Tiffany Cianci: Why American Families Are Struggling More Than Ever DSH #1464

That's it.

62%.

You know how they could have phrased that?

The majority of American families cannot afford basic costs of living.

It is not 62%.

62% is an astronomical number, by the way.

That is a very large majority of American families cannot pay their bills.

If that's not a recession indicator, I don't know what is.

All right, guys, got Tiffany back on the show.

Man, she's made some waves since our first episode appearing on Candace and who knows what's next.

Thanks for coming back on.

Thanks for having me.

Yeah, you've really grown up.

I love your show.

I mean, I can't believe the reception you've been getting is amazing to see as well.

Yeah, I'm really grateful.

Actually, like the stuff I talk about, I truly believed when I started my channel that nobody would care, that nobody would hear it, that nobody, that I couldn't break through the noise.

of the constant like propaganda that's meant to keep us not talking about the things i talk about i'm so i've been shocked, overwhelmed, humbled, grateful.

Like there's, there's just so much to be grateful for in the increase in awareness about the topics I talk about.

Because you've been dealing with so much behind the scenes for years.

You finally get it off your chest.

It must feel amazing, right?

You know, I want it to feel amazing.

I really do.

It's hard to feel amazing about it because 1.4 million other people in America.

are going through it every single year.

They're going through forced arbitrations.

They're going through secret court processes.

They're being forced into these types of circumstances that I talk about.

And they don't get to talk to anybody.

They're not allowed to talk about it.

And one of the things that's been really hard and also really, I mean,

it's been a mercy, I guess, is the only way I can describe it, is that each time we've had another episode of the Candace Owens show come out with Ian's been covering my legal battle and the legal battles of hundreds of small businesses I've been fighting for.

And one of the small mercies has been these secret whistleblower emails we're getting saying, this happened happened to me too this happened to me too or i used to work at that company you can't imagine what they're doing or we're getting messages uh saying they stole from me too or they stole my intellectual property um i'm fighting just like you are and i'm not allowed to tell anyone please don't give up like that's been

heartbreakingly hum like humbling i don't know a better way to say it

like you want to be happy that the message is finally getting out you want to be excited that people are learning that the facade that is private equity is starting to fracture in really big ways.

You want to be excited about that.

And simultaneously, you're looking at a circumstance where 1.4 million people have lost their constitutional rights and 11, almost 12 trillion dollars of our economy has been acquired by private equity.

And we're seeing this huge increase in really important industries getting gobbled up by those same people

and and we're watching a bubble grow and we're watching these little pinholes start to leak and it just feels like it's hard to be excited when you know that that catastrophe is little literally around the corner constitutional catastrophe is around the corner in arbitration and financial catastrophe is very plausibly around the corner in private equity and the bubbles they've created and so it's hard to be excited but it's really good to know that it's starting to get there

yeah i watched the most recent candace episode i can't believe how many people are signing these agreements, these arbitration agreements, over 100 per household.

So actually, that was an outdated statistic.

We actually found a more recent statistic, and it's estimated that an average American household that is typical of a middle-class level of income, it's as much as between four and like $1,300.

What?

Yeah.

Oh my gosh.

That are active at any given moment.

Think about like every sports game you sign your kid in for, every school they go to, every theme park, every massage place you go.

It's printed on the back of receipts at stores you shop at.

Wow.

It's inside boxes of appliances you buy.

Think about like the fact that you're renting a car, you're buying a plane ticket, you're going to a theme park, you're renting, you're ordering a pizza, you're signing one every time you order on an app on your phone.

Insane.

How many Uber Eats orders have you made?

Every day.

Every day.

How many times have you ordered food through a website?

Every day, right?

How many apps have you downloaded your phone?

Because every single one of them has one.

Hundreds.

Hundreds.

Hundreds of apps.

They're inside like movie boxes and CD cases.

It's everywhere.

I mean, it's mind-blowing because if you like fall at a grocery store and break a bone, you can't even take them to court.

It is

the biggest facade, like the biggest lie Americans have been told at this point is that there is any possibility.

for justice for everyday Americans in our legal system.

Everyday Americans don't have that hope.

Everyday Americans believe that there's.

All right, guys, Sean Kelly here, host of the Digital Social Hour podcast.

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Justice for all.

I want to believe that.

I want to restore that.

But at this moment, you are literally more likely to be struck by lightning in the United States than you are to win a court case in a secret arbitration.

That is an actual statistic.

And right now, in the United States, one company is controlling 92 to 94 percent of the entire arbitration economy.

Now, in any other industry in American history, if any corporation or company got control of 92 to 94% of any industry, by law, it had to be broken up.

It had to be regulated.

Our antitrust laws mandate it.

And yet, for some reason, the American Arbitration Association has been allowed to quietly fly under the radar because no one's paying attention to them, because it's taking a load off the dockets of all these overworked judges.

And really, the reason that they're flying under the radar is because everybody's heard of the blue wall of police officers supporting police officers or the red wall of firefighters supporting firefighters.

