Breaking Down the Current Economy

Summary

Podcast Summary: "Breaking Down the Current Economy"

Podcast Information:

• Title: Money And Wealth With John Hope Bryant
• Host/Author: The Black Effect and iHeartPodcasts
• Episode: Breaking Down the Current Economy
• Release Date: March 27, 2025
• Description: John Hope Bryant, a successful entrepreneur, executive, and philanthropist, delivers his signature 'Straight Talk' on developing a wealth-building mindset. This episode delves into the intricacies of the modern economy, offering listeners practical advice to improve their financial standing and build personal wealth.

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Introduction

[02:23 – 03:02]
John Hope Bryant opens the episode by expressing gratitude to his listeners for their support and emphasizes the podcast’s mission to transition from civil rights activism to business leadership and ownership. He sets the stage for a comprehensive breakdown of the modern economy, aiming to educate listeners on fundamental economic concepts that are rarely taught in schools.

Notable Quote:

“This is a master class. Here we go.”
— John Hope Bryant [03:02]

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Understanding Key Economic Terms

John Hope Bryant methodically breaks down essential economic terms to demystify the current economic landscape.

1. Inflation

[08:00 – 18:01]
Bryant defines inflation as the general increase in prices across the board, making money less valuable. He connects the surge in inflation to the COVID-19 pandemic, highlighting how excessive government stimulus—over $8 trillion—flooded the economy to prevent a depression. This influx of money, coupled with disrupted supply chains, led to higher demand for fewer goods, driving up prices.

Notable Quotes:

“Inflation is when prices go up across the board.”
— John Hope Bryant [07:45]

“The $8 trillion saved us from disaster, but now we're paying the price in the form of inflation and higher interest rates.”
— John Hope Bryant [18:01]

2. Recession vs. Depression

[18:01 – 38:22]
Bryant distinguishes between a recession and a depression. A recession is a temporary economic decline lasting at least six months, characterized by negative GDP growth, rising unemployment, and declining consumer spending. In contrast, a depression is a prolonged and severe downturn lasting years, with massive unemployment and significant declines in economic output.

He discusses the likelihood of a recession in 2025, attributing it to intentional economic policies rather than natural downturns, and underscores that the current economic strength allows for a quicker recovery compared to the Great Depression era.

Notable Quotes:

“A recession is like the economy catching a cold. It's serious, but usually short-term.”
— John Hope Bryant [29:30]

“A depression is a prolonged and severe recession that lasts years instead of six months or less.”
— John Hope Bryant [29:45]

3. Interest Rates

[38:22 – 42:07]
Bryant explains the Federal Reserve's role in managing interest rates to control inflation and stabilize the economy. Lowering interest rates encourages borrowing and spending, while raising them aims to cool down an overheated economy. He highlights the recent aggressive rate hikes to combat sustained inflation, noting the impact on mortgages, credit cards, and loans.

Notable Quotes:

“The Federal Reserve is the referee on the US Economy.”
— John Hope Bryant [39:45]

“When the Fed raises interest rates, your mortgage and credit card rates go up.”
— John Hope Bryant [40:32]

4. Tariffs

[42:07 – 38:22]
Bryant defines tariffs as taxes imposed on imported goods, primarily affecting consumers by raising the cost of foreign products. He critiques the inconsistent and short-term application of tariffs, arguing that without long-term planning and support for domestic manufacturing, tariffs can lead to increased prices and economic strain on consumers.

Notable Quotes:

“A tariff is a tax on the recipient, the buyer of goods.”
— John Hope Bryant [36:15]

“Tariffs today, tariffs off tomorrow... it’s not designed well to work.”
— John Hope Bryant [37:45]

5. Gross Domestic Product (GDP)

[38:22 – 42:07]
GDP is explained as the total income produced by a country, serving as a primary indicator of economic health. Bryant emphasizes its significance in measuring the economy's performance, comparing it to household income but on a national scale.

Notable Quote:

“GDP is how much did you produce? How much did you make? What's the health of the country?”
— John Hope Bryant [38:22]

6. Stimulus and Relief Packages

[38:22 – 18:01]
Bryant revisits the extensive government stimulus during COVID-19, detailing its components—direct checks, expanded unemployment benefits, PPP loans, rent and mortgage relief, and child tax credits. He acknowledges the success in preventing a depression but warns of the long-term inflationary effects resulting from excessive stimulus.

Notable Quote:

“The $8 trillion saved us from disaster, but now we're paying the price in the form of inflation and higher interest rates.”
— John Hope Bryant [18:01]

7. The Federal Reserve System

[38:22 – 42:07]
Expanding on the Federal Reserve's responsibilities, Bryant elucidates its critical role in controlling inflation, maximizing employment, regulating banks, maintaining financial stability, and managing the nation's money supply and interest rates. He underscores the Fed's influence on everyday financial aspects such as mortgages and credit card rates.

Notable Quotes:

“The Federal Reserve is the bank for banks and the referee on the US Economy.”
— John Hope Bryant [39:45]

“When inflation is too high, the Fed raises interest rates to slow spending and borrowing.”
— John Hope Bryant [40:32]

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Practical Tips to Survive and Thrive in Tough Economic Times

In the latter part of the episode, Bryant offers actionable advice to listeners aiming to navigate economic challenges effectively.

1. Know Your Numbers

[60:10]
Track your income, expenses, and debt meticulously. Understanding your financial standing is the first step towards control and improvement.

Notable Quote:

“Clarity brings control. Know your numbers.”
— John Hope Bryant [60:10]

2. Build a Budget that Breathes

[60:10]
Create a flexible budget that prioritizes essential expenses like housing, car payments, and utilities while allowing room for necessary flexibility.

Notable Quote:

“Build a budget that breathes. It's about prioritizing what matters most.”
— John Hope Bryant [60:10]

3. Cut Hidden Costs

[60:10]
Identify and eliminate unnecessary subscriptions and fees that silently drain your finances. Regularly review and cancel services you no longer use.

Notable Quote:

“Go cut your subscriptions from your phone. Subscription from your phone in the settings at least in an iPhone...”
— John Hope Bryant [60:32]

4. Build or Rebuild an Emergency Fund

[60:10]
Aim to save at least $500 to $1,000 to cover unexpected expenses, preventing reliance on high-interest credit options.

Notable Quote:

“Start small. Start with a small fund, a few hundred bucks. Try to get to $500 to $1,000.”
— John Hope Bryant [60:32]

5. Don’t Chase Lifestyle, Chase Legacy

[60:10]
Focus on long-term financial goals and investments rather than short-term gratification and appearances.

Notable Quote:

“Chase legacy. Invest in your future, not your appearances.”
— John Hope Bryant [61:02]

6. Watch Your Credit

[60:10]
Maintain a good credit score to secure better interest rates and access more opportunities. Aim for a credit score of 700 or higher.

