We Are Out Of Cash

hey it's Dan welcome back you're

watching I allegedly and uh got a good

one for you today just walking through

the resort in Newport Coast just a

beautiful spot absolutely stunning and

uh

you know we're at the end of the road

guys that's it end of the line

so we're going to cover a lot today

before I get into it please take a

second please hit the like button please

subscribe to the channel and today we

have a sponsor of private internet

access which I will talk about a little

bit later but uh first things first guys

uh Jeremy Siegel's A Wharton professor

and Jeremy is a you know he's the

professor of economics and he's

brilliant and we've talked about him a

lot but he just says right now hey we're

at the end right now and people don't

want to accept that and he used the YOLO

principle which is you only live once

and that people are living with very

Reckless disregard this time for the

finances and everything that's going on

in the economy right now people just

don't want to accept the fact as to

where things are at and man this is just

so great it's solid gold

what he talked about was the housing

market first of all people want to

believe that this housing market is in

great shape and that everything's

fantastic and you have nothing to worry

about and nothing could be further from

the truth people are trying to convince

themselves that things are going to be

okay when they are anything but okay and

you're going to see major problems when

it comes to real estate and especially

the interest rate problems in that this

is a rocket ship that is running out of

gas and that people need to understand

the severity of where it's at

right now you've got home affordability

you're going to hear that a lot home

affordability that's out of control the

interest rates with the fed and what

they're doing has done nothing but

create chaos in the real estate market

and nobody wants to admit that people

don't want to miss out plus honey we're

never going to move we can afford that

payment let's get that house let's go do

it let's go put ourselves in debt to a

depreciating asset that's going to go

down in value that we will never be able

to get out of without filing bankruptcy

or getting divorced or losing it so with

that being said

he anticipates that there's going to be

major trouble

in the real estate market starting in

September no later than October of this

year so with that being said experts

that know the market and I'm talking

about the average homes here

you know in Newport Beach Newport Coast

at this Resort you know you get people

that aren't affected by that

you're going to see people buy things

that are high priced you're going to see

the interest rates kill things and kill

people's finances and he is concerned

about that that people just don't want

to sit back and wait and accept that

okay then there's Karen Clancy Karen

Clancy steps forward from Pantheon

microeconomics and says wait a second

the housing market is completely upside

down the uh the the false stories that

we've got a bump up is is you know it's

a head fake is what he said which is

fantastic we saw a jump in January with

home prices you know and home sales go

up but it was just it was just a

reaction because it was down in December

no big deal but you're going to see

major problems with this because the

interest rate debacle is destroying this

industry it's destroying it completely

and the problem with it is that there's

not going to be a real estate turnaround

anytime soon

no way even if they started a lower

interest rates you're not going to see

it because of one thing and that is

affordability

houses are not affordable now you can

sit there and say well you know they

need to build more houses they need to

solve this problem no it's not the

problem guys the problem is is that you

have something

that is overpriced and during the

pandemic we saw houses go up 30 and 40

percent and he references this and talks

about how this is completely upside down

and people just think it's going to

continue continue to continue and you're

going to see major problems with

Builders because the low interest rates

are done and the cheap financing to

build these commercial buildings to

build these high rises the five-story

condos everything that they're building

is running out of gas and once again

End of the Road guys end of the road so

you can either take this seriously or

not take it seriously these two articles

below are fantastic but they're both

from well respect respected people that

are talking about how

this is bad and people don't want to

look at it you should be the person

sitting back what's wrong with renting

Drayton a who is a real estate

wholesaler in the Las Vegas area who I

have a tremendous amount of respect he's

become a friend and Drayton

keeps showing like hey why not rent a

house for 2 000 bucks a month uh you

know three bedroom two bath house in the

Vegas area that's nice a couple years

old why not do that why do you have to

go buy a house and buy something that's

going to be upside down and people don't

want to ask themselves that I don't want

to rent you know I have to have my test

so I have to have the Porsche I have to

