The A&G Replay Tuesday Hour Four

Summary

Armstrong & Getty On Demand: The A&G Replay Tuesday Hour Four
Host/Author: iHeartPodcasts
Release Date: December 31, 2024

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Overview

In "The A&G Replay Tuesday Hour Four," hosts Jack Armstrong and Joe Getty delve into a range of pressing political and financial topics, providing sharp commentary and incisive analysis. From scrutinizing President Joe Biden's statements and capabilities to dissecting student loan policies and exploring U.S. foreign policy strategies, Armstrong and Getty offer listeners a comprehensive examination of current affairs. The episode also features a nostalgic segment revisiting a 1991 arrest audio clip, blending humor with historical reflection.

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1. Critique of President Joe Biden's Credentials and Capabilities

The hosts kick off their discussion by questioning President Joe Biden's claims about his academic background and teaching experience.

• Joe Getty criticizes Biden's assertion of being a professor at the University of Pennsylvania, stating:
  "[02:28] So we'll set this up ahead of time so you can fully enjoy the President of the United States, who in one minute claims he was a professor at UPenn, which he never was..."

• Jack Armstrong echoes this skepticism, highlighting misinformation:
  "[03:44] ...he starts with the whole, I was a professor UPenn. No, you weren't. I taught constitutional law. No, go to the Washington Post."

The hosts emphasize that Biden's narrative has been debunked by reputable sources like the Washington Post, underscoring concerns about the president's honesty and reliability.

2. Concerns Over Biden's Age and Mental Acuity

Armstrong and Getty transition to discussing Biden's age and potential cognitive decline.

• Jack Armstrong cites Charlie Cook from the National Review, pointing out:
  "[06:00] ...Charlie Cook writes that it's now by near universally acknowledged that Joe Biden is too old to perform his duties..."

• Joe Getty adds personal insights, noting:
  "[05:46] People can't picture and people close to Joe Biden and the people around him can't picture the mechanism for that."

The hosts express doubts about Biden's capability to execute presidential duties effectively, suggesting that his age may hinder his performance and questioning his prospects for the upcoming election.

3. Ineffectiveness of Biden's Student Loan Policies

The conversation shifts to the administration's handling of student loan debt.

• Joe Getty highlights poll results:
  "[09:04] ...three in 10 U.S. adults say they approve of how Biden has handled the issue of student loan debt. 4 in 10 disapprove."

• Jack Armstrong criticizes the policy's lack of support among beneficiaries:
  "[10:06] ...very expensive to live here. But what you get for what you pay is a kick in the groin."

The hosts argue that Biden's student loan initiatives have failed to garner significant support, even among those directly affected, labeling the policies as both ineffective and fiscally irresponsible.

4. U.S. Foreign Policy and Military Strategies Toward China

Armstrong and Getty delve into the complexities of U.S. foreign policy, particularly concerning China and potential military confrontations.

• Joe Getty references Josh Rogan's article in the Washington Post about military plans:
  "[15:35] ...the hellscape idea is we got gazillions of unmanned submarines and flying drones..."

• Jack Armstrong questions the feasibility of military dominance:
  "[17:08] ...Flood the zone with some drones. It's his own drone now. Good luck."

The hosts express skepticism about the United States' preparedness to deter China militarily, highlighting the challenges of modern warfare and the intricate alliances between nations like Russia and China.

5. Segment: Revisiting a 1991 Arrest Audio Clip

In a nostalgic interlude, Armstrong and Getty revisit a humorous audio clip from 1991 featuring Jack Carlson's arrest.

• Joe Getty introduces the clip:
  "[33:00] ...the incident in which Jack Carlson was arrested. And we'll play the full audio."

• During the clip, humorous exchanges occur as "Joe Biden" interacts with police officers, adding levity to the episode.

The segment serves as a light-hearted break, illustrating the show's blend of current events with past anecdotes.

6. Financial Planning and Retirement Strategies

Towards the episode's conclusion, the hosts pivot to discussing financial security and retirement planning, particularly the transition from traditional pensions to 401(k) systems.

• Jack Armstrong refers to Gen X as the "401k experiment generation":
  "[21:10] ...the generation was the first generation to see a massive shift in how Americans work and save for retirement."

• Joe Getty emphasizes the importance of early investment:
  "[23:20] ...Start putting in the max of your 401k the first time you get one. I don't care if you have to eat cats like you're a Haitian immigrant. Put your Money in your 401k."

The hosts advocate for proactive financial planning, critiquing government programs and stressing individual responsibility in securing a comfortable retirement.

7. Economic Perceptions of Wealth

Armstrong and Getty explore societal perceptions of wealth across different demographics.

