Home Depot Issues Mother of All Crashes Warning

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Summary

➡ Home Depot, a major retail company, has issued a warning about potential economic instability, despite seeing a 5.8% increase in sales last year. The company has shifted its focus towards professional contractors, who now make up 50% of their sales, as regular homeowners are undertaking smaller projects or delaying them. Home Depot is also enhancing its pro desk by hiring retired contractors and plumbers to provide expert advice. Despite these changes, the company warns of a potential market crash and advises people to protect their investments.

Transcript

Hey, it’s Dan. Welcome back to I Allegedly. I’ve got a good one for you today because Home Depot has given us a very serious warning and some mixed messages. Can’t wait to show it to you. Their numbers just came out. They’re good, they’re bad, they’re great, they’re not. But we need to all be ready for what’s coming is what they’ve said. So, hit the like button, subscribe to the channel and let’s get into it. Now, Home Depot is a place we’ve all shopped at and they are a huge company. They did $41.77 billion last year, up from $39 billion.

You know, they had almost 5.8% in sales increases. But what’s wild is the warnings that they’ve issued. This sounds like Robert Kiyosaki, the mother of all crashes are coming. Protect your 401k. You need to understand that the stock market is changing. That is what Home Depot just said in the last week. And, you know, I’ve got all the stories below for you so you can compare the different stories. But here it is Memorial Day weekend. You’ve got all these different deals out here. I mean, it’s really, you know, you want a barbecue? Barbecue is pre-built. Nothing’s worse than putting one of these things together.

I had a gift given to me where someone gave me a smoker and it’s got, you know, 800 parts. I think I’m going to donate the smoker and buy a new one. So once again, Robert McPhail, their CFO, was on CNBC this week. And this guy’s talking about all the different things that they’ve done. Where Home Depot has made a difference over the course of the last year, as they’ve emphasized, the probe, the contractor. Probe contractor sales right now are up 50% with Home Depot. The regular homeowners are putting things off. And when a homeowner walks in to do something, they’re not doing big projects.

They’re doing much smaller projects. So it’s very cool. I mean, nothing’s better than having these things already built for you. It’s funny. You want a good deal? Buy a heater this time of the year. You can sit there and think it’s crazy because these huge stand-up heaters. We’ve got these things. $159. The smaller ones are $99. Garden soil, five for $10 in the holiday weekend. That’s crazy, guys. It’s an absolute deal. The bark and things like that. My neighbors have all that stuff. And they were telling me, hey, can I borrow the van? We can go out and load up bark to the front of the house.

And I’m like, yeah, do it. But right now, when it comes to the professional contractor, 50% of their sales comes from professionals. They’re advertising more to the riffing industry, the plumbing industry, and the larger contractors that do bigger home improvements. Now, do you want to get the best prices? No, you’d go to your supplier. You’d go to your riffing supplier. You’d go to your plumbing supplier. But if you need something, you need to go to Home Depot. And they have the pro desk. And one thing that they said that they’re doing right now is they’re stocking the pro desk with more professionals that are retired contractors and retired plumbers and electricians.

That’s what they did 25 years ago. They used to have a great place. This was a great place to get advice from. Because if you went, and you bring a part in, and I’ve got to replace this, and you’re talking to the plumber, he can walk you through exactly what he made. So nice big tree for $200. Rosemary, everything’s on sale right now, guys. But the thing, the soil for $5 for $10, and the bark at $4 for $10, that’s a deal. But nobody’s here. I mean, there’s a lot of people here. I shouldn’t say that.

But it’s not. It’s like a regular weekend. It’s not like there’s a big sale going on. It’s nothing like that. So this is the custom California store and nice area. But the mother of all crashes are coming. Who listens to that? And think about this. That was a week and a half ago they issued that warning. Then they come out and they do their story about how the economy is. And hey, listen, we’re going to weather the storm. We’re up 5.8% in our sales. And we’ve saved ourselves because we’ve sold more business by going out and selling to the professionals and staying away from the homeowners.