have these car payments we need to spend

that money we need the status so status

is going to be a joke

okay it really is

this person this Karen Clancy talking

about how bad it's going to get it's

going to be much worse than last time

okay so huh what does he know okay well

he what he's talking about is

the fact that these interest rates going

up you can talk about hey inflation took

a downturn it's still up guys it hasn't

stopped so

uh the fed's still going to raise

interest rates this month don't be

confused and he's talking about how the

stock market is at all-time high when

you look at all these people that say

that we it's that we're running on fumes

and the Jet rocket is just going up and

up and up and about and it needs to stop

and eventually it's going to run out of

jet fuel but people when you look at

Jeremy Siegel everybody wants to be get

on board and be part of the win and uh

you only live once well

I'm telling you guys look at everybody

who bought houses in 2005 2006 2007 that

went upside down and they will all tell

you the same thing that they wish they

would have waited they wish they would

have just set back and looked at what

happened and nobody believes that's

going to happen again but this time

what's going to happen is you're going

to have people lose their jobs and

you're going to have communities be

completely destroyed and sooner or later

you're going to start to see these uh

Builders not get the houses finished

so share your thoughts on that one so

far

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foreign

this place is great I have a friend

who's got a place up here and he invites

me to film it's kind of nice you know

just beautiful now I have a question for

you and that is we've heard me talk a

lot about homelessness and how much

money we've had here in California to

solve this problem you know billion

dollars here I just talked last week

about 1.3 billion dollars more well

there's a story out of none other than

CNN that is disgusting because over the

course of the last five years five years

okay California has spent

17.3 billion dollars in homelessness

17.3 billion dollars and it has not

solved it it's not done anything towards

it think about this it's gone up by 25

during that time okay well that's the

that's a failure Festival first of all

so it's gone up 25 now think about this

they could have bought every homeless

person housing could have rented them

places and spent less money where did

the money go hello hello hello where did

the money go

who knows who knows

Governor Newsom thinks he's going to be

president someday I am telling you this

will be you will see homelessness around

the world shown over and over and over

and over and over how dangerous is how

dirty it is how they advertise people

out of this country get advertised hey

come to California live in the beach and

people come here and realize I guess I

gotta sleep on the beach okay so it's

kind of a mess guys to say the least but

17

billion dollars to solve that you know

this is the thing you get bureaucrats

that run things and they just spend

money and then they go home at the you

know about four o'clock and uh they

wonder why things don't get done and

while we get upset and people get robbed

and you have crime and you have drugs

and you have people sleeping on the

streets Now understand this I get that

there are people that are homeless that

are drug addicted mentally ill and have

issues there's not everybody wants to

get help

there is a huge amount of a huge

population in La called The Working uh

uh poor they have this in Australia too

where these people have jobs during the

day and live in their cars at night now

the the wild thing about that is that

the services people have talked about

you know I've heard a radio interview

driving up here today where these people

were talking if I just had 300 bucks

more a month I wouldn't be homeless well

guys 75 dollars a week okay would have

made these these people not be homeless

I you know get some motivation go go do

something but the fact that there's been

17 billion dollars and they couldn't

have given these people a few hundred

bucks a month and the money's been

squandered on eight hundred thousand

dollar Apartments now I understand the

junkies don't want to go live in those

places and don't want to you know be

inside they want to go do drugs and they

don't want to go into a shelter okay

because they don't want um rules okay

craziness guys so 17 billion dollars of

our tax dollars and federal tax dollars

I don't care if you live in in

Saskatchewan you should be upset about

this so the next thing is you know we've

talked about cyber attacks how about

Lansing uh College where one million

people lost their identity one million

people through their uh the public port

on the public Wi-Fi people they got

access to people's data Social Security

numbers

names addresses phone numbers everything

how about that again guys get a VPN do

that but

this is the type of thing that I cannot

stand that we hear about this months

after the fact you don't hear about hey

on Thursday your data was stolen check

your bank they don't do it that way they

