We are in some tough economic times.
Some people say that perhaps we're already in a recession.
What is your advice for small business owners?
>> The economy does not look great right now.
Things are slowing down.
You're seeing layoffs in many sectors of the economy.
People are slowing down.
So, my advice to people, whether they're small business owners or
take some risk off the table if you were gonna make a purchase,
maybe slow down that purchase a little bit.
>> Yes, the former CEO of Amazon, a billionaire who was so
vicious to his own warehouse workers that they'd have to pee in bottles and
in some cases defecate in plastic bags.
He has some advice on what to do during an economic downturn.
That of course, would have no negative impact on him,
but a huge negative impact on people who are already
suffering from working in places that were led by people like him.
So, why are we getting economic advice or financial advice from Jeff Bezos?
I get that he's a billionaire-.
>> Because he's a billionaire.
So he's better and smarter and harder working and more handsome than us.
Were you not raised in America?
Do you not get how this works?
There are all better.
And we, the lowly peasants should be willing to jump in front of bullets for
them on Twitter if not in the real world.
Look, I'm almost less bothered by the fact that they would go to him for
advice for regular people, although in her defense,
she framed it as being about small business owners.
Although, what he would know about the struggles of small business owners.
I don't know.
But-.
>> No, but he weighs in on what ordinary people should do.
>> No, and then that's why he deserves more the discredit.
But then his advice, because remember he's a billionaire,
so he's a genius is, don't buy expensive stuff.
>> No, it's-.
>> Don't buy a big TV because it's gonna cost money and
then you won't have that money.
That's a great point.
Thank you, Jeff.
>> Here's the actual-.
>> That's the best he can do.
>> No, I know.
Okay, so, just-.
>> Should I make more money to?
Or no, that'll probably distract me from the not buying expensive stuff.
I should focus on that.
>> Amazon announced this week that they are laying off 10,000 workers as we
enter the holiday season.
So, I'm sure they're really jazzed about that.
And after Amazon made, of course, record profits during the pandemic.
But I do want to go to the CNN business headline for this story,
where they write Jeff Bezos's top tips for managing the economic downturn.
My God, tell me more.
What does he say?
So, in the interview, Bezos urged people, to your point John,
to put off expenditures for big-ticket items such as new cars,
televisions and appliances, noting that delaying big purchases is the surest
way to keep some dry powder in the event of a prolonged economic downturn.
People be buying washing machines and that's what the real problem with
the economy is, people be buying drying machines.
>> I think we could save a lot of money on food by consuming Jeff Bezos.
That's what I think.
>> All right [INAUDIBLE].
>> I think there's some great calories in these billionaires and
they need to be consumed.
>> I reject it, I'm not I'm just, I'd rather starve to death.
>> We had a little disagreement on the show Jake and
I about the inherent evil of being a billion.
And when I see stuff like that it's not just that they're evil,
it's that they can't just go be evil on their private Islands.
>> Yeah, great point. >> They have to come and
just spit in our face with it.
>> Yes, that is such a great point.
>> When the reporter was, we're going through some hard times and he's, yeah,
shut up.
What the hell do you know about it?
Honestly, he said you know avoid big purchases because there might be tough
times.
>> Look at his face.
>> I liked rings of power.
They spent what?
$750 million on it and now they want
to fire tens of thousands of employees.
Maybe if you have taken some of your top tips and then invested that in a big rings
of power maybe would not have to sack more employees than ever before in the history
of Amazon at a time when people are still using Amazon at amazing rates.
Maybe he should be taking his own advice before rolling it out on CNN.
>> Bezos said the problem-.
>> Don't care the show though, I like it.
>> It's a show.
>> I don't know what that is.
Okay, Bezos said, it's the no I do know.
It's the Game of Thrones TV series.
>> No, it's the Lord of the Rings TV, that's-.
>> That's what I did like to say.
>> Game of Thrones.
>> Sorry I meant to say Lord of the Rings sorry I misspoke.
