WEBVTT
00:00:00.160 --> 00:00:01.360
TGIF, everyone.
00:00:01.520 --> 00:00:04.240
It's Friday, September 11th, 2026.
00:00:04.719 --> 00:00:06.719
This week's topic, never forget.
00:00:06.879 --> 00:00:09.119
But before we start, here's a word from our attorneys.
00:00:09.759 --> 00:00:19.440
The information and opinions presented in this podcast, including the views of guests not affiliated with the Blue Spring Wealth, are for general informational and educational purposes only and should not be considered investment in tax or legal advice.
00:00:19.600 --> 00:00:25.120
Any references to specific securities of the sectors, industries, products, or services, do not constitute a recommendation or endorsement.
00:00:25.359 --> 00:00:27.839
All investments involve risk, including the possible loss of principle.
00:00:31.039 --> 00:00:33.759
Listeners should consult their own financial professionals before making any financial decisions.
00:00:39.600 --> 00:00:42.079
I've been thinking long and hard about this message today.
00:00:42.240 --> 00:00:45.920
Here we are now, 25 years later from the day that changed everything.
00:00:46.079 --> 00:00:48.320
Can you believe it's been a quarter of a century?
00:00:48.479 --> 00:00:53.280
We must never forget that 2,977 innocent souls were taken that day.
00:00:53.439 --> 00:00:56.799
These were moms and dads, sons and daughters, sisters and brothers.
00:00:57.039 --> 00:01:00.799
2,753 were in the towers at the World Trade Center.
00:01:00.960 --> 00:01:03.039
343 of them were firefighters.
00:01:03.280 --> 00:01:05.920
New York's finest ran in while others ran away.
00:01:06.159 --> 00:01:09.680
Another 184 victims died in the Pentagon attack.
00:01:09.760 --> 00:01:18.159
And of course, 40 perished in rural Pennsylvania when a courageous group decided to sacrifice their lives by diverting the plane in order to save countless others.
00:01:18.400 --> 00:01:23.040
September 11th left scar tissue on our nation that will probably never fully heal.
00:01:23.280 --> 00:01:24.480
America was attacked.
00:01:24.640 --> 00:01:26.560
The rest of the world rallied around us.
00:01:26.719 --> 00:01:28.400
Our nation was supremely united.
00:01:28.560 --> 00:01:30.560
No doubt you remember that day vividly.
00:01:30.719 --> 00:01:31.760
But there's also this.
00:01:32.000 --> 00:01:39.760
According to the 9-11 Memorial and Museum, an estimated 100 million Americans were either not born or were too young to remember September 11th.
00:01:39.840 --> 00:01:42.239
They don't have the same feeling as we do who lived it.
00:01:42.400 --> 00:01:49.920
That means it's our responsibility, and obligation for that matter, to tell the story for generations to learn and understand what happened that tragic day.
00:01:50.159 --> 00:01:51.840
Storytelling is a useful method.
00:01:52.000 --> 00:01:55.120
I believe this is a story worth telling, over and over again.
00:01:55.280 --> 00:02:00.640
I have covered this subject multiple times throughout the course of the twenty three years that I've written this weekly piece.
00:02:00.799 --> 00:02:02.400
I just reread every one of them.
00:02:02.560 --> 00:02:06.719
This anniversary is personal to me, as I know it is for so many of you.
00:02:06.959 --> 00:02:16.400
In gathering my thoughts on this twenty-fifth anniversary, I realized that everything I wrote in twenty twenty one, marking twenty years since the tragic event, still applies.
00:02:16.560 --> 00:02:28.240
I've decided to recirculate my words from five years ago in honor of that September day, which effectively began in lower Manhattan at eight forty six AM, september tenth, twenty twenty one.
00:02:28.560 --> 00:02:29.680
Never forget.
00:02:29.919 --> 00:02:30.800
How could we?
00:02:31.039 --> 00:02:33.439
Chances are you remember exactly where you were.
