Hey, it’s Dan. Welcome back. You’re watching iAllegedly. And I’ve got a good one for you today because you’re not paying your bills. And I’ve got proof. Everybody knows it. Please hit the like button, subscribe to the channel. Don’t forget to join our email list. Plus don’t forget we have a private channel called iAllegedly Live that you’ve got to check out today. Use the link below to find information on that. I love stats like this. And that is that once a quarter we hear from the banks and they talk about how they’re setting aside funds for bad debts for people that don’t pay their credit card bills, car loans, and things like that.

Here’s the thing. It’s getting staggering. The amount of money that they’re setting aside is unbelievable. The four big banks alone, the largest banks, $34.87 billion they’re setting aside for bad loans and bad credit card debt. The highest ever, okay? I’m going to give you a few of these. Chase Bank, they upped theirs an additional $3.31 billion which was $556 million more than anybody thought they were going to and they’re now at $12.87 billion set aside for you not paying your bills. Isn’t that wild, guys? That is a huge, staggering figure. Okay, Citigroup, $10.69 billion.

And again, these figures have gone up almost 25% in the last year. Why? Why is that? Why are they worried about that? Well, macroeconomic influences are bad. Well, that’s like the economy, guys. These things in general are not doing good. As a whole, people are having a difficult time right now, okay? Well, that’s interesting to say the least. Now, you know, Bank of America, $6.37 billion. And, you know, S&P Global estimates that Wells Fargo’s at $4.93 billion. The cool thing about this, guys, that I have for you is that in addition to the big banks, we’ve got basically the top 50 banks out there based on their assets and what they’re setting aside.

And it’s great. There is a banking website, S&P Global, that covers things like this. And, you know, you can take a look at this. I’ll leave a link for this below for you. But man, oh, man, oh, man, this is unbelievable. But they know something’s wrong. They know that this is just not tariffs. It’s just not, you know, we have inflation. No, everything is bad right now and they know it. Now, here’s what’s staggering right now. Where is the worst part of real estate right now that is suffering the biggest loss right now? That is selling the fastest.

That is people are trying to unload. It’s not necessarily selling, but they’re trying to unload them. That is vacation homes. People went out and wanted to be an Airbnb idiot and thought, oh, I’m going to make a fortune. I’m going to charge people $3,000 a day. And every single person, including the guy I had dinner with last night, his last six Airbnbs, I’m never going to do it again. I’m going to go back to the way you do it and go to the hotels. And when I want nine different towels and I want three extra pillows and extra shampoo every day and I want to bathe three times a day, they bring it to me.

He’s like, I’m going to start following your advice from this. But dirty rooms, you know, people not cleaning them, asking for insane deposits. He went to a place last week and he was at the Warren Buffett conference also. And he said they didn’t clean the house. There was dirty sheets there. And it was like some kid that food left out in the fridge. It was like somebody had left the place an hour before, but it was a bunch of frat boys that left it. So with that being said, these vacation homes are not selling, which leads to another story.

If you want a tremendous deal right now on anything, guys, right now, here is the thing. Very wealthy people know one thing, that you can make money regardless of how the economy is. And knowing that these banks are setting aside money and that you’re going to have a problem paying your bills, there are people out there that are like, OK, how can I capitalize on this? What is tied to some of these loans that we could buy assets on and sell real cheap? Are there any personal loans? Anybody finance motorcycles? Anybody finance farm equipment? Anybody finance anything that we could buy for pennies on the dollar, scoop it up and sell it? You know, here’s the thing.

Your credit card debt, research this because it expires and people go out and they get a phone call from a creditor, you know, oh, I thought that was handled 10 years ago. And they buy debt all the time. But the point is, is that don’t just pay things. Make sure you research before you pay anybody. But what we’re seeing right now is that there is a shift. And knowing that the economy is going to enter a difficult time, you’ve got to fix your finances. You’ve got to be ready for this. But the guy I had dinner with last night, went to the baseball game with last night, is just incredibly successful, owns a media company, gave me all this advice from my companies, been involved in the sale of very large businesses, and he’s done something that is fascinating and that they are purchasing music catalogs.

And think about this. People write a song, get the record made, and then the band doesn’t necessarily own it. They sell that stuff. And there’s guys like him who are going to scoop it and they will buy a lot of songs, like 1,500 songs. And I’m like, well, what is it? Is it certain genres? Is it rock? Is it classic rock? Is it older stuff? Is it hip hop? What are you buying? It could be everything. And it’s just basically, this is what this group is. And you get the list of songs. And then you go out and you market those songs, and you get paid a quarter based on it.

