Video Closed Captions:
good morning good afternoon good evening
folks michael’s uber one rinse atlanta
time back with this long-running guest
mr greg dickerson how you doing sir
feeling great michael good to see you
nice to you as well i don’t know if
you’ve seen it but michael bury has
reactivated his twitter account this
thing goes on and off more like a light
switch but currently it is on and he is
out saying we are in the biggest bubble
ever he has been through two in his
investing career those were obviously
the dot-com and the real estate bubble
he is out saying biggest bubble ever
and uh you know a i wanted to talk to
you about michael bury you know who he
is uh what do you think uh just kind of
rap about that a little bit yeah yeah
exactly so a lot of people know michael
berry from the big short so for
everybody listening he has a twitter
account that he’ll delete tweets and
he’ll just you know delete the account
and then he’ll you know take it off put
it back on
um you know i think he has asperger’s or
something like that so he’s kind of you
know he’s kind of he’s he’s a little
wild and there’s nothing against people
that have no but i think he’s a little
just off and a little different you know
how he operates but um there is a
twitter account called the michael bury
archive and has all of his tweets so if
you want to follow him you got to follow
him there because he deletes the other
stuff and that archive grabs it he’s got
to know that so yeah
i’m not sure what he’s doing but anyways
yeah so he’s always been you know um a
contra trader he’s always i mean he made
his fortune calling the housing market
crisis literally researching you know
people’s mortgages looking at the
borrowers like went through thousands
and thousands of these things i think he
he i give him credit for and he was
early right he may not have been the
first but he was early and he went big
and then he went a little too early and
that’s what his tweet said the other day
is he’s been through several you know
crisis and bubbles to learn not to be
too early on shorting something yeah you
know so uh i think he’s learned his
lesson there because it cost him it cost
him and it was it was just you know it
almost ran about stressful yeah oh yeah
it almost it almost crushed him he
almost didn’t hold on long enough yeah
yeah i mean you know it’s easy to be a
bull right i mean you know a lot of
things go up when the fed’s doing what
it’s doing and has been doing it since
2009 it’s kind of hard not to be a bull
right i mean
it’s easy easy to be a bull the hardest
thing to be as a bear and be accurate
about it so to understand risk be able
to accurately calculate that risk and
then be able to sustain it when it
happens you know and you know that’s
your real you know counter trading your
contra trader right or your contra
investor understanding that and going
against the tide you know anybody can
make money going up in a bull market
yeah the real opportunities a lot of
times are in those down markets and you
know again i always talk about you leave
the market up and you lead the market
down you know and i’ve i’ve been you
know successful and profitable through
both of those through real estate even
as values dip you don’t want to catch a
falling knife but you want to lead that
market down you know and
there’s an art to that so you really
have to understand it and you know but
nobody wants to hear those things when
you’re in this huge bull market yeah but
what he’s talking about is
everything is in a bubble everywhere and
there’s no there’s no you know everybody
is calling it a bubble now on wall
street whereas other before they weren’t
now they are everybody’s talking about
how dangerous it is you know that it’s
just unprecedented levels and we’re
talking you know stocks bonds you know
treasuries are
are in a bubble you know the housing
market i mean everything everything oil
everything is in a bubble right now and
you know we’ve seen these things over
and over and over and we’ve seen cycles
the fed is now pinned they are losing if
not lost all credibility um you know
they’re flat out ignoring it because
there’s nothing they can do without
creating the worst financial crisis even
worse than know 809 if they act
appropriately
so they’re just going to ignore it and
let let it play out and just blame
pandemic blame you know whatever they
can blame and say hey we did what we
could do we printed we kept interest
rates low it wasn’t our fault you know
so um it’ll be interesting to see
if they take any action at all with
everything you know where we’re headed
now because you know we that inflation
is escalating rapidly yeah so that’s
what he’s warning about he’s just
warning that look this is unsustainable
it’s gonna pop
and uh he doesn’t know when it’s gonna
happen and uh you know he also made a
comment one time a lot of people didn’t
understand as he said you know like
bitcoin specifically he said if you
don’t understand
um the leverage that’s in bitcoin then
you don’t understand bitcoin and a lot
of people don’t they don’t understand
how leverage works in bitcoin and how
the largest exchange out there will give
you 100 200 you know times leverage so
you know you put 100 grand into an
exchange and be trading on 10 million
dollars oh my goodness really yeah oh
wow
exactly and the way that works is you
know you can deposit you know
100 000 worth of bitcoin over here or so
many bitcoin and if you’re a whale and
you’ve got you know a thousand bitcoin
