➡ Banks are preparing for potential issues due to a predicted increase in commercial real estate failures. A recent report from the Federal Reserve indicates that 11% of bank loans are bad, affecting both large and small banks. As a result, banks are stockpiling cash in anticipation of these failures. Changes in banking and real estate regulations are also expected, which could lead to more borrowing opportunities for people.
➡ The text discusses various issues such as the rise in unemployment, the shift in the real estate market with companies unloading billions in commercial real estate, and the increasing problem of insurance and property taxes in California. It also touches on the growing national and personal debt in the United States, the banning of Airbnbs in Stanton, California, and the purchase of the Long Beach Grand Prix by the Penske group. Lastly, it mentions layoffs at the Toledo, Ohio Jeep Plant, a hefty fine for Ford, and financial losses for the sphere in Vegas.

Hey, it’s Dan. Welcome back. This is I, Allegedly, and I’ve got a good one today because the banks are preparing for the big problems that we’re about to have. Stock and cash, praying for deregulation, a lot to cover. Please hit the like buttons. Please subscribe to the channel and let’s get right into it. Banks right now have a problem with commercial real estate. CRE. And what they are doing is they are planning on the fact that there’s going to be massive failures. And a report was just issued by the Fed that states that 11% of the bank loans that they have are officially bad.

And you’re starting to see this affect large banks and small banks. Small banks, banks, think about this number. Under $50 billion in assets. We had a bank, you know, a few weeks ago that went out of business that $1 billion in assets and everybody freaked out about that, thinking there was going to be a bank run. So what’s happening is the banks are storing cash. Now the Fed does a report twice a year. And the most recent data that we can get about this is about three months old. I am at a place called Woodbridge.

This is the man-made lake and the man-made community. They’ve got the beach club over there that’s very cold. It’s very cold out here today. It’s like in the 60s per freeze. I love doing that because you guys just will freak out. I’ll start wearing scarves again, guys. And when I go to Formula One next week, it’s supposed to be in the 40s. That’s going to be cold with that wind. But anyways, these banks know that trouble is coming. And they are starting to stockpile cash because they’re going to have massive failures.

Now, today, later on today, I have a meeting scheduled with two people, my foreclosure buddy and somebody that works at one of these banks to talk about their problem with the massive amount of commercial real estate that they know is going to go down and what they’re going to do about it. And they’d like to share some things with me. So I cannot wait to have that meeting because it’s coming to light right now. Jamie Dimon, man of the people, steps forward. And Jamie Dimon says, wow, every banker should be dancing in the streets right now because things are so good.

And with Trump in office, there’s going to be so much deregulation. So it’s not that I wanted him to win. But now that he is in, you’re going to see a lot of changes made to real estate and to banking that’s going to affect us. Well, what Trump did in 2018 was he lowered the threshold for deposits, cash deposits. And Jamie Dimon brought that very thing up again. Very thing that that thing. Hey, listen, we’re going to see things like that. So you bankers, you guys should be out there just ecstatic right now that this is happening.

So we will see, but you’re going to see a lot of changes when it comes to real estate. It’s just, it’s just real estate. It’s going to be major problems, going to be problems with all these bad loans. You’re going to see massive changes when it comes to banking deregulation also. So that’s going to happen. So you know, the credit problems that you’re seeing, they want to be able to loosen credit for people so people can borrow more right now. We’ll see about that. I get a kick out of things that when they come out and I go, this is really a good idea.

There was a company that I guarantee if you’ve been on the internet, you’ve been on YouTube, you’ve watched TV. It’s a company called Forward. Forward was a new doctor’s office where you could go and you could pay a monthly fee and you would basically have a doctor at your disposal and you could walk in there and you could get treated for certain things and just pay a monthly fee. Well, they went out of business yesterday, done down for the count. December 13th will be the day that the website goes down, but we are officially finished right now.

So I always found it irritating because it’s like, Hey, come on in. Let’s talk about everything and we can run tasks. We can do all this stuff. And it just didn’t work because the problem with it is people right now, nobody wants to spend money on anything right now. They don’t want to get their cars fixed. They don’t want to go to the doctor. And it’s funny. I went to my doctor that I’ve had, I figured out 17 years, had this guy, that’s how old I am doctor I’ve had for 17 years.

And how can I get him to be my doctor again? Because what they did was they sent me a doctor that was 20 miles away. And I’m like, well, when I called the place and I wanted a CV, you know, his experience and his residence, I want to know what this guy’s done. And basically, you know, I almost said, are you for real? And wouldn’t talk to me about that. And you can come in, you can check our website and see where he went to school. I want more than that, but never saw the guy.