• Jack Armstrong cites a Charles Schwab survey:
  "[27:54] ...all Americans say you have to have 2.5 million to be wealthy, to be financially comfortable."

• Joe Getty comments on regional disparities:
  "[29:05] ...I don't blame Them given the cost of a house or rent or whatever."

The discussion highlights the varying thresholds for being considered wealthy, influenced by geographic location and cost of living, and critiques the unrealistic expectations placed on individuals.

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Notable Quotes

• "Biden is operating as a stand-in, a MacGuffin whose primary purpose is to make it to November 5th of this year without expiring."
  Jack Armstrong [06:00]

• "Start putting in the max of your 401k the first time you get one. I don't care if you have to eat cats like you're a Haitian immigrant. Put your Money in your 401k."
  Joe Getty [23:20]

• "You can't even get a majority of people who would be beneficiaries of it to say, 'Wow, that's cool. Nice.'"
  Jack Armstrong [11:38]

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Conclusion

In this episode, Armstrong and Getty provide a critical lens on President Biden's leadership, U.S. financial policies, and foreign affairs, interspersed with engaging anecdotes and sharp humor. Their candid discussions underscore concerns about political integrity, policy effectiveness, and economic realities, offering listeners a thought-provoking analysis of contemporary issues.

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Disclaimer: This summary is based on a transcript provided and aims to accurately reflect the content discussed in the podcast episode. It is intended for informational purposes only and does not constitute an endorsement or criticism of the viewpoints presented by the hosts.

Transcript

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[Jack Armstrong]

Broadcasting live from the Abraham Lincoln Radio Studio at the George Washington Broadcast Center, Jack Armstrong and Joe Getty. Armstrong and Getty. And now here's Armstrong.

[Joe Biden]

And.

[Joe Getty]

So we'll set this up ahead of time so you can fully enjoy the President of the United states, who in one minute claims he was a professor at UPenn, which he never was it's one of his stories he regularly tells. Claims he taught a constitutional law class on the Second Amendment, which he did not. Says that you couldn't own a cannon when the Second Amendment was first round, which could and ends by failing to say the famous phrase, the tree of liberty is watered with the blood of patriots. Enjoy.

[Joe Biden]

I used to be a law. When I was no longer the vice president, I became a professor at the University of Pennsylvania before I taught a constitutional law class. And so I taught the Second Amendment. There's never been a time that says you can own anything you want and never. You couldn't own a cannon during the Civil War.

[Joe Getty]

Yeah.

[Joe Biden]

Think about it. How much have you heard this phrase, the blood of liberty Wash your go. Give me a break. No, I mean it, seriously. And by the way, if they want to think that is to take on government, if we get out of line, which they're talking again about, well, guess what they need F15s. They don't need. Is it a rifle, folks? Look, this is crazy, what we're talking about.

[Joe Getty]

Wow. So that was the president, yada, yada, yada, ing one of the more famous Thomas Jefferson phrases about the tree of liberty needs to be watered from time to time with the blood of patriots and tyrants.

[Jack Armstrong]

The blood of.

[Joe Getty]

And laughing about the idea of people being able to rise up against their government, which is an interesting notion, but. And then, you know, that's after. So that's just the. That's the message there. He starts with the whole, I was a professor Upenn. No, you weren't. I taught constitutional law. No, go to the Washington Post. You don't need to go to Fox, your own favorite blue wacky lefty newspaper. The Washington Post has debunked those, Mr. President, so stop saying it.

[Jack Armstrong]

Boy, that was. That was an amazing density of falsehoods per minute. Yeah, but. But unlike, you know, Trump, who exaggerates wildly and says all sorts of crazy stuff. Of course, Biden there was just making up a biography. It's easily checked and has been checked repeatedly. Well, he's senile. You know, I'm going to read this real quick. And then Charlie Cook, the fabulous Charlie Cook of the National Review wrote a great piece. I'm going to hit you with a part of, but Dave writes, my mother is 93 and suffers from dementia. She was good until about a year ago, and then her mental and physical health took a precipitous drop over the last six months. Can't remember anything. Rambles aimlessly, loses track of where she is. Repeats herself, talks about things from her younger days that may or may not have happened. Sound familiar? Yeah. It's eerie and frightening to watch the leader of the free world dwindle in the same way. Frankly, I don't think he'll make it to election day. Dave, I think you're probably right. I still maintain that it's going to become so obvious that he's incapable of executing the office between now and the Democratic Convention in August. I don't think he'll be the candidate. But I realize that's kind of a long shot opinion, but yeah, mostly because.

[Joe Getty]

People can't picture and people close to Joe Biden and the people around him can't picture the mechanism for that. Like Mark Halpern wrote the other day, if Joe Biden has some secret plan, he hasn't told anybody because none of the people around him know.