The homeowners are cutting back. They don’t have the money. And it’s interesting. So let’s take a look through the store. There’s more to talk about. But the pre-built barbecues are nice. And there’s things that are small, that are $150, that if you lived in an apartment or something tiny, that would be cool. But they don’t carry Blackstone. They carry next grill, which is the model that they carry here. But let’s go back over there for a second. So how do you guys feel about this? Again, I think companies are telling us things are better than they are.

You can sit there and say, Dan, sales are up. The guy just said that sales were up to $41 billion. But they’re making less money as far as that. They’re selling things. Prices are clearly up. But again, a little tiny apartment grill for $139. The Daytona next grill. See, all this stuff is not bad. I mean, I don’t mind something like this, but it would be better to have somebody build it. I mean, I’d rather take this thing. I’d rather have one wrapped in plastic that no one’s ever used before and done that. One thing we have here in Southern California that’s nice is you can change the propane tanks out.

You can take a used propane tank. There’s liquor stores, convenience stores, Walmart here, all these different places that you can go to that you can change the propane tanks very easily, very inexpensively. And you don’t have to store them. And you can go refill them and do all that nonsense to it, the propane plays. But I find that to be a headache. So it’ll be interesting. Do you take warnings like this seriously? Do you think that’s a bad thing? Let me know. Let us all know. Now there’s more to cover. You know, it’s funny. Sometimes we try to do the right thing and people get caught and in trouble and it’s more trouble than it’s worth.

Wilson Perry in 2022 lives in Cooperton, Tennessee, got a $20,000 tax refund by mistake. Sorry, it’s not my money. You know, contact to his accountant wasn’t his fault. It wasn’t the accountant’s fault. It was just a blender from the IRS and he got an additional $20,000 he was not supposed to get. So he tried to get them to take the money back. Couldn’t do it, couldn’t do it, couldn’t do it. And back and forth with the accountant, back and forth with the IRS, and sure enough, they finally took the money back but they charged him interest in the money.

And it was more trouble than it was worth and he had to pay people to help him give their money back to them. Now, this reminded me of a couple stories that I remember in the news from a few years ago, where people went out. And they had gotten money deposit in their checking account. That wasn’t theirs. Shanane, two weeks ago, in her fidelity account, got $8.7 million wired into account. And she went public and made a TikTok video on it, which I don’t recommend doing. Okay, I really don’t recommend that you just sit there and say, hey, guess what? I got $8.7 million.

What should I do with it? Should I go on a trip? Should I go to the Maldives? Should I go to Cyprus with it? No, just don’t talk about it. That’s what you should do. So sure enough, the money wasn’t hers. And there is a thing when this happens. It’s a legal term. It’s called unjust enrichment. And it’s a legal term that you get money that you’re not supposed to have. And by getting this money, you have to give it back. You’re not allowed to spend it. The banks can claw it back from you. And again, Shanane, there’s another one, Shailin.

This is the famous one from 2020. She had like $1.4 million deposit into her account. She put her foot in the gas. She went out and bought herself a new car, relatives a new car, bought a house, and just pissed it away. Full throttle, went to town. Okay? Shailin is different than Shanane, okay? So needless to say, the bank came back and said, listen, you owe us this money. He’ll know I don’t. Finders keep it. Still love. Somebody used that line. So they claimed unjust enrichment. They claimed that they were going to sue her. And here’s the thing about banking laws like this.

Read the story below because it’s fabulous. It’s not only local state laws, it’s federal laws. So she got charged, you know, locally and federally. I’m at the Irvine Ranch Public Library that’s here, the old house. And it’s cool. They use this for weddings now, for parks. People come out here and barbecue. There’s a nice big wedding going on over here. But again, if you get money into your account, don’t spend it. Years ago, and I’m talking 20, no, more than that, like 30 years ago. This happened where when I desperately needed money, I put a deposit in my account.

