10 Dec Saturday Broadcast 27
✔️ ICYMI news, 12/5 – 12/9.
✔️ So… people are shoplifting and doing “buy now, pay later” for food, yet we’re also supposed to believe that people are still flush with cash. What?!?
✔️Even Jim Cramer is telling people to expect layoffs now.
✔️More articles of men and Millennials being blamed for the current economic mess.
✔️RH CEO says, “The housing market is collapsing at a level I haven’t seen since 2008.” Oh but remember the realtors and brokers who assured me we would just NEVER have another 2008.
Links I mention in this episode:
Need more? Email me: https://causeyconsultingllc.com/contact-causey/
Siren courtesy of Pixabay.
Transcription by Otter.ai. Please forgive any typos!
Hello, Hello, thanks for tuning in. Today it is Monday, December 5. on CNBC we have headlines such as dow sheds nearly 500 points, stocks finished lower on worries of further Fed rate hikes. I think that’s a given. Considering that we are still being told that the labor market is red hot, there are still too many open jobs going unfilled wages are still out of hand. The consumer is still strong. They’re still spending money. So in order to better the whole economy, we have got to keep raising these interest rates. I mean, how could it be any clearer at this point? Sam Venkman, fried could face years in prison over FTX is $32 billion meltdown. All believe that when I see it, because it seems like more often than not, somebody runs a con of some kind. And if they’ve got plenty of money, they’ve got power, they’ve got connections, they never see a day in jail. If they manage you make it to a jail, then it’s usually some like minimum security resort prison, where they have like a swimming pool and tennis courts. Like, honestly, I’ll believe it when I see it. Supreme Court likely to rule that Biden student loan plan is illegal experts say. So one of the things that I would encourage you to think about is in the event that his student loan forgiveness plan never comes to pass and you were relying on that you needed that money, it was going to be life changing for you. What will you do, if it fizzles out and it never happens? I personally am of the belief that it doesn’t really matter what party they’re registered with. If a politician’s lips are moving, they are probably lying. And I feel the same way about the corporate fat cats the corporate bankers, the head honchos of these major global firms and major national firms. They tell the public the peons, the unwashed masses, one thing, but then in private, they tell their investors and their shareholders and the people to whom they actually answer something much different. So in my mind, am I surprised by this turn of events not at all. But again, I would ask you if you were going to rely on that money if it was going to change your life, and now it’s not really looking like it’s going to happen. What’s your plan B. Bitcoin holds above 17,000 and FTX contagions spurs, more crypto layoffs. SpaceX unveiled Star Shield, a military variation of Starlink satellites. Wow. Yeah. So I feel like we’re at the part in the science fiction movie, where they make that announcement and then it’s like, well, what could possibly go wrong? And then there’s a flood of consequences. In the key points we find, Elon Musk’s SpaceX is expanding its Starlink satellite technology into military applications with a new business line called Star Shield. While star link is designed for consumer and commercial use Star Shield is designed for government use, the company wrote out its website. Few details are available about the intended scope and capabilities of Star Shield. And the company hasn’t previously announced tests or work on the technology in quote. Oh, I imagine not. Hmm. Isn’t it funny though, the number of people that got their underwear and a twist about Elon buying Twitter, this is going to be the end of free speech or he’s going to give a platform to hate mongers and he’s so terrible. And then here we find out that one of his companies is doing business with the government. Hmm, wow, shocker. So if you’re not familiar, we’re a little bit early for the anniversary of it. But on January 17, of 1961, President Eisenhower issued a pretty interesting warning. I will read from the article on set event from history.com. Now, on January 17 1961, Dwight D. Eisenhower ends his presidential term by warning the nation about the increasing power of the military industrial complex. His remarks issued during a televised farewell address to the American people were particularly significant since I had famously served the nation as a military commander of the allied forces during World War Two. Eisenhower urged his successors to strike a balance between a strong national defense and diplomacy in dealing with the Soviet Union. He did not suggest arms reduction, and in fact acknowledged that the bomb was an effective deterrent to nuclear war. However cognizant that America’s peacetime defense policy had changed drastically since his military career, Eisenhower expressed concerns about the growing influence of what he termed the military industrial complex. Before and after the Second World War, American industries had successfully converted to defense production as the crisis demanded, but out of the war, when Eisenhower called a permanent armaments industry of vast proportions emerged. This conjunction of an immense military establishment and the large arms industry is new in the American experience, Eisenhower warned. While we recognize the imperative need for this development, we must not fail to comprehend its grave implications. We must guard against the acquisition of unwarranted influence, the potential for the disastrous rise of misplaced power exists and will persist. Eisenhower caution that the federal government’s collaboration with an alliance of military and industrial leaders vote unnecessary, was vulnerable to abuse of power. I then counseled American citizens to be vigilant in monitoring the military industrial complex and quote, I would also encourage you, I will drop a link to the video in the write up so you can check it out for yourself if you want to. I would encourage you also to watch a recent video that Russell Brand recorded with Vandana Shiva, where she talks about the companies that have all their fingers in the pies of the food and agriculture industries. And what are their true origins? What were they doing what say, during World War Two? Who were they allied allied with? What What were they up to at that point in time? If you don’t know, and you find out you might not sleep so well at night. Now, if we go over to the side panel for LinkedIn news, we find tech world goes crazy for AI chat bot, more remote workers than work, huh. Slack CEO departs Salesforce, latest layoffs, companies making cuts. colleges don’t like being graded. Where are we in the labor cycle? Crypto CEOs brace for the worst corporate cuts stall software firms. Yeah, when we click on more remote workers than work we find demand for remote work is showing no signs of waning post pandemic. But there simply aren’t enough flexible jobs to meet candidates criteria says X CEOs, just 15% of job vacancies advertised on LinkedIn or for remote positions. But 50% of applicants say they don’t want to be in the office full time. I will but in long enough to say I actually believe the number is higher than that. Based on the individuals that I encounter, day in and day out when we’re talking about white collar knowledge work individuals, I would say again, in my experience, I cannot speak to everyone’s experience. But in my experience, I would say that number is probably more in the range of 80 to 90% of applicants want 100% remote, they do not want to be back button seen in the office and they do not want the the hybrid hell of half measures. I’ll continue to read and while the US still has a tight labor market, it is slowing somewhat. With data showing the remote market in particular is cooling fast, which appears to be emboldening holy poop balls Batman that is literally the word I have used so many times. Emboldened, embolden, appears to be emboldening some companies to call workers back into the office. Gang, this is another no Sherlock moment. You’ve been a regular tuner enter this podcast, you’ve been reading my blog on any regular basis. None of this should be a surprise to you. It’s funny, because months