Welcome to another edition of the Chicks on the Right podcast where we bring on our

sponsor and BFF, Zach Abraham, to talk about all things financial.

So there's some halleballou in the news today, Zach, about the Citigroup, chief economist, a fellow

by the name of Andrew Holland Horst who is echoing something that Jamie Diamond

said very recently which is that things are looking sketch and we are in for a hard landing so first of all are they right and

second of all should we even listen to what Jamie Diamond says I know everyone

consults them all the time but should we? Man, so I actually know quite quite a bit on this topic.

I wrote a term paper about how Jamie Diamond came to power in college.

No way!

Yeah, yeah, he was the understudy of a guy named Sandy Weil, who at the time, in direct violation of a law called Glass-Steagall that was put together right after the Great Depression.

Okay, so after the Great Depression they passed a law called Glass-Steagall, which in retrospect was probably a pretty good law, and it said that different times of banks, so like an insurance, an insurance investment company and like a commercial bank and a consumer bank, they can't become one entity, right?

Keep them split up, kind of spread that risk out.

And it's interesting that that law was repealed, I want to say in 98-99,

and within nine years of that law being repealed you had the

financial crisis right so without Glass-Steagall being repealed the

financial crisis wouldn't happen anyway that was done by a guy named Sandy

Weyl who was the mentor of Jamie Diamond at Citibank. And at the time, I remember it

being big news and this kind of gives you an insight to where

Jamie Diamond came from and what he's about. So at the time Sandy Weil merged Citibank

with Travelers Insurance Group and it was in direct violation of the Glass-Steagall.

And so I remember at the time sitting back and going,

how can they do this?

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