Okay, anyway-.
>> We're friends again.
>> Let's move on,
Bezos said the probability of economic conditions worsening makes it prudent,
prudent everybody to save some cash if it's an option [LAUGH].
>> He literally said to save money.
>> Take some risk off the table, he said.
>> My God, I should probably put out the fire I started all my cash.
I thought you get rid of it in a downturn.
>> But that is the problem John.
>> What have I done?
>> We all know it.
We both know it.
That's the problem with people like us.
We love to put the risk on the table, okay?
My dinner table, full of risk, risk everywhere.
>> [LAUGH].
The way I eat it kind of is actually [LAUGH] risk of diabetes if not recession.
>> Just a little bit of risk reduction could make a big difference, he says.
By the way, the whole thing about don't buy a car.
So, look this is a side note I do think that Americans are a little
too obsessed with, every two years I need a new car.
You guys need to get over that, okay?
No one cares about your car.
If you're a car fanatic and it really really makes you happy fine.
>> Find Jr fine.
>> Yeah, but that's the thing with Jr, Jr doesn't buy fancy cars.
>> That's true, he likes the classic cars and he likes fixing them up anyway.
But yeah, used cars are super expensive right now.
It's tough to buy transportation no matter when you buy it.
>> They are very expensive.
I'm a big proponent of used cars.
I have a used car.
It's great. I bought it before the pandemic.
But nonetheless, but putting that aside, but
he does realize that people in a lot of cases might just need a new car, right?
If their car breaks down, they need transportation to get to work.
That's not just some big luxurious by,
it's something you literally need to get to and from work,
especially in some places where public transportation isn't really an option.
So, it's just really interesting to see a fabulously wealthy individual
try to decipher what the lifestyle of everyone else is like.
That's what kind of stands out to me, the whole thing about don't buy appliances.
I don't know, maybe there are Americans out there who are, these appliances
in my kitchen they work really well, but I'm just kind of sick of them.
So I think I'm just gonna revamp and buy a bunch of new appliances.
Most of the time people don't do that,
they buy appliances because they need to replace one that's not working anymore,
which by the way it's looming, my washer dryer, it's looming, right?
But I gotta keep my powder dry according to Jeff Bezos.
>> Just call it money [INAUDIBLE].
>> I have already have too much risk in my dinner table.
>> It is amazing that we tolerate their existence,
let alone their public existence.
>> No, but john I would have said that same thing maybe five years ago,
maybe even a year ago, but the unionization efforts that we're seeing,
the strikes that we're seeing, things are starting to change and
I don't want to overstate it, right?
I'd like to see even more momentum on that front, but
I don't think a lot of workers are putting up with it anymore.
>> Yeah, I agree.
Well, that I think is more focused on making sure that they have what they need.
And I'm sure most of them would support higher taxes and all that too,
so, credit to them.
But can we start talking about a wealth tax again,
I feel like there was some momentum going a couple of years ago?
Can we make sure that in 2024 that's a big part of the conversation?
There should be fewer billionaires than they are.
That should be a policy and social goal for America, okay?
We do not need more people like Jeff Bezos,
Jeff Bezos would be perfectly fine if he had $25 million, okay?
>> Such a dope financial advisor, everybody, okay?
He really understands us.
Real final graphic I'm gonna read to you because I think this tells it all.
And he is so in the dark about this reality.
Let's go to graphic six.
According to the 2022 personal capital wealth and
wellness index, only 43% of Americans are in a position to
handle an unforeseen $500 expense without worry.
By the way, household debt has exploded and it's because an increasing number of
Americans, they're just not making enough money to make ends meet and
they're putting it on their credit cards, whatever they need.
>> Well, yeah, and it's not surprising they're going through eight, nine,
ten microwaves a year just because they get bored with it and
they want new appliances.
Stop going through your fridges people,
these needless purchases of new wine coolers and dishwashers it needs to end.