talk about March in March this happened

of this year well that's terrible guys

why are we just hearing about it in July

right now

so here's another one that will drive

you insane and that is how many of you

out there have somebody do your taxes

okay me I have an accountant that

doesn't does my taxes how many use a

service like h r block or one of those

places

did you know that H R Block sold 10

million people's data to Facebook and to

Google

the last couple years who knew that

would you would you sign up for that if

you knew they were selling your data

would you let them uh do your taxes

okay your name your social your income

where you work uh everything your

deductions think about that they have

everything and they gave it to those

guys now how can that be then how could

they have done this well when you signed

your life away and you'd assign our

terms and conditions scan down click on

that and you agree to that how criminal

is that and they made money on each and

every one of you that that use those

services that is awful that is

absolutely awful that we have to watch

ourselves and our data is not protected

on a regular basis

just walking through there

the grass areas this place is really

cool though guys look they've got all

these

all these barbecue areas you can use and

you've got volleyball over there and

you've got the fire pit

just really really

stunning

up at Pelican Hill and Newport Coast

guys for those of you that are like

where's he at what do you say so

but

guys this is just

it's ridiculous everything that we live

through we're supposed to not be

affected by this but

data our data is what's worth something

the toll roads here in Southern

California they did something nefarious

a few years ago where Not only would

they overcharge people for tolls and

things like that and and not let people

you know pay late charges and you know

as a municipality they were treating

themselves as a municipality and they

were just a total agency and they would

take people's driver's license and do

horrific things and they threatened me

when I was going through my custody

battle that they would take away my

driver's license I you won't get to have

your kids if you don't pay these fines

is what they threatened me with well I

was the lead plaintiff for the class

action lawsuit and the one thing about

this that came out of this was that they

stole all our data they sold our data to

different advertisers insurance

companies because if you have a total

transponder and you drive from here to

here to here and you exit here they know

which exits are used more what kind of

car does this guy have what's his income

level all that stuff that's none of

their business they sold that without

our authorization here in California one

of those wacky things that you're not

allowed to do here they did that and

very nefarious about that but your data

at H R Block was stolen people should

sue H R Block because people didn't know

this Facebook Google everybody has all

that so let me know share your thoughts

on that stuff if you think if anybody

knew that first of all but who else has

our data who else is stealing that stuff

Elon Musk is going to start a new AI

company it's called xai he's already has

12 staffers too and he wants to rival

chat GPT he wants to design something

that's going to be user friendly good

for the world and easy to use now one

thing that's fascinating that you guys

didn't know this is that the company

that Elon Musk started prior to PayPal

was called x.com it was basically the

first online bank and it was xbankx.com

that's what PayPal originated from uh

Bob kudla our stock picking Buddy he

would be very proud of this because none

other than Warren Buffett has just made

a huge play into natural gas so you guys

know how Bob has always talked about

natural gas and everybody should get

into it and another thing is that

there's a study that if you guys suffer

from depression if you walk for 20

minutes a day it can help your

depression by 45 which again get outside

guys hit some activity be amongst

everybody

you know it's free guys to walk through

this stuff get some exercise be kind

you know

let's go talk to people go walk and

don't be depressed you

it's not we get more JP Morgan news

I love

you know these Jamie Diamond stories

because I usually lose my mind and

disagree with them this time is

different

Jamie dimon steps forward and says that

he is furious with his managers that

work remotely

for the banks how do you have a bank

manager or someone in finance that's not

in the office today

approving loans dealing with staff

making sure sales quotas get met what do

they land out by their pool on a summer

day just you know relaxing yeah I'm not

coming in okay

no no no no but he says how can you

manage how can you lead how can you run

a team when you're doing it remotely and

yeah makes a lot of sense I would I

don't know how they can do this right

now so

again one of the first times I agree

with Jamie Diamond but guys we're going

to seriously look at how we're going to

uh promote with people that only want to

work remotely

yeah I mean some of these people could

have two jobs right now and JP Morgan