ago, when we were hearing such intense language from Zuck, and from Lord Elan c’mon back or it’s your job, you either up your game or there’s the door you can self select right out of here. I told you and I literally use the word embolden. I guess they say imitation is the sincerest form of flattery. But, again, I know I know. You’re probably sick of me saying it, but I’m going to do it anyway. If you wait to be officially told you’ve waited too late in my opinion. If you wait for some mainstream media news outlet to tell you. I think remote work is drying up. I think most of these bosses are emboldened. I people like Lord Ilan and Zuck and I think they want you back in office. You’re waiting too late. You’re waiting too late. We click on latest layoffs, companies making cuts, we find the LinkedIn news team is closely following the turbulent employment situation in the US, particularly as high profile layoffs are made. Where the hell have you been? Where have you been? Why have you not been following this turbulent employment situation closely? I told you guys, I felt it back in January. I cannot give you a logical explanation for it. I cannot. All I can tell you is that January 1 of this year, it was like a door slam shut. And I could tell right then in there, the great resignation is winding down. These employers are burning out on remote work, they’re starting to get tired of being the one not in the power position and some Shi T is getting ready to hit the fan. The world is about to change again. Here we are. I wrote an article back in April saying when the pendulum swings, and I was trying to warn people get as much out of this as you can do what you need to do and then be ready for the balance of power to go back because it will. In my mind, if you thought the great resignation was going to last forever. You’re in the same category as Realtors mortgage brokers and home sellers who thought the red hot market of 2021 would go on forever. Were there commentators and pundits saying there will never be a decrease in real estate again, it will only go up from here. Hell yes, there were. They were fanning those flames of FOMO and Yolo. And I would assume the ones who were doing that were either corporate shills, they were being paid by a company or employed by a company to do it, or their investors in real estate and they’re trying their best to line their own pockets. You have to pay attention to what’s going on in the real world around you. And anytime someone has a vested interest in parting you from your money, you want to factor that into the advice that they’re giving you. I’ll continue to read. CNBC reports that more than 50,000 people were laid off by tech companies in November and layoffs dot FYI, that’s a great website. You should bookmark it and go because sometimes they get a beat on things that you won’t hear about in the MSM and layoffs dot FYI puts the total number of 2022 tech layoffs at more than 140,000. Yeah. We’re those economists who told us that we would not see mass layoffs in q4. How are they looking right about now? impacted by a layoff? Here’s what get ahead by LinkedIn news suggest you do I’m not even going to click on that. I’m really not I don’t think it’s worth our time. December layoffs wireless services provider wireless advocates is shutting down operations. According to a LinkedIn post from its Northeast Regional Director, banking giant Wells Fargo laid off hundreds of people in its mortgage division. Layoffs occurred at three media giants CNN which let go of an unspecified number of employees in what the company called the deepest cuts to the organization in years, Gannett, which cut about 200 employees or 6%. And it’s news division and the Washington Post, which is shutting down its Sunday magazine, a move that affects 10 staff members bloom tech an online coding bootcamp formerly known as lambda school is laying off about half of its staff. 88 employees According to TechCrunch customer management startup podium laid off 12% of its workforce about 150 people. Business Insider reported layoffs that made headlines in November so we go through and I’ll just read off the kind of the highlight reel here. Pinterest, grin homesnap Wells Fargo, the crypto exchange Kraken wonder a mobile kitchen startup DoorDash AMC Networks, United furniture industries they were the ones that did the layoff via text right before Thanksgiving. Sports and Entertainment in ft startup candy digital. I’ve never even heard of them. HP Carvana Cisco Roku virtual events management platform hop in never heard of them either. Media Company morning brew. News Ella think I’m saying that right. Amazon Asana meta tech news focused website protocol. LinkedIn member shared about layoffs at two biotech companies San Diego based Illumina and Connecticut’s Sima for fitness app I fit vaping company Juul, Barclays and Citi Group LinkedIn members are sharing about layoffs at ch Robinson AEV event stay advanced day. Maybe that’s how you say it. Fly homes, Redfin. Salesforce. Sada Zendesk, Twitter, Warner Brothers, a firm Lyft chime stripe, Hootsuite open door, Oracle and Jim. Yeah, oh, but hey, we’re doing great. You’re not gonna see mass layoffs in q4. You know, I can’t tell you what to do. But if it were me, if a financial planner advisor or an economist told me, we’re not going to see mass layoffs in q4, and then we saw mass layoffs in q4 credibility gone. That that’s all we all all I would have to go through with somebody like that to just say, You know what, I don’t think I’m gonna listen to you anymore. When we click on where are we in the labor cycle, we find when the Labor Department reported on Friday that company’s added 263,000 New payrolls in November, the message seem to be one of continued strength in the US labor market. But the slowing pace at which workers switch jobs and the declining level of new openings, according to separate data, according to separate data, suggests a slowdown. In fact, the mix of signals is consistent with a shift in the labor market. Oh, oh, what’s been while we will we well, the mix of signals is consistent with a shift in the labor market. Possibly due to contraction from expansion, or possibly. Sorry, I don’t mean to laugh. It’s not a laughing matter. It’s just the spin that kills me. Okay. So apparently, we’re being told that we’re that there are mixed signals in the labor market, because it’s shifting. So it was contracting, but now it’s expanding or it was expanding. Now it’s contracting WTF mate? What are they even saying here? jobless claims and major economic indicators, including for inflation will hold further clues to the jobs outlook this year and quote, yeah, you know, I said in earlier in some other episodes and episode I’ll publish later this week about the job market and sanity, it becomes a lot clearer when you subtract out, in my opinion, what I would call hotter hopium and Bs statistics. All of the confusion and the mixed signals disappear, it becomes really clear what’s going on. Now, I’ll give you my boilerplate yet again, I’m not an economist. I’m not a financial planner or advisor. I am not a power broker. I’m not a billionaire or a hedge fund for billionaires, I don’t sit on the web. I’m I’m not a mover and shaker in this world, just a private individual opining for your entertainment only. And in my opinion, we’re already in a recession. How deep will it go? How long will it last? I don’t know. Could it go from being a recession to a depression? Yes. Could we go from having inflation or hyperinflation to having deflation? Because nobody has any money? And they’re not buying things? Yes, that could also happen. Could we have something that looks like the 1982? Recession? Yes. Could we have something that looks like the 2008 Great Recession slash global financial crisis that lasts for a period of years? Yes, all of these things are possible. And so I think when you look at it through that lens, when you stop buying into what I would call hot air, hopium BS highly manipulated statistics, where you’re still being told we have our shortage, to open jobs for every one unemployed person. 