[Jack Armstrong]

Yeah, yeah. I think, like I say, I think events and perceptions will force everyone's hand. But we'll see. We'll all find out together. So Charlie Cook for the National Review writes that it's now by near universe, it is by now near universally acknowledge that Joe Biden is too old to perform his duties. It is less universally acknowledged that this has serious implications, which is what we're talking about. The chief among which is that for all of the pageantry that attends his reelection campaign, Joe Biden is not in fact running to be the President of the United States. And he says, no, I'm not. This is not a conspiracy. He won, he's currently serving, he's eligible to run again, et cetera, et cetera. He says instead, I mean, that Biden is operating as a stand in a widget or a MacGuffin whose primary purpose is to make it to November 5th of this year without expiring. Most candidates have plans for their coveted four years. Biden has none. He does not expect to be there. And the public agrees with his hunch. He points out that this is. That it's not normal and that a whopping 86% of Americans now believe Biden is too old to be president. And then he, he also points out, and this is clearly true, inevitably. Well, that Joe Biden has been transmuted in a little more than a game token is routinely implied by the substance of our political conversations. Inevitably, discussions of Donald Trump's candidacy revolve around what will happen if Donald Trump wins the presidency. And inevitably, discussions of Joe Biden's candidacy revolve around what will happen if Donald Trump wins the presidency.

[Joe Getty]

Right?

[Jack Armstrong]

Right. And then he unleashes a couple sentences that I love. Filter out the partisan hallucinations in which Biden is cast as a successful president, and you'll find little more than antimatter left within the residue. Biden must win because Donald Trump must not. And because Biden must win, then Biden cannot be too old or too incompetent or too misguided. Because if Biden is too old or too incompetent or too misguided, then Donald Trump might win. And was established earlier. Donald Trump must not win. And then finally he says, what makes the whole thing so startlingly, utterly, unfathomably weird is that the people who are responsible for this, this whole token candidacy are the very same people who will immediately begin orchestrating Biden's removal if he manages to win in November. After all, 23 seconds after he's won, everything will change. And when it does, the reversal will be astonishing in both speed and scope. Instantly, all of Biden's senile takes will be visible to all. Within seconds of his inauguration, the science will begin to cast doubts on the ability of any octogenarian to do such a demanding job. After a couple of bad polls, the muttering will begin. After the first public slip up, the Sunday shows will swoop in, and as the party starts to look forward to the midterms, the number of amateur grim reapers will multiply into a requiem chorus that drowns out all but their own. Yeah, and then he mentions the late night comics and friendly cable channels will practice their sorrowful faces and blah, blah, blah.

[Joe Getty]

So, just so we can not talk about Joe Biden for a while, jam this in here. Polling came out on the whole student loan thing. This is very maddening. As a taxpayer, I hate that program, period. The bailing out the most privileged people in America to help the working class somehow. Anyway, the first polling came out on that yesterday, and relatively few Americans are fans of it. Three in 10 U.S. adults say they approve of how Biden has handled the issue of student loan debt.

[Jack Armstrong]

30%.

[Joe Getty]

4 in 10 disapprove. So he's upside down on that. And according to this poll from the University of Chicago School of Public Policy, the outlook wasn't better for among those responsible for unpaid student loan debt, either for themselves or for a family member, 36 approved, 34 disapproved. So it's a wash. It's 50, 50 even on people who owe the money. So you spent all that taxpayer money on the least progressive thing progressives ever done, have done, and you didn't even get Any votes out of it.

[Jack Armstrong]

I just think that's a gesture of abandoning any pretense that the Democratic Party's not become the party of college educated young white women who think with their feelings. But I wish, like their, their whole.

[Joe Getty]

Deal, I wish you could take it back since it's gonna end up costing us like $800 billion or something. I mean, the amount that it's gonna end up costing us over time is in is crazy for a variety of reasons we could get into, but.

[Jack Armstrong]

Oh, I see what you're driving at.

[Joe Getty]

I wish, I wish he could say, oh, wow, it didn't even buy me any votes. Let's go back, give the money back to the taxpayer and the programs.

[Jack Armstrong]

This is my best idea ever. When there is political pandering, people writing themselves checks from the treasury through their party of choice. Right. And it turns out that it didn't actually buy them any favor.

[Joe Getty]

Right.

[Jack Armstrong]

Then you end the program.

[Joe Getty]

Yes, yes, that's what I'm saying. Let's end the suit.

[Jack Armstrong]

It's the unsuccessful pandering amendment.

[Joe Getty]

Yeah, exactly. If you're, if you're, if your attempt.

[Jack Armstrong]

To buy votes buys no votes.

[Joe Getty]

Didn't buy any votes. Then you give the money back to the taxpayer.