and you deposit you know 100 of them
over here that turns into 200 times
leverage that you can get out there and
trade
uh you know without actually having to
sell your bitcoin so you can crop prices
up and drive prices and you know things
like that people just don’t understand
the leverages there and then these you
know um stable coins that are backed up
by commercial papers kind of similar to
the housing market you know what what
really take the housing market wasn’t
just a bad mortgage it was all the
leverage in the system because these
mortgages were levered up as securities
you know a hundred fold throughout the
financial system because of the way that
all works and the way banks lever up the
way these mortgages and derivatives were
created and levered up and the way all
of these things happen so that’s why
that was such a huge impact on the banks
you know so you know now
some of the financial markets and the
crypto markets and you know real estate
all happening at once i mean it’s it’s
it’s pretty big stuff
yeah i think there’s a couple of things
i’m really taking from michael bury
stuff and again i
i like to watch i like to watch people
that are kind of i appreciate what
michael did right again he he read the
mortgages right
like these these these cdos these
packages thousands of mortgages he’s
like reading dry legalese and you know i
respect that right as opposed to just
you know
playing momentum in a bull market right
because you’re right being a bear is is
hard
and um
you know the other thing i take from
michael is he says like you’re right
it’s assets everything is a bubble
and and then finally uh the last thing i
took from michael because i did a
research knowing you and i were talking
today he’s like if i could find a way to
short the 30-year treasury that’s the
trade today
yeah that’s what i mean like when people
say treasury’s in a bubble what do you
mean it’s only you know what what are
treasuries today like you know not even
two percent yet or no i don’t think so i
didn’t look yeah
1.6 you know 30 year might be might be
pushing two or a little bit over so what
i mean is the bubble is down so it goes
the opposite way and that’s why he’s
saying you really can’t technically
short you know a treasury
um you know but that’s that’s a
different kind of play all all in and of
itself i’m not sure where 30 year is i
think it’s over two percent now it would
have to be over two percent of the one i
would think i keep trying to find the
30-year
i can’t find it yeah so
yeah it’s it’s it’s very interesting
times and you know what um
what’s really interesting is now all of
the bulls of wall street are coming out
going hey this is a very dangerous game
that the fed is playing yeah and we’re
on a very unsustainable path you know
but the same time let’s just keep it
going while we can keep it going you
know but because there’s nowhere else to
go even treasuries you know those yields
are coming up a little bit but it’s
still risk on right now it’s not risk
off until the fed changes gears they
have not changed gears
you know
um
you know it’s it’s very tricky it’s very
tricky you know there has to be a
deleveraging
at some point
to the scale that we’re on and i mean
then we’re just passing trillions of
dollars in stimulus and infrastructure
spending which you know in an
inflationary period it’s just going to
add more inflation yeah
i don’t understand i don’t get it
we’re going to spend i don’t know call
it a trillion dollars between friends
and somehow that is janet yellen janet
yellen like
says we’re gonna spend a trillion
dollars
in hard infrastructure and it’s gonna
lower inflation i’m like what
i mean i can’t i i don’t see it i don’t
understand i mean
what am i missing
you know they they don’t get it either
okay good i’m not
they’re not putting gas in their car and
they’re not going to the grocery store
and they’re not you know seeing anything
everywhere you go price go up everywhere
because of this because of that because
of labor because of you know
transportation costs i mean you know
fuel surcharges you know
i mean every day you see something where
there’s a new surcharge being added to
some delivery service you know for this
now which you know rightfully so
absolutely
yeah
it’s just it’s just amazing you know
what’s happening right now and that
they’re just ignoring it going oh it’s
going to go away as soon as the
pandemic’s gone and guess what we’re two
years in the pandemic ain’t gone yeah
you know uh things haven’t changed and
you know this this you know the wage
inflation and
the the change in late in the labor
force that’s put you know an increase in
prices and you know increasing cost of
doing business on businesses that’s not
going anywhere you know so um you know
it’s very very interesting times and i’m
not quite sure what she’s thinking i
don’t know
if they fully get it or fully understand
because again none of them are operating
in business they don’t have to make a
profit so they they don’t fundamentally
understand business they don’t have to
you know that’s the problem with
government you know and like a lot of
people want to attack you know the
wealthy and this that and the other and
you know they’re not the problem the
problem is government you know they are
the ones that are spending the money
that are creating the problems the
wealthy are just using the illegal tax
you know loopholes and tax laws you know
to minimize their taxes so you know you
want you gotta change that and you know
yeah