3.7% unemployment rate. You know, whenever you take all of that stuff off the table, and then you just look at the naked facts. You look at all of these companies laying off, you look at the number of CEOs who are like, Oh, it’s getting ready to be a booger and to 2023 I think we better downsize. When you when you look at that. Okay, like I’ve said before, you don’t pay attention to what these fat cats say you watch what they do. When you look at it that way. It becomes much clearer all of this Oh, it’s just we just don’t understand. We can’t get that mixed signals. What’s the economy doing? All of that goes out the window, and it becomes clear. Today, it is Tuesday, December 6. on CNBC, we have headlines such as s&p 500 closes lower for a fourth straight day as recession In worries, job markets, downfalls 500 points Tuesday as selling intensifies, bringing today losses to nearly 1000 points. Here’s what America’s top CEOs are saying about a possible recession in 2023. A possible recession we’re gonna lay. When we click on the TLDR key points we find CEOs from JP Morgan, General Motors, Walmart, united and Union Pacific are preparing for an economic slowdown. Among the issues cited are rising interest rates, inflation and geopolitical concerns. The companies are taking a conservative approach to 2023. Yeah, I’m sure that’s the case. And I think probably they’ve been preparing for this for quite a while. I don’t think that any of what’s about to happen in the economy is going to hit fat cats and big corporate level CEOs by surprise. Also, there was an article in the Washington Post today, PepsiCo plans to cut hundreds of corporate jobs report says the snack and soda giant is the latest company to cut corporate workers amid fears of a potential recession. How not looking good. I really, really, really hope that none of this is hitting you by surprise. Over on the side panel for LinkedIn, we find HBO Max is back on Amazon Prime. Walmart warns of shoplifting crisis. Well, we’re definitely going to click on that. BuzzFeed to let go of 12% of workforce. Computer science majors face tough job market hurts in $168 million car theft payout. Diamond details scenario for a recession. Old Jamie Dimon again, more layoffs hit GameStop. Yeah, so here’s the thing, we’re seeing these layoffs occur and they’re not just in one particular segment of the market. I think for a while we had denialist people that wanted to say, well, it’s only real estate. Yes, realtors and mortgage brokers and mortgage bankers. They’re gonna get the axe because the housing market is crashing now, but everybody else will be okay. Well, it’s just only going to be big tech people in Silicon Valley may have some sleepless nights, but it’s not going to be everybody else. Meanwhile, you can start to see the layoffs fanning further and further out. Again, I really hope that none of this is catching you by surprise. When we click on Walmart warns of shoplifting crisis we find a sharp rise in shoplifting at Walmart stores could force the retail giant to hike prices and close stores the company warned Tuesday. That’s interesting because they’ve been doing that already. You know, spoiler alert. I know I haven’t been able to do kind of my bird’s eye view of prices and stuff going on in the stores because I’ve been convalescing. There were weeks where I didn’t leave the house, things just had to be brought to me. Nevertheless, even when you’re shopping and ordering things online, you can see if it was more expensive than it was the last time that you ordered it. I’m slowly but surely kind of getting back out into public. And wow. I mean, you just cannot count on stores like Walmart, or Dollar General to be the cheapest option anymore. For a long time, people use the justification. Well, I can’t shop at a mom and pop store because it’s too expensive. And in some rural areas, there was no mom and pop store. It was simply one giant conglomerate shopping place that was you know, 30 minutes or 45 minutes from your house or your farm. And that was it. But now, it seems like every time that I have ordered something from Walmart, it’s been more expensive than it was the time before. And it also seems like the sales that I saw advertised for Black Friday or for Cyber Monday or some stores do cyber week weren’t anything to write home about. The things that they ran on sale look like junk to me, it wasn’t anything that we needed. Like right now I need a new vacuum cleaner for the house. And I have not found a single good what I would say a good deal would be on a good reliable vacuum cleaner. And so I’m like well, alright, I’m gonna keep limping along with the one it’s kind of being held together on a wing and a prayer right now because I thought I was gonna see a good sale and I just haven’t. Dollar General is just as bad you go in there. And likewise, it’s more expensive than it was the time before. So these people that are saying that inflation is abating. I mean, I’d love to know where that’s happening. We’ve seen the gas prices go down somewhat, but I haven’t seen my groceries and just kind of household necessities going down just yet. I mean, keep hope alive. I guess maybe that’ll happen. Theft is higher than what it has historically been. CEO Doug McMillon told CNBC He added that unless authorities take action to tackle the problem, prices will be higher and or stores will close, although I’m gonna button and say that’s already been happening. Walmart isn’t the only big box retailer struggling with this shoplifting search target CFO, Michael Fidel Fidel key recently said that theft has jumped 50% year over year costing the company more than $400 million in 2022. Wow. Well, I mean, we know just on the face of it, that can’t be good news. That’s not a positive development. When we click on Diamond detail scenario for recession we find JP Morgan Chase chief Jamie diamond said the exhaustion of $1.5 trillion in excess consumer savings may cause a recession next year. The CEO of the nation’s largest bank said in a CNBC interview that the extra funds Oh God. Now my God, let me trot out Mitch McConnell, why don’t we the extra funds from pandemic stimulus programs have been bullying, spending and economic growth. Diamond also said the fastest inflation in decades is contributing to such a scenario. While consumers and companies are still flush. They are spending 10% More than last year. Goldman Sachs is CEO who reiterated that the investment banks employees would see smaller bonuses this year, also said job cuts should come as no surprise. Bank of America CEO Brian Moynihan said it had slowed hiring to control headcount ahead of a possible recession. Who are these people that are flush with cash from 2020 steamies. who are in these people? Who are these people that have all of this excess money in savings? We’re living in an age where people are doing Buy now pay later for their freakin groceries. And all I heard from people that did venture out on Black Friday was that most stores look like a ghost town. I think I said in a previous broadcast, there was only one story I heard of where a woman went to a thrift store where they were going to run everything half off and it was Packed to the Rafters. I have not heard of anybody going into department stores or discount stores either one and saying oh yeah, Black Friday. It was Madhouse people were everywhere, pushing and shoving TVs and computers and Tickle Me Elmo O’s, and oh, they were just going crazy. I have not heard a single story like that. Who are these people that are flush with cash from 2020 STEMI tracks, living in grandma’s basement, living in a girlfriend’s apartment doing nothing all day, but yet somehow their money is multiplying across all of this time. Across all of this inflation. They’ve been able to multiply their dollars, like the miracle of the loaves and fishes. I would love to know. I hate to laugh because in so many ways, it’s not funny. It feels like laughing all the way into the apocalypse. But what else can you do? To today, it is Wednesday, December 7. on CNBC, we have headlines such as there is a slowdown happening. Wells Fargo and Bank of America CEOs point to cooling consumer amid fed hikes. Hmm. Yeah, I would say there’s a slowdown happening. I would say the slowdown has been happening. If you need the CEOs to tell you that I’m not really sure where you’ve been. When we click on that article we find after two years of pandemic fueled double digit growth and Bank of America card volume, the rate of growth is slowing CEO Brian Moynihan said while retail payments surged 11% So far this year to nearly $4 trillion. That increase obscures a slowdown that began in recent weeks. November