00:02:33.680 --> 00:02:35.680
You remember the complete and utter shock.
00:02:35.840 --> 00:02:37.919
Your eyes and ears had to be deceiving you.
00:02:38.159 --> 00:02:39.599
Unfortunately, they weren't.
00:02:39.759 --> 00:02:43.360
The unthinkable happened, september eleventh, two thousand one.
00:02:43.599 --> 00:02:45.120
It was a clear Tuesday morning.
00:02:45.280 --> 00:02:47.039
There was a bright blue sky above.
00:02:47.280 --> 00:02:49.520
Summer was transitioning to fall in New York.
00:02:49.680 --> 00:02:51.360
Few knew what was about to come.
00:02:51.599 --> 00:02:53.280
That day, the world changed.
00:02:53.520 --> 00:02:55.840
I lived in New York City in 2001.
00:02:56.000 --> 00:02:58.479
I wasn't there on that fateful September day.
00:02:58.639 --> 00:03:01.919
But when I returned, it was clearly a changed place.
00:03:02.159 --> 00:03:05.120
I can still smell the wet, smoky soot at ground zero.
00:03:05.280 --> 00:03:07.199
I can still feel the tears and the hugs.
00:03:07.360 --> 00:03:09.360
I just can't believe it's been twenty years.
00:03:09.599 --> 00:03:12.639
Two guys I went to Cal with left us on september eleventh.
00:03:12.879 --> 00:03:15.360
Brent was on the eighty sixth floor of the South Tower.
00:03:15.520 --> 00:03:18.800
Mark was on United Flight 93, which crashed in Shanksville.
00:03:18.960 --> 00:03:21.360
Brent's baby girl was born six months later.
00:03:21.520 --> 00:03:23.840
Mark was one of the guys who said, Let's roll.
00:03:24.080 --> 00:03:25.919
Brave guys, tragic endings.
00:03:26.080 --> 00:03:27.199
Taken too young.
00:03:27.360 --> 00:03:29.599
I have such great respect for both of them.
00:03:29.919 --> 00:03:32.879
Heroes converged on Lower Manhattan that Tuesday morning.
00:03:33.039 --> 00:03:36.479
Many wore the uniform of NYPD and FDNY.
00:03:36.639 --> 00:03:37.840
Their names were called.
00:03:38.000 --> 00:03:39.759
Their professional purpose kicked in.
00:03:39.919 --> 00:03:42.560
As the masses ran away, they ran in.
00:03:42.960 --> 00:03:45.199
I think about Morgan Stanley's head of security.
00:03:45.360 --> 00:03:47.039
His name was Rick Rascorla.
00:03:47.199 --> 00:03:49.120
It's a name worth knowing and remembering.
00:03:49.280 --> 00:03:50.479
He's an American hero.
00:03:50.719 --> 00:03:55.599
Riscorla, a Vietnam veteran, is credited with saving nearly 3,000 lives that day.
00:03:55.759 --> 00:04:01.680
Almost every Morgan Stanley employee made it out of the South Tower alive, but there was a handful still unaccounted for.
00:04:01.840 --> 00:04:02.400
So Mr.
00:04:02.560 --> 00:04:03.919
Rescorla went back in.
00:04:04.080 --> 00:04:06.319
Nobody left behind on his watch was his motive.
00:04:06.479 --> 00:04:09.280
Rick Rescorla was in the South Tower when it collapsed.
00:04:09.360 --> 00:04:10.319
He died a hero.
00:04:10.479 --> 00:04:11.680
His story lives on.
00:04:11.919 --> 00:04:13.680
People came together following that day.
00:04:13.919 --> 00:04:15.520
Our nation, much of the world.
00:04:15.680 --> 00:04:17.040
It was us versus them.
00:04:17.199 --> 00:04:23.279
The good guys against the bad guys, the victims versus the perpetrators, the peaceful versus the terrorists.
00:04:23.519 --> 00:04:25.199
American pride swept the nation.