Notable Quote:

“Good credit equals access, opportunity, lower cost. Aim for a 700 credit score.”
— John Hope Bryant [61:02]

7. Side Hustle Smart

[60:10]
Develop additional income streams through side hustles that align with your skills and passions, such as ridesharing, renting out property, or freelancing.

Notable Quote:

“Be side hustle smart. Turn your skills or passions into a second income stream.”
— John Hope Bryant [61:55]

8. Buy Smart, Not Big

[60:10]
Prioritize value over luxury in purchases, especially for big-ticket items like cars and homes. Opt for investments that appreciate in value rather than depreciate.

Notable Quote:

“Think value over luxury, especially with cars and big-ticket items.”
— John Hope Bryant [62:07]

9. Learn Before You Leap

[60:10]
Enhance your financial literacy through continuous learning. Utilize resources like Bryant's book, Financial Literacy for All, and engage in financial coaching programs.

Notable Quote:

“Financial literacy is power. When you know better, you do better.”
— John Hope Bryant [62:07]

10. Invest in Yourself

[60:10]
Prioritize personal development, including mentorship, training, and health, to ensure long-term financial and personal growth.

Notable Quote:

“Invest in yourself. Mentorship, training, health. It all pays dividends.”
— John Hope Bryant [62:07]

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Conclusion and Call to Action

In the closing segments, Bryant emphasizes the importance of collective and individual action to overcome economic challenges. He announces an upcoming event, "Dream Forward," aimed at developing a business plan for Black America, featuring notable leaders and influencers.

Notable Quote:

“Let's go change the world. Let's be this change we want to see in the world.”
— John Hope Bryant [65:22]

He encourages listeners to register for the global town hall online event scheduled for April 4, highlighting it as a pivotal moment for economic empowerment and community building.

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Final Thoughts

"Breaking Down the Current Economy" serves as an educational and motivational guide for listeners seeking to understand and navigate the complexities of the modern economic environment. John Hope Bryant effectively simplifies intricate economic concepts and provides practical strategies to foster financial resilience and wealth-building within the Black community and beyond.

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Additional Resources:

• Book: Financial Literacy for All by John Hope Bryant
• Event Registration: Operation Hope – Dream Forward
• Financial Coaching: Operation Hope

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Connect with the Podcast:

• iHeartRadio App
• Apple Podcasts
• Black Effect Podcast Network

Transcript

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[John Hope Bryant]

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[John Hope Bryant]

Terms and conditions apply. Hiring Indeed is all you need in a world of economic uncertainty and workplace transformation. Learn to lead by example. From visionary C Suite executives like Shannon Schuyler of PwC and Will Pearson of iHeartMedia, the Good Teacher explains the great teacher inspires don't always leave your team to do the work that's been the most important part of how to lead by Example.

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Listen to Leading by Example executives making.

[John Hope Bryant]

An impact on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. 45 years ago, a Virginia soul band called the Edge of Daybreak recorded their debut album Behind Bars. Record collectors consider it a masterpiece. The band's surviving members are long out of prison, but they say they have some unfinished business.

[Charlamagne Tha God]

The Edge of Daybreak Eyes of Love was supposed to have been followed up by another album.

[John Hope Bryant]

Listen to Soul incarcerated on the iHeartRadio Apple Podcasts or wherever you get your podcasts.

[Charlamagne Tha God]