[Jack Armstrong]

There you go. This is our contribution to the Republic. All these decades of babbling into microphones, we finally come up with something to help the United States of America.

[Joe Getty]

Isn't that something that it's a wash among the students and the parents who owe the money.

[Jack Armstrong]

It's 50.

[Joe Getty]

50 on whether you like it or not.

[Jack Armstrong]

Well, it's just, it's idiotic, it's immoral, it's impractical, it's anti progressive, it's unfair. I mean, it's just, it stinks.

[Joe Getty]

Right?

[Jack Armstrong]

You can't even get a majority of people who would be beneficiaries of it to say, wow, that's cool. Nice. You, you can't even pander. You suck. Armstrong and get Jack Armstrong and Joe Getty. The Armstrong and Getty Show.

[Joe Getty]

Why is it so cold in here, Michael?

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[Joe Getty]

It up and then the air conditioning turned itself back on. It's punishment, I guess it's punishment for. I don't know. What do I. What I did. We did to this deserve this. But it's like, right? 58 degrees in here being treated like.

[Jack Armstrong]

North Korean dissidents, huh? What's up with that?

[Joe Getty]

Speaking of, North Korea woke up to see that Putin and North Korea signed a pact. They now have a pact to come to each other's defense if they are attacked by, I guess they're implying us.

[Jack Armstrong]

Well, and it's full of what delights me. In spite of the horror of the thing. I am always amused by the stilted, grandiose language that comes out of every pronouncement from North Korea. The permanent friendship built of solid ground granite between our two gargantuan peoples. I mean, they're just always that inflated rhetoric. I'll find the specifics for you, but it's just. That's pretty good right there.

[Joe Getty]

Solid granite. Gargantuan peoples.

[Jack Armstrong]

Pledged an everlasting friendship and unwavering support. A new agreement would form the backbone of the country's Ba, ba, ba, ba, ba.

[Joe Getty]

Right.

[Jack Armstrong]

Oh, here it is. I am confident that during this visit the ardent friendship between the two countries will be strengthened like a monolith.

[Joe Getty]

All right, I, I don't get the crowd that doesn't think we need to engage these people. Russia and China and North Korea and Iran are intertwined in more ways than they've ever been. Iran's providing weapons to Russia, Russia's providing stuff to Iran. It's showing up in fighting Israel and Ukraine and all over the place. And China, of course, we know what China is and they're all working together. And it's terrible. It's terrible for the world. This is a major world moment.

[Jack Armstrong]

Yeah, it is. I think the isolationist crowd, the neo isolationists, would say, well, they're just doing that because the US has pressured them. They form a weird kind of alliance with the self hating liberal. They believe that all evil that befalls the world that has anything to do with the United States is the fault of the United States.

[Joe Getty]

Well, I spent a decent chunk of my adulthood as a near isolationist, so it's not like I'm completely out of touch with that thinking. I do think I was wrong at this point.

[Jack Armstrong]

It would be wonderful if isolationism worked. That would be great.

[Joe Getty]

Yeah, yeah. Oh, there. You don't have to get involved in everything. That's certainly true. And we've gotten involved in things we didn't need to get involved in.

[Jack Armstrong]

Yeah, I would say that's absolutely true. And like most things in life, the, the extreme points of view are very simple and easy to understand. And so people like them. And the truth in foreign policy, like in life, is that, no, it's going to be a bunch of difficult judgments and so many of them are going to be like, right on the margin, you're just not sure. But the idea that you can just isolate yourself especially in the new global instantaneous communication, practically instantaneous weaponry world is just. It's just not true.

[Joe Getty]

Yeah. Like I mentioned yesterday, you weren't here on Friday when we talked to Josh Rogan and his article in the Washington Post. US Military plans a hellscape to deter China. And it's pretty damned interesting, but we're taking it super seriously, as we should, that China is going to move on Taiwan at some point, and it could happen. I don't think there's any stopping it, actually. There's a quote from Trump where Trump said, oh, in the latest interview with Time magazine, he. When he asked if we would defend Taiwan, he said it would depend on the circumstances. President Trump once told a GOP senator in a closed meeting that there isn't a blanking thing we can do about it if China decides to take Taiwan. I think that's close to right. It's gonna happen in, like, an hour. I mean, someday. All these military exercises they have, like the other day where they got the whole island surrounded with ships and planes and everything like that. What if they actually do it for real? How would we stop that?

[Jack Armstrong]

Yeah, it might not even be an attack. It would just be a siege.