Nobody talks about lawyers supporting lawyers.

But when you look at the fact that every 90% of the people in Congress are lawyers, and all of their staffers are lawyers, and all of the judges are lawyers, and all of their clerks are lawyers, the arbitration system is everyone's retirement plan from civil service.

And AAA is big money.

And so the people that are meant to regulate this very issue have a vested interest in seeing it continue

at the

erosion of the entire American population that doesn't have the money to fight.

And because of the way the system has been crafted in forced arbitration, the world can't see it.

Nobody knows it's happening.

And even if something horrible happened to you in that arbitration, you can't tell anybody.

The most recent statistic that came out, there's a class action action lawsuit that was just filed in Arizona.

Everything exciting in arbitration happens in Arizona.

Everything exciting in private equity happens in Arizona.

Now, there's a good reason for that.

I'll tell you in a minute, but a class action was just filed that literally says that

it cites a very famous case.

There was a class action lawsuit against AT ⁇ T,

and they were supposed to go to court.

But AT ⁇ T had started sneaking arbitration agreements into just their billing paperwork.

No one signed it.

They just added it in there.

And I think it was AT ⁇ T via Concepcion, I think is the case.

And so they forced them into individual arbitrations.

And any class action in history where you've seen ill conduct, the class files together and they succeed together or they fail together.

But if a class action is coming and a law firm is taking it on contingency, it has legs.

That law firm is putting millions of dollars of resources at risk because they know that this other company has done wrong and that the law is on their side or they're not going to pursue it because it's a massive investment.

Well, when they were forced into that arbitration, over a thousand litigants were forced into those individual arbitrations.

And if they'd been in a class action, it would have been one ruling for everybody.

And you could have appealed it, you could have appealed it to the Supreme Court if you wanted to.

In these thousand different arbitrations,

19 people won.

Oh my gosh.

And 981 people lost.

It's crazy.

And the people who won, it were well-reasoned legal arguments.

And they got to win and they got to walk away with their money.

And for the 981 others, they lost all their money and they lost their case.

And they had no right to appeal because the judges didn't have to follow the law.

They had no right to show how those rulings were

improbably argued, were not legally sound.

Normally, we would be able to do that.

But when you have a court system where if you and I go to court, the average is like 47% in favor of the little guy winning.

Because if you make it to court and a lawyer believed in you, you're the tri-light from Therasage is no joke.

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Case is strong enough to go.

Lawyers don't waste resources unless it's a good case.

They just don't, unless you're paying them cash.

But if you've got a case on contingency and that lawyer says, this is a good case, I'm going to take you to court 50-50, you're going to win.

And that's why people settle a lot.

In arbitration,

that like literally the number of wins is between two and six percent.

That's insane.

Two and six percent.

Plus, you're spending all that money on legal, too.

Plus, you're spending all that money.

And it's not just legal because in court, you're only paying for legal.

Now, you're paying for a judge.

And that judge is tens of thousands of dollars a week.

It is so much more expensive.

It is so much worse.

It is so much more dangerous.

And Americans have lost their right to justice.

They've lost their right to a jury trial.

It happened right under their noses.

They didn't see it coming.

And now the only way back is more legislation.

And we have a do-nothing Congress Congress that is lobbied to by the AAA to not change it.

Craziness.

Has all this media attention helped with your case at all?

My case?

Nothing helps with my case.

Wow.

Like people think I'm crazy when I say that this Nepo baby billionaire, Michael Browning, wakes up in the morning thinking about me and goes to sleep at night thinking about me.

Nobody wastes $10 million.

to destroy the life of a woman they know they can never get any money from.

He can never get any money from me because I don't have any.

Ever, ever, ever, ever a judge has already ruled he can't have any money from me and he keeps spending and keeps spending but i do know that at this point i think it's really personal i don't think this is business for him anymore because he's lost his standing in the industry he's no longer on the board of directors at the ifa he was removed from another board of directors that was like the international trampoline parks association or something i think they kicked him out maybe I saw a speech where he said they kicked him out.

People are commenting in the comment section on Candace's videos.

I had to work with that guy, and we were in a lending company working with that guy, and every one of us knew he was like a horrible person.

And we would literally like rock, paper, scissors to get rid of him.

Like, I'm not kidding.

Like, these are the comments, and I'm making it up.

Like, people are saying these things.

And this man just is like just pissing money away to what?

It doesn't look strong.

It looks weak.

Yeah.

It looks cowardly.

I'm one person out here speaking for dozens of children he's harmed.

Maybe hundreds because we can't see, maybe thousands.

For every one arbitration we find, there's supposed to be a thousand we never see.

So if I found 48 of them, how many are there?

How many kids have been maimed?

How many kids have had broken bones or ruptured spleens or, you know?

So I have this one billionaire that wakes up thinking about me.

And then his lawyer.

His lawyer works for DLA Piper billing at like $1,300 an hour.

I think it's $1,283 an hour.

This man,

I think he he does it too.

I hope you guys are enjoying the show.