Peace to the planet. I go by the name of Charlamagne Tha God. And guess what? I can't wait to see y'all at the third annual Black Effect Podcast Festival. That's right. We're coming back to Atlanta, Georgia, Saturday, April 26th at Pullman Yards. And it's hosted by none other than Decisions, Decisions, Mandy B. And Weezy. Okay, we got the R and B Money podcast with Tank and J. Valentine. We got the Woman of All podcast with Sarah Jake Roberts. We got Good Moms, Bad Choices. Carrie Champion will be there with her Neck in Sports podcast and the Trap Nerds podcast with more to be announced. And of course, it's bigger than podcast. We're bringing the Black Effect Marketplace with black owned businesses, plus the food truck court to keep you fed while you visit us. All right, listen, you don't want to miss this. Tap in and grab your Tickets [e-mail] podcast festival. Welcome to Money and Wealth with John Hope Bryant, a production of the Black Effect podcast network and iHeartRadio foreign. Hey, hey, it's John Hope Bryant, and this is Money and Wealth on the Black Effect Network, iHeartRadio. And I want to thank everybody for continuing to support the podcast. It's growing very rapidly. It just shows that you want to understand how this stuff works. We want to go from civil rights marching in the streets to cutting business deals in the suites. The ownership class. Can I get an amen? This is my pulpit of finance. So this week I'm going to break down how the modern economy works. This is what they never taught you in school. Like, you're not dumb and you're not stupid. It's what you don't know that you don't know is killing you. But you think you know, and you're too ashamed, too embarrassed to ask questions or you're just too busy. You're just moving and grooving and trying to make a living in a life. You got too much month at the end of your money. You know, you're trying to live this life whole and complete, and you're doing the very best you can, and I commend you for that. You're trying to raise your family, you're trying to build a family, trying to build a life. Meanwhile, no one's ever taught you how this system works. And people expect you to figure it out for yourself. And they throw all these terms at you and expect you to understand what the heck it is. And I don't know why, because literally no one's taught you. So I'm going to break it down for you in this episode. I'm going to unpack the basic stuff that you need to know to navigate in this world and to understand the terms right now in early 2025 that are being thrown at you with some presumption. So let's get at it. And then I'm going to leave you with some helpful tips of what you do to maneuver to manage yourself successfully in this environment. All right, so again, there's nothing wrong with you in not knowing, right? You're not a failure. You may have. You may have had a failed experiment, but that's just the result of you trying. I'd rather you try and slip and fall than never try at all. So it's what you don't know that you don't know that's killing you. But you think you know and others presume you know. And I'd rather you master the class. So this is a master class. Here we go. Terms to break down. Inflation, recession, interest rates, tariffs, gdp, stimulus and relief packages. The Federal Reserve System. They call it the Fed. Wage growth versus cost of living, supply chain, unemployment rate. There are some items I'm going to spend more time on than others. I'm going to cover some of these, just gloss over them, but I'm going to spend a little bit of time on a couple of these items in particular because they relate to the current situation. All right, inflation, what is it in general? Inflation is where everything just cost more and you can't quite figure out why it costs more. The background of inflation in the modern description we're going to talk about here is tied to Covid. So let's first start with what is inflation? Inflation is when prices go up across the board. I mean, groceries and as we now know, eggs, gas, rent, everything just seems to be going up, certainly at a higher rate than your income. And it's dang on frustrating. Folks got too much month at the end of their money. 70% of this country, 70% of the economy in the biggest economy in the world, United States of America, is consumer spending 70%. Right. And 70% of Americans. So 70% of this economy, biggest economy in the world, is consumer spending. And 70% of Americans are living from paycheck to paycheck. Not black people, not brown people, everybody. And whether you're white, black, red, brown or yellow, you want to see Some more green. Can I get an amen? So if inflation is when prices go up across the board, it means your dollar doesn't go as far as it used to. Now why does this happen? At its core, it's basically too much money chasing too few goods. We call it supply and demand. When demand is high, supply is low, prices rise. Why is Covid important in this conversation? And why do I say it's all connected? I mean, people want to blame this stuff on US Presidents and all this kind of stuff, and, and really that's a false flag because of a virus probably created in China unleashed. And I think they shouldn't say this, but I wouldn't be surprised if if someone, some elements unleash this intentionally in order to trip up the biggest economy in the world to try to take an advantage, to get an advantage on the US to leapfrog over us, to slow us down, use our freedoms against us. That didn't work, but I wouldn't be surprised if it was not intentional. I think China's at war with the United States. I'm going to do a whole piece on Africa and China as a separate podcast, but I'm trying to give you some practical stuff that you need right now before I start giving sort of macroeconomics and global economy stuff. So just staying very focused. Covet was a reaction to something not created here. It was created. It was a virus that literally stopped the US economy, stopped it in its tracks. I've already told you, the biggest economy in the world is driven by consumer spending. And then consumers were not moving, grooving, rolling, operating. I mean, we were all locked, literally for a while, locked into our homes, locked down. The whole economy just basically grind ground to a halt. So the US economy nearly shut down to avoid a depression. I'm going to define a depression in a moment. The government and the Federal reserve pumped over $8 trillion into the economy. Just to put this into context, never in the history of the modern world has a government ever put a trillion dollars of stimulus. I'm explaining that in a moment into any economy, not just the US economy, any economy in the world, there's never been a trillion dollars of real money. I don't mean like fun money or funny money or some third world countries. Real money of a major currency invested in its economy. That's how bad this was. And it wasn't 1 trillion or 2 trillion or 3 or 4 or 5 trillion or 6 trillion. It was over $8 trillion. When you combine what the Federal Reserve did in and what the Congress bipartisan, Republicans and Democrats and a Republican President Trump and a Democratic President Biden did. Right, to keep the US Economy from absolutely stalling. So to avoid a depression, which is different than a recession, it's worse. Again, I'm explaining that in a moment. To avoid a depression, the government and the Federal reserve pumped over $8 trillion in the economy. That money came from one government stimulus spending. That's Congress. Okay? Bipartisan, meaning both parties. So anybody explain wants to blame this on Democrats or blame this on Republicans alone. It's just dead wrong. It was bipartisan. Both parties realized how bad this was. And Republican and Democratic presidents both did their own versions of what I'm about to tell you. Direct checks to individuals. Three rounds, $1,200, $600 and $1,400. You probably know these numbers because you probably received a check. Okay. There was some misinformation that this money was directly a result of one of our former presidents. Because he had his name on him? No, he just directed, I think, the U.S. treasury Department, if I'm correct, to put his name on the checks. But the money came from Congress. Okay. Expanded unemployment benefits was the second version of what is included in the stimulus. The third portion you would recognize, PPP loans. There's a lot of fraud tied to PPP loans that people are going to jail right now. And small business assistance. Rent and mortgage relief was the fourth element. And child tax credit was the fifth element element. Okay, so this is the government stimulus spending through Congress. First part of the stimulus. Now, the purpose of this was to keep Americans and businesses afloat while the economy was frozen. So we didn't go into a depression. Number two, Federal Reserve actions. This is now 2000 year, 2000 year 2022. I don't know if anybody's ever explained this to you. I'm explaining. I'm explaining it. I'm unpacking it, hopefully in ways that everybody can understand. Spread this to your friends. Tell everybody to go back and listen to this. I am explaining to you where inflation came from, what happened during COVID How transformational, really. If. If I'm going to be, I guess, political, if you want to, or I'm going to be deeply opinionated here for a moment. If President Biden's advisors were really, really on top of it, they would have told him to run for one term only. You're going to fix the economy. You're going to get America back on track. You're going to check all the boxes, you're going to drop the mic bounce and Leave. That would have been, I think, a brilliant piece and a great legacy for him. I think he just stayed too long. Power is very intoxicating. I understand it. And he wanted a second term and all that kind of stuff, but he did the Biden. This is not a partisan comment. I've advised three presidents from both political parties. Biden, Harris administration did stabilize the biggest economy on the planet. Kept it from going over the cliff. That plus a Republican and Democratic Congress working together. That's just a fact. Got no credit for it because I think they're horrible marketers and horrible communicators of their successes. And then some people even talked about how this was socialist. We're not a socialist country, we're a capitalist country. Right. I'll do a separate podcast explaining what Socialism, communism, capitalism, all these things are. Most people just, I'm convinced, or financially illiterate. But even if you want to distribute money like a socialist, you have to first collect it like a capitalist. Can I get an amen? And as I keep saying, people say they hate rich people. No, you don't. You hate rich people until you become rich. What you hate is a game system. Right? I'm trying to ungame the system for you by explaining it to you and giving you the rules of the game. Financial literacy, which I believe is a civil rights issue of this generation. So you know better, so you can do better. The second part of the stimulus package was the Federal Reserve actions. Number one, they dropped interest rates to nearly zero to encourage borrowing and spending to keep the party going. Two, they bought trillions of dollars in bonds to inject cash into the system. Number three, they supported financial markets to prevent collapse. This put an artificial floor on the value of Wall street stocks, which meant that the value of stocks had no choice really then to go up. So now this is contributing to inflation because now you're inflating the value of. Inflating the value of art, inflating the value of real estate inflating, you name it. You're trying to go buy stuff. There's not enough of it. And the Federal Reserve is keeping the markets from collapsing. So you think you're getting richer because the government's subsidizing really the whole situation. So in the short term effects, it worked. There was massive economic collapse that was avoided. People had money to spend, businesses stayed open, jobs came back. The stock market and the housing market boomed. For the reasons I just mentioned, you may have to go back and replay some of what I'm saying. So it all sort of locks in, but your head should be nodding now going yeah, okay, okay, I get it, I get it. Long term effects of these two actions inflation.

[John Hope Bryant]

Hi, I'm Bob Pittman, chairman and CEO of iHeartMedia. I'm excited to introduce a brand new season of my podcast, Math and Stories from the Frontiers of Marketing. I'm having conversations with some interesting folks across a wide range of industries to hear how they reach the top of their fields and the lessons they learned along the way that everyone can use. I'll be joined by innovative leaders like chairman and CEO of Elf Beauty, Tarang Amin. The way I approach risk is constantly try things and actually make it okay to fail. I'm sitting down with legendary singer, songwriter and philanthropist Jewel. I wanted a way to do something that I loved for the rest of my life. We're also hearing how leaders brought their businesses out of unprecedented times, like Stefan Bonsell, CEO, CEO of Moderna. It becomes a human decision to decide to throw by the window your business strategy and to do what you think is the right thing for the world. Join me as we uncover innovations in data and analytics, the math, and the ever important creative spark, the magic. Listen to math and stories from the frontiers of Marketing on the iHeartRadio app, Apple Podcasts, or wherever you get your podcast. September 1979. Virginia's top prison band, Edge of Daybreak, is about to record their debut album Behind Bars in just five hours. Okay, we're rolling.