spending rose just 5%. He said, Oh, it obscured a slowdown. And that slowdown only started in recent weeks. Sure. Right. Yeah, of course, that sounds totally believable. There is a slowdown happening. There’s no question about it. Wells Fargo CEO Charlie Scharf, said we are expecting a fairly weak economy throughout the entire year. But in a divergence that has implications for the coming months the downturn isn’t being felt equally across retail customers and businesses sharp set and quote. Can you imagine being someone who’s only just now going, Oh, layoffs are happening. Companies are instituting hiring freezes. There’s a slowdown in the economy. Wow, I had no idea. I mean, can you imagine being that tuned out from reality? That is scary. Carvana shares tank as bankruptcy concerns grow for used car retailer. Just 8% of Americans have a positive view of cryptocurrencies CNBC survey finds. Cal Sopris, after all of this, can you imagine, used vehicle demand and prices continue to decline from record highs? When I saw that, I thought of this commercial that’s been running in my part of the Midwest where some local local dealer out here that thinks he’s somebody you just tell to me, to me, in my opinion, he just strikes me as being really arrogant. And it seems like in the commercials, he really thinks that he’s like, God’s gift to humanity. And and one of the ads that’s been running recently, he says something like, we’ve been through some tough times, but I think we’re coming out of it. This is a really good time to buy a car. Yeah, okay. Especially when you look at the average price, still yet, or the average monthly payment that people have for a brand new car, it’s equivalent to what a mortgage payment used to be. I mean, it’s just, it’s crazy. It’s crazy. And then you think about what would it be like if you took on a bunch of debt, buying new or used right now, then if the US car prices are falling, if the value is starting to go down, and that market is going through deflation? What you paid for it today? In six months from now? Is it going to be worth half of that? I mean, yeah, but Sure, sure, fella. Yep. Of course. We’re coming out of the weird bad time. It’s all turning around. It’s a great time to buy car. Yet another reason why I tell you, if someone has a vested interest in parting you from your money, be really careful. factor that into your decision making. Now also, little little tidbit of information. All Jim Cramer has said he expects many layoffs at companies after Christmas. Hmm, why don’t we yet again put this in the no shit Sherlock category? Really? Do you think? Wow. And they TLDR key points we find CNBC is Jim Cramer on Tuesday predicted that more companies will trim their workforces after the holiday season. A growing number of companies across industries have curtailed their headcount this year in an effort to control their expenses in a dipping economy in quote, bud, you’re kind of late to the party on this. To me that would be like if I got on here and I made a prediction of today is December the seventh. I predict that the date tomorrow will be December 8. It’s like that scene in Billy Madison. Were the janitors supposed to be collecting hot information? And he’s like Billy likes to drink soda. Oh, really? Jim, do you do you think? Do you think that more companies will have layoffs after the holiday season? For that matter? There are plenty of companies having layoffs in the midst of the holiday season. I know in the old school companies would try to limp along they try to hang on because there was a stigma around laying people off at Thanksgiving or laying people off at Christmas. I mean, you were really portrayed as being the ultimate Scrooge if you did that. A lot of these companies anymore don’t care. Either that or they’re in such difficult Dire Straits financially, that they just can’t limp along. They’re going to have to stop the bleeding and just get people out the door. Yeah, I am not fulfilling bullish for 2023 I think we’re going to be in for an unpleasant ride. I hope I am wrong. Maybe there will be some miraculous Hail Mary pass that saves the whole kit and caboodle but I would not bet my life on it. Over on Yahoo Finance, it’s a similar scene we find stocks struggled to rebound as selling pressure continues. US stocks fell in choppy trading Wednesday as investors tried to stem the tide of heavy losses seen over the first two trading days this week. Disney to launch ad supported tier on December 8 Well mean even with some of these streaming services offering lower cost subscription plans if you’re willing to put up with all the commercials I mean, still yet it’s the economy stupid. What if you don’t have the money? What if that subscription could make the difference for you living paycheck to paycheck between eating or not eating having enough or not having enough you’re not going to be doing that. China reopening is going to create unpredictability and How COVID spreads. Great mortgage payments are huge sticker shock for buyers. Yeah, I would say I would definitely say and I’m hearing more and more of these horror stories of new construction falling apart, people having difficulty even if everything is under a warranty they’re still having difficulty getting craftsmen to come out and fix the problems and you should see just Google it just go look around on YouTube look around on Google see some of the articles and the stories. It’s horrifying people with giant cracks in the ceiling or they have foundation problems. The bathtub is starting to come apart from the floor. kitchen appliances are already not working. I mean I guess historically we’ve tended to think well if you buy new construction you should be able to minimize home maintenance and repairs for a while everything should theoretically worked pretty well for a while. Not anymore. Bank of America stock plunges leading sell off in shares of largest US banks. Oh, yet again. I really I just Oh, God. I can just see so many shadows of Oh 809. I hope to God that these banks don’t show up with their hat in their hand, who we need to bail out. We’re too important too big to fail. 270,000 homebuyers who bought in 2022 are underwater on their mortgage. The little byline reads among the 450,000 underwater borrowers in the third quarter, nearly 60% had mortgages originated in the first nine months of 2022. Right, yeah, but let’s think about the realtors and the mortgage brokers who were so arrogant, we would know Oh, just never have another 2008 these loans. They are so solid. They’re not doing the kind of shenanigans and chicanery that they did before. Everything is different now. No, it’s not. You know, that’s something else I want to really warn you about. I always say I’m not giving you advice here. I’m opining for your entertainment only I cannot tell you what to do. In my opinion, you know, if it were me, I think I would really want to factor in not only does this person have a vested interest in parting me from my money, but also are they telling me how they are and hopium if they start using terms like we would just never Oh, that could never happen again. History is not going to repeat itself like that on so many safeguards are in place now. Sure. Does that seem realistic to you? Does that seem like they’re being honest? That’s another sort of litmus test that I’ve had because believe me, all of a sudden, there’s been betrayal of realtors. I’m thinking of this scene in the movie Angel Heart. Where Robert De Niro says something like, you can always find slugs because they always leave slime in their tracks. There’s been this like, trail of slime. I know it’s gonna sound bad. I’m gonna get hate mail. I just don’t care. Slimy Realtors trying to crawl back after they treated me like dirt because I didn’t want to overpay for a doodoo poop house here in the Midwest. All of a sudden the phone is ringing again. Hey, Oh, buddy. Oh, pow. Hey, is there anything you want to go look at? You still interested in the market? What’s your budget looking like? Oh, I’ve got some places blah, blah, blah. And it’s like, go away. First off, if you were rude to me, if you treated me like dirt last year, lose my number because I’m not going to put any money in your pocket. Are you crazy? This is one of the things like I sat down recently for an interview. And one of the things that I told the reporter was if someone was rude to a