YouSaid · the spoken record

Steven McClurg

lines on the record: 72
first: 2023-03-15
most recent: 2023-03-15
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I'm one of those rare people that my grandparents, when I'd go and stay with them over the summers, they'd make me work on the farm.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“They're not working in the oil fields. So it's not really helping there, first of all. Second of all, that lack of labor is causing supply in industries that people don't want to work in or people don't know how to work in. I think people sometimes think, well, you know, isn't it easy to find farm labor? No, it's complicated.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, look, I think we're in a bit of a death spiral, and I'll go ahead and throw the word death in there to make it more dramatic, but a bit of a death spiral here because you're absolutely right. If you have a lack of labor, And not all skills are transferable, right? I mean, I jokingly say I'd go work at the Waffle House. Well, you know, I waited tables in college. I know how to work at the Waffle House. If I had to, I would. But do I know how to go be a wildcatter and go fit pipes and weld and all the things that you need to do to get petroleum out of the ground? No. Do you? No. So if people in Silicon Valley and Wall Street lost their jobs.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, by the way, we talked about the airlines a little bit earlier. It's affecting the airline industry as well. So one of the reasons why we're having so many delays. For flights or flights that are completely canceled is because of lack of labor to actually support planes flying. And if you think about it, you're like, well, we're not losing pilots and flight attendants. Okay, you're not, but think about all the people that it takes to run an airport to run an airline. You've got people that are having to handle luggage. handle catering. The list goes on. And those are the jobs that are hard to find people to fill right now.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And by the way, we do have an employment problem in the US right now. It was mostly caused by action during COVID, right? And we can dig into the psychology there. It doesn't really matter. But the reality is we now have a lack of supply of labor. And the Fed is doing everything it can to get there. But what's happening is the tech companies and the banks are laying people off in droves. And that's what's causing unemployment to grow, but it's only slightly growing because none of those people are going to go work at the Waffle House. I mean, I would. I'd go work at the Waffle House if I needed money any day of the week. But most people won't.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And it doesn't affect us, it affects the entire country. The service industry has a lack of labor, and it's causing prices to go up. So, what the Fed is trying to do is increase unemployment to help fight inflation.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, so if you, and I'm just going to go simple, common man from the South right now, which if you go to a restaurant or go to anywhere where it's...”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“I actually think it's a pretty muted call. I mean It actually could go higher. I actually think longer term, we'll probably see 150 oil. Yeah, short term, I'm looking at 120, 125.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“50% isn't that bold of a call because if you look at your chart where it was really naturally going was around the 120 to 130 area and we're at 80 today.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“There's a lot more travel air travel is going up. Other types of travel has spiked as well. China's opening up. Hong Kong just opened up. So there's a demand for travel. There's a demand for vacations. So you've got a lot of demand for petroleum at the same time that you've got a lower amount of supply. So the supply and cushing is down. And then we'll kind of going a little bit down the chain, well, are we going to replenish that supply? Well, no, because in a lot of areas, fracking has stopped. So you don't have the amount of fracking pulling oil out of the ground and sending them to be stored, to be processed later. And a lot of offshore drilling has also stopped as well. So, this is going to cause a major supply chain issue in oil. What time frame?”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Anyway, long story short, the supply of oil is going down. Our strategic oil reserves are going down, mainly because the current administration released them and actually sent most of it to China, which is really bizarre. So the supply of oil is down, but then if you look around you and you say, okay, what's happening in the macroeconomic sense of what's working well? Well, people are going on vacations.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Well, energy is really interesting because what I look at when I spent a long time analyzing energy and the TradFi life. And the main factor that I look at when I look at energy, and of course I'm originally from Texas, so everybody's involved in the energy business where I grew up, my dad spent 40 years in it before he retired. And the thing with energy is you really look at one thing, right? Well, it's applying demand. But the most important factor that you always look at when you're looking at potential future energy prices is oil reserves and cushing. And a lot of people don't know what cushing is, but cushing is a small town in Oklahoma, and it's where the majority of oil is stored. And the way that you look at the supply and cushing is you look at how much it costs to rent the space. There, right? So”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So let's go down the supply chain. I mean, we spent a lot of time with eggs, but I think it's important because it's a staple.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“And by the way, I mean, really, really to dig in, the highest nutritional value of eggs is when the chickens are actually eating worms. As opposed to eating feet. So just a side note from a guy whose grandparents had farms when I was growing up”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Oh yeah, that's amazing. I'm actually eating eggs right now as we speak because Bitcoin is, you know, or at least was above 20,000. So I can afford to exit. But what happened with eggs is the cost of feed went up a lot. And then because the cost of feed was going up, the major feed manufacturers changed their formula. And when they change the formula, the eggs won't produce, I mean, the chickens weren't producing eggs as much, and it caused an egg shortage Not to mention”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. Well, and the thing is, look at basics, right? Like, you know, the basics for everybody is usually like milk and eggs and bread. So you need fertilizer to grow wheat, to make bread, and wheat costs have gone up. I like to look at wheat and corn prices. Wheat could be a little bit manipulated because a lot of the wheat in the world has grown in the US, but a lot of it has also grown in places like Kazakhstan and Ukraine. So you've got those macroeconomic issues that kind of caused it to bump up and come back down temporarily. But corn is primarily in the US. And corn prices continue to go up. You haven't seen that spike and drop, which people are saying, oh, yeah, wheat prices are coming down. Well, no, it's just sort of a reversion to the mean. But corn, and corn is a big part of feed. Okay. It's a big part of everything in the US. And there was a period of time, and everybody was joking around about the.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So you have all of these and fertilizer, of course. So you have all of these factors, you know, fertilizer and feed are the things that feed the food that we eat, right? And if those things are going up in price, then your food is going to go up in price. And that's the basics of everything. And that's”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“But even though prices did stabilize a little bit, you got to look at future prices. And there are two different groups of people or industries that I like to dig into right now, particularly, but anytime I'm looking at what inflation is going to look like, right? And that is farming and petroleum or energy, right? And if you talk to farmers and I know a lot of, I know a lot of farmers and a lot of big industrial farmers as well. And if you talk to farmers, they're going to say that labor cost is higher. Petroleum cost to them is higher, and that's an important part of, I would say, the manufacturing of food. And Also gone up significantly”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“So going back to inflation, I think a lot of people thought that, oh, yeah, inflation's over. We've had lower CPI print increases. And I think we talked about this last time I was on your show, that it's like, well, you know, we're not going to see 8% prints anymore. But the reality is if you go up 8%, then you go up another six, and then you go up to number seven. That's still a lot of inflation.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“Or even go even higher level. Let's just recap and remind everybody to, number one, not fight the Fed. And number two, that the Fed has a mandate that's driving them right now. And that mandate is really, really focused on, number one, fighting inflation. Number two, getting unemployment to go up And we're struggling there. And number three, I would even say that not to completely destroy the economy. But that's a distant third and they care less about that right now.”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“The thing is, it's actually not that surprising where we're at right now. A lot of people thought that inflation was behind us. And I've kept saying, no, no, no, inflation is not behind us. So maybe we'll start with inflation. How's that?”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT
“It's always a pleasure being on your show, Preston. I'd rather be in person, but, you know. You've got to do what we have to do”
2023-03-15 · We Study Billionaires · BTC121: Bank Failures & Bitcoin w/ Steven McClurg (Bitcoin Podcast) · IDENTIFIED FROM THE TRANSCRIPT