I go to use my debit card on a Saturday and it doesn’t work. The deposit wasn’t there because the fool that worked at the bank at Wells Fargo had put it in the last person’s account instead of mine. Dan, can you imagine I did that? It’s not the funniest thing I ever know. It’s not funny when I needed the money. And then another time I was at a brokerage account. It was TD Ameri at the time. And $23,000 was in my account. And I’m like, huh, that’s weird. I didn’t know anything about that. Neither say it was taken out the next day with an explanation letter sent to me as far as please, thank you.

Please understand this was never your money. Lipstick, it was all our fault. So if this ever happens to you, you know, you got to give it back. But Wilson Perry, I mean, him and his wife, Norma Jean, simple guy worked for the county, just trying to do the right thing. And that’s how he gets hosed. I mean, he gets charged interest for their money that he never used that he didn’t want that he immediately said wasn’t there. So hopefully things like this, the story that you read below, all this will get people’s attention to where this guy.

It’s not fair that this guy. I got stuck with this. You know, have you ever gotten money? Share it with us. Let us know about this. A few things to finish this video. First things first, join the email list. If you are on it, one just went out, check your spam filter if you haven’t seen it. And don’t forget, we have the private channel where we talk about everything that’s too hot to talk about other places. I love doing that content. And we have the video sharing site, newvideos.com, which we had our video from the email put on that.

If you were on that, you’d see it. So few final stories. Millennials are complaining right now about the expensive dating and that they went one step further from the last time that their average date, preparation, travel, getting ready for the date, $252. And that’s a lot of money. That’s not going to a concert. That’s a date. That’s a restaurant. That’s drinks. That’s food. That’s lunacy. Okay. Now, wow, wow, wow, wow. There is a huge eating challenge. Big Texas Ranch Steakhouse. Big Texas Ranch Steakhouse has a 72 ounce challenge. If you can eat the 72 ounce steak in 40 minutes, you get it for free.

72 ounces. Not paying the 72 bucks. Still, I thought that was a good deal. $72 for a 72 ounce steak. They’re taking this challenge on the road. So they’re going to do a road show where they’re going to sit there and try to get people to have this challenge. Now, the older I get, it’s like, you know, give me some bread, give me a salad, a few bites of something. Okay, I’m done. 72 ounces last me three weeks. But show your thoughts on that one. Final, final story. And this is a good warning that in the South, there was a woman that went to multiple banks, fabricated IDs from people.

And after she fabricated the IDs, she went and cashed checks to the tune of almost 40 grand. Now, why is this important? Because it wasn’t a regular banking account. It was your equity line of credit. So clearly, this woman was on the know where she knew multiple people had the equity lines of credit. So I think if she worked for the lender or somebody that was in processing or something like that. But this woman then went out and cashed all these checks and just had a nice day with that. Now, they’re looking for her and they’re going to arrest her and they’ve got clear pictures of her.

Because this one thing when you go into a bank and you commit, you know, felony after felony and bank fraud and wire fraud and all that stuff that they charge her with. She’s got a huge problem. But this is the warning for you guys. Do you have an equity line of credit? Do you know what’s on that? Because it’s not reported like your regular bank account. It’s not like you can log in and just see it. You generally have to call the bank or there’s a way you have to go log online, which most people don’t do.

It’s not like your regular banking app. So make sure you know what’s on that because the last thing you’d want is to go write a check and have the money not be there. Okay. Or have somebody cash a check that they weren’t supposed to get. Like, subscribe. If you want to email me, it’s hello at iallegedly.com. What do you think about Home Depot’s warnings? Robert Kiyosaki-esque. And that’s what all the experts are saying is that, what are you guys doing? Why are you wanting people like this? Why are you saying that this is going to be the end and the mother of all crashes? When you guys just go sell, you know, paint, go sell wiring and tell us how good you’re doing.

Let us know what you think about this. Onward and upward, guys. I’ll see you soon. [tr:trw].

See more of I Allegedly on their Public Channel and the MPN I Allegedly channel.

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