I had no idea who this guy was.

After conversing with Ebie in the business office of Staples/The Crypt, I entered the outer ring, backstage but not a dressing room, where the hangers-on hang out. And this guy started talking to me. He looked like a guy I’d hang out with in college. His big black spectacles were noticeable, but he had no attitude, no airs. I figured he was just another member of the entourage.

But then he told me he was an artist. Had written a number of hits.

Yeah, right.

And I ask him where he’s from and he says…Philadelphia.

Makes sense to me, except he’s talking about Philadelphia, Mississippi. I’ve actually been to Mississippi, it’s Memphis adjacent, but I can’t say I’ve ever known anybody from Mississippi. It’s a parallel universe. Where they keep trying to keep the Blacks down. High poverty rate. Low standards of educational achievement.

It was cognitive dissonance, this guy was anything but hick.

So I ask him about his journey. He’s telling me about a relative in Nashville and how he goes there to try his hand at songwriting and it was all so casual that it just didn’t square. If you were such a big swinging dick why have I never heard of you? I mean this guy is even talking about awards.

But these days someone can have a number one and not only have you never heard of them, you’ve never heard the record.

Just another wannabe.

But he told me he was performing that night, he’d written with Morgan Wallen, he was the middle act. And he ultimately took the stage and it was so loud and in-your-face that not only did it not sound like country, it was just a wash of noise, I didn’t get it.

But recently this guy has gotten a slew of press far outstripping his status in the business. I wouldn’t say he’s everywhere, but he’s getting featured in outlets that seem like they’d keep him at arm’s length, like the “New Yorker.”

I saw they did a story on him. I was too busy to read the story online. I waited for the magazine to come. And today after reading periodical after periodical I dove into the “New Yorker,” and read about the death of the humanities at colleges and HARDY.

That humanities article deserves its own screed. Did you know the state only pays 9% of ASU’s budget? These state universities… They’re so far from free. And if you’re gonna end up with a ton of debt you might as well study something practical, so you can pay it back and live your life, get married, buy a house and have children.

And then I read about HARDY.

And the content was interesting, although it was overwritten with no zest, no pizzazz, rock is supposed to electrify your body, excite you, enable you to transcend everyday life. And the writer said that half of HARDY’s album was rock. You know, the dying format.

There’s Active Rock, which is loud and fast and the singer screams and shouts and it’s a niche. And then there are a ton of imitations of what once was. They’re retreads, not new.

So the article said the first half of HARDY’S new album was country, and the second half was rock.

I was stretching and I just pulled up “the mockingbird & THE CROW” on Spotify.

The first cut was “beer.” Actually, I remembered this from the live show. Not that it’s hard to remember a song about beer.

The next cut featured Morgan Wallen.

Okay, this was country, what about the second half of the LP, the rock half?

Not that the country songs were unpalatable. Actually, they had the essence of Morgan Wallen, as in they were catchy.

So the first truly rock song is “SOLD OUT.” And I’m listening and I hear echoes of Kid Rock. Sans the hip-hop. But with the intensity, which you know if you’ve ever seen Bob live.

Okay, I’ve got it. I click to the next track, “JACK,” which is from the perspective of the whiskey itself.

And the first thing I notice is the guitar figure. It’s electric, but it’s simple, it hooks you, no effort is required to get it.

“Hey kid, let me introduce myself

I’m a friend of your dad’s when he had no one else

I’ll put the party in your life boy, you know I can

Have you ever wanted to feel like Superman”

Speaking of college… I went in the dark era, when there was no internet, not even DVDs, not even TV in this hamlet in Vermont. And at the end of freshman year they changed the state’s policy, you could drink at 18, and we did, we threw away our dope (well, not literally) and went down to the Alibi, which resembled a malt shop, albeit with alcohol, and got drunk and had fun. Dope put you to sleep, alcohol livened you up, you might have the best night of your life. And if you were down in the dumps, maybe the drink would help.