[Charlamagne Tha God]

One, two, three, four.

[John Hope Bryant]

I'm Jamie Petras, music and culture writer. For the past five years, I've been talking to the band's three surviving members. They're out of prison now and in their 70s, their past behind them. But they also have some unfair, unfinished business.

[Charlamagne Tha God]

The air to Daybreak Eyes of Love was supposed to have been followed up by another album.

[John Hope Bryant]

It's a story about the liberating power of music, the American justice system, and ultimately, second chances. Listen to soul incarcerated on the iHeartRadio app, Apple Podcasts, or wherever you get your podcast.

[Charlamagne Tha God]

I always had to be so good. No one could ignore me. Carve my path with data and drive. But some people only see who I am on paper. The paper ceiling. The limitations from degree screens to stereotypes that are holding back over 70 million stars. Workers skilled through alternative routes rather than a bachelor's degree.

[John Hope Bryant]

It's time for skills to speak for themselves.

[Charlamagne Tha God]

Find resources for for breaking through [e-mail], brought to you by opportunityatwork and the Ad Council. Ever wonder what it would be like to be mentored by today's top business leaders. My podcast this Is Working can help with that.

[John Hope Bryant]

Here's advice from Google CMO Lorraine Twohill.

[Charlamagne Tha God]

On how to treat AI like a partner. I see AI as an incredible copilot. You may use different tools or toys to get the work done, but ultimately, as editor, as creator, as maker, you own it and it needs to be good. AI is just the latest flavor of that. You're still the judge of what good looks like. I'm Dan Roth, LinkedIn's editor in chief. On my podcast this Is Working, leaders like Indra Nooy, Ray Dalio, and Rich Paul share strategies for success and the real lessons that have shaped them. Listen on the iHeartRadio app, Apple Podcasts.

[John Hope Bryant]

Or wherever you get your podcasts.

[Charlamagne Tha God]