00:04:25.360 --> 00:04:26.959
That is so important to remember.
00:04:27.120 --> 00:04:28.800
That is so important to understand.
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The challenge is to get that back.
00:04:30.959 --> 00:04:32.959
The stock market never opened that day.
00:04:33.120 --> 00:04:36.959
The first plane hit the North Tower forty-five minutes before the scheduled open.
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Trading was halted.
00:04:38.560 --> 00:04:44.800
The New York Stock Exchange was closed for four consecutive days plus the weekend, the longest stretch since World War I.
00:04:45.120 --> 00:04:49.759
It opened up the following Monday, September 17th, falling 685 points.
00:04:49.920 --> 00:04:51.759
It was a 7% decline.
00:04:51.920 --> 00:04:55.199
That was then the largest single day point decline in history.
00:04:55.360 --> 00:04:58.399
The market doesn't flinch much around geopolitics these days.
00:04:58.560 --> 00:05:03.040
It used to be that a terrorist attack would send both the dollar and the price of oil soaring.
00:05:03.199 --> 00:05:04.560
Those trends have changed.
00:05:04.800 --> 00:05:06.560
Perhaps we've just become immune.
00:05:06.720 --> 00:05:08.079
But there's some significance.
00:05:08.319 --> 00:05:13.439
First, our economy runs less and less on crude, and we now produce so much of what we consume.
00:05:13.680 --> 00:05:16.879
The result is America far less dependent on foreign sources.
00:05:17.120 --> 00:05:19.839
The issue with the dollar is a little more complicated.
00:05:20.000 --> 00:05:24.240
The simple explanation is America's currency doesn't carry the same weight around the world.
00:05:24.399 --> 00:05:27.839
There hasn't been a rush lately to that ultimate safe haven symbol.
00:05:27.920 --> 00:05:29.199
The dollar has been weak.
00:05:29.439 --> 00:05:33.279
Make no mistake, the dollar is still the global reserve currency.
00:05:33.439 --> 00:05:36.079
But foreign nations don't view us as they once did.
00:05:36.240 --> 00:05:38.639
Now that's a new trend, and it's not a good one.
00:05:38.879 --> 00:05:41.360
Twenty years later, America is not in a great place.
00:05:41.519 --> 00:05:44.399
There's a lot of soul searching going on as to who we are.
00:05:44.560 --> 00:05:47.600
These states are not as united as the framework was designed.
00:05:47.759 --> 00:05:50.639
Twenty years is nearly 10% of America's existence.
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It's a consequential period.
00:05:52.399 --> 00:05:53.360
Time heals.
00:05:53.600 --> 00:05:57.519
But this process is taking a toll and doesn't seem to be on the right path for unity.
00:05:57.759 --> 00:06:00.000
Cynicism has been on an upswing in America.
00:06:00.160 --> 00:06:03.199
World War II brought what's been called the greatest generation.
00:06:03.360 --> 00:06:08.160
These were the Americans that grew up in the Depression and banded together in sacrifice for the war effort.
00:06:08.240 --> 00:06:11.040
It was an attitude of selflessness for the common good.
00:06:11.199 --> 00:06:12.639
Things have been different since.
00:06:12.800 --> 00:06:16.399
Perhaps the seeds of cynicism were planted around the Kennedy assassination.
00:06:16.560 --> 00:06:20.240
Then they blossomed during Watergate, Iran-Contra, and the Clinton years.
00:06:20.399 --> 00:06:22.720
Americans were losing trust in the establishment.
00:06:22.879 --> 00:06:25.040
The financial crisis took it to a whole new level.
00:06:25.279 --> 00:06:26.879
Endless wars are not popular.
00:06:27.040 --> 00:06:28.560
Corporate bailouts aren't either.
00:06:28.800 --> 00:06:31.439
Too big to fail could also mean too big to exist.
00:06:31.680 --> 00:06:32.879
Everything is political.
00:06:33.120 --> 00:06:34.959
Rules don't seem to apply to everyone.