They get radio play, Spotify, if they get sold to be put into a movie, a TV commercial, all that stuff. That’s what a big money’s made. The musicians may have not made much money with this, but for longevity, for the people that own this stuff, they make a bloody fortune for the rest of their lives on this stuff. And this is a tremendous value. Now, this guy is brilliant because he’s done so much in media and he’s been such a great asset for me to get advice from. But they’re looking to purchase this right now because rich people are like, gosh, I have too much.

I have too much debt. Do I sell the music catalog or the plane? That’s the decision that these people have. But they know that something’s coming. What’s the maintenance on the plane? We can sell that. Now, for those of you that have seen Bob Kudla on my show, you’ve seen Bob talk about dividend stocks. This is like having a dividend stock but with music. And why am I telling you this? Because if you know that there is a problem coming and there’s going to be a hurricane that’s going to hit your building and you don’t prepare for it, that’s on you.

And what the rich people are doing, you have to look at rich people. I’ve always said this, but I had no idea that they were unloading assets like this right now because they see a problem for two to five years. Two to five years. You’re going to see more and more companies go out of business during this time. Now, Laura in Connecticut always sends me great things. And here’s something that you have to look at. There’s a site called Patch. Patch is a local new site for your area. You can set it up for your state, your city, whatever.

Laura’s got her set up in Connecticut where she lives. And Dollar General is going to close a hundred stores. And they’ve got eight cities where they have stores that most likely they’re going to lose these stores. And again, people are not buying the dollar stores. They’re not going to Dollar General. They’re not spending, you know, Dollar General sells basically 95% of their merchandise is $5 or less. And they’re struggling to say the least. Vegas right now. Gambling is up. People are spending more money and risking it to gamble, but they’re not spending more money in the casinos.

Business is off in general. So yes, are people losing money? Absolutely. Hand over fist. Record amounts of gambling. But when it comes to going out and going to dinners and places like that, they know that they’re having problems. And Vegas is like, how do we fix this? Just MGM Grand just laid off a bunch of people. I have contacts in Vegas. I’ll reach out to them to find out if there’s going to be more problems. But that’s interesting. Now, here’s the thing. There are analysts talking about the value of gold. And it’s funny. There’s days I don’t have a gold sponsor.

And then you get amazing gold news like this. Gold could sort 80% from where it’s at right now, where it could go to $6,000 an ounce from the $3,300 it’s at right now. That is unbelievable, guys. Imagine what that would do in your portfolio. Imagine the people that bought gold a year ago at $2150 an ounce at $3,300. It did hit $3,500. So once again, guys, I mean, we’re going to see a lot of stuff go up and you’re going to see a lot of things that are going to be affected. I have a lot of people that are into Bitcoin and different mean coins and things like that.

And they’re telling me that they are convinced that Bitcoin is going to drop substantially in the next year and that you’re going to see that’s going to be the buy-in opportunity. I don’t know. I don’t follow crypto at all. But it will be interesting to see what happens over the course of the next 12 months for things like this. So let me know what you think. There has been a huge rash of theft in checks and this one area in Maryland. Maryland has had more mail stolen in different areas than any other area of the country.

But what they’re stealing is they’re stealing checks. And more and more people that are writing checks to pay their bills are realizing that, you know, hey, I wrote a check for the power company for $425. And then they negotiate. I mean, listen to some of this stuff is absolutely crazy. People write a, you know, people write a check for 400 bucks and then they change it to $2,860. Like just white out the numbers, block it out, use chemicals, things like that. And then they will make it to, you know, different businesses, different retirement funds, things like that.

And the checks are gone and the scammers have already closed accounts and things like this. But I’m telling you guys, if you write a check and you mail it and it has them in cash in a week, and I just had this happen, where power company nailed the check, went on a vacation, came back, and I’m like, wait, you guys didn’t cash that check yet. Oh, let’s see, maybe you should stop payment on it. So I mailed them another check, got it to them. They cash that one the next day. And then a day and a half later, they cash the other one too.

And I made sure, did you get that? So they got double payments and I get a big fat credit right now. But you’ve got to watch this stuff. So, I mean, it’s terrible. It’s absolutely terrible that these people are doing this. And the postal service is trying to limit themselves and saying, hey, they do what they can to protect everybody. Here’s the thing. In Tustin, California, you guys, where I have my PO box, they used to allow us to go in there 24 hours a day. I could go in there, I could get off a plane, I could leave somebody’s house at midnight, I could go get my mail at 1 o’clock in the morning.