All that money flooded the economy at the same time, supply chains were broken, which means factories shut down ships, shipping backed up labor shortages. The shipping companies were gouging companies for shipping bins. I mean, it was just everybody sort of pimping the system back then. Supply and demand. Not enough supply, too much demand, prices go up. Combine that with all this money flooding from the federal government, it's just too much grease on the gears of the economy. It flooded the engine. The result was more money in people's hands plus fewer goods on shelves equals prices spiked. Did you get that? I know you're smart. You made to repay this. Replay this and play it back again. Inflation hit 40 year highs between 2022 and 2023. That was nobody's fault. It was either that or the economy was going to implode. Now, was there too much stimulus? Probably. In fact, not probably. There's probably a trillion and a half dollars at least of too much stimulus. But let me ask you this question. Where's the pandemic manual you pull off the shelf? If you, the Federal Reserve chairman or the, the President of the United States or Congress or whoever, you're some economist, where's the man you pull off the shelves and go, yep, this is exactly the amount of stimulus you need in order to keep the biggest economy in the world from imploding. There's not been a pandemic of this size since the Spanish flu 125 plus years ago. So there was no manual. And that was before the Federal Reserve was even created. So this was just winging it. And it's better to put too much oil on the gears than to starve the engine from oil and the engine seizes up. So you don't want to be the guy sitting at the control booth in the economy for the biggest economy in the world. And the democracy collapses because you didn't put enough energy into it. So they put too much energy into it. They overdid it probably by 20%, maybe 25%. And that has created sustained inflation that's not been seen in 40 years. The Fed then had to slam the brakes on raising interest rates by raising interest rates aggressively to cool things off. So they hit interest rates down to zero to flood to create more activity. And then to slam the brakes on that activity, they raised interest rates. And people thought interest rates were just way too high. But in reality, interest rates of 5 or 6% are pretty dang on good. It's just what we were used to for the longest time. We're listening for like a decade used to interest rates 1, 2, 3% and then for a minute it was zero. So we got spoiled. This generation got spoiled. But that's not the reality. The real time impact today, higher prices at the grocery store, the gas pump, rent, credit card interest rates at historic highs. Harder for people to buy homes, cars, or borrow money. Okay, because the debt to income ratios are higher, because interest rates are higher. I had one line of credit that had a balance of it was a million and a half dollars or something and it was a floating interest rate. And when interest rates were very low, I was paying like $2,500 a month in interest payments. I was like, oh, I love this. But when interest rates went up, the monthly payment was $10,000 a month. Now, luckily I can afford that, but that's a 4x increase in interest expense. And that happened to everybody, right? Whether you're wealthy or not, that hurts. The aftershocks of trillions of dollars in emergency spending is still being felt today. Here's the bottom line. The $8 trillion saved us from disaster, but now we're paying the price in the form of inflation and higher interest rates. Understanding the trade offs that the trade off of these things help people navigate will help you navigate actually the economic realities of today with clear eyes. Now let me back up and go back to breaking down these different things. So now I've, in the first 20 minutes of this podcast, I've solved the biggest problem for you. Now you can go talk to your friends and be like, I think I keep saying we need to make smart sexy. We've been making dumb sexy for way too long. We've dumbed down and celebrated it. It's time to make smart sexy again. Now you can be the sexiest person at the cocktail party or Hanging out with your friends. Because now you can explain something that nobody understands. You can explain. You can explain inflation. Where did it come from? Who's responsible? All of us. And in how long is it going to last? A while. Right. But it's not a boogeyman anymore. It's just the facts, Jack. Recession. What it actually means and why it sparks fear. What it means and what it doesn't mean. Why does it spark fear? Let me explain now. Recession versus a depression. A recession is a temporary economic decline where the economy shrinks. Negative GDP growth for at least two consecutive quarters, six months. The key signs of recession, Slower economic activity. We're seeing that right now in the economy. Rising unemployment. You're seeing right now that right now in the economy. Decline in consumer spending and business investment. You're seeing that right now in the economy. Lower company profits. You're about to see that in the economy. Sometimes triggered by inflation or high interest rates. We're seeing both of those in the economy. So think of it like this. The economy is catching a cold. It's serious, but it's usually short term. If we experience a recession in 2025, and I think there's a 25% chance of it and increasing, it's man made. It's intentional. It's, well, not intentional. There is a bet being made in Washington D.C. on economic policy that if I guess they believe it's right, then I mean, I'm not getting their heads. But if they're wrong, I can't tell you about whether they're right. If they're wrong, it could trigger a recession. Now I think the economy is basically strong, which is the bones of the economy is basically strong. This is not like 2008, so we can recover quicker than we otherwise would. But we are. This is a. If we have a recession, it is a man made recession. Here's what it's not. It's not a depression. Here's a depression, okay? Not you're depressed. I'm talking about an economic depression. A depression is a prolonged and severe recession that lasts years instead of six months or less. With massive unemployment, deep declines in economic output and often a breakdown in financial systems. That's what have happened if there wasn't the stimulus of 2000-2022. The key signs of a depression. GDP plunges drastically. Unemployment hits double digits and stays high. Widespread poverty and bank failures. Long periods of recovery, often a decade or more. Now, what's an example of a depression? The Great Depression, 1929 until the late 1930s. In fact, it took World War II and the spending tied to that of the government into the private sector. That was what actually shook us out of the Great depression. That wasn't 1939, 1940. Unemployment hit 25%. Back then, the stock market lost nearly 90% of its value. Think about that. That was the Great Depression. Think of it like this. The economy on life support. Deep, painful and long lasting. That's not what we're dealing with. Right? So you can check that box and remove that from your thought process. Now, let's deal with interest rates. I think I've covered this to your satisfaction. But if you, if you don't know why interest rates are important and how, why I'm obsessing about credit scores. The higher your credit score, the lower your interest rate, right? The lower your credit score, the higher your interest rate. It's almost in direct proportion. If you don't pay your bills, if you know you're going to have, you're not responsible about your fiscal situation, you're going to have a really crappy credit score. I've been there. And you're going to pay a very high interest rate. Those who, those who make the least pay the most, certainly if you don't manage your financial. But frankly, it's not just the poor. I mean, the poor pay the, pay the most. But generally speaking. But if you're wealthy and don't pay your bills, same is also true. If you're wealthy, don't pay your bills, you, you, you will have a crappy credit score anyway. That's what interest rates are. And again, I covered that a minute ago. So you go back and listen to that. I'm trying to get through a lot of ground in one podcast. Tariffs. I love this conversation. Okay, so what the heck is going on with tariffs? A tariff is a tax, okay? Not an attack. It's a tax. Well, maybe an attack too. And it is a tax on the recipient, the buyer of goods. This is not. So if we have a tariff on China or a tariff on Canada or tariff on Mexico, this is not saying, oh, Mexico, we're going to make you pay. Canada will make you pay. Texas, Texas, China, we're going to make you pay. No, if you're the CEO of a major retailer in America and you're buying products from, let's say, China, in this example, you're paying the retailer's pay. So they're paying the tax. Right? The tax goes to the federal government. So the federal government is theoretically making some money. But it is not. This is, I don't think this is money that's worth it. Because the trade off on that is could be catastrophic if you don't play it properly. What did I say? 70% of the US economy is consumer spending. And we've already seen what happened when you stressed out the consumer economy in Covid. So a tariff is a tax that is paid by the buyer of the goods, whoever that buyer is. Follow me here. Now, what is that buyer going to do in the natural scheme of things, unless they just are making a crapload of profit or somehow being offset by a credit by the federal government, which that's not going to happen. The federal government is actually trying to take the tax as revenue for the federal government in this example. But that manufacturer, sorry, that manufacturer, that importer is going to in all likelihood pass on that cost to you, the consumer. What is that going to do with your cost of goods? Rise them, raise them. Sorry, in most situations that, that the, the retailer, I won't pick, I'm not gonna pick on the retailer. It doesn't matter which one it is. The there, if there is a, if there's a tariff on what they're buying from China in this example, it will raise the cost of that thing because they got to pay a tax on it to the government. That means they got to pass that in order for them to be profitable. They got to pass that, raise the cost from a buck to a buck 25 in this example, and pass that cost on to you, the consumer. And if the consumer has too much month at the end of their money. Hello. Okay, so why does somebody, why does a politician use a tariff they're trying in all likelihood to negotiate with the company? Because there's trade imbalances. The country that they're putting the tariff on because that means there's less demand for that country's goods because the buyer is less incentivized to buy the product from that country. So they're trying to negotiate with that country by penalizing that country with less demand of their goods. I hope this is making some sense. You can replay this if you need me to slow this down for you. And I'm explaining you why I don't think this is going to work in this example. So in the short term, you can use this as negotiating tool to extract what you want politically from your adversary who you're trying to hit over the head with this tariff to get them to do what you want them to do. The secondary reason you might want to do this is to make goods that are foreign less cheap less attractive than homemade goods. And so that you're quote, being bringing manufacturing back home. Please, in the comments, tell me whether, when you see this on social media, on YouTube, whatever, as the podcast gets shared, let me know whether this is, whether I'm doing a good job of translating this. It's really important you get this. So I've just told you there's a political reason to do tariffs and then there is a bring back home manufacturing so the homemade goods are cheaper than the foreign goods Rationale for doing this. Can tariffs work? Yes, if you set a tariff and you make it short term and you make it definitive, then it can work. But you've got to make sure you got a strong economy, you got to make sure you have offsets so that the average everyday American doesn't get whacked over the head when this is going on, which means you need to be very thoughtful about it. It needs to be really thought out. So hold on to that for a minute. What's happening now is it's the tariff today, tariffs off tomorrow. The tariff is 10%, tariffs 25%. It's up, it's down, it's left is right, it's, it's. How do I feel today? Well, that I don't think is as elegant a strategy and may not be sustainable. And it's combined with a second problem of here, here. And I'm not being critical, I'm just, I mean, we need the, we need our government to be successful. So I'm rooting for them. I just don't understand this particular strategy and I don't think it's well advised. Let me just say that for the record. But let me give you the big drop the mic. In order for tariffs to work where you're bringing manufacturing back home, which is one of the talking points you would have had to, a year before you became president, met with all of the major banks and all the major capital providers, financiers, all the major Fortune 500 companies, CEOs, and said, look, if I win, when I win, I'm going to be bringing manufacturing back home. I'm going to be putting tariffs in the following areas and I need for you to plan for that. I need for you to go to your board of directors, go to your governance committees, governance committees of your board. I need you to go to your shareholders, your investors and tell them that we want to allocate, we want you to allocate capital in your industries to build factories, you know, to create jobs in all these different places. And by the way this could have worked. And combine that with 70,000 Biden infrastructure projects, roads, bridges, et cetera, et cetera, that are. And that'll together create a bunch of jobs and. And then we're going to bring manufacturing back home. Theoretically, that could have worked. Two problems with that. One that didn't happen. Right. Nobody met with anybody and made any long term plans. I know because I'm talking to these CEOs. No one. This is all new news to them. They're finding out on Twitter or X or whatever it is, just like everybody else or what the policy is. And you cannot. No one's going to allocate millions, tens of millions in some case, billions of dollars and tens of billions of dollars in some cases for automobile manufacturers or steel plants, whatever. Just because somebody sends out a tweet today and says that they're changing policy overnight, they just can't pivot on a dime like that. Doesn't matter whether they like it. Don't like, agree or disagree. You just can't move that fast. Particularly when you wake up the next day and the policies changed again.