So plus I wasn’t going to wait seven weeks for an appointment. Seven. Like I live in Canada or something like that. So anyways, I get to change insurance now so I can have my doctor again. Let’s go. Hey, welcome to Ford. I hated those commercials. Couldn’t stand it. So a lot of problems with the Trump administration talking about getting rid of the EV tax credit, the $7,500 credit. Now you would think that his buddy Elon would be upset about this because Rivian’s upset. And who’s the other star? Rivian. You know, there’s the ones that are leaning on those $7,500 tax credits, not Tesla.

Tesla could care less. You know, that’s the thing. You guys that drive those cars, man, you guys are loyal to that car. You really, really are. So got to give you credit for that. So the tax credits, you’re going to get rid of it for solar. You’re going to get rid of it for wind, you know, the storage backup for solar, all that stuff is going to be done. So if you guys want that stuff, buy it now. If you want to take advantage of that, you guys are hemming and hawing about buying electric car and the $7,500 credit is going to be a big deal for you.

Go get the car. Go get it now and talk to your accountant first. I’m not giving you financial advice, but man, oh man, I’m telling you, I think you’re going to see, you’re going to see a lot of crazy things happen as far as deregulation. When you get JB Diamond stepping forward in front of a group of, you know, 300 people at a conference in South America that, you know, he thinks that it’s just going to be the gravy train that’s coming to town. So let me know what you think. It’s a beautiful lake.

People come out here and fish. It’s just nice. Great place to play and walk around. I’ve always enjoyed it out here. A lot more to cover. There was a man, Paul Walsick, out of Palm Gardens in Florida, who ran two healthcare companies and let’s see the name of this, Palm Health Partners and Palm Health Partners Employment Services. What this guy did was he, between 2016 and 2019, was he took out payroll taxes out of people’s checks and didn’t send them in. Now here in California, let me tell you how this works out here.

You don’t pay the payroll taxes. That is a criminal offense here. I don’t know how it is in Florida, but the state here, they show up at your house. I know a buddy of mine who had, who was not responsible, did not own the company. He was just the guy who sent the reports in and signed his name to certain things and had a phone, you know, contact for them. They showed up at his house, didn’t have his address and showed up at his house to get the money. They seized bank accounts.

They shut them down. They sure as heck didn’t wait seven, eight years to do this. Mr. Walsick, this guy stiffed him for $10 million and I tell everybody, everybody I tell, if you have employees, you have to have employees, you have to have a payroll service. Oh, but my mother loves doing those tax receipts and paying that and making sure it’s done. I’m telling you, if you go out and you, you are the one that does this with them, you should, you should get a payroll service. ADP would have not recommend anyone get one and have them do it for you.

Because I know personally, I had a problem once where deposits were made and they weren’t corrected. And then there was a penalty and guess who had to pay the penalty? It was the payroll company had to pay the penalty. Oh, okay. Yeah, we were wrong. Sorry about that. Okay. But if your mom’s doing that, you’re stuck, you’re, you know, you’re in deep trouble. This guy’s going to jail, probably prison for $10 million. But the problem, how they catch this now is that back in the day, I mean, 20 years ago, things weren’t as electronic as they are now.

You go out and you have an employee that works a quarter and then they, they quit or they lose a job from the next person they work out and they file for unemployment. Man oh man. And then they look at, wait a second, where’d you work last? I worked at John Smith catering. Well, they didn’t take out any taxes out of your check. Trouble instantly. Okay. Because they will show up here in California. That’s what they’ll do. There’s a lion stone is a commercial, a real estate company and residential real estate company.

They are unloading five and a half billion dollars of commercial real estate. We don’t want to be in this business anymore in the Houston era. I’m telling you guys, why would somebody do this? Why would somebody make changes like this and get rid of five and a half billion dollars worth of commercial real estate? How many buildings is that? You know, it’s, it’s amazing, but no, we’re just done. We’re, we’re finished with this. Uh, we don’t want to be in this. We don’t see it. We see it being a lost decade for office space.

Okay. Enjoy. They’re going to see people unload this stuff all, you know, all around the country, guys, it’s going to happen. So, you know, let me know what you think about this. There’s a lot to cover still. You’ve got, you know, California’s insurance problem. Um, they want to issue new mandates to make it so they can bring companies like state farm, all state progressive, all these people back to California to write policies and they think they have a plan. It’s called forward-looking thinking. I’m like, I’m reading this story. I’m thinking there’s no plan here.

It’s like, what if we thought that there was going to be fire problems in your area? Well, there are going to be fire problems in a lot of these different areas. You’re going to have areas that are going to have fire damage. You’re going to have areas that have hills and things like that. But here is the problem with this is that I get people, when they write me about their property taxes, not one person, hey, mine only went at $12. No one does that. It’s that they went from $4,800 to $9,400 and they went from $12,000 to $19,000.