00:06:35.120 --> 00:06:37.439
In 2021, cynicism is everywhere.
00:06:37.600 --> 00:06:39.839
Today's anger in America comes from within.
00:06:40.079 --> 00:06:45.839
The internet has made everyone an expert and social media creates silos for like-minded people to fuel the rage.
00:06:46.000 --> 00:06:49.439
The divide has gotten so wide that many can't even agree on facts.
00:06:49.600 --> 00:06:52.720
Political rhetoric is filled with brainwashing and manipulation.
00:06:52.879 --> 00:06:56.160
Us versus them used to refer to foreign adversaries.
00:06:56.399 --> 00:06:59.120
Today it pits Americans against fellow Americans.
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The enemy is us.
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Even our allies don't know what to think.
00:07:02.879 --> 00:07:09.439
There are some serious conversations taking place questioning whether America is in decline, that America's dominance has frayed.
00:07:09.680 --> 00:07:11.759
September eleventh brought America together.
00:07:11.920 --> 00:07:14.560
Today it's hard to imagine it being further apart.
00:07:14.720 --> 00:07:16.480
With adversity comes opportunity.
00:07:16.560 --> 00:07:17.920
That's when the magic happens.
00:07:18.079 --> 00:07:20.560
Leaders rise, the good often shines.
00:07:20.720 --> 00:07:22.240
We should be celebrating the good.
00:07:22.480 --> 00:07:24.000
The good doesn't get enough attention.
00:07:24.160 --> 00:07:26.319
The newswires focus mostly on the bad.
00:07:26.480 --> 00:07:28.800
The bad sells, but the good heals.
00:07:28.959 --> 00:07:31.839
Good looks past cynicism, good looks for solutions.
00:07:32.079 --> 00:07:33.519
Good isn't always popular.
00:07:33.759 --> 00:07:34.800
Good can be hard.
00:07:34.959 --> 00:07:37.279
Good is what is needed, but not always wanted.
00:07:37.519 --> 00:07:40.720
Good can be considered naive, but it's also infectious.
00:07:40.879 --> 00:07:42.240
We need to embrace the good.
00:07:42.399 --> 00:07:43.680
We need to promote the good.
00:07:43.839 --> 00:07:45.439
We need to rally around the good.
00:07:45.680 --> 00:07:49.120
America's greatness, its story, has come on the backs of the good.
00:07:49.279 --> 00:07:50.959
Those are the stories worth telling.
00:07:51.120 --> 00:07:52.879
We need to keep telling those stories.
00:07:53.120 --> 00:07:54.480
We are an imperfect nation.
00:07:54.639 --> 00:07:55.439
We all know it.
00:07:55.600 --> 00:08:00.399
Our founding fathers said it up front, but admitting it and striving to be better is what it's all about.
00:08:00.560 --> 00:08:01.519
Look for the good.
00:08:01.680 --> 00:08:02.879
It still lives here.
00:08:03.120 --> 00:08:05.920
The words American and optimism go hand in hand.
00:08:06.079 --> 00:08:10.879
You could say that cynicism hijacked America just as those terrorists hijacked the plains.
00:08:11.040 --> 00:08:13.439
The good news is we can all do something about it.
00:08:13.519 --> 00:08:14.560
There's still time.
00:08:14.720 --> 00:08:20.800
I tell my team all the time, if you commit to making a positive difference in other people's lives, good things will happen.
00:08:20.959 --> 00:08:22.800
Little things lead to big things.
00:08:22.959 --> 00:08:26.160
It takes courage to commit to the good during times of adversity.
00:08:26.399 --> 00:08:28.160
Fortunately, the good has guts.
00:08:28.319 --> 00:08:29.360
Home of the brave.
00:08:29.600 --> 00:08:30.639
Never forget.
00:08:30.879 --> 00:08:37.039
Back to today, crude prices jumped again this week, with WTI punching back through$100 per barrel.