[John Hope Bryant]

Hi, I'm Bob Pittman, chairman and CEO of iHeartMedia. I'm excited to introduce a brand new season of my podcast, Math and Stories from the Frontiers of Marketing. I'm having conversations with some interesting folks across a wide range of industries to hear how they reach the top of their fields and the lessons they learned along the way that everyone can use. I'll be joined by innovative leaders like chairman and CEO of Elf Beauty, Tarang Amin. The way I approach risk is constantly try things and actually make it okay to fail. I'm sitting down with legendary singer, songwriter and philanthropist Jewel. I wanted a way to do something that I loved for the rest of my life. We're also hearing how leaders brought their businesses out of unprecedented times, like Stephane Bonsell, CEO of Moderna. It becomes a human decision to decide to throw by the window your business strategy and to do what you think is the right thing for the world. Join me as we uncover innovations in data and analytics, the math, and the ever important creative spark, the magic. Listen to math and stories from the frontiers of Marketing on the iHeartRadio app, Apple Podcasts, or wherever you get your podcast. September 1979. Virginia's top prison band, Edge of Daybreak, is about to record their debut album behind bars in just five hours. Okay, we're rolling.

[Charlamagne Tha God]

1, 2, 3, 4. Foreign.

[John Hope Bryant]

I'm Jamie Petras, music and culture writer. For the past five years, I've been talking to the band's three surviving members. They're out of prison now and in their 70s, their past behind them. But they also have some unfinished business.

[Charlamagne Tha God]

The Air to Day break Eyes of Love was supposed to have been followed up by another album.

[John Hope Bryant]

It's a story about about the liberating power of music, the American justice system, and ultimately second chances. Listen to Soul incarcerated on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

[Charlamagne Tha God]

Here's the deal. We gotta set ourselves up. See, retirement is the long game. We gotta make moves and make them early. Set up goals. Don't worry about a setback, just save up and stack up to reach them. Let's put ourselves in the right position pregame to greater things. Start building your retirement [e-mail] brought to you by AARP and the ad Council.

[John Hope Bryant]

Did you know that companies hire the most in the first two months of the year? Or that nearly half of workers are worried about being left behind? I am Andrew Seaman, LinkedIn's editor at large for jobs and career development and my show Get Hired brings you all the information you need to, well, get hired. People are forming opinions of you even before you log into the zoom or walk into the room. And so you really have to think about what is it I want to display? You don't plant a garden and then.

[Charlamagne Tha God]

Just walk away and expect it to thrive.

[John Hope Bryant]

You are in there pulling out the weeds. You're pruning it, you're watering it. It's the same thing with your network. You should always be in there actively managing your network. If you don't feel confident to say a number, even admitting that to a recruiter is going to be far better than saying, well, what is your budget for the role? A lot is in the follow up, right? Don't wait to follow up. Whether you're a new grad, an established professional or contemplating a career change, Get Hired is for you.

[Charlamagne Tha God]

Listen to Get Hired with Andrew seaman.

[John Hope Bryant]

On the iHeartRadio app, Apple podcast or wherever you like to listen. Listen.

[Charlamagne Tha God]

