They walk in and the FDIC took over the bank. Why is that, Dan? Well, because they’re failing. And because they had a bunch of bad loans. And I did some research on this because they didn’t talk about what caused the bank to fail. Okay? So, First Bank and Trust is now going to take over this bank. And when people wake up on Monday morning, everybody that had $250K or less in that bank is going to be insured and the taxpayers are going to guarantee their money, which is you and I. Now, here’s the thing. First National Bank of Lindsay started in 1902.

Okay? One branch, ten employees. Dan, why is this news? Why is this happening? Why didn’t they merge with somebody else? Here’s the reason, guys. The economy is so bad right now. Completely upside down. And you’ve got so many people that are not doing well right now. And First National Bank of Lindsay, they were a farm bank. They lent money to farmers and to people in the farming trade. Tractors, trailers, feed, livestock, things like that. They had $107 million in deposits. And, guys, that was their capitalization. They had $97 million in deposits. The problem was the bad loans that they had.

The industry that they are lending money to right now, farming, is doing horribly right now, guys. This is what people have to look at. You’re going to see banks that are not going to be able to survive this. Why didn’t they just merge with somebody prior to this? It’s only a $107 million bank. It’s because you have areas of the economy that are just getting destroyed right now. Farming is one of them right now. And it is terrible right now. What we’re experiencing is the farmers are having a difficult time. They cannot raise crops. They cannot have livestock.

They cannot make money doing this. The equipment itself is so expensive right now. But when you look at this stuff and you look at what our new tractor costs, it could be $800,000 or you could buy one for $200,000. Man, I’m telling you, this is out there and it’s happening. But the bad thing is there are people that are not going to be paid off in the insurance. And you have to file an application with the FDIC if you have too much outstanding loans. You have to file it with the FDIC to see if you’re going to qualify to get paid off or not.

I’m telling you guys, warning after warning after warning. You know anybody rich, anybody with a lot of money in one bank, tell them to spread it around because this is something that should have been protected. But these guys had loans in an industry that is dying. If you see shipping companies, if you see companies that do home improvements, you’re going to see industries go out of business left and right. Aerosystems is a big company that is going to lay off basically 700 people. They’re going to start offering them furloughs and they are one of the largest builders of the 737 and 767 for Boeing.

I’m going to make sure I have those numbers right because I’ll get corrected on this stuff. But the point is that Boeing just made an offer. 35% over 7 years and Spirit Aerosystems. This company, guys, is going to go down for the count and they have to furlough all these people for a minimum of 21 days. And this is going to be the first furlough that they’re going to have directly related to the Boeing strike. So will that get resolved? No. But the point is that anything hurting right now, and I don’t care if they vote a farm animal as president, you’re going to see huge problems when it comes to the financial situation of this country.

It’s all going to come to light. When you have a bank that is a farming mercantile bank that’s been open for over 120 years and they’re down for the count, guys, hello, hello, hello, hello, hello, okay. Well, farming is a bad business, Dan. Oh, yeah, what is shipping? Home improvements. Is that bad, too? Come on, guys. Everything is suffering. This is wild because one thing that I did was you have banks that have put together a bunch of money because they have bad loans. You’ve got J.P. Morgan, Wells Fargo, Citibank, and B of A that have all written off.

In the last quarter, we just got the numbers yesterday. For the third quarter, they wrote off almost $7 billion in bad debt that they’re not going to collect. Now, are they going to sue people? Yes, of course. They’re going to sell it off and they’re going to chase people until their eyes turn blue. But think about this. J.P. Morgan, net charge off, $2.08 billion, Wells Fargo, $1.1 billion, Citibank, $2.17 billion, and B of A, $1.5 billion. And by the way, B of A’s charge offs went up 64% last quarter. Citibank went up 32%. Wells Fargo up 54%, and J.P.

Morgan went up 40%. Guys, do you see the problem with this? The problem with this is that you have all these places that are not doing good at all right now. So again, did you hear about the bank failure? Probably not. They probably just hid it from us all. And it had to be sent over from Michael to understand the severity of this. So there’s going to be a lot more of these. And again, you could have anybody when president, and it’s not going to change the fact that the economy is going to have a major hiccup right now.

Have multiple bank accounts. Protect yourself. Have cash in your house. If you have a line of credit with a bank for your business, go get another one. Try to get another one. Most likely, they’re going to start calling those in right now, and then you’re going to see more businesses go out of business. But this is a telltale warning sign of how bad the industry is, the farming industry, and you haven’t seen anything yet. Because the commercial real estate, that is the biggest problem that’s going to bring people down, like you’ve never seen, that’s going to start breaking in December, and they will not be able to keep this together.

And again, I don’t care who’s president, you’re going to have these major problems in 2025, and you need to protect yourself, your family, and your business, and prepare for a downturn. If you prepare for this, you’re the smart one. Don’t forget that. But did you know about First National Bank of Lindsay? Did you know about that one that went down for the count? Very small bank. It doesn’t make a bit of difference. You know, it does, guys. It really, really does. Let’s talk about our sponsor, New Era Debt Solutions. Think about this, guys. So many people are having a difficult time right now.

