The REAL Problem With Gary Economics!

0:00Welcome, welcome, welcome. Today it's knowing me, Zach Thompson. Knowing you, Jack Framston. aha aha and this video is what the people have asked for they've been saying to us react to this guy go to ilford react to this guy sit down react react react and your prayers have been answered today we're going to be reacting to a guy with a very unusual second name it's gary economics i think that might be swedish you know um swedish yeah we've got we've got another group chat where where you and another friend do a lot of impressions of him. I don't think, sometimes I feel a bit weird doing an impression of Gary Economics because it feels like I'm doing an impression of myself because Ilford wasn't too far away from where I grew up as a child.

0:50And where did you grow up? Chingford. Other foods are available. Sorry, say it just against people at home who are struggling. Chingford. It's sick, Dan. It's sick. I'm from Ilford. Ilford. See, that sounds like I'm just doing an impression of me, doesn't it? um what's your because i know i know it's going to be divisive because people think they either think he's a bad thing or they think he's the savior of britain i mean let's see what let's see where our where we fall naturally i was a big i'm gonna say i was actually like a fan before i consumed a lot of content i actually liked him quite a lot how were you a fan before you Is there any content?

1:34Because I saw bits of content. I was like, oh, yeah, he stands for a bit. And then after watching the full debate with Bartlett and Priestley, where I think he rose to meteoric fame in his industry for what he is, I think there's a few question marks. I don't think it's as easy to say as the answer is become an entrepreneur. But I think that there are also some questionable bits. But I'm sure there'll be some laughs, there'll be some tears, there'll be some big discussions. what he is do you mean a banker but he's a banker he's a banker i didn't want to say it you know that we uh right are you ready for the first one i do like these reacting videos it'd be mate it'd be great if you got the videos prepared one week just let me know i will one week just probably only a laptop to do that but i will one okay no no no worries obviously i don't mind doing everything this one is called being rich made me unhappy okay right can you can you tell me to can you like give me like a countdown or a play or like all right yeah yeah of course you can get it get it suck it a dick i was scared of shops i didn't know how shops work i've never been in the shop and they're told that you get half a million pounds you know what do you do and then there's a book where they sell a buy something for your dad and i'm like i don't even know what that means you know because like i've never bought anything for anyone they're like what does your dad like i'm like he likes football you buy him to have sports then buy him to have sports but what they didn't know was before i was working at the bank i used to go with my dad to lay in orient every week but when i was working at the bank i didn't have time for that anymore i was so busy then they think that this money is like a bar for me to bring happiness to my family they don't realize that actually it's taking me away from my family i would wake up on saturdays and see my dad watching the midday kickoff on sky sports and it made me happy i was scared of right i don't know i don't i don't know if i i think whether you're really really rich or really really poor or somewhere in between i think it's common knowledge that we all know what a shop is you could there's no one who could be poor enough in this country to not know what a shop is you're getting you're getting really mixed up with what poor is and what knowing things are i know and if the message is working loads and loads made me unhappy okay cool i can get on board with that but there is definitely like a i'm gonna lean into this character of let me pay the poor rich man should have picked a shop shouldn't he if he's playing that back now he's probably gonna i should have i should have said i didn't know what harrods was that would have been like i didn't know what selfridges was yeah that would have gone on the right but you can't say i don't know what shop is can you because i think also he was like this sort of maths expert wasn't it so like surely they go like right what's two pound divided by two you know that they ask very practical questions don't they and obviously the idea of like you don't get to a point in your career where you're you're a banker but then you've not you don't know what shopping and even the concept of buying something for somebody it's a bit it's a bit geary in it it's a bit like yeah something that you've been with and like it's 4am and he's done a bit too many lines and he's like trapped in a bit of a loop yeah yeah yeah exactly it's like i've got a point and i've got i've got i do believe that you can have your your your bit and you can we say no one ever died from a cold cold cold or cold and not dead whatever like you have a message but then is that for clickbait or is that just for extreme because i don't think it was for clickbait it was quite i i think i think you know what a shop was i think is that we'll go to the jury yeah in the comments if you think you knew what a shot was let us know um what have you got for me now okay this is this is i mean i know that you've seen this because we've had many uh conversation about this it's sick the search is i can see it already the search is just poor people let's get into it gary economics what's your thoughts on poor people