So one, they didn't have the chance, the time to allocate the capital. And two, we're not a manufacturing country anymore. Not for heavy, you know, traditional goods. We're too expensive, the country's too expensive for that. That that party left us that, you know, in the late 70s and 80s. That is a game for developing nations where it's cheaper to do it. Here's the other problem. Even you're manufacturing something at home that's not technology based or There are some things we do do well, knowledge based stuff. But if you're manufacturing traditional stuff here, the parts of that thing, let's take an automobile as an example, are often imported. Even if you manufacture the thing here, you still need parts from other parts of the world, which means we're still interdependent. Okay? So this is not, this is, this is not designed well, in my opinion, to work. And that is why I think you're going to see tariffs create an increase in prices for you in the short term until they run the course of this experiment. And hopefully this will stop sometime soon because I think it's going to slow down the economy and cause more pain to the average consumer. Let me know if I explained that well. Number five. So I've done tariffs, number four. I'm going to run through the rest of them pretty quickly here. Tariffs, number four, number five, gdp, gross Domestic product. You hear this talked about all the time, but basically this is how you measure the economy's health. This is like you're saying, what's the income of your household? How much money do you make? Okay, that's gdp. It's not profit, it's not net worth, it's how much did you produce? How much did you make? What's the health of the country? The gdp. Number six, stimulus and relief packages. Where the COVID money went and why that matters now is what I explained a little while ago. But that was all Covid, that was all stimulus and relief packages. So when you hear these phrases now, you know what this means. Number seven, the Federal Reserve, the Fed. The Federal Reserve has a very important and unique position in the economy. The Federal Reserve is a central bank of the United States. This is gangster now. I mean, you think that rap is gangster? No, banking is gangster. I did a whole podcast last year breaking down how banks work. Go back and listen to that podcast. Think of the Federal Reserve is the bank for banks and the referee on the US Economy. The main responsibilities of the Fed controlling inflation. So price stability. The Fed's job is to keep prices stable so your money doesn't lose value too quickly. When inflation is too high, the Fed raises interest rates to slow spending and borrowing. It hurts you in the short term, but your money still has value. That's why the US currency is a flight quality all around the world. People in China talking mess about us and Russia talking mess about us. In Iran talking mess about us. In North Korea talking mess about us. But all these leaders, when their cameras are off, want their, their money to come to The United States, they want to own our real estate, they want to own our stock. They want their families in the U.S. they want their money in the U.S. they Want the U.S. currency which is not even backed by gold anymore. It's a free floating currency backed by the full faith and credit of the US Government. This is gangster. That is vibe. It's a feeling, it's sentiment. The US currency is the most valuable currency. It is the world currency. Still, I don't care what anybody's saying. Ain't nobody, and I say ain't on purpose. Ain't nobody trying to use no Chinese currency or Russian currency or even the euro as a global currency. It, you know, nobody's trying to use the British pound is, you know, we don't mind it, but it's the U.S. it's the U.S. currency is like globally valuable and that's what everybody wants. So number two's role maximizing employment. The Fed tries to help create, by the way, even in cryptocurrency, what's the ultimate goal of cryptocurrency practitioners. They want to cash it out for what? U.S. currency. Right. They're not trying to live with crypto forever. They're trying to make that money and cash it out and get paid with hello, US currency, even if it's digital US currency. So the Fed's the next second row for the Fed is to maximize employment. The Fed tries to create conditions for as many people as possible to have jobs. When the economy slows down, the Fed might lower interest rates to encourage businesses to invest and to hire. Number three, regulate banks and to keep financial systems safe. The Fed one of the regulators, you have the control of the currency. You have the fdic, Federal Deposit Insurance Corporation. Then you have state bank, state bank regulators as well. But the Federal Reserve is the big baller because they have a multi function role and they're the banks. The banks, the bank's bank and the nation's bank. The Fed oversees major banks to ensure that they are playing by the rules and not taking excessive risk. This helps prevent another financial crisis like we saw in 2008, number four. And the Fed was created in response to the Great Depression. Just so you know, number four, as the FDIC was as well, number four, maintain stability in the financial system. In times of panic, like during COVID or a bank run, the Fed can step in as a backstop, as they did during COVID which I've explained during this podcast, providing emergency loans or liquidity to keep the systems from classing as they did in 2008, the recession that happened after the mortgage. The mortgage meltdown. Number five, manage the nation's money supply and interest rates. The Fed sets a key interest rate called the Federal Funds rate, which influences borrowing costs for credit cards, mortgages, student loans, et cetera. It also controls the supply of money circulating in the economy. You want to have a cool experience? Take your kids, take your loved ones to your local Federal reserve bank. There's 12 of them. In fact, the Federal Reserve bank here in Atlanta has a black president. I think it's the first time in US history that's ever had a black president. Rafael Bostick, Brilliant brother. Go take your loved ones and go take a tour of the Fed and then get them to give you some of these recently cut currency. You may have to pay for it. They'll give you some shredded currency for free, which is the old currency they actually destroy. I know this seems sacrilegious. They actually destroy old currency, take it out of circulation, go check it out. It's really gangster what they do. I mean, it's pretty fascinating. You won't be bored. Go get a Federal Reserve tour and ask them about the Freedmen's bank when you're at it, which is something that I helped to. I'm proud to say I'm the only American citizen ever to trigger the renaming of a building on the White House campus. It was a Treasury Annex building. Now it's called the Freedmen's Bank Building, which was a bank chartered by Abraham Lincoln after the Civil War to teach free slaves about money. The Freedmen's Bank. Another podcast for another day. Why is this all this matters? When the Fed raises interest rates, your mortgage and credit card rates go up. But inflation may cool down when it lowers rates. Borrowing is cheaper, but prices can rise. The Fed's actions affect your job security, your savings, your debt, and your future. In short, the Federal Reserve is as important as the President of the United States of America. That's why the Fed chairman, Powell, the current Fed chairman, is always cited in the news. All right, so we're at number eight now. Wage growth versus cost of living. Why your paycheck doesn't go as far as you'd love it. You'd like it to. Well, I explained part of that in talking about the pandemic, and I'm trying to get through this, through this podcast within 45 minutes. I'll paper over that unless you tell me in comments you want me to drill down. I think you can figure out wage growth versus cost of living pretty easily. Supply Chain. I've talked about this when I explained the pandemic. It's literally the supply of the chain of supply of goods and services. And what happens when the supply of that and the demand of that are in balance? You get inflation, unemployment rate. All right, well, so again, once again, it's obvious, right, the rate of those not working, even though it's fascinating that certain people are actually not even counted in the unemployment rate. But I won't get into that. But if you, if you just want to. If you just want to. If you want to be a geek, do some research on who is actually counted and not counted in the unemployment rate. All right, so we've covered a lot of ground here. Here's some tips to survive and thrive in tough economic times. Number one, know your numbers. Track your income, your expenses and debt. Clarity brings control. Know your numbers. I like math because it doesn't have an opinion. That's a Melody Hobson quote. I give her credit, but I use it all the time because it really is illuminating. And I think I love making smart sexy. That is making smart sexy. I like math. It just doesn't have an opinion. Know your numbers. Number two, build a budget that breathes. Build a budget that breathes. Not about restrictions. It's about prioritizing what matters most. So you want an expansive budget, a flexible budget, but you want to prioritize your mortgage, your rent, your car notes, your food, your shelter, utilities, you know, and. But you need to have a budget. I mean, I used to. I used to poo poo. The other budgets were boring. I think budgets are sexy now. Everybody needs a budget. Wealthy people need a budget. Poor people need a budget. Everybody needs a budget. Number three, cut hidden costs. So this is a real big one. Subscriptions, fees, auto renewals, clean them all up, go into your phone, go into subscriptions in settings, and you'll be stunned, most of you, at how many things you're paying for every month, every year that you forgot about. You may. You may pick up thousands of dollars a year simply by going and canceling. Useless. Not. These companies rely on you forgetting. They rely on you having add, like short attention span, moving on to the next. You subscribe to something and you don't even think about it anymore. And they're charging you a buck 99amonth or a buck 99 a year. Well, buck 99 a year times millions of people or even hundreds of thousands of people is a crapload of money for them. So they're counting on you not missing a dollar or five Bucks. And once they once you get into thing it auto renews. So you got to opt out of it, right? You got to ask them to take you out of that. So that's probably the big drop the mic of the whole podcast. I've just saved you some money. Go cut your subscriptions from from your phone. Subscription from your phone in the settings at least in an iPhone it's under settings and Android. You let me know whether it's different. Number four. Build or rebuild an emergency fund. About 40% of Americans don't have $400 for an unplanned event. At Delta Airlines we did a whole program with combining financial coaching for with an emergency savings account funded by my friend Ed Bashn, the CEO of Delta were funded by Delta with his leadership. It's a hit. I mean it's really been an extraordinary success at Delta and it's helping them become a healthier company. The employees are happier. But it's not about poor people. Most Americans don't have $400 for an unplanned event. I'm not talking about your credit card money. Even though that 40% number includes people who have access to a credit card. The credit card is not cash. That's borrowing. I'm talking about $400 for your own money. So just start small. Start with a small fund, a few hundred bucks. Try to get to the 500 to a thousand dollars. You have a thousand dollars for an emergency oh crap fund, then that you're a winner. I don't want you going to a payday loan lender when Johnny gets sick and you have to pay. You got to pay for Johnny's medical bills and you miss rent, right? Number five, don't chase lifestyle, chase legacy. Invest in your future, not your appearances. Your assets cannot be on your ass. Number six, watch your credit. Good credit equals access opportunity, lower cost. Aim for a 700 credit score. You've heard me talk about this a million times, so I will not belabor this right now. But I'll just say this. If you go to the club tonight and you see somebody you like and she's beautiful, she's fine, or he's handsome, you say oh damn. What's your name? Oh yeah, that's cool. Nice to meet you. What's your credit score? If you get serious about somebody, don't just be fascinated with their looks. The looks will go away in time. That's your business partner for life. This is the only where the math should be multiplication, not addition. Two plus two should equal more than four. If it doesn't. What are you doing if you're not better together? If it doesn't equal 6, 8 or 10, what are you doing? You can do bad all by yourself. That Quincy Jones once told me. God rest his soul, John. He said, the only thing worse than being alone is wishing that you were. Can I get an amen? Number seven, Side hustle smart. Be side hustle smart. Turn your skills or passions into a second income stream. The easy ones are Uber Lyft. You can rent out a room through Airbnb. You can rent out that RV sitting in your driveway. You rent out a spare car. There's a lot of ways to be to become a notary, a notary public, and do that as a side hustle. There's a whole bunch of side hustles that you can get into quickly to earn you some additional income. Number eight, buy smart. Not big. Think value over luxury, especially with cars and big ticket items. You don't want no 1000, 2000, $3000 car note. I mean, that is crazy. And people do this on the regular. I just don't understand it. But I mean, a car is also a diminishing value asset. It's bad debt because it decreases in value. You want to have debt tied to things that increase in value, which I call good debt. Mortgage, a car note, a mortgage and a home, so on and so forth. Even student loan, I consider good debt because that's making you smarter, which will allow you to produce more income for yourself, earn better income. Number nine, Learn before you leap. Financial literacy is power. Financial literacy is a civil rights issue of this generation. When you know better, you do better. So read, listen and grow. Read my book, Financial Literacy for All, which is a national bestseller in business finance. Number one in the country since last April. So coming up on a year of it being number one, buy it at Amazon, buy it at Walmart, buy it at a black or minority owned bookstore. But get that book and sign up to financial Coaching at Operation Hope. Tell them I sent you, they'll give you a thousand dollar emergency Savings account. Sorry, $1,000 scholarship for coaching and counseling. It is an emergency savings account, by the way, because it's going to save you money. Two ways to make money, make more, spend less. This will help you spend less, thus make more. If you're making $36,000 a year and you, and you're smoking three packs of cigarettes a week, two or three packs of cigarettes a week, and going to Starbucks for coffee, you're, you know, that's $6,000 a year. That's 10% of your income. So go get a Keurig machine and stop smoking. You'll live longer, be happier, and you can repurpose that 6 grand, 20% of your income to do something meaningful in your life. And tell your friends to follow this podcast number 10 invest in yourself. Mentorship, training, health. It all pays dividends so the economy can feel like a foreign language. But it doesn't have to. When we understand the rules of the game, we can win. Encourage all of your friends to share this episode Listen to this episode subscribe to Money and Wealth. Go to Operation Hope. Get my book Financial Literacy for all. Become a civil rights leader. And I want you to understand that there's a difference between being broke and being poor. Being broke is economic, but being poor is a disabling frame of mind, a depressed condition of your spirit. And you must vow never, ever, ever to be poor again. I also want you to know that there is a business plan for Black America coming on April 4th. We will be meeting in Memphis, Tennessee, 57th anniversary of the assassination of Dr. Martin Luther King Jr. I am co chairing. I was asked to co chair with the Memphis mayor, Paul, Dr. Bernice A. King, the daughter of Dr. King and the CEO of the King Center, Ambassador Andrew J. Young, who built modern Atlanta to the 10th largest economy in the country and the biggest economy for black brown folks in the world. That's a city that's successful at this scale. $580 billion I believe is the last number for GDP for the city of Atlanta. He was on that balcony when Dr. King was assassinated. All of them will be co hosting with me the Unfinished Dream event in Memphis, Tennessee. It's going to be online and I encourage you to dream forward. Which is the official name for the event. Go to operation.org or just search Dream Forward, Operation Hope and register for this global town hall. It's virtual. April 4, 1 to 3pm Eastern Standard Time, 12 to noon Central Time. A lot of ballers, heroes, sheroes that you love and respect will be speaking that day. Killer Mike, Sam Altman, Bernice King. Just the I mean Nicole Pullen Ross, Ray Maguire, Stride Masaiiwa, the sixth richest man in Africa. Van Jones, Bishop T.D. jakes, the CEO of Walmart, Doug McMillan, Dasanda Brown Duckett, who's running a $2 trillion company as a black woman. Charlemagne, thy God. The CEO of the President of Shopify, Harley Finkelstein. Just an unbelievable group of leaders. And it'll be Republicans and Democrats, blacks and whites, rich and poor billionaire next to a millionaire next to somebody trying to buy some air. Right. With a business plan for America, the business plan for black America, which is a signal for the other business plans we're going to create for Latino Americans, for Native American Indians, for rural America, so that we all can come up from nothing. So make sure you register for that. It's free. It is our service for you. This is a silver rights blueprint for all of us. It is a business plan built on hope and it, and it includes you. And we're going to tell you how to come up. I'm telling you how to come up individually, we're going to tell you how we're going to come up as a group. And yeah, I'm very excited. So see you there. John O'Brien this is Money and wealth. Let's go change the world. Let's be this change we want to see in the world. Money and wealth with John O'Brien is a production of the Black Effect Podcast Network Network. For more podcasts from the Black Effect Podcast network, visit the iHeartRadio app, Apple Podcasts, or wherever you listen to your favorite shows. SA.