Please don't forget to like and subscribe.

It helps the show a lot with the algorithm.

Thank you.

They were recently in a lawsuit in Texas.

I was not the litigant.

It was another little gym owner that they took to court because she took over a union after I did.

They sued me because I was a union president.

They wanted to break up the union.

She became the union president after me.

Now they sued her in a secret arbitration.

And during this arbitration, this $1,300 an hour big shot lawyer named Norman Leon,

literally every time he'd get mad at her, he'd be like, tell the truth, Mrs.

Ciancy,

at that litigant.

I was mind blown when I saw the transcript and heard it was true.

Mind blown.

They showed me the transcript where like multiple times throughout this case, every time he didn't get the answer, he wanted to be like, Mrs.

Ciancy.

And she would look at him and go, I'm not Mrs.

Siance, Norman or Mr.

Leon.

And finally, the judge was like, Could you just call her by the right name, please?

What does it mean when a $1,300 an hour, high-powered powered lawyer, like one of the largest law firms in the United States, is calling other women my name when he's mad at them?

What's he doing when we're not around?

Like,

that's creepy.

No, that's not.

That's not normal.

That's personal for sure.

That is not normal.

And so all I want, I've wanted this to end for so long.

There are a thousand private equity firms that I could talk about and there's plenty of bad things to talk about.

But this company keeps making me talk about this because they keep doing horrible things to me and two kids and two other businesses.

It's horrible.

I want it to stop, but it's weak for them.

It looks weak for them.

I mean, you think all these, there's tens of millions of eyeballs on this now.

You think all of that would have at least influenced them to reach out to you and try to settle or something?

I mean, what's funny to me is at the beginning of all this, I didn't even want anything.

Like I offered the tiniest settlement imaginable.

All I asked for was that they pay to train my new employees.

Wow.

That was a settlement I offered them.

Train my new employees and go away.

And now we're millions of dollars in and the world.

And now I know all of the horrible things they've done.

And all these whistleblowers have come forward.

And we have all these documents.

And at the center of all of it, I really just hope that the private equity firm that's funded them through all of this, Seidler private equity.

You know, they have a good reputation in California.

Not a lot of private equity firms do.

They're supposed to be the family-friendly private equity firm.

They bought the Padres.

They saved the Padres for Southern California.

They bought up all these baby brands like Aiden and Aeneas, and they bought up Uppa Baby Strollers, and they bought up Frida.

That's a healthcare company for kids.

And they thought that was an investment in building this brand of family products.

That makes sense to me.

They bought Rawling Sports, baseball gloves for kids, right?

And in all of that.

Then they bought Unleashed Brands, thinking they were going to be able to cross-promote and that they were going to buy all these other brands.

And Unleashed Brands has been so evil in their conduct, so evil and malicious in the way that they do business, so cutthroat, so unwilling to put the children first that genuinely you would think Seidler would finally wake up and go, this was a terrible investment and we need to step in and maybe just make a few changes.

Maybe just flex that we have a majority control on the board.

Because eventually people are going to get tired of just pushing back on Unleashed.

They're going to get tired of just not taking their kids to urban air or the little gym, which is what's happening right now is people are realizing those places aren't safe because of the company that controls them they're still going to go to sky zone and other places probably because it's not the same thing they haven't seen that right you would think Zeidler would say enough is enough and we want this to stop and go talk about another franchise like another private equity firm go talk about other evil things there's evil things out there I want to talk about yeah but right now these children need to be protected And as long as I keep seeing new lawsuits in more ways that kids are being exploited, I'm not changing.

I'm not going to change my focus until somebody does something to make it better.

I wonder if Seidler's in too deep.

I wonder if they just put too many eggs in that basket.

I mean, they own so many companies.

I can't picture it.

They have a majority controlling interest on the board, and eventually this fund is going to close out.

See, a lot of people don't understand why private equity is in many ways so nefarious.

But if you and I buy a company, we want it to be successful for 10 or 20 years.

That's not what private equity wants.

Private equity wants a business to be successful for three years.

They want to extract as much money as they can for three to five years.

The average length of a fund is like between seven and 10 years.

Sometimes they stretch to 12.

And whatever they buy during the life of that fund has to be sold and flipped out by the end of that fund.

Well, Unleashed Brands was bought by Seidler at least a couple of years into the fund because they'd already bought all the other baby businesses.

Now, I don't know all the specifics.

My guess is on maybe year three or four, maybe.

It's a guess, right?

But that means that we're three years in.

We're at what, maybe six to seven years.

That means the next year and and a half, they have to have a sale started.

And they've created an environment so toxic, so dangerous for children in the Unleashed Brands, like constellation of companies that no other companies will sell to them unless it's by force, right?

They got

Sylvan Learning Centers to sell to them because they bought it in a bankruptcy and they were the bidder.

That's not a willful sale.

A bankruptcy trustee forced that sale after they had tried to buy, according to their press releases, daycare centers, music companies, traditional sports leagues, swim schools, none of them sold to them.

None of them.