[Joe Getty]

But anyway, the hellscape idea is we got gazillions of unmanned submarines and flying drones and all kinds of stuff that we would unleash on them instantly to try to slow them down, to buy us some time, because our Pentagon knows that they're going to be able to do this in like, an, you know, 15 minutes if they decide to do it. So we got to move super duper fast. So we got the hellscape that is the drone attack, and then that buys us some time.

[Jack Armstrong]

Flood the zone with some drones. It's his own drone now.

[Joe Getty]

Exactly.

[Jack Armstrong]

Good luck. But I read Josh's piece at your recommendation and thought, wow, that is really intriguing. And I'm not sure I'm buying it right. Well, I have to say, the. The incredible interconnection of virtually all of the economies. No, that's not true. I mean, North Korea and Russia aren't that interesting. Anyway, enter. Intertwining is what's holding China back at this point. And it would not be an easy military victory over Taiwan, not by any stretch of the imagination. Whether it could be turned back is a different question. It would probably be really quagmire y.

[Joe Getty]

So I'm going through the America's Cold wars, the David Sanger book, and he has got a long piece in there about the relationship between Russia and China through the Years. And Stalin was somewhat shocked at one point when Mao, who Chairman Xi idolizes and wants to be the new Mao. Mao told Stalin, I'm perfectly fine with losing a hundred million people if I have to defeat the United States. A hundred million? Yeah. Now, I don't know if she's close to that number, but if he was a fraction of it, if he's only willing to lose a million men. We don't have that kind of appetite. Nothing within a thousand miles of.

[Jack Armstrong]

I know.

[Joe Getty]

No.

[Jack Armstrong]

And that's one of the great weaknesses we have as Americans is we think. Everybody thinks like us. Maybe it's because we're isolated by a couple of oceans. But I've mentioned this before. In Mein Kampf, Herr Hitler mentions that if you're gonna be one of the great men of history, you have to be willing to sacrifice the tens of thousands at any moment. And if you don't have the gall for that, you're not going to be a great man of history.

[Joe Getty]

Oof. Well, that's rough. Yeah. Hellscape. Can we. Do we actually have a Hellscape ready to go? Well, that's a secret. I hope we do. I hope we have a Hellscape of drones, submarine drones. Submarine drones and air drones at the same time. Very exciting.

[Jack Armstrong]

Flood to zone.

[Joe Getty]

We need those Chinese. We need those Chinese dogs. I've seen the robot dogs with the machine gun on their back.

[Jack Armstrong]

What, are they gonna swim?

[Joe Getty]

Yeah, I guess.

[Jack Armstrong]

Dog paddle, right?

[Joe Getty]

That still would scare you. If I see one of those Chinese metal dogs running at me with a machine gun, I'm going to. I'm going to lose my mud. As they said in the Civil War.

[Jack Armstrong]

Armstrong and Getty.

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[Jack Armstrong]

Getty Show So, a quick mental game here. How much money do you need to be considered? What term do they use? Wealthy. You like your net worth. How much would you have to have in the bank to be wealthy?

[Joe Getty]

The trouble with these questions, as we always point out, is where do I live? Where I live currently. If I'm going to stay here, it's a pretty big number. If I, if I'm where my brother lives, it's a much, much smaller number to have a perfectly happy life.

[Jack Armstrong]

So you are both absolutely correct and a fun suck. All right, let's, let's specify you are in a third quintile cost of living part of America. So you're like above average but not San Francisco.

[Joe Getty]

So the question is. And I'll stop being a fun suck. So what's the number? What's the number that makes you wealthy for your net worth?

[Jack Armstrong]

Yeah. Yeah. So anyway, we'll come back to that in a minute. A couple of stories about finance and money and retirement, that sort of thing. Getting away from politics, at least for a little while. I thought it was interesting. And though we are both Gen Xers at the older end of Gen Xers and I've been aware of this, I hadn't ever really thought about it. The generation was the first generation to see a massive shift in how Americans work and save for retirement. Companies move from pensions that promised steady income after years of service. The gold watch through retirement. You worked for one or two companies your entire career, that's what my dad did. To a much, much more mobile feel of employment and 401ks becoming your retirement savings method. And it's in your own hands. And in fact there are some in the financial services industry that call Gen X. I think it's the 401k experiment generation.

[Joe Getty]

I think it's interesting they call it an experiment which insinuates that they think it might not work or be a good idea. Is that what they're insinuating?

[Jack Armstrong]

I suppose so.

[Joe Getty]

I've never seen it as an experiment. It always just seemed like such solidly a good idea.

[Jack Armstrong]

Right. But you've got to admit, because, you know, some people, whether they're lower education or they're, you know, they're just busy or don't have the interest in following politics and Finance. They got into 401ks very, very late or didn't appreciate the importance of starting early, compound interest, etc. It's a really good program in a lot of ways, but you have to opt in.

