It's an SUV and it's fun to drive. I don't need that car, clearly. Is that a status symbol or what? I mean, a bunch of people are employed making them and selling them and servicing them. Yeah, I don't know. It's all very, very top heavy though. It reminds me of. Do you remember it was probably, I don't know, six months ago when somebody finally said out loud, hey, you know how the S P 500 or the NASDAQ or whatever, you know how that's up 80%? That's just five stocks out of like a couple hundred. Just fine.

[Michael]

Right. Unless you were, unless you were in those stocks. It didn't change your situation that much.

[Joe Getty]

Or in an index fund, which, which helps, obviously. But like the American economy is robust and growing. Look at the S&P 500. I will never refer to the Dow again. The Dow is more idiotic than it's ever Been as a measure of anything. Never look at the Dow because of.

[Michael]

The fact that it's dominated so much by Nvidia and Apple and that sort of stuff.

[Joe Getty]

No, no, the opposite. The, the Dow is, is. It would take too long to explain, but the way it's weighted, what it's composed of as a measure of the economy is stupid. It's not a measure of anything.

[Michael]

I hate to sound like Bernie Sanders, but a lot of that kind of talk that you get, the measures are for the ultra rich and investors. They're using measures that matter to them but don't matter to lots and lots and lots of the rest of us.

[Joe Getty]

Yeah, well, that's true. I would argue in the case of the Dow, that's not, that's not true. The Wall Street Journal editorial board is like, can we stop talking about the Dow? It's dumb anyway. But I'm reminded the same top heaviness. If, if, for instance, Taiwan gets invaded and we can't get chips in the numbers that we need, there's going to be a global depression. That's almost certain because we're so reliant on certain sectors and, and a certain, you know, percentage of the population. Do all the consumer spending.

[Michael]

I feel like we're getting close to Glenn Beck territory here where he would. Right on the chalkboard and then start crying about how awful things are. I feel like we're, I think we're into that, that territory right now.

[Joe Getty]

Yeah, yeah. I've been poor before. I really don't want to be, but.

[Michael]

Yeah, I'm not. I mean, I'm all miles away from Bernie Sanders, but, like watching the most conspicuous of conspicuous consumption right in la. I mean, second only to maybe Dubai. I mean, it's just, it's just like, it's hard to not come away from that and think, why does this exist? It shouldn't exist. Shouldn't it just be condemned by everyone? I mean, just like, what is it?

[Joe Getty]

Yeah, yeah, I see your point. I mean, like, virtually every great religion philosophy has cautioned us against materialism and over luxury and the rest of it. But what are you going to do with the money? I mean, if I'm in a business that, you know, whatever. I invested in Apple and it paid off like crazy and now I got buttloads of money. What am I supposed to do? I didn't, by the way.

[Michael]

And I don't buy a handbag with a certain name on it that's just like any other handbag, but this one costs $5,000.

[Joe Getty]

I shan't be doing that.

[Michael]

We will finish strong. Next Armstrong and Getty hello it is.

[Joe Getty]

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[Michael]

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[Joe Getty]

Remember, no matter who you are, there's.

[Michael]

A Lisa just for you.

[Jack Armstrong]

Ready to upgrade your Entertainment experience? Vizio TVs make streaming easy with convenient access to all your favorite apps. Enjoy top hits from the iHeartRadio app or watch over 300 free live channels of news, sports and more on Watch Free Plus. And now take free TV and movies on the go with Watch Free plus in the Vizio Mobile App available anytime, anywhere for everyone. Download the Vizio Mobile app now or visit vizio.com iheartradio to learn more. Now I'd like to introduce you to Meaningful Beauty, the famed skincare brand created by iconic supermodel Cindy Crawford. It's her secret to absolutely gorgeous skin. Meaningful Beauty makes powerful and effective skin care simple and it's loved by millions of women. It's formulated for all ages and all skin tones and types and it's designed to work as a complete skin care system, leaving your skin feeling soft, smooth and nourished. I recommend starting with Cindy's full regimen which contains all five of her best selling products including the Amazing Youth Activating Melon Serum. This next generation serum has the power of melon leaf stem cell technology. Its melon leaf stem cells encapsulated for freshness and released onto the skin to support a visible reduction in the appearance of wrinkles. With thousands of glowing five star reviews, why not give it A try. Subscribe today and you can get the amazing Meaningful Beauty system for just 49.95. That includes our introductory five piece system, free gifts, free shipping and a 60 day money back guarantee. All of that [e-mail] are you not.

[Michael]

Going to comply with it? I'm complying with state and federal laws.

[Joe Getty]

Well, I'm.

[Michael]

We are the federal law. Well, you better do it.

[Jack Armstrong]

You better do it because you're not.