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That’s why we chose to work with them. I had a woman walk up to me last night and said, you know, I watch a show all the time. Her name is Ellen, and I said, I want to tell you, we did the debt consolidation, and it was amazing. And I want you to understand that I only regret that I have as I didn’t do it sooner. I said, really? Oh, yeah. We have one payment. We’re almost paid off, but I had the stress of dealing with this. I had a failed business with the failed business.

I had all this personal debt that she had accumulated, and it was just swallowing us and damaging the marriage. Do what you can do to help yourself and make your life easier, but you guys have asked for this, and here it is. Go to nodebtwithdan.com, fill out the questionnaire, and take a look at New Era Debt Solutions today. Have you guys heard of Buy Now, Pay Later? Well, how about this one? There is a trade group, a FinTech trade group, which is the financial technology trade group for financing, and they’re assuming consumer protection.

Okay? And the reason for this is that they don’t want restrictions put on Buy Now, Pay Later. I was floored when I read this, guys. Think about this. When people do Buy Now, Pay Later, you cannot cancel it. Once it’s done, it’s done. What if you have a problem with the product? Well, you can’t dispute it. You took it home with you. Okay? What if there is a dispute and I didn’t get it? We’ve still got to make your payments. Huh? So there’s all these restrictions that they want to put on this industry, and the industry’s saying no way, because it is easy money, and people make reckless decisions when it comes to this financing.

So mark my words, guys. You’re going to see more and more of these restrictions put on financing. But again, I mean, I was blown away at everything. Read the articles below on this, because it’s mind-boggling. I had no idea that there were no statements set out. And do you want to get yourself into debt? Hey, just make the payment. To who? Where do we go? People that do this, that make these reckless decisions, they don’t go out and sit there and go, where do I send my payment to? And the fact that these guys are out there doing this and not protecting people at all, and now they have a problem with it, that’s crazy, guys.

So you’re going to hear more about this lawsuit, and people just have made all these reckless decisions on this. Gold is on the rise right now because of the bad economy, and that’s something you need to look at. And, you know… I love this one. Everybody talks about back to the office. How about this? If you are a Home Depot executive, okay, you have to work eight hours a quarter in a Home Depot store. That’s simple. You have to go work inside the stores. So you’re going to see executives go and have to work the plumbing aisle, work the paint aisle, work the paint mixer, flower department, all that stuff.

And they’re feeling over this. They’re like, this is ridiculous. Well, again, people need to understand what the average customer is going through, and by doing that, it makes it so that they’re one of us. They understand what they’re going through as they make these financial decisions. And nobody wants that. People want a cush job. People want to go play golf on Thursdays. People want it easy. Back to work, back to the office. Oh, my God, I don’t want to go back to the office. I don’t want to have to go work at Home Depot, but read the article below because I was laughing when I read this because it’s going to make these snobby executives.

And it doesn’t matter if you work at Home Depot. Yes, you have jerks that work at Home Depot that are above all of us. Just ask them, you know, they’ll tell you. So now they get to go work the stores once a quarter. Won’t that be fun to run into these guys? I think it’s going to be great. I’m going to finish this quick video with these last few stories. Think about this, guys. Mortgage rates, they’re supposed to go down, right? Because they dropped interest rates. No, they went up to 6.5% right now. Wait a second.

It’s not working. The realtor is telling me it’s going to go down to 2% again. No, not any time soon. So it’s going to hurt things because, again, the economy is not doing well. Yet another bank failure. You have people that are not going to home improvement stores. You have people that are not doing well. And now you want to be told that the interest rates should be dropped to 2%. Your mortgage should be free. There’s that one. Next one is good old CBS, which has just been in the news lately. And Karen Lynch, the CEO who’s completely out of touch with her clientele, got ousted late this week and was replaced by a man named David Lynch.

David Joyner, excuse me. David Joyner, he replaced Karen Lynch. And why is this significant? David was brought back into the company a little over a year ago from retiring to turn this place around. But I’m telling you guys, when you think of certain businesses that you think would be really easy to run, don’t you think of like a drug store, pharmacy? You have that department. Then you’ve got all the Chachki stuff, the medicines and everything else. You think it would be easy. It would just be customer service and churning out and having good value and good prices.

And then they have all the seasonal items. Nope, that’s not it. Now, final, final story is Giorgio Armani makes Armani suits, which are fantastic. And I got one of those. He is 90 years old and he attributes his success and his retirement to keep working. People that give up, people that don’t work, those are the people that suffer the most. And he says you have to go out and continue to work. Great article below about this. And again, it’s not that you’re into Armani. That’s not the point. The point is that here’s a guy who’s 90 years old that has all the money he would ever need and has purpose.

And you have to have purpose. Everybody I know that’s retired and dropped dead has not had purpose. And again, go work. I have a friend of mine who’s retired, Wayne. Nice guy, wants to be an usher at one of the stadiums and I took him to my seats for the Angels. He’s like, this would be a great place to work for me. You know, I could drive in park, I could seat people, you know, and I introduced him to some of the ushers that I know. They’re like, yeah, what a great job. Wayne doesn’t need to work, but it’s like to have purpose, to have a point, place to be.

You know what I mean? That’s what you need. Is that George Armani? That’s what he’s doing. So correct me if I’m wrong. Did you hear about the bank failure? Let me know. Please don’t forget to hit the like button. Please don’t forget to subscribe to the channel and email me at hello at iallegedly.com. I’ll see you soon. [tr:trw].

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