The Golden Age of Grift

In the golden age of grip, it is an element of the bear market. The bad practices that we've learned from this era are going to have to be on wound to unwind. It's rare for fortunes to be created so effortlessly. If you see easy money being made, it's one of the strongest signals that something's not right.

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From a controversial billionaire’s new title to lawsuits and arrests galore, 2021’s “Golden Age of Grift” (as dubbed by Jack Raines) officially transitioned to the Era of Financial Karma in 2022.

In this week’s episode, we rattle off some of the most illustrative downfalls—those most emblematic of our new bearish economic environment.

Do we indulge this walk down memory lane because we’re schadenfreude junkies? No, not quite—there’s a lot to learn from this most recent 24-month hype cycle, including some “regular people” lessons about financial fragility.

Learn more about our sponsor, TaxAct: https://www.taxact.com/moneywithkatie

Transcripts can be found at podcast.moneywithkatie.com.

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Mentioned in the Episode

The Golden Age of Grift: https://youngmoneyweekly.substack.com/p/the-golden-age-of-grift
Tesla is Ringing in the New Year with a 10% Weekly Loss: https://www.marketwatch.com/story/tesla-is-ringing-in-the-new-year-with-a-10-weekly-loss-11673028845
Andrew Tate on "Why Reading Makes You Look Stupid": https://www.youtube.com/watch?v=tyuMjpLrCLs&ab_channel=SirSic
Nick Maggiulli's Of Dollars and Data on Atlas Trading and Trading Games: https://ofdollarsanddata.com/trading-games/
New York Post piece on G-Wagons: https://nypost.com/2022/11/28/crypto-bros-offloading-g-wagons-luxury-cars-amid-ftx-crash/
Tesla's PE Ratio from 2010-2022: https://www.macrotrends.net/stocks/charts/TSLA/tesla/pe-ratio
70% of Rich Families Lose Their Wealth by the Second Generation: https://money.com/rich-families-lose-wealth/
Nick Maggiulli's Of Dollars and Data on The Double-Edged Sword: https://ofdollarsanddata.com/the-double-edged-sword/
Sequoia Capital's Don Valentine: https://twitter.com/Lion_Investor1/status/1419833443953913867?lang=en
A Third of Americans Earning $250,000/Year Are Living Paycheck to Paycheck: https://www.essence.com/news/money-career/high-earning-americans-living-paycheck-to-paycheck/