recruiter, gave them the brush off, ghosted them custom out whatever, during the Great resignation. And then they’re gonna go back to that same agency or back to that same recruiter, when all of the layoffs become even worse than they already are. It’s a Oh, hey, oh, buddy, old pal, do you think you could help me find a job? How realistic do you think it is that that recruiter is going to help you out when you’ve pee peed on their leg and tried to tell him it was raining? People have a very long memory. And I think sometimes what they don’t factor in is that all of these companies have a database and so there is a promise you a candidate record somewhere where it’s like I tried to send Billy out on an interview. He was a no show no call, or I Billy called me and cussed me out acted very rude and arrogant. I don’t want to represent him again. Mm hmm. That’s a real thing. So for me with the realtors, it’s like, well, if you treated me terribly and you acted like if I wasn’t going to overpay or I wanted to get a home inspection on something that I was the biggest idiot on the planet, then who zoom and who Whew, because it kind of looks like You’re the fool now. So, yeah, yeah, this does doesn’t surprise me. But it’s sad. Nevertheless, I’ve seen this movie before. I know how it plays out. And so it doesn’t surprise me in the slightest that people who bought during the first nine months of this year, are already underwater. Even if somebody was, let’s say, legitimately qualified on paper to buy a place, but really truth be told they overpaid, they were having to stretch their financial limits to get in a place and maybe the place wasn’t that great. Anyway, let’s be real, most of what I’ve seen around here still problem child houses, deferred maintenance, places that are full of dirt and looks like they haven’t been cleaned since 1972. In a bad neighborhood, et cetera, et cetera. Somebody bought a problem child house that needed a lot of work, they really couldn’t afford what was going on anyway, and then they get laid off. I really think that part of what will cripple the housing market will be in turn the job market and all of the layoffs that are coming. Hmm. So let’s think about that. Let’s just, let’s just think about that for a second. I’m gonna be like Dana Carvey as the church lady. But on my tinfoil hat here, let’s see. So let’s just let’s just think about this for a second. We have people that are underwater on the mortgage, they owe more than the house is worth or can’t afford the mortgage payments anymore. They’re already headed for foreclosure. Let’s see. So I mean, I guess if we were, you know, writing a dystopian novel or screenplay for a dystopian movie, you know, we could assume that there might be banks and commercial investors who are going to come in and swoop in on these properties once they go into distress, or they come up for auction or they come up for foreclosure. Oh, but I’m sure that won’t happen this time around. So simple, man, baby. It’s gonna pay for the thrills and the pills and the bills that kill it always is. Over on the side panel for LinkedIn, we find Wall Street warns 2023 may get ugly. Probably. Where are all the working aged men? If you caught it, I released a bonus episode on Monday about how men are now being demonized for the so called labor shortage. It wasn’t good enough. Oh, God. Somebody’s spamming me on LinkedIn. I’m trying to record this go away. It wasn’t enough to settle for generational clickbait. It wasn’t enough to say, well, it’s all the millennials fault. It’s all Gen Z’s fault. And now we have to say it’s men’s fault. We have to take an old statistic that’s more than five years old. And in some respects, it’s more it’s older than that, because some of that data predates the great recession. But no, we’re going to take that information and recycle it like it’s brand new. And we’re going to say that men are at fault for the labor shortage, they are causing the economic crash, right? Sure. Of course, of course. Before I click on that, I will read China eases strict zero COVID rules as well as COVID not a holiday concern. poll shows. Again, I can’t tell you what to do. And I understand that people have a lot of fatigue around all of that. I get it I believe me, believe me I do. All I can say is there are so many germs going around this time of the year anyway. And then still yet dealing with the long haul issues that I’m having, trying to get myself healed up trying to get myself into some kind of restoration here. Man for me, it’s not a joke, nor is it a game. It’s really not so again, I cannot tell you what to do. But you know, I would think at the very least good hygiene practices not touching your your eyes and your mouth and your nose not picking your nose or picking your eyes keeping your hands washed. Not going around somebody if you already know they have an active case of flu or the Rona or strep or RSV. Just be careful out there. That’s all I can say. Now, when we click on where are all the working age men, we find the widening gap between high and low earners in the US is fueling an exodus of prime working aged men from the labor force said labor shortage had to pare it at so many times, fueling an exodus of prime working age men from the labor force. According to the Federal Reserve Bank of Boston, one one to nine men aged 25 to 54 have left the workforce compared with one in 50 in the mid 1950s, which again, like I said, in that episode, that was a different time, you’re told the story about my grandfather’s older sister, telling my grandmother, this would have been like 1950 1951, that in order to be a proper wife, you have to iron your husband’s underwear. Yeah, I would say times have changed since then. The new findings suggest that American men who tend to measure their status based on their earnings compared to male peers are exiting as their relative wages fall, the trend has been most pronounced among young, white, non college educated men. theories on why more men are missing from the workforce range from a decline in manufacturing, to the fact that many more now live with their parents for longer than in the past. Yeah. Okay. I mean, some of that is economically based. I mean, look, one of the reasons why I don’t get into the generational clickbait and the stereotyping, and that kind of crap is like, I don’t envy the situation that young millennials, and Gen Z ears are coming into. I mean, if you were just graduating from college, you were just trying to get into your first apartment, really just trying to do those firsts when you’re a young adult with this poopoo store, with the pandemic and the shutdowns and now this recession that could very well turn into a depression. I mean, I don’t I don’t envy them that. And I know people will send me emails and messages about well, it was tough, tough for me to and I’ll yeah, I get it. It was tough. It was also tough for me, I had a hell of a time landing my first real post college full time job, yet 911 had happened and the economy was a wreck. I mean, it was just a bad situation. And I would go to these interviews, and I would all the time be told, Well, you’re very bright, you’re clearly going to make someone a great employee, but not us. Because we want to experience come back. Think of us again, after you’ve worked somewhere else for a year or two, and we’ll hire you and it’s like, okay, but this is like the chicken and the egg, like, how am I going to get this experience if nobody will hire me and give me the experience. I had bought my first house, you know, I had a mortgage payment and a car payment and insurance payments and all that, when the great recession hit. And I was living off of financial fumes. I mean, I very, very much was living paycheck to paycheck. And I’ve told the story before about how excited I was when the local grocery store ran microwave burritos, three for $1 Instead of just two for $1. That was a big deal. I mean, so I get it. But I just you know, when I when I think back to what it’s like to struggle, you know, and how difficult it is at that point in your life where you’re just trying to get started. You’re just trying to get established. I get it. I really do understand why somebody would want to prolong the amount of time that they stay at mom and dad’s house. And my feeling is if everyone involved in the situation consents to it and is fine with it. It’s it’s not my