And so clearly the reputation has followed, right?

People know they're not willing to sell their franchisees.

And they just recently bought a Las Vegas-based swim school called Water Wings.

But they had tried to buy other swim franchises.

And we know that because some of their CEOs and one of their investigators contacted us to ask.

We have a lot of companies that have reached out to me over the last couple of years.

And so we know they've at least explored buying other swim companies and got real close on at least one.

They ended up buying this Water Wing swim school as like, I think it's like eight to 12 locations in California and Nevada, but it's not a franchise.

It was a mom and pop owned company that had built some locations and done real well for themselves and they sold them.

It's easier to sell your business when you're not disappointing any franchisees or putting them in harm's way.

But they were supposed to buy all these dozens of businesses.

I actually think they could have done it if they'd just been decent, if they'd actually put kids first, if they'd actually put their safety first.

Yeah.

If they'd actually just treated their franchisees well, if they hadn't sued hundreds of them, right?

They could have built this beautiful thing for kids.

And so you would think, given that Seidler knows that they're going to have to flip this soon and they don't want to do it on what's called the secondaries market, that they would be flexing a little bit right now to try and shore that up and make it more profitable before it's time.

I hope they do.

I really do.

It doesn't seem like other trampoline parks are dealing with any PR nightmares.

It's amazing, right?

It's amazing.

It's shocking how when you don't like, you know, harm children and then like threaten their families and

cross-sue them.

Right now, the case in Arizona,

the little girl that I talked to you about on my very first appearance on your show that I've been called as a witness in and that I've been subpoenaed in.

In her case, they're trying desperately to get the corporate office out of the lawsuit.

They're filing all these motions to extrapolate the corporate office from any liability in her, in her suffering.

And simultaneously, they're filing motion after motion after motion to stop her attorneys from being allowed to interview anyone in their offices to be able to see any of their documentation.

Conveniently, they accidentally lost.

thousands of emails.

It was convenient.

It was an accident, I'm sure.

It's probably also an accident that in my case, they had accidentally deleted all of the CEO's emails from the little gym, too.

Wow.

That was obviously, that is, that is a coincidence, obviously, that in every case they go into, all of the emails were accidentally deleted.

Accident.

It's a coincidence, allegedly, for educational purposes only.

But this is a little girl that her future.

I mean, she's a bigger girl now, right?

She's a, she's a tween, she's a teeny, early teenager now.

She was little when this happened.

And now she's in her early teen years and she's suffering.

And at no point have they just said, you know, we really caused harm to this child and we should try to make her whole.

Instead, they're putting her family through hell.

And they're, they're responding with legal action after legal action after legal action because she's the one kid that didn't have an arbitration agreement.

And so they couldn't force her into a secret court.

So they got to make an example out of her another way.

Wow.

Just be decent.

Historically, in America, when you weren't decent to children, your company went out of business.

That's what we did to people.

It's what we did to corporations that hurt kids.

We sent lawyers.

We made class actions.

We put huge pressure campaigns on them and they adapted and they changed or they failed.

Be decent.

They're kids.

They're our future.

It's not hard.

Can't mess with the children.

You can't.

That's a uniparty issue right there.

That is a uniparty issue.

Nuts.

But when no one knows, you can do whatever you want.

Yeah.

Another organization, or should I say, college in the news lately, Harvard.

A lot going on there.

Harvard and Yale.

Oh, there is a lot going on in private equity talks there.

So how are they involved with universities?

So a lot of people think,

a lot of people are talking because Trump pulled a bunch of their funding, like $3 billion of annual funding or something.

And people are all of a sudden going,

Why are they getting $3 billion in annual funding?

I don't understand.

They have like a $53 billion endowment.

Why would they need the government's $3 billion?

A good question, right?

People started looking.

And that's because

colleges are only colleges, so they can be tax exempt.

They're really just big investment pools.

And

they're hedge funds, really, they're hedge funds at their core.

And they diversify their investments, but they also have debt.

Why would something with $53 billion as an endowment have debt?

Well, it's either, I think it's Yale,

Harvard or or Yale.

No, Harvard.

Harvard has like $8 billion in debt and $53 billion in the endowment.

And their debt, the interest is going up.

Well, recently, Harvard and Yale started marketing, what's called marketing, huge swaths of their private equity investments.

Now,

when you're a hedge fund, you diversify the investments of your portfolio.

Some might be in real estate, some might be in the stock market, or some might be in commercial property.

And increasingly, a lot is in private equity.

When you market, when you post a huge swath of your investments for sale, people are going to ask why.

People want to know what you see that they don't.

Why are you selling $8 billion

of assets?

If they're good and they're performing well, you wouldn't, right?

Yeah.

Well,

so when you market something like that, based on the estimates I've heard in all of the news broadcasts, broadcasts, they think it'll go for 40% less than what they're calling the

disclosed valuation.

Jeez.

Which means you're taking a, what, a 40% loss on $8 billion?

$3 billion loss.

What would be so scary about private equity that would make you do that?

Do you think?