Well, they had a crowbar theft where people went in and crowbarred the boxes. So they shut that down. Now, here’s the thing. The theft got even better where people would go in and they would go to the mailboxes on the street and they had cooks that would go into the mailbox and grab the mail out. So now they have a lock box over that thing. And it’s designed so that you can’t even drop the mail off at night. So you have to go during business hours. What is the point of that, guys? Because of these criminals doing this stuff, isn’t that awful? A lot of people enjoying their boats today should be out there.

You know what I mean? So let me know what you think about this. You have to watch everything. The bad guys are out to get us and you have to watch everything. I’m going to end this video with these last few stories. And don’t forget that we have the private channel called iAllegedly Live. You sign up at iAllegedly.tv. We drop content on there every single day. It’s absolutely amazing. Walmart is going to get rid of all their self-checkouts. They’re just sick of it. They’re going to replace them with an automated system that we talked about from Sam’s Club where when you walk in and you walk out, it’s going to bill you.

You agree to swipe a credit card or your payment method, and it’s going to tell you what you owe based on this AI program. Now, you know, we’ve covered this extensively. One thing that they’ve done is micro barcoding on this stuff. So when people try to do a skip scan where they skip an item and scan something cheaper, that they’re catching people doing this. But they’re arresting people left and right, which is fantastic. Craig Stowell, he took his family, a family of five, to Disney World. Okay. $1,400 for the day. Tickets, burgers, everything. He said it was an awful experience.

The city felt abused doing that. Read the story below from the New York Post. Again, guys, I just had this conversation with my daughter on Thursday night about how great Disney used to be and how we used to go all the time because it was such a cool thing to do when we had those family passes. But it’s outrageous. Nobody can afford that. You know, $1,400 for the day. Enjoy. Okay. You know, he said it started with a $30 parking. Now, the next thing is our main man, Elon Musk. He’s got a problem with inventory right now, and that is that there are $800 million worth of Cybertrucks that are sitting on lots.

There are over 1,000 Cybertrucks sitting there available to be sold, and nobody wants them. Cybertrucks are mocked right now. It’s two great stories below. That story, talking about that, was just insane because people couldn’t get them fast enough, and now there’s a guy that drove his Cybertruck in front of a school, and the kids start laughing at him. The little kids are playing basketball, making fun, and, ah, you look what you’re driving. And the guy said it was terrible. It was awful, because he’s a little bitch, and he didn’t know how to handle that, and I would have handled it differently, but that’s me.

Now, there is a mom in Georgia, and I’m going to finish this video with this, because this is funny, and a young man, Lexington, Kentucky, okay? A young man wanted to have his own carnival, which I used to do. I used to have my own carnivals to raise money. I’d sell stuff. I’d do things as a kid. My little entrepreneurial dreams. Well, this kid goes out, and he accidentally bought $4,000 of the lollipops, 70,000 lollipops, dum-dums, and they were delivered to his house, and his mom got the notification, the credit card, the negative inter-checking account, and this kid spent, you know, over $4,000 on lollipops.

Again, Mom, I want to have a carnival. Now, I would set it up, and I would have games. I would have, like, games of chance. I would throw and knock stuff over type of thing. You’d buy a ticket. You’d win stuff. I had a bunch of good prizes, you know, and then I’d charge the kids a quarter or whatever, but, I mean, yeah, I like this kid. He’s doing the lollipops. I mean, you know, it’s great. Anyways, Amazon agreed to give the woman a full refund, but they can’t take the lollipops back because they’re food items, so she got very lucky because of that, but the kid had her credit card tied to the account, so watch what your kids and grandkids and everybody spends because you could end up with $4,000 to lollipops, okay? Hit the Like button.

Subscribe to the channel. We’re going to enter a very difficult time in the global economy. It’s going to happen. It’s going to get worse before it gets better, and I just, you know, I had dinner with my uncle a week ago who was a very successful contractor. We talked about the Reagan years and how difficult it was when interest rates hit 18% and how they stayed there and hovered there, and they had two rough years that they had to work through, and people don’t want to hear that. People want this stuff done in an hour and a half, and it’s not going to be done like that, so hit the Like button.

Subscribe to the channel. You want to get ahold of me, email me hello at iallegedly.com, and I will see you guys very soon. Thank you. [tr:trw].

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