business. It’s really not if mom and dad are like yes, you can stay here until you feel like you’re ready to move out or until you feel like you’re on good solid footing financially. It’s not my business. Now, there’s a couple of Bloomberg articles that are linked to from LinkedIn who were already in the metaverse guys. And one of them is why did so many us men quit working social status may hold the key study says, now you have to subscribe to be able to read all of this, which I am definitely not going to do but in a little TLDR tells us study links wage inequalities to status and labor participation. Men more inclined to exit job market when earnings declined. In the little bit we can read we see a decline in social status relative to better paid peers is a key reason why so many American men have dropped out of the labor force, according to the latest paper to examine a conundrum that’s baffled economists for decades. Hmm. Okay, so if it’s baffled economists for decades, then why aren’t we now recycling it? And demonizing men, let’s say young and middle aged men as being the reason why the economy is crashing. Think about that. Men’s sense of their status in the labor market is highly dependent on how much they earn compared with male peers of similar age. According to research by someone named Wu I hate to mispronounce someone’s name. I do not know how that’s pronounced. So you can check it out for yourself, an economist at the Federal Reserve Bank of Boston. And as their wages got left behind by the earnings of their better educated, better educated peers, men without a college degree, have been more likely to exit the labor force who wrote younger white men in particular are more inclined to leave the job market when they’re expected wages fall in relative terms she wrote. Okay. Now it also links to millions of us Millennials moved in with their parents this year. The little TLDR that we’re able to see without paying is soaring rents forced millions of young Americans to move back in with their parents this year, according to a new survey. It also tells us that about one in four Millennials are living with their parents. I mean, can that be a surprise? Seriously, I mean, we go we go right back to that old slogan, is the economy stupid? How could anybody be surprised by that? But yet you have these commentators and screamers that want to go on YouTube and be like our mommies are just coddling her boys need to get him out of the house. And all of that, I mean, I feel like in so many ways, part of the decline in critical thinking and the decline in literacy, the decline in reading, both for in for Matsuya. And for pleasure, has really resulted in people just accessing these little sound bites and accessing headlines. It’s like, I want to try to get all of my information in a snippet. Or I’ll listen to somebody screaming on YouTube, but I won’t read a book, you know, I just have a headache just thinking about that. I really do. I, yeah. So rather, in my opinion, rather than listening to somebody screaming, rather than listening to somebody rehashing an old statistic, and trying to say, well, these middle young and middle aged men apparently just don’t want to work. And so they’re crashing the economy. You know, use some critical thinking, Do your own research, look into this issue and decide for yourself what you think about it. Because for me, I don’t for one second, believe that there are all of these men that are living in mom’s basement that are living in a girlfriend’s apartment, and they’re just staring at the wall all day, or they’re all on drugs, or they’re all playing video games in a 24 hour loop. Or they’re bound to be some individuals who live that type of lifestyle, of course. But I mean, when we look at the Bloomberg article about these millions of millennials who moved back in this year, it says one in four, about one in four Millennials are living with their parents, according to the survey of 1200 people by poll fish. But yet, we’re kind of sort of led to believe by the MSM that like 75% of millennials are still are still living. It’s not that they moved back in. It’s not that they tried to make a go of it. And then they got laid off, or they tried to make a go of it and the landlord doubled their rent, or they tried to make a go of it, and then they got hit with mega hospital bills. Okay, I got another one guys hold on. I haven’t I haven’t had time yet. I gotta go and gather my stuff. And I’ll tell you about. I think it was I think it was 4500 for me to go in the flying donut. I don’t know if you’ve ever been in that thing. It’s some kind of radiology machine. You go in, and a British dudes voice comes on. He’s like, Do not breathe. And then you hear all these worrying sounds and then he comes back on. You may breathe now. Crazy $4,500 for that. Okay, so I got another bill from a radiologist. I owe them 100 bucks. I don’t even really know why. I’m like, why would I not just pay this to the flippin hospital? That’s a definite Welcome to America moment. Our health care system. In my opinion, our health care system is a giant mess. In my opinion, our banking system is a giant mess. Whatever happened, man, you know, I feel like I’m getting old. And I’m at the point now where I’m like, I understand why the old timers used to sit on the porch and reminisce about the good old days. And I also agree with Billy Joel the good old days weren’t always good. And tomorrow ain’t as bad as it seems. That’s true. But I get it. Yeah, I get it. I totally knew you like when you’re a kid, you don’t have a mortgage. You know, I’m these bills. But in some respects, it also seems to me that things were simpler. I mean, now, all these random people, you go to the hospital, you go to a doctor’s visit, or God forbid you have to have surgery and all these people come after you like wolves, a pack of ravening wolves trying to get in your pocket book. It’s absurd. So we’re not talking about people who okay we try We tried to they’re portraying it as you know, people who just never left not that they they did. They were out they were living successfully on their own. And then through no fault of their own catastrophe fell them and they had to come back for a little while and get on their feet. They’re they’re portraying it like they never even left. They’re not working. They’re not in school, they’re not contributing to the household in any way. They’re literally just sitting on the couch, doing nothing. So just I would really encourage you to do some critical thinking, Do your own research make up your own mind? Does that sound plausible to you? Also, does it seem plausible to you that all of these media sources are trying to look for literally anyone else to blame? Other than the power brokers who really and truly have some control? Just some food for thought. Today it is Thursday, December the eighth. on Yahoo Finance, we find stocks closed higher. s&p 500 snaps five day losing streak. The byline reads US stocks rose Thursday stymieing This week’s rout across equities from stretching into another day after rate jitters and recession chatter hampered a seasonally bullish period for Wall Street. Well, Lottie da does that help you today? Do you feel better? Do you feel like everything is sunshine and roses because of this? I mean, I don’t, I’m willing to bet most people don’t. Mortgage rates hit lowest point since September. There’s an analogous headline over on CNBC, mortgage demand falls again, even as rates sink further, I feel like this is another no dull moment. In the TLDR. Key points, we find mortgage application volume fell 1.9% Last week, compared with the previous week, according to the mortgage bankers Association’s seasonally adjusted index applications to refinance a home loan Rose 5% For the week, but we’re still at 6%, lower than the same week, one year ago, mortgage applications to purchase a home fell 3% For the week, and we’re 40% lower than the same week, one year ago. And quote, this is such a good parallel, I think, to what’s happening in the job market. All of that FOMO and Yolo. And intensity that we saw in the housing market last year, we saw going all across the job market to and in the same way that the balance of power has shifted from home sellers to home buyers. What do you think is happening in the job market? The balance of power is shifting over away from the job seekers and away from the