The following song was “TRUCK BED,” a concept that immediately puts you off, but there’s that hypnotic guitar and…then it occurs to me. Wait a second, this stuff is DIFFERENT!

It takes forever to get into most new albums, but every cut resonates.

And I’m thinking back to that conversation at Staples/the Crypt and I remember, HARDY radiated intelligence. And that’s rare in today’s mainstream music world. Sure, there are complaining alternative acts that are smart, but their music is unpalatable.

But HARDY definitely sounds like he’s from the south. And this is not the Allman Brothers. Which is actually good, HARDY is just not repeating a formula. There’s definitely a wise sensibility emanating from the tracks, the lyrics are not pablum…

Well, there’s that shout like Kid Rock, guitar figures akin to “Don’t Fear the Reaper,” like so many rock records, but it still sounds new. And there are changes. Yes, these are songs.

And then I start thinking of the audience. Youngsters are alienated. They need something to relate to. Especially those who are not cool, who are not on the football team, are not number one in their class, who are not influencers, who is speaking to them? NOBODY! They’re a forgotten generation. But you could be at home and put on HARDY and think someone was on your team. Not someone trying to become a brand (not yet, anyway), who was not pandering like in all those country songs written by committee about babies, pickups, religion… They try to be broad and appeal to everybody, but really they appeal to nobody, because they’re not authentic, not specific. Which is why Chris Stapleton is the most revered act in Nashville. He’s talented and uncompromised. And HARDY is not making the same music and certainly is not appealing to the same audience…

I ask you, are you angry? Do you remember when music was your religion, when you put it on and felt all powerful, when it made you happy, when it was more than rhythm…

Well, that’s HARDY, check him out.

P.S. My favorite cut is “I AIN’T IN THE COUNTRY NO MORE.” If you’re a rocker, if you wince and then smile when you hear a power chord, this might be right up your alley.

Wanna go?

You’ll have no problem getting a ticket. Why doesn’t Congress utter a mea culpa, admit it knows nothing about ticketing.

Next Friday night Taylor Swift is performing in Glendale, Arizona.

Want to sit in the very first section, closest to the stage?

That’s available. Not cheap, in the neighborhood of $500 apiece, but for a once in a lifetime event, or at least your kids have convinced you of this, you can pony up.

But let’s say you just want to be in the building, which is half the fun.

You can sit in the upper deck from $168. Those are behind the stage, but for $201 you can sit in the center on the side.

Of course you won’t find these tickets on Ticketmaster. But wait you say, TICKETMASTER IS ALSO A RESALE SITE! Yes, look up most shows, the primary sale may be over, but the act will allow you to post available seats, as long as they’re no cheaper than the original price.

So why can’t I buy Taylor Swift tickets on Ticketmaster? BECAUSE SHE DOESN’T WANT YOU TO!

There you have it folks. The act is in control of ticketing, Ticketmaster just takes the heat.

Now if you want to go to the show on Saturday, ticket prices are a bit more.

But expect them to go down. As they will for Friday night. Because as you get closer to the date…people don’t want to take a total loss.

And let’s be clear, most of the upper deck tickets were purchased by consumers caught up in the mania. They bought to two to use and two to sell, believing the hype. But in truth demand has been satiated, they’ll have to lower the price of the ducats to incentivize people to go.

So this is a Ticketmaster problem, right?

WRONG!

I still maintain Taylor Swift made a mistake by putting all her tour tickets on sale at the same time.

Then again, maybe this was a genius move. There was mania. And few facts. People got caught up in the hype. You couldn’t get tickets…you’d better buy them now, even more than you need, because they’re so valuable!

What is the true demand for Taylor Swift? If tickets were sold market by market we might have found out it was less than perceived. Maybe not. But by selling all the tickets at once the question never came up!

As for tickets to see Bruce… So far people have had no problem getting them. I know people who turned them down in Denver, where even more were made available.

Now if the price was lower…would more people be incentivized to go? But we only have so much time, a precious commodity, there are acts I won’t go to see even if they paid me.