wouldn't know it so fascinating but you

got bank managers that don't go into the

office how does that even work

yeah

then you get Bill gross the bond King

from Pimco fixed income Guru

well he steps forward and he's just been

tweeting lately been sending out all

this great information talking about the

economy and talking about how we you

know ingested four trillion dollars into

the economy and it's just a matter of

time until uh we run out of money and

that he sees it in spring or and not in

Spring but in Fall that we're running

out of money right now and it's just

going to be a matter of time until the

average consumer has a problem so

fascinating stuff to say the least so

you know

do you guys you know Jeremy Siegel

you know

it's just you you run you know inside of

a uh a theme right now that people are

saying that their trouble is coming 60

days from now 90 days from now and

nobody wants to look at that then you

look at Michael burry who's been for a

year talking about this okay so you know

Michael Brewery on again off again he's

right he's not he's going to be onto

something okay Michael burry said the

same thing now here's somebody else that

worked the Chief Operating Officer Bob

Michelle at uh

uh uh now we're at uh JP Morgan said the

same thing people are desperate people

are using their credit card to buy

credit cards to buy groceries right now

and that's a bad sign they know that

guys they know what you spend your money

on at these Banks and people don't want

to admit that they're being fiscally

irresponsible but when Bill gross the

bond King sits there and says we're

running out of money and he said this uh

the coveted money the four trillion

dollars is still trickling into the

system right now and eventually it's

going to dry up and when it dries up

it's done all bets are off you're going

to see things you know you mean cities

have some of this money left over

municipalities counties a lot of people

have some of this money left over and I

saw somebody send out information the

other day about the restaurant Grants

hey we've got a little more restaurant

grant money

how'd that work out you know 28 billion

dollars was given out to restaurants and

a lot of friends and families of the SBA

got that and did it save all those

restaurants nope nope I know restaurants

that got eight hundred thousand dollars

800 Grand they're they're open they're

doing great but uh that was just a huge

windfall for them

so share your thoughts on this stuff

guys you know

the remote working thing it's got to be

over with guys don't you think I mean I

understand some jobs and some positions

you can do and I deal with customer

service people and I always ask you know

what are you at the house where are you

at today oh no I have to go to the

office three days a week or I'm home

today I'll be at the office tomorrow but

for these managers to work remotely I

think it's kind of interesting so let me

know share your thoughts on this stuff

guys

I got these three stories sent to me uh

quite a bit so I thought I'd cover all

three of them the first one was Tesla is

lowering the price in their model 3 and

their model Y and they just admit it's

to to Spur sales keep it going keep the

party going through the summer okay

we're selling great we want to keep it

going you know they delivered you know

461 000 cars last quarter and they just

want to continue that

uh Bank of England bank different banks

in England excuse me are shutting

people's bank accounts off if they don't

agree with them politically and uh it's

like you know it's ridiculous and you're

seeing this more and more and more and

more now the Board of Governors for the

bank of England Andrew Bailey he steps

forward and he is talking about how you

know cryptocurrency is ridiculous and

Bitcoin is ridiculous it's not money and

you need to have you know stable dollars

and stable tokens that are real money

huh remember a couple days ago we talked

about how the bank of England was going

to have its own digital dollar now

they're slamming Bitcoin it's kind of

interesting to say the least so again

they don't do what they're not gonna do

they don't say things that they're not

going to do it's that simple so Andrew

Bailey you know these people in England

let me know if you think that guy's a

joke because it just speaking out of

both sides of his mouth and uh again

last week they want to have the Central

Bank you know digital pound and uh but

you know

coins bad so again I'm not promoting

Bitcoin by anything final stories

Verizon

had a data breach guys that had one

million people got their data stolen and

we've all gotten cell phone contracts

before you know what you give them you

give them your name you give them your

address your phone number your social

your income everything one million

people got stolen from the last Verizon

uh hack isn't that terrible

so get your VPN guys okay just be

careful okay protect yourself at any

cost it's inexpensive don't forget to

hit the like button don't forget to

subscribe to the channel

if you want to email me it's hello I

allegedly.com onward and upward guys I

will see you guys very soon

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