5:51telling kids can't afford to turn the heating on I come from East London okay my friend can't feed their kids okay and if it was a simple going out and being an entrepreneur I can bet you they would do it I can bet you they would do it I'm sick of my multi-millionaires telling kids who can't afford to turn the heating on you just need to be more entrepreneurial it's sick Dan it's sick this gives people mental illness it gives people mental illness tell them the truth okay we your older generation we took the opportunities and now it's almost impossible to get out of poverty don't just don't stand at them wave you know your millions of pounds in front of them and say if you're entrepreneurial like me you can do it you can help because it's sick because they can't they can't feed their kids man they can't turn the heating on don't tell them to be more entrepreneurial fit the system that drives more and more and more of the poverty generation over to you live in the studio there's a bias that i saw the other day right called fuck what's it called it was a really good one i wanted to talk to you about it as well maybe like the bundling bias or something like that it's basically when you you and this is what happens with this debate you bundle two quite complex ideas and for ease of understanding and conversation you bundle them up and try and have like almost like over simplistic arguments about them and because you do that it makes that loop happen so basically that that debate on is that it's it's it's two quite complicated ideas you're trying to present them simply because you are there's whole there's like really clear holes in them yeah so even like the concept of like poor person it's it's really complicated how someone got to being poor is is a multitude of ways there's people who are poor because of disability they're not the same as someone who's poor because of childhood trauma leading to like um drug addiction or something like that like you can't kind of bundle those two things up but in the same way you probably then can't bundle up all poor people should be entrepreneurial but i would equally challenge some people should be yeah and and i think some of the best entrepreneurs stories are from backgrounds where it was quite hard and you had to take some risks and make some things happen you don't really get people who are really entrepreneurial and disruptive who came from middle to upper class backgrounds only do you know i mean so i don't i don't think i think there's a couple of dangerous things there one is blanket bombing let's put all poor people together yeah and the other one is let's say all poor people should start a business it's much more nuanced idea than that yeah it's much more complex than that i also think the whole east end thing is it feels like a bit of a gimmick but like obviously we've met many many people and many millionaires that actually just because you're on the from the east end that doesn't necessarily mean that you're poor if you own property in shoreditch the east end do you know i mean liverpool streets where all the bankers work which i know gary's going to get into you think i think of people like alan sugar from the east and i think of that characteristic of an east end person my head goes wheeler dealer do you know i mean all the markets that that's that's the bread and butter of go back to the 1950s that was entrepreneurial of we we sell fruit and veg we sell you think of del boy do you know i mean these send and and those kind of things i think it's just very i think he knows what he knows but i think that he like like we all do in life i think it's a character and the the character's narrative fits his own like i i truly want to know like what are you is it fame or is it fortune that you're trying to get to because it probably isn't the fortune, but he knows that he's playing a certain kind of game.

9:55I would agree with that. But I'm excited to see where you take me next. He's never meant to be a sharp was good. Well, he's got a story here. This is Gary Stevenson on Traders' Weird Habits. Okay. So this is a lad Bible story, so you know that this is from poor people to millionaire habits. I met this guy he was a very wealthy guy he went on to become an amazingly profitable trader he had his own designated taxi driver we would drive him home every time he got too drunk and his taxi driver told me one time that outside the Bank of England so he can go around the back of the Bank of England and take a picture from the Bank of England on the way home and I think he's an hero I met this guy he's a hero he's a hero for taking a piss.