And although this was a national story, the Taylor Swift ticketing fiasco… Taylor Swift has less market and mindshare than she ever has. This has nothing to do with her music, it’s the competition in the field, the alternative diversions, not only in music, but television, video games, the opportunities are endless!

So what we have with so many of these ticketing “fiascos” is a small number of fans caught up in the hysteria, complaining. To the point the rest of us take notice, but we still have no intention of going. Sure, there are hard core Springsteen fans out there who need to be in the building, but this is not 1985, Bruce’s glory days, when he was on MTV endlessly and everybody not only knew his name, but his music.

Sure, it’s harder to get a ticket for a smaller building.

But once you get to arenas, certainly stadiums… They’re hard to fill.

But that’s part of the mystery of the business. It’s one of the few mysteries left. Generally, mystery is history. Everybody is online, their dirty laundry is aired, and if you don’t play online it’s like you don’t even exist.

But when it comes to ticketing… It’s like a black box, only insiders know what is going on. And even those who do know what is going on complain. Yes, I heard from a manager complaining about the fees. But managers and agents are fully aware of the fees. And in many cases can negotiate them.

As for the economics of the business, I point you to Peter Shapiro’s comments in response to Jamie Lee Curtis’s rant that acts should play matinees:

“We Asked the Experts Why Jamie Lee Curtis Can’t See Coldplay at Noon”: https://bit.ly/3T8xbl4

Money quote:

“Shapiro says with the majority of ticket revenue and service fees going to the band (and ticketing agencies), the headliners take home most of the night’s haul, leaving the venue to live off ancillary revenue, most of which comes from the bar.”

But Ticketmaster and Live Nation and the promoters are evil.

What the acts want is to commission the fees too, or not have them exist. So how is the promoter going to make any money? Never mind taking all the risk, happens all the time, what is predicted to be an instant sellout is not. Upside? 5%. Downside? The whole enchilada.

Live Nation’s recent quarterly report said it paid $9.6 billion on “investments in artists,” which made it “the largest Financial Supporter of Musicians.” Never mind AEG and other promoters. The acts make their money on the road. And they’ve got leverage. Believe me, when you can sell out, you write your own terms, you squeeze the promoter mercilessly. But this is all hidden by Ticketmaster. Acts point the finger at Ticketmaster, which is paid to take the heat.

Could there be more transparency?

Of course.

Could there be all-in ticketing? Sure, a good number of managers and talent agencies are signatories to the FAIR Ticketing Act, but not everybody, and we need everybody to sign on to make change. But it’s a dirty business, and not everybody wants to commit, because ultimately they like the lack of transparency. Just blame the ticketing company for high fees. Don’t let the public understand where the money goes.

Now if you’re interested in buying Taylor Swift tickets…

You’ll have no problem. Just remember that prices fall as the date approaches.

For a good appraisal of availability just go here:

https://bit.ly/3JxkxZE

That’s a secondary market/scalper site. But on one hand the industry loves scalpers, they purchase inventory and they do their best to fill the building, otherwise seats are empty and the act doesn’t like it.

It’s a complicated business. 

Tune in Saturday March 11th, to Faction Talk, channel 103, at 4 PM East, 1 PM West.

Phone #: 844-686-5863

Twitter: @lefsetz

If you miss the episode, you can hear it on demand on the SiriusXM app. Search: Lefsetz

“Silicon Valley Bank Fails After Run on Deposits”: https://nyti.ms/3Jc9PXr

I’ve been avoiding this story all day long.

You see it was the headline on the NYT, the WaPo, the WSJ, everywhere but the LAT, which was eclipsed in its blizzard reporting by the NYT. That’s like Celine Dion making the best rap record. Unfathomable.

So if you’re addicted to the news apps…

Well, maybe you’re not. Good for you. As long as you’re not testifying as to the truth. Because you’ve got to read ’em all, constantly, to get a feel for the pulse of the country, which no one seems to have anymore.