[Joe Getty]

I've been hammering my kids on that since they were too young to have the slightest idea what it even means. Just so it's in their head somewhere. Start putting in the max of your 401k the first time you get one. I don't care if you have to eat cats like you're a Haitian immigrant. Put your Money in your 401k. Change your life.

[Jack Armstrong]

Yeah. Yeah. So as an individualist, I have zero problem with me being in charge of my retirement. No. In fact, I wish George W. Had been successful in privatizing Social Security. Everybody listening would be a good deal richer now where they are come retirement.

[Joe Getty]

We all know what the punchline to this is though. Somebody that decides not to put into their 401k or the George W. Bush style private retirement. They get to old age and don't have any money. And it's presented as they don't have a dignified retirement. And we need to have a program for that.

[Jack Armstrong]

Oh, absolutely. We need your tax dollars, including you being taxed on the very Social Security money that the government did, in a paltry and hilarious way, pile up for you. Actually, they don't. They don't pile it up. Current workers, it's in a lockbox and it's not in a lockbox.

[Joe Getty]

That's a blast from 24 years ago.

[Jack Armstrong]

But I enjoyed it. Right? So we could belabor those points. But I think we're all kind of up on it. I loved this article in the Wall Street Journal. I loved to hate it. They're breaking every retirement rule to be off now, not later. Some workers want to spread retirement throughout their careers, even if it means a smaller 401k.

[Joe Getty]

Oh boy.

[Jack Armstrong]

And they profile this cute girl and her cute boyfri end and how they're taking years off of work and like spending down their their savings to retire now. And they say even if I don't have as much money when I retire, this is totally worth it.

[Joe Getty]

Oh my God. See if you're. If this is the problem with the liberty straight libertarian point of view. If I'm a straight libertarian, good. Good for you. You do it. Go ahead. But if I'm a realist slash conservative, I realize when they don't have any money when they're older, you're going to take a bunch of my Tax money or raise my taxes to help them out. I know that's what's going to happen.

[Jack Armstrong]

Well, and these, these sexy 31 year olds say, oh, no, it's totally worth it to go hiking here in the Alps and if I have less money as an Ulster, it'll be great. The idea that the Wall Street Journal didn't throw in a paragraph saying, now obviously they have no idea what they're talking about. And there could be nothing more ridiculous than a 31 year old saying the thrills 31 are quote unquote worth being paupers as old people.

[Joe Getty]

Right?

[Jack Armstrong]

That's so stupid, it's almost hilarious. Let's take a moment to laugh before they get back to the text of the article. But as Jack has pointed out, embittering the entire conversation, when they do hit their golden years and are forced to eat cat carcasses, we will be paying for them moving along.

[Joe Getty]

God dang it. I know. I. I know a bunch of people living like that. I know people living like that right now. And I think, fine, again, I don't care what you do with your money, but I know how things work in the real world. And you're gonna be voting for parties that say you don't have enough when you spent your money on traveling around Europe as a 26 year old, right?

[Jack Armstrong]

Yeah. Yeah. That's why I hate humanity. Anyway.

[Joe Getty]

You know how many times I've traveled around Europe when I was 26? Zero. I don't. Even at my current age. Why? Because I'm saving my money and I don't want you to get it because you think it'd be super cool to travel around the world. God, that pisses me off.

[Jack Armstrong]

Well, it's not like if you subsidize or reward bad behavior, you get more of it or anything. He says sarcastically, shaking his head sadly and wanting nothing more than to vanish into the woods and leave humanity behind. Finally, this according to a major modern wealth survey by Charles Schwab. What is it they asked Americans? What is what average net worth it takes to be wealthy? With the caveats that. Well, actually, they mentioned that when it comes to geographic regions, California has the highest threshold of what it takes to be wealthy.

[Joe Getty]

Of course.

[Jack Armstrong]

And. And I'll tell you, all Americans say it's $2.5 million net worth. You are wealthy on average.

[Joe Getty]

Across the nation, it's two and a half million. Hmm. It's higher than I would have guessed.

[Jack Armstrong]

Well, San Franciscans say it takes 4.4 million.

[Joe Getty]

To your point, I don't blame Them given the cost of a house or rent or whatever.

[Jack Armstrong]

And Southern Cal unicornians indicated it takes an average net worth of 3.4 million. Survey respondents who lived in Atlanta, Chicago, Houston, Phoenix and Dallas expressed lower numbers, of course, which is why any national figure, like for income tax, for instance. Utterly unfair and ridiculous. Having said that, I suppose if you don't like where you are and your taxes and your wealth, you could move.

[Joe Getty]

So I just would like to point out for all you who don't live in California, it is really expensive to live here. But what you get for what you pay is.