Like, I mean, how much are you worried you're going to lose that you'll lose three to avoid losing more?

What else makes sense?

Wow.

So they think they're going to lose more than three is what you're saying?

I think, I think at its core, and I'm not an economist, but I sure do talk to a lot of them.

I watch a lot of them.

I study.

I think that the secondaries market is this really big red flag that's happening right now.

So like private equity, I just, we just talked about the fact that Seidler needs to get unleashed brands off their books in the next few years.

Everything that private equity owns has to get off their books.

The problem is that when you buy things through a leveraged buyout, you're stacking a lot of debt on it.

And debt is not cheap right now.

Debt is very expensive.

And during the boom years of 0% financing for private equity, where they could get 1% and 2%

debt for like nothing, they could buy whatever they wanted.

And it was big money.

Right now, debt is expensive.

And everything they're buying is expensive.

And all of the companies that they've bought over the last 10 years, which they did with like floating rate debt, we now know.

is more and more expensive.

So the problem is you could ride it out and wait for interest rates to come back down and hope they survive.

But as those interest rates go up on top of a company, because that company owes the debt back, as those interest rates go up and up and up, you're facing a situation where

the company has to make more and more money just to meet the minimum obligations.

And you can't always do that because debt's expensive for everybody, even the consumer, right?

Joanne's, Party City.

We've seen it.

We see how that works out.

When you have 40% of the market in many

industries right now owned by private equity, that's a lot of companies at risk of buckling under the weight of all that debt.

Now, the problem

is multifaceted.

One, the companies can just go bankrupt.

We know that because the debt is expensive and you can only cut so much before it breaks.

The bigger problem, I think, on the horizon right now is that with all that debt and the fact that more debt is so expensive, to flip that company to someone else, they would have to stack.

more debt on top of that company and they would have to borrow it at a very high price.

So nobody nobody wants to buy anything.

And stuff is sitting on the market for years at this point when it used to get gobbled up in days.

And so I think the bigger risk is that right now, Financial Times has been talking pretty regularly about the secondaries market.

The secondaries market should be like,

if we were seeing warning bells about debt on companies, The secondaries market should be 100 canaries dying in a coal mine right now and all of the miners are still down there.

Like that's the level of terrifying that is to me because the secondaries market means they can't find anyone to buy the company at a fair market valuation and they have to close it out because that fund is closing.

They have to sell it even at a loss.

And so what they do is they call up another private equity firm.

They go, hey, we've got like 9 billion sitting on our books that we can't offload.

What have you got?

And they're like, we've got like 8.8 billion.

They're like, I'll give you 11 billion if you give me 11 billion and we'll trade.

And instead of taking it to market and getting a fair market valuation to see if it's really worth what they're saying, they decide to use monopoly money to pretend it's worth what it is and just trade it with one another on the secondaries market.

And if you can't sell it in the open market and you can't get it to IPO, then how could you ever argue that that company is

as successful as you're claiming it is?

No one in the market thinks so, and they're not buying it from you.

Nobody's willing to take it to IPO because they think it's going to flop.

So what you're left with is two kids sitting across a monopoly board going, hey, I really want to have a monopoly on the blue ones and you want the red ones.

I know mine's worth a little more.

I'll throw in a railroad and let's trade.

That is not fair market valuation.

That is manipulation of the market.

And none of us can see it.

Nobody can see it.

What we do know is that when they take out debt, you can see that.

And so the secondaries market is being used increasingly right now.

I read an article this morning that in Europe right now, that instead of holding companies for three years, they're trying to readjust their new fund prospectuses to hold them for at least six.

Wow.

That's double.

It's a long ass time.

I mean, normally for a regular business, you would think every owner would keep a business for at least six years.

And hopefully that will require them to actually keep it successful for at least six years, which might be good.

Yeah.

But

when you think about private equity, they flip companies sometimes every 14 to 24 months, just flipping them like Pokemon cards.

Like, really.

And so I think the secondaries market is really a lot of what's triggering some of the big concerns.

The expensive debt is big concerns.

But

that's because the inevitability of private equity is a death spiral, no matter how you look at it.

You cannot constantly take more out of a company and stack it with more debt and have limitless productivity to fund all of that while cutting your staff.

and cutting your service and cutting the productivity and cutting like all of the things that made your company great and think that you can keep getting more and more money for it.

You might fake it once or twice, but eventually you're going to flip that company and that hot potato is going to explode.

Yeah.

You know, and so we're left in this moment where every private equity acquired business,

once they acquire, is 11 times more likely to go bankrupt in that first year.

Second time they flip it, it used to be 23 times.

I think it's closer to like 35 times now, as likely to go bankrupt the second time it flips.

The third time it flips, it's over 100 times as likely to go bankrupt bankrupt in the next year.

Nuts.

Like, how long can you sustain that path?

And over the last three years, we've seen record bankruptcies in private equity every single year, year over year.

So that being said, at this rate, private equity might lead to a recession.

I mean, private equity has already led to recessions.