And to do this, you must read the mainstream publications, which you must pay for. Too many lefties deride the “Times’ and burrow down into the hole of self-described truthsters with blogs. Ditto on the right. Everybody needs to scan the Fox News site to get a feel for what is titillating the right, what is left out. As for its veracity… If this were the sixties, if this were any time before the internet era, Tucker Carlson would be the new Joe McCarthy. History. As for Rupert Murdoch, he does this again and again and remains unscathed. Remember the phone-hacking scandal in England? You might be the only one. And the sacrificial lamb, Rebekah Brooks? Rupert rehired her. Meet the new boss, same as the old boss.

Anyway, the headline, the #1 story on the news apps, usually refreshes as the day goes on. And especially in the evening, when the physical paper is put to bed. That’s right, unless there’s an earthquake or a terrorist attack, there’s not much news overnight, because on the east coast, where the news is minted, everybody is asleep. But it’s a rare night when the morning’s headline is still the evening’s headline. God, school shootings can be displaced faster than the story with Silicon Valley Bank. What’s up?

Well, I’ve never heard of Silicon Valley Bank. I figured it was a small institution. But it’s not. It had about $200 billion in assets. And…

What you’ve got to understand is the federal government only guarantees 250k in deposits. That might sound like an extreme amount to you, but then you don’t realize that America is inundated with millionaires, because of their real estate if nothing else.

And then there are those with nothing.

Today the WSJ featured this article:

“Fear Over Social Security’s Future Leads Some to Claim Retirement Benefits Early – Filing for benefits before full retirement age is a gamble, say economists and financial advisers”: https://on.wsj.com/3YMK6KY

That’s a free link, and if you’re interested in the timing of taking Social Security you should definitely read it. Then again, don’t. Rely on your friends, because they know more than the experts. Isn’t that the scourge of America?

And people aren’t concerned with getting Covid… But when it comes to money, they don’t want to lose theirs!

Now the banks rely on you being fearful and lazy. If you’re not sophisticated, if you don’t have a financial advisor, you’re probably not moving all your money around to get the best return. For over a decade, returns on checking and savings accounts at commercial banks have been nearly infinitesimal. But over the past year, especially the past six months, rates have skyrocketed elsewhere. Insiders know this, those with real money know this and…

They’re not going to leave their money in low-interest accounts.

You can get close to 5% easily. That’s about four points more than your standard bank is paying, and you’re still losing money to inflation.

So, the sophisticated investors, those with far in excess of 250k, are pulling their money from low-interest paying banks.

Which means the banks have to have the cash to pay them.

Which means the banks have to sell assets to get the cash.

And if the assets are bonds, the return keeps going up, so your old bonds have to be liquidated at a loss. And Silicon Valley Bank lost $2 billion trying to satisfy withdrawals.

But it still wasn’t enough. The bank crashed. The government took it over. Which means if you had less than 250k in your account, you’re good. If you had more… You get a piece of paper saying you will get…hopefully 100%, but it depends on the liquidation of the bank. Last time around, the 2008 crisis, with IndyMac, you got 50 cents on the dollar.

So if you’ve got money in one of these banks, that is not diversified, like First Republic…withdraw your money tonight!

But if you think I’m writing about banking…

The point is we can no longer rely on institutions. As for the experts, they seem to be in it for themselves. And the public? They’re looking for trouble. That’s the new paradigm. No one wants to accept the truth, especially when it’s uttered by the elite. It can’t be true. You do know the Covid vaccine doesn’t work. It kills you. Stop taking all your vaccines. Like the Christian Scientists. You don’t need no stinking medicine.

But it’s like those people stuck inside their homes in the San Bernardino Mountains. I’ve lived in the hinterlands, you don’t think there’s not enough infrastructure to ensure your safety. But not in the San Berdoos.

That’s what we’ve learned in the past decade, certainly the past few years, that the government we thought we could rely on, we oftentimes can’t.