00:08:37.200 --> 00:08:38.480
Commodities followed suit.
00:08:38.639 --> 00:08:39.919
Yields have risen too.
00:08:40.159 --> 00:08:43.519
Geopolitical activity is definitely influencing these high prices.
00:08:43.679 --> 00:08:45.759
The market and American people are reacting.
00:08:45.840 --> 00:08:47.919
It's a heavy weight on costs and assets.
00:08:48.080 --> 00:08:52.960
Though geopolitics have had less impact of late compared to decades prior, they still matter.
00:08:53.120 --> 00:08:57.360
This market has been mostly driven by economic expansion and the AI advancement.
00:08:57.519 --> 00:09:01.360
But there's a storm brewing out there with multiple issues, which has the market's attention.
00:09:01.600 --> 00:09:03.679
September brought more corrective price action.
00:09:03.840 --> 00:09:06.240
September sell-offs are nothing new to Wall Street.
00:09:06.480 --> 00:09:07.440
Thank you for reading.
00:09:07.600 --> 00:09:11.679
Feel free to forward this to family and friends should you find it valuable and impactful.
00:09:11.919 --> 00:09:15.679
Storytelling is a powerful tool in keeping memories and spirits alive.
00:09:15.840 --> 00:09:19.840
And our first responders and military servicemen and women are the true American heroes.
00:09:20.000 --> 00:09:23.519
They are the ones who provide the safety, security, and freedom for us to be us.
00:09:23.840 --> 00:09:24.639
Never forget.
00:09:24.879 --> 00:09:25.840
Have a nice weekend.
00:09:26.000 --> 00:09:28.159
We'll be back dark and early on Monday.
00:09:28.240 --> 00:09:29.600
I'm Mike Frazier.
00:00:00.160 --> 00:00:01.360
TGIF, everyone.
00:00:01.520 --> 00:00:04.240
It's Friday, September 11th, 2026.
00:00:04.719 --> 00:00:06.719
This week's topic, never forget.
00:00:06.879 --> 00:00:09.119
But before we start, here's a word from our attorneys.
00:00:09.759 --> 00:00:19.440
The information and opinions presented in this podcast, including the views of guests not affiliated with the Blue Spring Wealth, are for general informational and educational purposes only and should not be considered investment in tax or legal advice.
00:00:19.600 --> 00:00:25.120
Any references to specific securities of the sectors, industries, products, or services, do not constitute a recommendation or endorsement.
00:00:25.359 --> 00:00:27.839
All investments involve risk, including the possible loss of principle.
00:00:31.039 --> 00:00:33.759
Listeners should consult their own financial professionals before making any financial decisions.
00:00:39.600 --> 00:00:42.079
I've been thinking long and hard about this message today.
00:00:42.240 --> 00:00:45.920
Here we are now, 25 years later from the day that changed everything.
00:00:46.079 --> 00:00:48.320
Can you believe it's been a quarter of a century?
00:00:48.479 --> 00:00:53.280
We must never forget that 2,977 innocent souls were taken that day.
00:00:53.439 --> 00:00:56.799
These were moms and dads, sons and daughters, sisters and brothers.
00:00:57.039 --> 00:01:00.799
2,753 were in the towers at the World Trade Center.
00:01:00.960 --> 00:01:03.039
343 of them were firefighters.
00:01:03.280 --> 00:01:05.920
New York's finest ran in while others ran away.
00:01:06.159 --> 00:01:09.680
Another 184 victims died in the Pentagon attack.
00:01:09.760 --> 00:01:18.159
And of course, 40 perished in rural Pennsylvania when a courageous group decided to sacrifice their lives by diverting the plane in order to save countless others.
00:01:18.400 --> 00:01:23.040
September 11th left scar tissue on our nation that will probably never fully heal.
00:01:23.280 --> 00:01:24.480
America was attacked.
00:01:24.640 --> 00:01:26.560
The rest of the world rallied around us.
00:01:26.719 --> 00:01:28.400
Our nation was supremely united.