But yeah, the problem is that I think our recession metrics are grossly out of

date.

Right now,

we're basing our recession metrics on

employment numbers and we're basing our recession metrics on the stock market.

93% of the stock market is held by the top 10% of owners in this country.

It's not a recession indicator.

They've already got enough money to survive any downturn and they just keep buying more.

You cannot rely on the stock market as your recession indicator because it is artificially inflated by people that already have enough money to keep it there.

You might see some indicators in like downturn of companies that are heavily reliant on lower income spending, like McDonald's, maybe, right?

People, but when you're paying $17 for a McDonald's meal and they're now announcing quarterly losses for the first time in years, that's probably a recession indicator.

The problem we have is that, Of course, economic numbers are good.

It's because everybody has three jobs.

Everybody has three jobs.

Nobody has a good job.

Nobody has a 401k.

Nobody can pay their student debt.

35-year-olds are still living with roommates.

Statistically, if you look at what the actual value of a spent, the spending power of the average American is,

we're faring worse than they did in the Great Depression.

Wow.

Our dollars are buying less than the average American in the Great Depression.

Yeah, we have more money, but we're able to buy less with it because our housing is out of control, right?

The way that we have to spend money to get basic necessities is out of control.

And recently, there was a big study that was discussed on the House and the Senate floor.

And I loved the propagandizing of it.

They announced 62% of American households cannot afford basic necessities for living.

Shocking announcement.

Shocking to nobody except our politicians, apparently.

62% of American households, they said, cannot afford basic living costs.

That's food, food, shelter, transportation.

That's it.

62%.

You know how they could have phrased that?

The majority of American families cannot afford basic costs of living.

It is not 62%.

62% is an astronomical number, by the way.

That is a very large majority of American families cannot pay their bills.

If that's not a recession indicator, I don't know what is.

But we're all working three jobs.

So economic numbers look great, right?

We're all employed, but it won't pay our bills.

It doesn't matter.

That's

it's an outdated system.

It's an outdated model.

And it doesn't account for the fact that all of the money is consolidated in the hands of literally 118 people that are artificially keeping our economy inflated.

And, you know, like, uh, I like Gary Stevenson.

If he's ever in the U.S., you should get him on your podcast.

Gary Stevenson is an economist I deeply respect.

One, because he has a ton of money and he fiercely advocates for the everyday working individual.

But I take a lot away from what I learn from his

podcasts and just the way he speaks.

And he was talking recently about the fact that when you reach a point of monopoly where we've reached in America, you reach this moment where rich people can't spend like we spend.

Everything we get, we spend because we need it to live.

All our money goes back out into the market, all of it.

So as long as Americans have money, that's going to keep the market afloat because we have to pay for things.

But when more and more of the money is held by these ultra-wealthy people, there's only so many yachts they can buy, right?

There's only so many private jets they can buy.

They can't spend enough in the day to circulate enough of the money they're holding back into the economy to prop it up.

They could do it by paying fair wages.

They won't.

They don't.

They could do it by like engaging in real philanthropy.

And not this bureaucratic siphoning philanthropy that all of these billionaires are engaging in, right?

They won't.

So they don't even have the capacity to spend enough of the money they have to actually keep the economy moving.

And so they can't buy enough, what, Big Macs?

They can't buy even enough automobiles, right?

Where would they put them?

And so what's happening is they buy big things like corporations.

And as they circle around and around with that money, they have to buy bigger and bigger things because that's the only way they can spend it.

It's the only way they can get the tax breaks.

And so you get this massive consolidation that can't stop.

That's why we need regulators to make it stop.

But when people are looking at the consolidation we have in our country right now, we've never had it before to this degree, ever, in American history.

And we talked about it with AAA at the beginning of this, but like when any industry is at the point of consolidation that we're in with almost all of our tech industries,

they've always had to be broken up.

And our laws right now have to be updated for that to happen.

And our Congress is taking money from the companies they're supposed to break up.

And we are in a vicious cycle of corruption right now.

And it's becoming increasingly difficult to even see a path to break it it scares me yeah don't get me started on congress

i mean five democrats have died in office in the last year it's the most expensive senior citizen's home in world history everybody just goes there to die god forbid we give up power to spend a day with our grandchildren i mean to me that actually seems evil

Like that they're so addicted to the power that they would rather be sitting in that chair the day they croak than at home on the floor with their grandkids.

It's bizarre to me.

The power and the money.

They make tens of millions.

I mean, technically, they make $174,000 a year.

On paper, yeah.

Have you ever seen Nancy Pelosi's house?

No, actually, I haven't.

It looks like a castle spanning over multiple acres with like archways you can drive through, and the house keeps going over the archways.

It's wild.

Wow.

What a good stock trader she is.

I mean, for $174,000 a year, I wish I was that kind of a stock trader.

AOC's got some nice cash, I heard.

She is starting to.

I mean, allegedly.

Allegedly.

I hope she doesn't.

I'm not a big AOC fan.

I think there's a lot of good sound bites there.