if you want everybody to pay the same
amount then go to a flat tax you know
and
you know or a consumption tax and
everybody’s paying their fair share you
know instead of having all these
different things but
remember why tax loopholes were created
created by the politicians for power and
control over business industry and to
get money from wealthy you know so it’s
it’s you know don’t go after the wealthy
you got to go after the politicians and
somebody had responded to one of the
videos and said well how do we go after
politicians well you got to get involved
in your community you’ve got to expose
these things and you’ve got to vote
you’ve got to understand who’s getting
paid by who who’s writing the laws you
know and i’ll tell you who writes the
laws in this company number one it’s the
insurance
insurance is one of the most powerful
entities institutions on the planet they
write your laws because it’s all about
insurance having to pay so they’re
lobbying and spending hundreds of
millions of dollars a year to lobby
lawmakers so they get the laws written
the way they want to get them written so
they don’t have to pay
and then you have corporations and you
know wealthy individuals that are
contributing you know and and you know
that’s just on the books you know
there’s so much that goes on off the
books that you know
and just look at how you know all of the
politicians are enriching themselves
like you know bernie sanders and you
know elon musk if you saw that little i
did it for the weekend i did i always
forget you’re still on oh you know
bernie’s got a net worth of 3 million is
he giving that away to people you know
how much is he paying you know joe
biden’s very wealthy he’s 10 million
bucks you know
um i think elizabeth
you know
pelosi is 10x i mean she’s worth you
know i can’t remember what it is now but
it’s i’m gonna look it up
i think it’s a hundred million yeah
since she’s become speaker by you know
uh insider trading um so
you know that’s why the laws are where
they are and why they exist and you know
that’s who we have to crack down on as
politicians you gotta have term limits
you gotta you know they can’t be allowed
to trade and do these things while
they’re in office i mean you gotta you
know
people have to rise up and take control
back of this of the government you know
yeah i’m gonna look up i’m typing in
what is nancy pelosi’s net worth because
the last time i saw it was crazy and and
that’s really it yeah i mean really at
the end of the day you need term limits
at all levels okay all levels of
congress once you serve in government
you should not be allowed to serve in
you know private sector where you know
you can benefit from that service of
government you should be whatever you
did before you went and served when
you’re done you go back to that you
don’t stay in washington and continue to
leverage that you know power and
influence and
uh nancy pelosi
you’re not in 2015 it’s the first thing
i found
opensecrets.org is the source and again
i just went to google i have no skin in
the game in 2015 she was worth a hundred
million dollars and she has only gotten
richer
yeah and it’s not just you know it’s
both sides of the aisle so it’s oh yeah
it’s democrats all of them you know it’s
all politicians you know most of them
are you know maybe they start out
thinking hey i want to make a difference
but as soon as their pockets get you
know filled up a little bit you know
they start heading down that that path
and you know the streets are paid with
gold and you know dc and state capitals
you know so that’s where the money is
made and the deals go down so anyways
long story short that’s you know who we
need to as a nation to be you know going
after and reigning in is is the
lawmakers because that’s where all these
laws are created you know it’s not the
wealthy that are creating jobs
opportunity they’re getting rich sure
you know and i mean it’s their
prerogative what they do with their
money you know just like anybody else so
i just found one for 20 20. she’s now
worth 190 million dollars yeah
yeah and
exactly i mean she’s doubling it every
year because you know she’s got the
inside skinny you know and all this
money that’s being put out why do you
think it keeps getting put out you know
why do you think let me look at all the
fed people that were trading and selling
all their stocks right before the peak
you know yeah that’s
yeah that that actually is one of the
reasons i think i don’t know if we’ve
talked about this but i think jerome
powell will not be renominated because
of that reason
the fed knows if they stop printing and
if they raise interest rates market goes
down
what does that do to their own personal
net worth yeah you know what i’m saying
they know i mean so they have a vested
interest to keep pumping and keep
pumping it up you know and all their you
know i mean it’s just it’s a game and
you know that’s how it works and you
know there’s a lot of people that have
benefited from that game retirees and
people that are in the markets and those
types of things but now it’s very
dangerous and a lot of people are
getting drawn into the markets and
they’re going to get they’re going to
get
you know hurt when it does you know
deliver and it’s going to deleverage at
some point yeah i agree with that well
do me a favor uh greg how can people
follow you because you do amazing stuff
every day
yeah gregdickerson.com that’s where all
my info is youtube
podcastgregdickerson.com
very cool man thanks again