I get stuff like that. I, no one tells me that their homeowners insurance stayed the same. They just don’t. It just doesn’t happen right now. So to sit there and have this plan, we’re going to be forward thinking, what does that mean? What does it mean? Okay. So I get a kick out of this because I’m telling you, I’ve told so many people, I ran into a guy yesterday who inherited a house from his parents in Laguna Beach, just a beautiful area in the hill. And he rents the house out because he makes more money doing that and living with a buddy and renting a room from him is, Dan, it’s the greatest deal in the world.

But I’ve looked at selling it and maybe getting something new. And then I told him what people have written me, what they’ve ran into. And Eli was blown away. He’s like, oh, wow. I never thought about it. I said, no, yeah, nobody looks at what’s the insurance going to cost. Everybody just thinks they’re going to be able to go get it. So when you can’t get it, that’s when you have a problem. But don’t worry. The insurance company, the insurance agencies are going to be forward thinking. They’re going to be forward thinking like the company forward that just went bankrupt.

So, you know, forward that health insurance company. I don’t want to slam on that, but I get a kick out of these companies. I’ve seen you guys, so many startups that were successful, people that exited, people that walked through half a million dollars and more. But forward was worth a billion dollars at one point. When do you leave? When do you sit there and go, you know what, maybe it’s time for me to check out and sell my end of it. After it’s done, after it’s with nothing, you know, let me know, guys, share your thoughts on this stuff so far.

The day of reckoning has come and what I’m talking about is debt. The debt bubble here in the United States, our national debt is fast approaching 36 trillion dollars. Personal debt is at 18 trillion dollars right now. Wow. How much is that of yours? You know what I mean? It’s one thing that just got released for the third quarter was the numbers, 1.17 trillion dollars. In the last quarter, personal debt for credit cards won at 36 billion dollars in one quarter. That is crazy, guys. That is nuts, man. That is absolutely nuts. You guys, you’ve got to get ahold of this.

But what’s going to happen is as debt slows down and it keeps slowing down because they will not let you borrow more. Now, you can sit there and think, oh, deregulation, they’re going to let us borrow more. No, no, no, no, no, no, no, no. The lie that you make 8 percent more on your income is just that. It’s an absolute lie. It’s not real, guys. But the problem with it is that you have to rein it in at some point, you know? Stanton, California just banned Airbnbs, which you guys… Okay, it’s not a slam on anybody that lives in Stanton.

It is not the nicest city, okay? So that blew me away that Stanton did that. Because I’m thinking, who’s going to sit there and go, let’s go to Stanton and rent an Airbnb, okay? The Penske group just bought the Long Beach Grand Prix. Think about this. Long Beach Grand Prix is not F1. I don’t even know what its cart. I don’t even know what the different types are of races. I’m going to Formula 1 next week, because I always liked that. My daughter spent some time together in film and stuff and hang out there.

But will it make it better? Who knows? Who knows? You know, a lot of times, you know, when things get sold, like when the Dodgers sold, you know, the McCorts owned the Dodgers and they went into bankruptcy. One thing that Frank McCourt did that was absolutely genius was he kept the parking. He owns the parking. When you go to a Dodger game and you pay for parking, the old owner of the team gets to collect your money. So craziness, man. Absolutely. I’m going to finish this video with these last few stories. First one is Toledo, Ohio Jeep Plant.

Happy New Year. Merry Christmas. Enjoy the holidays as we let go of a thousand people at our plant that make Jeeps. Oh, that’s not good. Ford just had a recall. Think about this, man. It is it’s huge. It’s they had a problem where they had their backup camera wasn’t fixed fast enough. So the Federal Highway Transportation Safety Administration find them the second largest find ever one hundred and sixty five million dollars because they could have fixed it faster. But they just drug their feet because we’re Ford and we know everything and we’re great now.

Wild guys to think about, you know, the spear in Vegas. I’m going to end it with this. The sphere in Vegas just announced its financials and lost one hundred and twenty five million dollars last quarter. So carry the one minus ticket sales and electricity. Oh, yeah, it’s not good. But one hundred and twenty five million dollars. Guys, I’m telling you, if you ever get a chance to go to the sphere, it is an amazing experience. It is. It was worth it. I saw the Eagles there was unbelievable. Absolutely. I mean, scale of one to 10, it was a 15.

OK, just an amazing experience. They were good and Don Henley didn’t preach politics, which made it even better. OK, so please hit the like button, subscribe to the channel, share your thoughts and email me hello at allegedly dot com. Onward and upward, guys. Fight through the good fight. You’ll get through this. We all will. OK, I’ll see you soon. [tr:trw].

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