And both parties are guilty, but the Republicans are far more guilty. Because their goal is to minimize the government.

Which is how we got into this mess. Trump got rid of Dodd-Frank, which would have prevented the Silicon Valley Bank crash, via a stress test at least.

And as far as no more regulations…

Regulations can be burdensome, but most are there to protect you, the public. Sarah Huckabee Sanders making it easier to hire minors? God, if she read the exposé on child labor in the NYT, she never would have done this. But if you’re a Republican…you can’t hew to the NYT. You can’t hew to science, or history. Cut taxes and the poor will get wealthier and the deficit will disappear. How many times do they have to try this until they admit it never works?

And those footing the bill?

You. You’re paying that 250k above. You’re getting fewer services. Seemingly everyone is getting rich but you.

And you get enticed by scams. Turns out that’s what crypto was, a giant casino, and never forget the house always has an edge.

And that internet GameStop run-up, and the one re AMC… Retail stores selling physical gaming software? See an Egghead store around the corner? Software went virtual nearly two decades ago, on the surface this makes no sense. As for AMC.. Statistics tell us fewer people are going to the movie theatre, why should its business improve dramatically?

But everybody is a mark.

That’s one thing about losses. Somebody suffers. You think it’s all paper, but it’s not.

I mean how stupid was Silicon Valley Bank to not diversify its holdings? It was in the start-up business, lending for new companies. It’d be like a movie studio only investing in brand new filmmakers, not making any sequels… Odds are gonna run out at some point.

But in the interim, a whole bunch of people are getting rich.

And the odds of your local bank failing, which is probably a national bank anyway, are low, but once consumer confidence fades…you’ve got no idea what might happen.

So the moral of this story is…

You can’t count on anyone but yourself these days.

Which does not mean you should be ignorant. No, gain as much information as you can and then make a decision, an educated decision.

And be wary of listening to your friends, people you run into. Most people are not sophisticated, and full of sh*t anyway. And they want to make themselves look good. And some are convincing salesmen…

Which means you should look to the experts, the traditional outlets listed above, like the NYT, WaPo and WSJ.

But these three have been denigrated to the point where if you mention their names people laugh.

But the joke is on them.

We live in an information economy. Which means those with the most information win. It’s true in each and every business. Even ticketing. Those in the industry were laughing at the Congresspeople at that hearing… Because they didn’t know what they were talking about.

And in the internet age there’s a plethora of information online.

And yes, there are those proffering misinformation. You’ve got to separate the wheat from the chaff. But in our hobbled educational system people don’t learn how to do that. And they’re taught everybody is treated equally in this country and nobody is homosexual or trans and if you live in Florida, you start out a step behind and never catch up.

As for DeSantis talking about all the people leaving California for Florida… The number is de minimis. Even worse, it’s older people with little wealth.

Hell, the statistics were in the LAT.

As for statistics,  the facts that jumped out of that WSJ article regarding Social Security above were:

“The program provides 37% of men and 42% of women with half or more of their income, according to the Social Security Administration.”

Which means that almost half the country is broke, or close to it.

You can’t live on that amount of money.

And some never made enough money, which is why the minimum wage needs to be raised dramatically.

And then there are those who are financially unsophisticated, the NYT just printed an article stating re Lisa Marie Presley:

“’Sadly, since inheriting her father’s estate in 1993, Lisa has twice squandered it,’ they wrote. ‘She now has only herself to blame for her financial and personal misfortunes.'”: https://nyti.ms/3mD6Uz7

Forget sex education, first we must teach financial literacy in our schools. Then some people will realize they can’t afford to have kids and will ultimately be better with birth control.

Maybe not, we do need sex education too.

But if you think someone is looking out for you and your money, that it will all work out, that that investment your buddy next door said was foolproof is…

You’ve got another think coming.

You need to educate yourself.

After all, the execs at Silicon Valley Bank got paid, they always do.

As for the depositors… The savvy with the most information got their money out. The rest?