00:01:28.560 --> 00:01:30.560
No doubt you remember that day vividly.
00:01:30.719 --> 00:01:31.760
But there's also this.
00:01:32.000 --> 00:01:39.760
According to the 9-11 Memorial and Museum, an estimated 100 million Americans were either not born or were too young to remember September 11th.
00:01:39.840 --> 00:01:42.239
They don't have the same feeling as we do who lived it.
00:01:42.400 --> 00:01:49.920
That means it's our responsibility, and obligation for that matter, to tell the story for generations to learn and understand what happened that tragic day.
00:01:50.159 --> 00:01:51.840
Storytelling is a useful method.
00:01:52.000 --> 00:01:55.120
I believe this is a story worth telling, over and over again.
00:01:55.280 --> 00:02:00.640
I have covered this subject multiple times throughout the course of the twenty three years that I've written this weekly piece.
00:02:00.799 --> 00:02:02.400
I just reread every one of them.
00:02:02.560 --> 00:02:06.719
This anniversary is personal to me, as I know it is for so many of you.
00:02:06.959 --> 00:02:16.400
In gathering my thoughts on this twenty-fifth anniversary, I realized that everything I wrote in twenty twenty one, marking twenty years since the tragic event, still applies.
00:02:16.560 --> 00:02:28.240
I've decided to recirculate my words from five years ago in honor of that September day, which effectively began in lower Manhattan at eight forty six AM, september tenth, twenty twenty one.
00:02:28.560 --> 00:02:29.680
Never forget.
00:02:29.919 --> 00:02:30.800
How could we?
00:02:31.039 --> 00:02:33.439
Chances are you remember exactly where you were.
00:02:33.680 --> 00:02:35.680
You remember the complete and utter shock.
00:02:35.840 --> 00:02:37.919
Your eyes and ears had to be deceiving you.
00:02:38.159 --> 00:02:39.599
Unfortunately, they weren't.
00:02:39.759 --> 00:02:43.360
The unthinkable happened, september eleventh, two thousand one.
00:02:43.599 --> 00:02:45.120
It was a clear Tuesday morning.
00:02:45.280 --> 00:02:47.039
There was a bright blue sky above.
00:02:47.280 --> 00:02:49.520
Summer was transitioning to fall in New York.
00:02:49.680 --> 00:02:51.360
Few knew what was about to come.
00:02:51.599 --> 00:02:53.280
That day, the world changed.
00:02:53.520 --> 00:02:55.840
I lived in New York City in 2001.
00:02:56.000 --> 00:02:58.479
I wasn't there on that fateful September day.
00:02:58.639 --> 00:03:01.919
But when I returned, it was clearly a changed place.
00:03:02.159 --> 00:03:05.120
I can still smell the wet, smoky soot at ground zero.
00:03:05.280 --> 00:03:07.199
I can still feel the tears and the hugs.
00:03:07.360 --> 00:03:09.360
I just can't believe it's been twenty years.
00:03:09.599 --> 00:03:12.639
Two guys I went to Cal with left us on september eleventh.
00:03:12.879 --> 00:03:15.360
Brent was on the eighty sixth floor of the South Tower.
00:03:15.520 --> 00:03:18.800
Mark was on United Flight 93, which crashed in Shanksville.
00:03:18.960 --> 00:03:21.360
Brent's baby girl was born six months later.
00:03:21.520 --> 00:03:23.840
Mark was one of the guys who said, Let's roll.
00:03:24.080 --> 00:03:25.919
Brave guys, tragic endings.
00:03:26.080 --> 00:03:27.199
Taken too young.
00:03:27.360 --> 00:03:29.599
I have such great respect for both of them.
00:03:29.919 --> 00:03:32.879
Heroes converged on Lower Manhattan that Tuesday morning.
00:03:33.039 --> 00:03:36.479
Many wore the uniform of NYPD and FDNY.
00:03:36.639 --> 00:03:37.840
Their names were called.