10:47Should we have a look at the comment? That is an incredibly low bar for the definition of hero. Well, I know what I'm doing next time in London. There's a dodgy Turkish barb around the back of the... Charges£142 for a haircut. It... I mean, where'd your head go? Watch out. Can I be honest with you? The video sort of was cutting out, but on my end. The story is, he was makes of a guy who had his own personal designated taxi driver he used to do a little detail for him to the bank of England so he'd go around the back and piss at it on the way home yeah that's what he thought and he's like that guy's my hero like that's his hero out of all the people in the world not his dad who he couldn't buy a ticket to football for my mind goes to like I don't think this is a go down one you're just not here for a long time you can't control the hand that you dealt so do you just want to moan about it do you just want to moan about it and go like get all excited about some fucking posh rich boy going and piss on the bank of england or do you just want to see that for what it is and go who gives a fuck oh god i'm so tired i've just been talking to qualified prospects all day without any wait time how have you been doing it because i've been cold calling people on my mobile and i reckon i've spoke to one person no no no stop that right now and use nooks.ai why what what what does nooks do it finds me the right people to call and it calls them and it connects with them over and over and over again so you're saying it's nooks.ai and i can just be speaking to qualified decision makers all the time no other better connection right wow nooks.ai i and i also think and i mean this this might be wrong because maybe maybe he is the people's hero because he's made it out he's been there and he's come back you know i mean i also think like surely i'm kind of torn on this next point but surely like he's not the the the poster boy do you know i mean do we what do we want to praise this millionaire who's been there done it i'd rather it be he's been there he's lost it and now he's back with the people yeah you know i mean like he's lived that life and now he's saying well this is this is what i've done this is the story i actually don't know if that's like is that inspirational enough like like i definitely listening to that that that debate with the daniel priestly i was just like oh i think i'm and obviously as entrepreneurs i think that that my bias leans towards it but i thought when it was like debating i was like oh i'm i'm so daniel priestly i think we are definitely in life it might not be your fault but it's your responsibility so rather than like trying to change something that might be completely out of your control not to say it isn't with the tax the rich and stuff like that but like what am i going to do how am i going to fix this what what's going to make my life better i think there are big you know we're from a poor seaside town and there are people who would have done well because they went to the private school and were in with the private kids world there are people who should have done well and didn't because they probably made some wrong choices and there are people who probably the cards were stacked against them and then all those different types of different kind of backgrounds could end up in that position of poor now then presenting these like narratives to all of those people at once is not the same as going actually that you that had all the cards stacked against you it's your kind of person that we need to be helping yeah this guy's ended up poor because he couldn't fucking stop ordering cocaine and drinking all the time and gambling is not the same as the person who's grown up on the the council estate with single parent who's really tried but just we just can't seem to break through and then they've had to drop out of school a bit more to work and that is totally different thing i think that's the danger of just but i get it in in the world that we live in now you can't present a nuanced argument like that and he probably is aware of this gary's economics if he was presenting really nuanced arguments how would any of those shorts go viral none of them would yeah it'd be it'd be very easy to say who his audience is you're probably going to say right they're labor supporters they're certain demographic but actually like you're saying there of like well let's get into the real nitty-gritty of it there's probably only a subsection of those that are actually his target audience that actually fit the bill of what he's trying to achieve because it's like you say it's too nuanced let's have another one Gary economics he definitely while I'm loading this up give us your best Gary economics impressions he's sick Dan he's sick I grew up in Ilford yeah I grew up in Ilford listen there you go was that good listen I grew up in Ilford listen people said to me people said to me where's that accent from i'm from east london they don't even know my accent i'm for ilford ilford's pretty much essex as well you know saying that east london like that i'm pretty uh don't fucking disrespect me when the daily mail attack me what they're trying to do is make sure that you pay higher taxes and your family causes poverty and their building their owners don't have to pay tax if the public can be convinced i'm a dickhead but i can finally go on holiday.

16:22It's your family. You know, I'm a very, very fortunate situation here. I don't need to win. If we lose, I'll continue to be a rich guy. I'll get richer and richer. I don't need to win. The Daily Mail can attack me all they want. I mean, that's kind of falling into everything we've been saying so far, isn't it? Yeah. Yeah, exactly. I mean, what did he mean he could go on holiday if the Daily Mail thinks he's a dickhead? Finally. The Daily Mail think I'm a dickhead, go on holiday. If the Daily Mail think you're a dickhead, that should be sick. I'd love to have done I was a dickhead. They're all dickheads.

16:58His whole thing is like obviously it's owned by wealth so obviously they're like trying to cancel me before I cancel them. Yeah, exactly. But I think what they're trying to do is go, this guy's a bit ridiculous, can we shine a light on him maybe? I think with his knowledge of finances what's easy to do, teach people how to operate in an unfair system or totally change the entire system. But unfortunately, he's a trader, isn't he? Him saying, here's how to rise up to the ranks and be a trader and win every maths competition you're in or something, it just isn't as palatable. Getting people angrier about the system leads to big following.

17:49Well, that's the thing. I was talking to a friend about this the other day that they were saying, do you know that there are Facebook groups and like people we don't necessarily know, but there are other countries might be infiltrating Facebook groups and putting like rage bait, you know, that rage bait to get people mad. And we know that people, yeah, but I didn't really know about it, but we know how people react when they're angry. And that's what he's trying to do, isn't he? He's trying to start a revolution. And the best way to do that is to rile people up. If that includes some truths and some porcupines.

18:25It's actually weirdly, I mean, this episode is probably going to be, get cancelled if you watch the whole thing. The type of argument is not dissimilar to the immigration argument. Oh, go on. or you're taking a very complicated subject and trying to package it up as nice and neat and tidy. So it's not like I'm against or for, is it? It's like, well, it's really complex. Let's get in the weeds. Yeah, yeah.

18:56I'm not going to say any more because I might get cancelled. Right, let's have a short of him being really succinct with his point. Okay. if you're a trader and you're wrong all the time you get paid a million pounds if you're a trader and you're wrong all the time you get fired if you're in the media and you're right a year later nobody remembers and if you're in the media and you're wrong a year later nobody remembers now the problem with this is it creates a situation where if you are a really good economist and you keep making correct predictions media will not generally push you to the front and if you are an economist who works in the media and you're bad and make very bad predictions, nobody's ever going to call you out.

