00:00:00
My guess, tip of the iceberg, Elon's
00:00:02
estimate was 20% of federal spending
00:00:04
falls under this kind of fraud camp.
00:00:06
Could be more. And then when you add in
00:00:07
state and local spending and you start
00:00:09
to do the accounting on all of this,
00:00:12
we're probably talking about a sizable
00:00:13
percentage of overall GDP that is
00:00:16
effectively theft through government
00:00:19
agencies or government checks being
00:00:21
written. And I think that's going to be
00:00:23
the great uncovering of 2026 is we're
00:00:26
going to see on the order of trillions
00:00:29
of dollars of
00:00:30
>> trillions
00:00:31
>> trillions of dollars of this sort of
00:00:32
behavior happening across the economy.
00:00:34
And I also think the other side nothing
00:00:37
will happen and and I think nothing will
00:00:39
happen because the cost is going to be
00:00:42
so significant. It's almost like staring
00:00:43
into the abyss. It's going to make
00:00:45
people feel sick to try and address it.
00:00:47
>> How do you differentiate between legal
00:00:48
theft and illegal theft? Meaning I think
00:00:51
what the Somali daycarees were doing was
00:00:53
outright fraud and is illegal. But when
00:00:55
Stacy Abrams creates a NGO in the final
00:00:58
days of the Biden administration and
00:01:00
that gets stuffed with $2 billion, I
00:01:02
mean technically I guess that's legal,
00:01:05
but it's clearly a different kind of
00:01:07
theft and fraud.
00:01:08
>> Would you throw up in your mouth when
00:01:10
you heard the news? That's the that's
00:01:11
the test. If you don't pass the common
00:01:13
sense vomit in the mouth test, it
00:01:15
doesn't matter whether it's legal or
00:01:17
illegal. It's up and you'll realize that
00:01:20
pretty quickly.