00:03:38.000 --> 00:03:39.759
Their professional purpose kicked in.
00:03:39.919 --> 00:03:42.560
As the masses ran away, they ran in.
00:03:42.960 --> 00:03:45.199
I think about Morgan Stanley's head of security.
00:03:45.360 --> 00:03:47.039
His name was Rick Rascorla.
00:03:47.199 --> 00:03:49.120
It's a name worth knowing and remembering.
00:03:49.280 --> 00:03:50.479
He's an American hero.
00:03:50.719 --> 00:03:55.599
Riscorla, a Vietnam veteran, is credited with saving nearly 3,000 lives that day.
00:03:55.759 --> 00:04:01.680
Almost every Morgan Stanley employee made it out of the South Tower alive, but there was a handful still unaccounted for.
00:04:01.840 --> 00:04:02.400
So Mr.
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Rescorla went back in.
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Nobody left behind on his watch was his motive.
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Rick Rescorla was in the South Tower when it collapsed.
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He died a hero.
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His story lives on.
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People came together following that day.
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Our nation, much of the world.
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It was us versus them.
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The good guys against the bad guys, the victims versus the perpetrators, the peaceful versus the terrorists.
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American pride swept the nation.
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That is so important to remember.
00:04:27.120 --> 00:04:28.800
That is so important to understand.
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The challenge is to get that back.
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The stock market never opened that day.
00:04:33.120 --> 00:04:36.959
The first plane hit the North Tower forty-five minutes before the scheduled open.
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Trading was halted.
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The New York Stock Exchange was closed for four consecutive days plus the weekend, the longest stretch since World War I.
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It opened up the following Monday, September 17th, falling 685 points.
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It was a 7% decline.
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That was then the largest single day point decline in history.
00:04:55.360 --> 00:04:58.399
The market doesn't flinch much around geopolitics these days.
00:04:58.560 --> 00:05:03.040
It used to be that a terrorist attack would send both the dollar and the price of oil soaring.
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Those trends have changed.
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Perhaps we've just become immune.
00:05:06.720 --> 00:05:08.079
But there's some significance.
00:05:08.319 --> 00:05:13.439
First, our economy runs less and less on crude, and we now produce so much of what we consume.
00:05:13.680 --> 00:05:16.879
The result is America far less dependent on foreign sources.
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The issue with the dollar is a little more complicated.
00:05:20.000 --> 00:05:24.240
The simple explanation is America's currency doesn't carry the same weight around the world.
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There hasn't been a rush lately to that ultimate safe haven symbol.
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The dollar has been weak.
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Make no mistake, the dollar is still the global reserve currency.
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But foreign nations don't view us as they once did.
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Now that's a new trend, and it's not a good one.
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Twenty years later, America is not in a great place.
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There's a lot of soul searching going on as to who we are.
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These states are not as united as the framework was designed.
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Twenty years is nearly 10% of America's existence.
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It's a consequential period.
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Time heals.
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But this process is taking a toll and doesn't seem to be on the right path for unity.
00:05:57.759 --> 00:06:00.000
Cynicism has been on an upswing in America.
00:06:00.160 --> 00:06:03.199
World War II brought what's been called the greatest generation.
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These were the Americans that grew up in the Depression and banded together in sacrifice for the war effort.
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It was an attitude of selflessness for the common good.
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Things have been different since.
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Perhaps the seeds of cynicism were planted around the Kennedy assassination.
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Then they blossomed during Watergate, Iran-Contra, and the Clinton years.
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Americans were losing trust in the establishment.
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The financial crisis took it to a whole new level.
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Endless wars are not popular.
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Corporate bailouts aren't either.
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Too big to fail could also mean too big to exist.
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Everything is political.
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Rules don't seem to apply to everyone.
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In 2021, cynicism is everywhere.
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Today's anger in America comes from within.
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The internet has made everyone an expert and social media creates silos for like-minded people to fuel the rage.