And I think she tries to mean well, but she's so staunchly entrenched in one position.

She doesn't recognize that all of the working class she says she's advocating for have multifaceted positions.

I think that's dangerous.

But I will say this, a lot of people don't like it when I say it, but it is the politicians like AOC and even Matt Gates and Marjorie Taylor Greene that are the only ones that are actually doing what people voted them in to do.

If they don't do it, they get voted out because they don't have any big backers.

They're not taking money from anybody.

And Matt Gates is out now.

But even when he was in, I didn't like him.

He wasn't like some guy I would like go and hang out with.

He's actually really good friends with AOC.

Is he?

I cannot even picture that.

Well, well, and actually what's really interesting,

I know a lot of the staffers on the hill because I'm there all the time.

And Gates' staffers are always hanging out with AOC staffers.

They're buddies, but they actually end up voting together a lot.

When he was in office, the far, what people would describe as the far right and the far left voted together like all the time on lots of issues that all of the lockstep,

hardened, corrupted politicians would vote against, or that they would vote against and they would vote for.

It was really interesting because a lot of people think that politics is a line, right?

You have right and you have left.

Politics is not a line.

Politics is a circle.

And anytime you go far enough to the right, you always come back around to the left.

And that's why there's all these issues that are like what people might call fringe issues, that are working-class-oriented issues, where you have all these billionaire politicians or billionaire-backed politicians for the ones that aren't, that are voting however the billionaires tell them to.

And then you'd see the what people call far right and far left voting together on like the TikTok ban.

Yeah.

The TikTok ban was one where the far right and the far left voted together.

They were the only ones who did.

But you saw it with a lot of other issues too.

It's also the far right and the far left that supported what the FTC was doing.

Like, there's quite a few people, Matt Gates, one of them, Josh Hawley, another, even JD Vance, that all supported the FTC breaking up these monopolies.

Really?

That money is very persuasive.

And it keeps slowing down the progress.

Speaking of money, we got to talk Vegas.

We got to talk Vegas casinos.

What's going on?

Oh, Vegas casinos.

You know, I'm from Vegas, right?

Yeah.

Vegas has my heart.

I could never live here again because it's been so corrupted since I left.

And that's funny you say that because the mob doesn't run it anymore.

Yeah, I talk about that all the time.

You know, it's easy to hate on the mob, but the mob has nothing on a private equity firm.

Private equity firms do so much more damage.

Truly, Vegas, a lot of people don't realize in pursuit of their stock prices during COVID, have left the city open to total collapse.

Vegas has very little going for it beyond gaming and tourism.

I don't like that.

It's just true.

Who else is going to come to the 126 degree hellscape that it is if you don't have golf courses and nice pools to sit by, right?

Like who's going to come and choose this to live here?

So tourism created Vegas.

It's important to Vegas, but it's not just tourism that created Vegas.

It was affordable tourism.

It was tourism where everything was cheap except the gambling because the gambling is where you made your money.

One of the things that private equity corrupts absolutely is that everything has to become profitable.

A lot of people have been complaining recently, and nobody could figure out why, that Vegas suddenly started charging for parking.

I'm sorry, Vegas.

I thought you wanted people to come to your casinos.

You don't?

Oh, okay.

They'll go to a local casino where they don't pay for parking.

Why would I give $40 there?

Don't you want me giving it at the craps table?

The answer is no.

It's a better bet for them to take your $40 driving into the garage than risk you actually winning a hand at a craps table, which is shocking to think of, right?

They used to have affordable food in casinos.

No more.

Food and beverage outlets used to just need to break even or even take a loss because it was an amenity that brought people into the casinos to gamble.

Right.

And now every single food and beverage outlet has to make money or they're out.

So I'm not against them making money, but they wanted to make a lot of money.

The shows need to make money.

The attractions need to make money.

Nothing is affordable.

You can't even get free drinks when you're playing anymore, which used to be a smart bet because when people were drunk, they would spend more at the tables.

I didn't know they took that away.

Wow.

you have to spend like certain like i have a friend who's a professional gambler and she said if she wasn't betting a minimum of 170 at hand she didn't get drinks holy crap at one of her favorite casinos she'd been at for years they used to walk around and gladly hand them out anywhere everywhere when i was here in college my sorority sisters and i would go to uh red rock station yeah and we would go play bingo on on saturday mornings with all the grannies because we got to drink mimosas all morning and recover from friday night and once in a while one of us would win 150 bucks but it was the best ten dollars because we could drink four mimosas for that 10 bucks on that bingo card.

I love it.

We could like recover with the old ladies at the table.

It was great.

And

a lot of people don't understand during COVID, Vegas was hit really hard.

And the governor did Vegas no favors during that timeframe.

They kept locked down too long.

They made everything too hard.

The mandates for vaccines coming into the casinos was hard because you might be able to control what your citizens do, but you can't control what your tourists all do.

There was a lot of things that were really difficult about that that really cut Vegas off at the knees.

But their stock prices didn't really really go down much.

And that seemed odd.