19:41So what this is, is if you're a really good economist and you want to explain to people what's happening in the media, how do you do it? How does the media determine who gets to import jobs and who gets ignored? Well, if you don't have a system that actively defines the good people and actively discourages the bad people, basically you end up with the people who know the right people getting into the future so i've watched that a few times i'm not confused well i felt like an idiot when i watched it

20:19not really the the whole if you're in the media and you get it right people won't remember you but if you get it wrong people won't remember you i also think that's false yeah so do i like is he talking about only from an economic standpoint as well but surely that's not true anyway people still remember jimmy savile yeah he was wrong and he was in the media and people still talk about him yeah and so and they go he was wrong wouldn't they don't go it's over a year ago like come on yeah forget about it oh in fact i've forgotten about him anyway right sound gary economics immigration jimmy savile you're the one way to get to get absolutely cancelled what about liz truss's plan that uh totally fucked over the economy like people still talk about that that was over a year ago is he talking about economists though i don't know if he is i don't it's quite confusing but again i don't there was that over simplifying thing i'm gonna be like find the good people and the bad people like it's just it's too it's overly simplified again but it's a really complicated topic which is which i understand what you're trying to do is trying to drive it into bite-sized chunks but that maybe that's where some of the the nuance is lost because he's trying to put it into 30 60 seconds but then i also think if you had to name another economist apart from gary economist would you Who's your second favourite Economist Chris Tarrant Yeah You always knew didn't you You always

22:05Some good impressions this episode Right don't trade against me You'll lose all your money We've got time for a few more I get young men emailing me all the time Telling me they've lost all their money FX trading, crypto trading and a lot of the time when they send me those emails they say but don't worry I've figured it out now and from here I'm going to make money and it's difficult to read those emails listen, trading is gambling Who's emailing him saying I've lost all my money but don't worry Gary, I've figured it out what's the point in that email which young boys are going I've lost it all but I've all solved it, but I've figured it out I actually like about it i agree i don't agree with the way he's wearing that hat but i do agree with that message and actually i've had a few of us that have worked here who are really into day trading and stuff like that it is just gambling yeah yeah exactly like be very very careful i'm a day trader for the long run you should say to him when they say that i'm i do a bit day trading so you do gambling yeah you like roulette do you yeah you like the slot machines i don't know why you wear a hat why did they used to call you hat thompson then i used to wear a hat that said zero on it and i had this wrap that said zero on the hat zero in the head ah fuck it he's amazing in bed and it was weird because you were 11 i didn't like when you did that i was 11 and i think i only meant sleep i was just sick at sleeping if i'm whoops around back then i'd wake up you're so you're whoops good don't but if you were like because it's your birthday today we're at the time recording obviously if you were 11 that means that would have been 22 years ago yeah but we've only been friends of three anyway if you go on i trade which is breadbank platform he says there on the front page like 75 percent of accounts lose money i'm not losing money and there's professionals on there like me that are not losing money and there's an old saying if you don't know who the idiot is at the poker table, you're the idiot.

24:12Listen, professional traders like me, if you go hard, you're trading against me. It's dangerous. It's a dangerous thing for any people to do. I agree. It's a dangerous thing to do. I want to see how much is in his bank account, though. You know what I mean? But that is actually what day traders sound a bit like, don't they? They always give it better, don't they? Yeah, a lot of these guys are ready. It's not the same as the way I'm doing. Now, he has got, by the sound of it, millions in the bank, hasn't he? But that is also the way that people talk that don't have that much money as well. Yeah, so it's very hard to distinguish the truth and the lies.

24:54Right, let's have a... I'll give you a choice. I've got him looking angry or I've got him back on the diary of a CEO. What one do you want? do the one you're drawn to trust your gut trust your heart go with your heart let's get him talking about why we should tax the rich because we've not had much of that we've had a lot of his message but like why should we tax the rich I might learn something here I will agree 100 % it is difficult to tax rich people it is very very very difficult to tax rich people. I don't come here to tax rich people because it's hard. I know it's hard. I know probably I'm going to lose.

