This is trend following radio where great thinking comes alive.

Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.

I am your host, Michael Covel, not filtered, raw, honest.

That's my passion.

Obviously, I like to have conversations.

I do a lot of interviews. It's a give, it's a take. I ask,

they answer. Today is a little bit different. Far less answers to my questions than you will

typically hear on this podcast. And that's okay. It's every guest's right to handle how they want to handle their situation.

Today, we jump into a topic, a little controversial, long-term poverty in America.

Now, of course, that's going to bring up many tangential issues right away.

Crime, education, the way society deals with each other? Is it merit? Or is there a guiding

subjective hand that has nothing to do with fairness? All of these issues today I discuss

with my guest, Luke Schaefer, his book, Injustice of Place. Now, of course, many people are going to take by that

title something. They're going to infer something. That's okay. You can do that. You can read the book.

You can listen to this conversation. But I will give the warning. This was a tough conversation.

Tough for me. I get to select my guests and I selected my

guest today. And it was overall a fine conversation. Fine enough. But it's the political

dodges that really frustrate me. Look, now for those of you that have listened to this podcast for a long time,

you're going to immediately see that when issues come up about the stock market or unemployment

or inflation, you're going to see the disagreement between the two of us quite clearly.

I don't have any rose-colored glasses on.

I don't think the U.S. Fed has done such a great job going all the way back to the mid-90s. It's been big bubble, big bubble, and perhaps we're in the

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