Their stock prices were covered so beautifully, in fact, and nobody understood why.

Why did they make it?

It's because during COVID,

in pursuit of making sure their shareholders were happy, all of the casinos sold their most, their most robust assets to private equity firms.

Now, if you're looking at the strip, And you think, what's the most valuable thing they have?

Is it the glass on the buildings?

Is it the money in the vault?

Is it the database of consumer information they have?

No, it's the land.

All the casinos sold their land to private equity firms during COVID in a lease-back scheme.

Wow.

And as a result, these casinos now have massive rent payments due every single month.

And those payments go up every single month.

And a lot of them go up with interest rates.

And so what's happening is Blackstone now owns half the strip.

Yeah.

Damn.

So they own a lot of MGM, though.

Yeah.

There's like Apollo, KKR, a bunch of people, like a bunch of these brands have come in.

And all of the land on the strip is now owned by private equity firms.

And in a single economic downturn, if the casinos can't make their $6 billion a year in rent payments,

then the private equity firms will own the casinos too.

Because that's how it's collateralized.

And that would be scary because MGM already was a monopoly and now these guys are going to be the next one, right?

I mean, technically, MGM is a publicly traded company, right?

So the shareholders would still own what they can, but the assets of the company collateralize the

sales of everything else.

So they can't make their rent payments.

The entire strip is at risk.

And the problem is that these new rent payments, we're talking about billions of dollars a year that historically would have been recirculated into Nevada's economy.

This was land they owned, free and clear.

There was no debt.

And now they pay rent every month.

And that has been the basis of the destruction of countless hospital systems that did lease-backed schemes and the hospitals couldn't pay their rent, so they shut down.

It's happening all over Pennsylvania right now, happening in Massachusetts right now, happening in Washington right now, where these hospital systems got bought by private equity.

They sold the land.

The hospital couldn't generate enough money to pay those rents.

And so the entire thing went under.

And now rural areas don't have hospitals anymore.

Governments have an excuse to prop up a hospital.

Nobody's going to be okay with bailouts for casinos.

That's not going to happen.

And the other thing I don't understand about it is that right now we have Apple and Android to be thankful for for creating the next generation of addicts.

Because every time they do studies on kids using iPads, they find that their use of iPads is tantamount to an adult sitting at a gaming machine.

It's the same kind of dopamine responses.

Shows like Cocomelon are literally using behavioral specialists to create the same dopamine responses from these shows and kids that you get sitting at addictive gaming machines to keep you watching for ad revenue.

Wow.

Like a lot of people don't know that these people, like these companies, Cocomelon,

kids' shows are literally doing research to make sure your child is addicted from birth to these iPad screens.

And gaming is going to become a beneficiary of that when they turn 21.

They are.

Because we're creating a generation of addicts.

That's what's coming.

These iPad kids are going to, they're predisposed to add activity.

It may not not be gaming, might be nicotine, might be something far worse.

But I don't understand.

I don't know if they're just banking on thinking that everyone's going to want to give them all their money.

Casinos used to have limitations.

You had to go to the pit boss and they'd say, you're too far in.

I'm not giving you more money.

This isn't good for you.

When the mob was in Vegas, they would say, listen, you owe us enough money.

This is enough.

Stop.

And they would get the word around.

You know, I'm not saying that we should be everybody's babies that are adults have to make their own choices.

But I don't think that we should be so complicit as a society, even in gaming, that we're standing by ready to just destroy

everything that an entire city relies on for revenue.

I don't think it'd be okay to destroy a generation of kids by creating cartoons that make them addictive, predisposed to addiction.

I don't think that we should be.

But right now, we're in a place where so much has been consolidated.

There's very few people making the decisions.

And I don't think any of them have any ethics at all at this point.

That's nuts.

So Vegas is on the line.

Yeah, the casinos here will gladly give you a $250,000 line of credit if you gamble and they won't stop you.

And they will happily take your house to pay it back.

Yep.

If you lose it all, once you pay it back, they'll offer you an even bigger one.

And yet, over and over again, we see these articles coming out of people making big bets on MGM Sports and winning and then MGM Sports not paying them.

I've seen that.

Caesars too.

Yep, Caesars too.

Over and over again, whenever somebody actually wins and gets one over on the house, they don't pay them and say,

we've analyzed this and decided that we had mismarked the odds so you don't win

that's that's fascinating and then can i ever analyze and say you've mismarked the odds when i lose yeah no i don't think i can and then they'll probably take you to secret court right arbitration every single line of credit every single gaming app every single casino built when you check in crazy every single one of them arbitration back to where we started back to where we started to self-perpetuating misery yeah tiffany it's been next where can people follow your journey and what you're up to next right now you can follow me on tick tock and youtube at tiffany Siancy.

You can follow me on X and Instagram at The Venomom.

And you can follow all of

the things I'm working on with Candace Owens and Ian Carroll at the Real Candace Owens podcast.

Perfect.

Love.

Thanks for coming on again.

Thanks for watching, guys.

Peace.