[Jack Armstrong]

A kick in the groin. All Americans say you have to have 2.5 million to be wealthy, to be financially comfortable. $778,000 net worth.

[Joe Getty]

Yeah. Again, depending on where you live. Good luck with that in San Francisco.

[Jack Armstrong]

Yeah. Yeah. Well, get the hell out. Boomers say you need $2.8 million or $780,000 to be financially comfortable. Not surprisingly. Now this is interesting. Gen X says you need 2.7 million, which is right there in the number. But they say to be financially comfortable, you need $873,000, which is almost 100,000 more than Boome Americans.

[Joe Getty]

The biggest wild, the biggest wild card that nobody factors in until they start to get older is health care costs. Yeah. Because you have, have had zero. Your health care costs every year are almost none when you're 35, as I remember it.

[Jack Armstrong]

But until they're breathtaking.

[Joe Getty]

Yeah. Until it's like, holy crap, this is going to ruin me in, in a couple of decades.

[Jack Armstrong]

Yeah. Which is one of the things that I'm glad you threw that in. As I'm looking at those healthy 31 year olds hiking about Europe. Europe. It comes for all of us. I don't, I don't know how much I would have to have to be like completely confident everything will be fine because you know, the, the right health problem comes along or long term care. Her bluey. I don't mean to freak anybody out.

[Joe Getty]

But well, and then in a world where a lot of people who have kids have one who's got a variety of problems because who knows why that's happening. That's an expense too, you weren't planning on when you were hiking at age 30.

[Jack Armstrong]

Well, finally though they're optimistic about their future wealth, respondents acknowledge that there's more that they can do. With fewer than one in five saying they're currently on top of their finances. 18% say, yeah, I'm doing what I'm supposed to be doing and doing it systematically Whoa. Again to your bitter point.

[Joe Getty]

Old Bitter Jack. You know what's fun on a Friday? Talking to Bitter Jack. Hey, Bitter Jack. Come pull up a bar stool. Ruin our day for us. I'm here for you.

[Jack Armstrong]

How you doing, Jack? I'm good now, but I could be decimated by future health problems. Oh, who invited Bitter Jack? Armstrong and Getty.

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[Jack Armstrong]

The Armstrong and Getty Show.

[Joe Biden]

Gentlemen, this is democracy manifest.

[Joe Getty]

How long we've been playing that clip? Long time.

[Jack Armstrong]

Yeah, a long time.

[Joe Getty]

Does anybody nail that down? When this. When this broke?

[Jack Armstrong]

Yeah, the incident in which Jack Carlson was arrested. And we'll play the full audio. That actually happened in 1991. It took some. Some time for the video to circulate, partly because the Internet wasn't really up and running.

[Joe Getty]

No, no. This is the sort of thing that would have exploded the day of now, but the Internet wasn't a thing, really, in 91.

[Jack Armstrong]

Yeah. Well, the moment we heard this clip, we were in love with It. It is so funny and colorful. And the story behind it's pretty interesting too. In loving memory of Jack Carlson Democracy activists. The whole thing.

[Joe Biden]

You just assured me that I could speak.

[Joe Getty]

Sit down inside the car. Not assuring anything. We're under arrest.

[Joe Biden]

Look, I'm under what? Gentlemen, this is democracy manifest. Have a look at the headlock here. See that chap over there? Get your hand off my paper. This is the bloke who got me on the penis before.

[Joe Getty]

Get some cups.

[Joe Biden]

Why did you do this stuff in the car?

[Jack Armstrong]

Get some cups.

[Joe Biden]

For what reason? What is the charge? Eating a meal. A succulent Chinese meal. Oh, that's nice. Headlocks up, sir.

[Jack Armstrong]

I see it.

[Joe Biden]

Ah, yes, I see that you know your judo well. Good one. And you, sir, are you waiting to receive my limp? Venus? How dare you. Get your hands on there. One cup.

[Joe Getty]

Look.

[Jack Armstrong]

Why was he being arrested for eating a male. A succulent Chinese male. He was being arrested for paying for a succulent Chinese meal with a stolen credit card.

[Joe Getty]

Okay, put me in a headlock.

[Jack Armstrong]

You know your judo well anyway, Michael, you pepper those in as you like during the discussion, but what a colorful.

[Joe Getty]

What a. What a colorful way to get arrested for credit card fraud.

[Jack Armstrong]

That was Jack Carlson, a nom de plume of one Cecil George Edwards, who had a very interesting life. He's born in 1942. He was an orphan. He was a ward of the Blackheath Presbyterian Boys Home in the Brisbane suburb of Oxley, where he had a rough, rough childhood. He began a lifelong career of petty crime in 1956. Was in prison for much of the first half of his life. Escaped several times. In prison, he met Jim McNeil and encouraged him to write plays about his prison experience, which became famous throughout Australia. They remained friends until McNeil's death. And this guy became something of a personality.