[John Hope Bryant]

Geico's motorcycle expertise means I'm covered by people who know bikes like I do. I'm happy as a clam. No, conclusive, scientific, scientific research has shown.

[Charlamagne Tha God]

Clams can experience happiness.

[John Hope Bryant]

It just meant that I feel really good about my coverage. I mean, even if you took the clam out for the best day ever, visiting the zoo, taking a scenic ride, knowing you're insured by specialists, and sharing a strawberry ice cream cone together, the clam would not feel happy and your strawberry cone would taste sort of clammy.

[Charlamagne Tha God]

Ew.

[John Hope Bryant]

Geico's motorcycle specialists who know bikes like you do assume no liability for clammy ice cream cones. Geico expertise for your motorcycle. In a world of economic uncertainty and workplace transformation, learn to lead by example.

[Charlamagne Tha God]

From visionary C suite executives like Shannon.

[John Hope Bryant]

Schuyler of PwC and Will Pearson of iHeartMedia, the Good Teacher explains the great teacher inspires. Don't always leave your team to do the work that's been the most important part of how to lead by example.

[Charlamagne Tha God]

Listen to leading by Example executives making.

[John Hope Bryant]

An impact on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. 45 years ago, a Virginia soul band called the Edge of Daybreak recorded their debut album, Behind Bars. Record collectors consider it a masterpiece. The band's surviving members are long out of prison, but they say they have some unfinished business.

[Charlamagne Tha God]

The Edge of Daybreak Eyes of Love was supposed to have been followed up by another album.

[John Hope Bryant]

Listen to Soul incarcerated on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.

[Charlamagne Tha God]

Hey, sis.

[John Hope Bryant]

It's Dr. Joy from Therapy for Black Girls.

[Charlamagne Tha God]

We've had 400 episodes of Conversations, Growth and Healing, so we're celebrating. Join us for a special episode with internationally recognized yogi Chelsea Jackson Roberts as she shares wisdom on mindfulness, movement, and motherhood. I waited later to have children, and I still have exactly, exactly what I knew that I wanted.

[John Hope Bryant]

You don't want to miss this special episode.

[Charlamagne Tha God]

Listen to Therapy for Black Girls on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.