25:39I know our viewers' kids will live in desperate poverty. I know that. I do this because it is hard. If we are a country which says to ourselves, we don't try and do things which are necessary to keep our kids out of poverty because they are hard, then our kids will live in poverty. I don't need to be here. I'm a multimillionaire, just like you. I could be in the Philippines drinking pina coladas. I come in here because I come from a poor background and it's ordinary families like my family like the kids i grew up with whose kids are going to be in poverty it's difficult but it is necessary sometimes we have to do things not because they're easy but because they are hard that is what makes a rich country rich and that is what protects ordinary people listen our grandparents lived in poverty did they say let's not change it because it's hard no they didn't they fought and they demanded they demanded health care education housing food and they got it they got it that's why my parents could live a good quality life they got those things they got those things and they were aware that in order to do that you could not allow the super rich who have been living lives of luxury for hundreds and hundreds of years to eat everything while ordinary families couldn't afford to feed their kids i know it's difficult i know it's difficult and i know i'm probably gonna lose i know i know i'm probably gonna lose and that means our viewers will be poor i do it anyway because i do not want this country i grew up in to fall into desperate poverty wow what a speech passion passion definitely it falls into a bit of scaremongering and i and i'm i'm not a fan of that at all like in terms like your kids will be poor the the bit his dad worked in a post office i don't know if you know this but like and he said there was a contradiction there of well our parents fought to have health care but i grew up poor like what it's defining what is growing up poor then because he also talks in an episode i've seen something else where he talks about like his parents his dad was able to own a house but you would never be able to own a house so surely if you're living i i do not disagree that there are poor people littered around london that are renting living in bedsits can't afford to keep the lights and can't afford to eat i agree if you're a homeowner or would you be classed as poor no no so that's where the contradiction seemed to come in and a lot of scaremongering yes either would i would agree i mean we if you live in the uk right now you're probably aware everything feels quite expensive and just feel like you get i mean we're running a business everything about that business gets taxed relentlessly doesn't it and then you tax everything and then you're left with you've paid a big business tax bill and there's a bit of personal tax i want from you now as well and you're like fucking how much tax about every little thing's got tax taxed so i agree the odds feel quite stacked against you to break out of the class that you're in but it doesn't mean it also doesn't mean that people don't do it jealous greedy and terrible i'm talking about jack frimston because he's got a request view that i think is outrageous i'm gonna ask it and i'm only gonna ask it one time if you are listening and you are enjoying it please like and subscribe and make two little boys dreams come true it does it doesn't like like like um many people have reacted to it and said their opinion but i don't think it it doesn't leave it leaves me feeling fearful which is probably like you need scared soldiers when when you're about to overhaul something like i think that it doesn't leave me feeling motivated and fired up and i've got to remember that i listened to it through through my life and my ears but like it doesn't make me think oh i can do that whereas i've listened to other diary of a CEO episodes and daniel priest who's thinking fucking hell yeah he's got a good idea there yeah i can do that and like we're here we're building businesses we're growing it's not easy it is hard but it doesn't mean it's impossible and that's that's one of the things i've always felt with business is if if he was talking about like getting into acting or getting into singing i think it's like you you have got to know the right people i think with entrepreneurship and business it's a case of you can build your own table you can drive supply and demand i wonder if the antidote to that message so let's say let's say him and daniel priestly on the podcast again daniel priestly being able to show here's how quickly you could start a business and how quickly you could be making your money like i'll just i'll just guide you through it and hey listen gary you give me the feedback on if this is feasible or not for people i'll do it with you need an internet connection like we'll agree that you need an internet connection and give some but that's where the answer that arguing like real big picture points it's so big there's always going to be a hole in it that you can take apart but being like well let's take that here's how you might be able to solve it here's a here's a little business idea you don't have to leave your job to do it get that started there's there's an extra hopefully an extra few hundred quid a month out of it and let's build from there and if it doesn't work it doesn't work and i'm wrong and that's where the hunger comes in and that drive of like like you said i we should look into it but like the i i do know that i think i think 81 percent of entrepreneurs have had some sort of like crappy sales job door-to-door cold calling something like that to get successful 81 so i know that if so that that's showing that they're resilient because they've faced adversity so then i'm thinking well if you're growing up poor and you're facing adversity and you're listening to a message that actually people have been there done it and come out the other end that should leave you inspired not scared you know i saw something that's an 81 percent of entrepreneurs are called jeff no is that true i don't think so but i did see something 81 of entrepreneurs are under five for 11 so that's a lovely uh note to leave the podcast on So, Zach, you probably aren't going to be as successful as me because you're 5 '12".

31:53No, I'm not. There's no such thing. Right. Here's the task this week. You've got to have got to this point, comment on the bottom and say I got to the end. And then the first person at the top there, I'm going to be in touch with them with a prize.

32:12That's a nice – that's what you get. That's the prize. Big cough. let us know who you want us to react to next because people suggested Galio Economics I'm going to go get my guy a glass of water take care guys, see you next time