employees and back to the employers. I’m not telling you that it’s right. I’m not telling you that it’s good news, I’m just telling you, that’s where we’re at. And I am continuing to see more and more hiring managers getting very stubborn indeed, about RTO or hybrid work. Well, I know Okay, remote work, and it’s time and that’s fine and all but when we really want people to come on back, oh, I know. I’d have more choices if I could look at anybody anywhere in the country. But I really want him to be within about 20 mile radius in the office because we want him to come on back two days a week. And it’s like, God. Well, I mean, there’s only so much that you can do when somebody is super hard headed. Over on fortune.com. If someone wants to talk about Doom, scrolling and gloom and doom go over there today, while we we find Harvard economist Jason Furman warns the US economy could be headed for an incomplete hard landing. Here’s what that means. The byline tells us Furman says a soft landing isn’t the most likely outcome for the US economy. rising wages are creating a nightmare for the Fed that will lead to something much worse. Wow. So we kind of got a twofer. There. We have a statement of the obvious mean, who really still believes that a soft landing is going to happen in this absolute hot dumpster fire. What plan are you on? Where are you at? What are you thinking if you’re still calling for a soft landing, so we kind of got a statement of the obvious there. But then we also get some of the old corporate blame game, in my opinion, by being told that rising wages are creating a nightmare. Yet again, the average working class person that’s just trying to better themselves and their family. They’re trying to get by they’re trying to do what they have to do to survive. They are the problem. The peons and the plebs are the problem. It couldn’t possibly be the fat cats who created the freakin problem in the first place. No, no, it has to be the average working class person. Sure. The mayor of Kyiv warns of a winter Apocalypse caused by Russian attacks on the city’s infrastructure. This is how Elon Musk will kill Twitter. Well, robots are coming. And it doesn’t look pretty for workers get ready for long hours, less pay and fewer jobs. Yeah, so I’m going to go ahead and make a statement here that prediction alert. I don’t really think it matters whether the robots are coming. I think that we’re all going to have to get ready for longer hours less pay and fewer jobs because the Fed has not been shy in saying they want to crash the job market. So I mean, what do you think’s going to happen when they are successful? Doesn’t doesn’t take a rocket scientist to figure that out. Also, just for good measure, we get the super sized wage growth of the pandemic era is slowing. New report finds, here’s what to expect in 2023. So in relation to inflation, and when you think about how much it costs to live, how much more you’re paying for X, Y, and Z than you were, let’s say in 2019, pre pandemic. How are you feeling about all that? I mean, do you feel like your wages have been supersized, we’re still getting this perverse and laughable narrative that everybody is just flush with cash, people are doing great. But then at the same time, it’s now starting to shift that’s like, if you just go to fortune.com today and look at the major headlines, it’s incredibly negative. So I think that the tide is beginning to turn, I think mainstream media is finally at a point where we’re being allowed to know it’s not looking so good. By the time that they’re willing to admit it’s not looking so good. You know, it’s in the dumper. You know, things are not good if they’re willing to tell you. I think we’re at the beginning of a poop storm. By the time they tell you, in my opinion, we’re at the beginning of the poop storm, we’re already into it. We’re not it’s like if we want to use an analogy of getting on a boat. We’re not just waiting to board the boat. The ship has already sailed and we’re already out in choppy waters, critical thinking, making your own best judgments, doing your own research, staying aware of what’s going on in your industry, staying aware of what’s happening at the company you work for. I think these things are going to be more important now than they ever have been before. Today, it is Friday, December 9. on CNBC, we have headlines such as wholesale prices rose point 3% In November, more than expected, despite hopes that inflation is cooling. So who really actually is surprised by that? I didn’t see any evidence in my part of the Midwest that inflation was cooling. Gas prices have gone down some that’s really it in terms of energy costs, groceries, household necessities, medicine, I mean, literally anything else that you might need on a day in and day out basis. I haven’t seen prices going down. Dow tumbled 300 points Friday posts worst week since September crypto.com CEO has history of red flags, including bankruptcy and quick exits. Man that sounds like it could be the biography of so many fatcats doesn’t it? A History of bankruptcy and quick exits, go on, take the money and run. majority of Americans don’t want Biden or Trump to run again in 2024 CNBC survey shows you know typically with these polls, I’m always like, okay, who’s the corporate sponsor what agenda is being pushed, but that one might actually be accurate? That one might have some truth to it. Bahamas attorneys file emergency motion in FTX case for access to databases with client information. We also find FTX founder Sam Bateman freed agrees to testify at US House hearing on Tuesday. What a giant, giant mess. And I’ve said it before I will say it again. I really really hope that we don’t get asked as the American taxpayer to bail out cryptocurrency. However, I’m not naive, and I know that that very well could happen. Over on Yahoo Finance we find stocks slide to cap worst week since September. Stock slid into the close on Friday capping a challenging week for investors that saw the s&p 500 declined in four of five trading sessions. Again, is anybody surprised by that? No. Probably not. Carvana could run out of cash within months analyst says. Also in terms of news that should not be a surprise to anyone we find our H C Oh says the housing market is collapsing. Yeah. And in fact, the headline snippet on Yahoo Finance says, The housing market is collapsing at a 2008 like level. But remember, you know, I just had all of those realtors and mortgage brokers assuring me that we would love our Okay, so the RH CEO Gary Friedman says, it’s just a lot of uncertainty. Right now, Friedman told analysts on the company’s latest earnings call, okay. See, this is something else that I think is worth paying attention to. What the CEOs and the fat cats and the corporate bankers what all of these individuals say, behind closed doors, what do they say to the shareholders, to the investors to the Board of Directors? What are they saying to the individuals to whom they actually answer not to the unwashed masses like you and me, but what do they say to the people to whom they answer? So he’s saying it’s just a lot of uncertainty right now. But one thing I am certain of the housing market is collapsing at a level I haven’t seen since 2008. I haven’t seen this kind of drop since 2008. And, quote, I’ll drop a link to the story, you can check it out for yourself. I have seen this movie before. I know how it plays out, I knew what the signs and signals were. And thank God, I was able to have to dodge the bullet. And thank my own common sense, too. I’m glad that I didn’t get caught up in FOMO and Yolo. As much as I would love to do an expansion as much as I would love to help and rescue more animals right now. I mean, I can’t go bankrupt in the process. And folks, it’s looking bad. You know, I’ve reported on here before, about a subdivision I saw that was built kind of in that lead up to the 2008 housing bubble bursting. And the houses are in terrible, terrible condition. I mean, some of them are just falling apart and falling in. And it’s like, whoever’s left out there, just straight up does not care. Okay, in the midst of that, if you drive, I’m gonna say approximately half a mile down the road from that crappy subdivision, you will find a brand new and they’ve done the dirt work, they’ve started the utilities, they have a few like paved areas put in, and they’re going to crap out another one