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The divide has gotten so wide that many can't even agree on facts.
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Political rhetoric is filled with brainwashing and manipulation.
00:06:52.879 --> 00:06:56.160
Us versus them used to refer to foreign adversaries.
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Today it pits Americans against fellow Americans.
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The enemy is us.
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Even our allies don't know what to think.
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There are some serious conversations taking place questioning whether America is in decline, that America's dominance has frayed.
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September eleventh brought America together.
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Today it's hard to imagine it being further apart.
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With adversity comes opportunity.
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That's when the magic happens.
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Leaders rise, the good often shines.
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We should be celebrating the good.
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The good doesn't get enough attention.
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The newswires focus mostly on the bad.
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The bad sells, but the good heals.
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Good looks past cynicism, good looks for solutions.
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Good isn't always popular.
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Good can be hard.
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Good is what is needed, but not always wanted.
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Good can be considered naive, but it's also infectious.
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We need to embrace the good.
00:07:42.399 --> 00:07:43.680
We need to promote the good.
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We need to rally around the good.
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America's greatness, its story, has come on the backs of the good.
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Those are the stories worth telling.
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We need to keep telling those stories.
00:07:53.120 --> 00:07:54.480
We are an imperfect nation.
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We all know it.
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Our founding fathers said it up front, but admitting it and striving to be better is what it's all about.
00:08:00.560 --> 00:08:01.519
Look for the good.
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It still lives here.
00:08:03.120 --> 00:08:05.920
The words American and optimism go hand in hand.
00:08:06.079 --> 00:08:10.879
You could say that cynicism hijacked America just as those terrorists hijacked the plains.
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The good news is we can all do something about it.
00:08:13.519 --> 00:08:14.560
There's still time.
00:08:14.720 --> 00:08:20.800
I tell my team all the time, if you commit to making a positive difference in other people's lives, good things will happen.
00:08:20.959 --> 00:08:22.800
Little things lead to big things.
00:08:22.959 --> 00:08:26.160
It takes courage to commit to the good during times of adversity.
00:08:26.399 --> 00:08:28.160
Fortunately, the good has guts.
00:08:28.319 --> 00:08:29.360
Home of the brave.
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Never forget.
00:08:30.879 --> 00:08:37.039
Back to today, crude prices jumped again this week, with WTI punching back through$100 per barrel.
00:08:37.200 --> 00:08:38.480
Commodities followed suit.
00:08:38.639 --> 00:08:39.919
Yields have risen too.
00:08:40.159 --> 00:08:43.519
Geopolitical activity is definitely influencing these high prices.
00:08:43.679 --> 00:08:45.759
The market and American people are reacting.
00:08:45.840 --> 00:08:47.919
It's a heavy weight on costs and assets.
00:08:48.080 --> 00:08:52.960
Though geopolitics have had less impact of late compared to decades prior, they still matter.
00:08:53.120 --> 00:08:57.360
This market has been mostly driven by economic expansion and the AI advancement.
00:08:57.519 --> 00:09:01.360
But there's a storm brewing out there with multiple issues, which has the market's attention.
00:09:01.600 --> 00:09:03.679
September brought more corrective price action.
00:09:03.840 --> 00:09:06.240
September sell-offs are nothing new to Wall Street.
00:09:06.480 --> 00:09:07.440
Thank you for reading.
00:09:07.600 --> 00:09:11.679
Feel free to forward this to family and friends should you find it valuable and impactful.
00:09:11.919 --> 00:09:15.679
Storytelling is a powerful tool in keeping memories and spirits alive.
00:09:15.840 --> 00:09:19.840
And our first responders and military servicemen and women are the true American heroes.
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They are the ones who provide the safety, security, and freedom for us to be us.
00:09:23.840 --> 00:09:24.639
Never forget.
00:09:24.879 --> 00:09:25.840
Have a nice weekend.
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We'll be back dark and early on Monday.
00:09:28.240 --> 00:09:29.600
I'm Mike Frazier.