[Michael]

Going to get any federal funding at all if you don't. And by the way, your population, even though it's somewhat liberal, although I did very well there, your population doesn't want.

[Jack Armstrong]

Men playing in women's sports.

[Michael]

So you better come, you better comply because otherwise you're not getting any, any federal funding. Every state.

[Jack Armstrong]

Good.

[Michael]

I'll see you in court.

[Joe Getty]

I look forward to that.

[Michael]

That should be a real easy one. Wow. See, that's the first time I've heard that. That's Trump arguing with the governor of Maine who wants to continue to let dudes play in women's sports despite the fact that the New York Times has a poll out today saying 80% of Americans, that includes two thirds of Democrats, think transgender athletes should not be allowed to compete in women's sports. So it's not even close. It's not even close among Democrats. But anyway, I saw these headlines about how this governor of Maine owned Donald Trump or shames Donald Trump or whatever and that's not what it sounded like to me.

[Joe Getty]

No. Okay, go ahead. Stand up for an issue that teens worth of percentages of Americans believe in. As perverse as it is.

[Michael]

I know the headline I saw the most was Maine Governor tells Trump I'll see you in court. Yeah, well, Trump said, yeah, okay, I'll see you in court too.

[Joe Getty]

Sounds great. Yeah, I know, I know. How long is this madness going to last? Keeping in mind they have like the whole of the educational structure in this country. Yeah.

[Michael]

Well, I became aware of a school where every teacher is wearing a lanyard with their pronouns on it. Whatever.

[Joe Getty]

Beautiful.

[Michael]

Check your clock.

[Joe Getty]

It's time to stop Jack and Joe. They've got to go and if they don't give can. They'll be back tomorrow.

[Michael]

Here's your host for final thoughts.

[Joe Getty]

Joe.

[Michael]

Oh, Getty.

[Joe Getty]

Let's get a final thought from everybody on the crew to wrap things up for the day. There is our technical director, Michelangelo. Michael, lead us off. Removed lint from my shoe, sharpened a pencil, gave a co worker a nasty frown. Watched a great British baking show during hour two. And finally Cut my string cheese into five equal pieces. These are the five things I did on my job today.

[Michael]

Excellent. I think you have justified your employment.

[Joe Getty]

Elon Musk is going to keep you out of this place. Katie Greener, esteemed newswoman, has a final thought. Katie? Yes.

[Michael]

My final thought is I got a lot of entertainment out of Jack on.

[Jack Armstrong]

Twitter this weekend and I just.

[Michael]

There's a lot of people wondering if.

[Joe Getty]

You got the vest.

[Michael]

No, I did not buy that vest. What the hell is that?

[Joe Getty]

That vest made a real statement. That statement was I'm a dope. No, it's funny, Jack, a final thought.

[Michael]

Well, it's some company that Target carries. It was the same company that made that onesie denim thing, remember, that I wore last year, whatever that was.

[Joe Getty]

It's like the shorts.

[Michael]

Onesie what? What is that company? Who's that for today? I have a lot of target clientele that need that stuff. Very odd.

[Joe Getty]

My final thought is the only status symbol I want is hiding away. Leave me alone. I don't have to deal with you people. Not you people in general. The ability to disappear, it's all I ask. I don't need that watch or that, those leather pants or that handbag. Lord knows I'm a man.

[Michael]

Why? Your status symbol is being a misanthrope.

[Joe Getty]

Yeah, exactly. Like, just give me a cabin in the woods, okay, I'm poor now. Just, can I take a walk in the woods? I'm happy.

[Michael]

Speaking of being poor, that fits into my story for the One More Thing podcast, which will record here soon. Oh, Armstrong and Yeti wrapping up another grueling four hour workday.

[Joe Getty]

As if we haven't done enough. So many people. Thanks a little time. Go to Armstrong and Yeti dot com. Great. Hot links. Drop us a note [e-mail]. pick up some swag. Subscribe to the dang old podcasts, would you? The link is right [e-mail].

[Michael]

God, there's so many developing stories to stay on this week. Ukraine, Doge and many others. See you tomorrow. God bless America.

[Joe Getty]

What's your name?

[Michael]

Tell us your name. Armstrong and Getty. I think you're Star Spangled Austin. Oh, good.

[Joe Getty]

Match made in heaven.

[Michael]

We're all better off. We're all better off. We're all better off and we're working.

[Joe Getty]

Together and everyone knows it.

[Michael]

Is it a real thing? Yeah, it is. Oh, no joke.

[Joe Getty]

Let's go with a bang.

[Michael]

Is it possible to leave Trump out of this and just discuss the fact that Europe needs to get stronger and be able to defend itself.

[Joe Getty]

Does Spain even have a gun on that high note? Bye bye Armstrong and Gettysburg Tired of.

[Jack Armstrong]

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[Jack Armstrong]

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