of those add water and stir subdivisions. So of course, you know, you give it 10 to 20 years, all of those houses if they get built this time around, since they haven’t actually started putting in the houses yet that that subdivision may or may not come to pass, we’ll see. But if it does, if those houses get slapped, bang, put together, you know, that they’re gonna look horrible, the people that are going to get in, they’re not really going to be able to afford what they’re getting. The houses will go into foreclosure, some of them will get flipped into rent houses. And I know I’m gonna get hate mail for saying this. There are a lot of renters who straight up don’t care. Some do some maintain the property as good or better than a homeowner. A lot of them don’t. I’ve also lived that situation too. So before you get up on your hind legs and tell me where you don’t know, and blah, blah, blah, yes, I do. The first house I ever bought was a foreclosure home in one of those slap bang neighborhoods, where I could put my hand up the window and slap the side of my neighbor’s place. During the financial crisis, it got overrun with renters, and none of them gave a crap they really didn’t they let the places go so downhill and it was a nightmare. So for me as a home owner trying to restore the house that I was living in the bones of it were fine, but it had a lot of cosmetic problems and so I would just do the best that I could to work on it, buy things on sale, do things as I could work some overtime and afford it because I was living paycheck to paycheck and the economy was in the dumper. So that was fun. But your property value goes down you know if nobody is able to do any of the maintenance and or nobody gives a crap. It becomes your problem too. How can that not play out in the same way all over again. As I’ve said before, when someone has a vested interest in parting you from your money whether it’s a broker a realtor, whoever it is a salesman of some kind you factor that in to your decision making. Could they be telling you something sunshine and roses and they’re trying to put a very like positive Paulie? Pollyanna Suzy cream cheese spin on it because they want your money. After the transaction is gone. They’re gone, too. They’re done. They’re they’re out of the picture, but you have to live with the consequences. Over on the side panel for LinkedIn news, we find cautious optimism for stocks in 2023. If you say so because I don’t feel any cautious optimism. I’m trying to hope for the best but plan for the workers laid off h1 B workers race the clock. Does tenure play a role in layoffs? Okay, I don’t even have to click on that. Based on my experience, it depends. There’s your there’s your quick and dirty answer. It depends. Sometimes the old adage, the last one hired as the first one fired, sometimes that’s true. Sometimes companies will look at longevity with the company as a huge point and who gets the pink slip and who doesn’t. Other times they look at who is liked or not liked by management or ownership. Now, they’re not going to tell you that, but I will, I’ll pull the curtain back and tell you that. So if Bob in Accounting has been a thorn in everyone’s flesh for the past eight years, but he’s dodged a bullet, because there really wasn’t anything actionable, let’s say he really couldn’t be fired for any kind of misconduct. He’s just not liked. Guess what, Bob’s probably gonna be getting a pink slip. So some of the individuals who have kind of never learned to play the corporate politics game may have to learn. I hate it. That’s one of the reasons why I left I don’t want to play politics. I’m a crusty old Introvert, the only person I want to manage as myself, and ultimately the only person I want to answer to as myself, if you hire me to do something, I feel like you’re outsourcing it to me to manage it as I see fit. But no, I don’t want to hang out with Becky Sue and Sallie Mae at the watercooler and talk about what we did over the weekend. It’s just not for me. So sometimes tenure plays a role in layoffs. And sometimes it doesn’t. I really do think that if you have two employees standing side by side, and one is reviled by management, and the other is not tenure is not going to be as important to them as who they like, who’s the best sick event and who’s the most obedient. Sorry, if that offends some of you. I’m just trying to tell you the truth as I see it. vacation homes take a hit. Penguin Random House CEO resigns. So that kind of sounds like trouble. Blue Apron to cut 10% of workforce. So here’s the thing. When we think about economists who told us we would not have mass layoffs in q4, have they been proven right or wrong? Then when they tried to backpedal and say, Well, okay, we’re gonna have layoffs, but it’ll only be in big tech. Have they been proven right or wrong? If you heard Realtors brokers, real estate investment gurus, whoever telling you, we would just never have another 2008 These loans are solid, things are so different. Housing prices are only going to go up demand is only going to go up. Have they been proven right or proven wrong? You know, for a while, I would say you need to get us there. This is an auspicious time for you to get very dialed in. And get judicious about who you’re listening to. And why. At the risk of sounding Debbie the downer, I feel like we’re past that point. So if someone is still listening to hot air, hopium and Bs, it may just be that they’re not going to make it. Whatever kind of downturn, whatever kind of economic poopoo storm is about to happen. They may not make it, they may wind up with a job loss and losing their home, losing their vehicle if they have obligated themselves for every toy and doodad and gadget on God’s green earth, they may see a lot of repo man. I hope that that doesn’t happen. I don’t want that for anybody. And that’s one of the reasons why I’ve been so passionately on the air for all this time. Instead of having my weekends to do what I want. I’m making Saturday broadcast, try to help to get the word out. But I really do in my heart of hearts. I feel like at this point, if somebody is still hot air hopium nonsense BS statistics, or they’re just scrolling. They’re just randomly scrolling and they’re looking at little headlines. Oh, well, this headline says inflation is abating. Oh, well, this headline says your jobs probably going to be okay. You probably won’t suffer in a recession. And they’re not. They’re not tuned in. They’re just, it’s like the Scripture. Let he who has ears to hear, let him hear. If you’re trying to tell them, you’re trying to help them and they’re just not getting it. They may not get it. And unfortunately, they may be like the people who bought homes during the FOMO and the Yolo that wave their home inspections that spent 10 minutes walking through the house or they did a video tour only. And then once they got into the house, they realized it was not at all what they wanted. My friend Bill used to always say a hard lesson is a good lesson. And unfortunately, I think there may be some people who learned some very hard lessons through this downturn. I’m sorry to say it I wish that it wasn’t so and ultimately I don’t feel like it’s their fault. I feel like the powers that be enjoy blaming the American working class person, your average Joe or your average Jane that’s just trying to survive. They don’t have a million dollars in the bank. They don’t have some big stock portfolio. If the s&p 500 is up or down on any given day, it doesn’t mean anything to them. They’re trying to pay their bills. They’re trying to get the kids to school on time they’re trying to live. But yet, they’re the ones that get the finger of blame pointed at them for this economic train wreck that we’re rapidly careening into. It’s despicable it is. Nevertheless, I feel that people who are still just kind of scrolling, they’re not paying attention. They’d rather worry about what are the Kardashians doing then worry about what is my job loss Survival Plan who’s top 10 people I would call in the event that I got laid off and I needed money immediately. If they’re too busy playing on social media and joking around or they think everything is a game, what is left that can be done for them. I don’t know. It’s not that’s not something I have the answer to hope and pray perhaps. In the meantime, stay safe, stay sane. And I will see you in the next episode.