[Joe Getty]

I can see how.

[Jack Armstrong]

Yeah, yeah. So In June of 22, academic Dean Byron, who is one of the arresting officers and used in the get your hands off my paytas part of the video get your hand off my paytas. He wrote an article about the incident.

[Joe Getty]

A request I usually don't make.

[Jack Armstrong]

Yeah, so the guy was held in custody, released on bail overnight and disappeared until his 15 minutes of fame in 2020. And somehow he was scrubbed clean of his pesky past.

[Joe Getty]

Huh. So he's pretty old. He's the same age as my mom and Joe Biden then.

[Jack Armstrong]

Yeah, yeah, I suppose so. Roughly. Yeah, well, yeah, Michael hit us with 14. Just. Just throw him at us.

[Joe Biden]

What is the charge? Eating a Meal. A succulent Chinese meal. Yes, I see that. You know your judo, paying for it.

[Joe Getty]

With a stolen credit card.

[Jack Armstrong]

Every sentence the guy utters is an artwork, is a work of art. It's a piece of genius.

[Joe Getty]

I remember when we did this at the time we wondered, does he talk that way all the time? Was that just the way he always spoke?

[Jack Armstrong]

Darling, what would you like for dinner and user?

[Joe Biden]

Are you waiting to receive my limp, Venus?

[Jack Armstrong]

Oh, no, that's too much of that. Give me the 11 again. No, come on, gentlemen.

[Joe Biden]

This is democracy manifest.

[Joe Getty]

The way he rolls his r. Very, very, very exciting. Do we know how he died? How'd he die? No, do we know? I mean, I know he passed away, okay? I didn't know if he like choked on pork fried rice or something. Katie Green knows the.

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[Joe Getty]

Okay?

[Jack Armstrong]

Yeah, not as funny as Michael's idea.

[Joe Getty]

Are you ready?

[Jack Armstrong]

How do you feel now, Michael? Huh?

[Joe Getty]

I feel pretty bad.

[Jack Armstrong]

Yeah.

[Joe Getty]

Are you. Are you ready to receive my lp? That's a. That's an interesting thing to say.

[Jack Armstrong]

Oh, boy. Thirteen. Michael, come on, do your job in there.

[Joe Biden]

This is the bike who got me on the penis people.

[Jack Armstrong]

Well, he makes the word people into a. A symphony. It's a five syllable word in his. His brilliant hands.

[Joe Getty]

Did he ever make it to the stage?

[Jack Armstrong]

He, he.

[Joe Getty]

He's built for the theater.

[Jack Armstrong]

Gosh, I'd say, yeah.

[Joe Getty]

By the way, past, this video was made in 1991, but it didn't get uploaded until 2009, so that's when it took off. 2009 09. Wow.

[Jack Armstrong]

Yeah, that sounds about right. 15 years.

[Joe Getty]

Yeah, that's a long time ago. And it's interesting how many, like, acquaintances of mine who have my phone number texted me the news of his death because remembering his.

[Jack Armstrong]

Well, that whole thing, we were inundated with emails saying, guys, you've got to pay tribute. Like, we wouldn't.

[Joe Getty]

It's pretty funny to be wrestled to the ground by the police like that because you're resisting arrest and saying, I see you know your judo well.

[Joe Biden]

Yes, I see that you know your judo well.

[Jack Armstrong]

Concentrate, if you will, on the voices of the cops in the background who are saying, all right, get in the car.

[Joe Biden]

You just assured me that I could speak.

[Joe Getty]

Sit down inside the car. Not assuring anything.

[Jack Armstrong]

Sit down inside the car. Because they're like, dude, it's a credit card beef. This is. It's not that big a deal, right?

[Joe Getty]

I got other things to do.

[Jack Armstrong]

Yeah, you're gonna be out like in two hours. We gotta fill out some forms. Get in the car. All right, go ahead.

[Joe Biden]

What is the charge? Eating a meal. A succulent Chinese meal. Oh, that's nice. Headlocks up. Yes, I see that you know your judo well. Good one. And you, sir, Are you waiting to receive my limp penis? How dare. Get your hands on there. That's.

[Joe Getty]

That's the time Laurence Olivier was arrested for falsely portraying Hamlet or something. I mean, that is so weird. Wait. You're under arrest. I'm under what? I'm under what? Arrest. I just told you. Oh, a headlock.

[Joe Biden]

Now get your hands on.

[Joe Getty]

What a funny face.

[Jack Armstrong]

The Armstrong and Getty Show. Get more Jack, more Joe podcasts and.

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