Credit Card Crisis Hits Hard

➡ Dan discusses the alarming increase in consumer debt, which rose to $24.75 billion in November 2023, far higher than the $5 billion expected. He warns this could lead to catastrophic implications as people borrow hugely despite limited income. Concerns also raised around plane maintenance following a Boeing 737 Max nine incident, and he emphasizes on the importance of not compromising on maintenance despite its high cost. Lastly, he encourages tenants to renegotiate office space rents given the record high vacancy rates in the U.S at 19.6%.
➡ Janet Yellen’s insistence that revealing business ownership is part of terrorism and crime prevention is challenged. The issue of increased cyber attacks, particularly on established loan organizations like Loan Depot, emphasizes the need for personal VPN use for protection. Retail areas like San Diego’s Gaslamp District are facing closures and declining business, mirroring the struggles of eating establishments like Roscoe’s, which is also facing legal action from employees over inadequate breaks. Large international businesses like Barclays Bank have laid off thousands, while small businesses are advised to seek low-interest loans from initiatives like the Southeast Rural Community Assistance Program. Lastly, predictions have been made for an emerging artificial intelligence ‘super cycle’.
➡ AI is revolutionizing business by taking over tasks such as document writing, which opens up new revenue opportunities, and the current AI supercycle is a thrilling development. Concurrently, Nike’s termination of Tiger Wood’s contract after 27 years, despite his significant contributions and potential future prospects, is criticized as business folly.

Hey, it’s Dan. Welcome back. You’re watching. I allegedly, and I’ve got a good one for you today. I don’t even know how this is possible, what I’m about to tell you. So, you know, lot to cover in the video. Plus today we have a sponsor, Patriot Gold, which I will talk about a little later. I’m in Newport beach right now. There’s a bunch of construction going on around me.

People are putting a new floor in behind me. So we’ll walk away from that. But think about this. We get all of the financial numbers. Basically, they’re about a month out when we get them. The latest thing that we got, which is just staggering, is the credit numbers for November of 2023. Those are the most recent numbers that we have. So 2023, November. They were thinking that consumer debt, which has already tapped out over a trillion dollars, that it was going to go up $5 billion in November.

Now, again, people have no money, so how can it go up, guys? It went up $24. 75 billion. People are borrowing themselves to oblivion right now. And this is going to end so poorly. This is going to end horribly because people don’t have any cash right now. Think about this. The estimates, the low estimates were 5 billion. People are going to borrow $5 billion during November of 2023.

And it was almost 25,000,000,005 times what they thought. So this is horrible, okay? Of that, $24. 75 billion. Of it, just consumer debt, just credit cards and loans and things like that, consumer debt was $19 billion. Of that, the highest estimate that they thought if it was bad. And again, we should be hearing this on every newscast in every newspaper. Everybody should be talking about this, but they’re not because they don’t want you to talk about this.

So think about this. $9 billion is what they thought would be catastrophic. So it’s at $24. 75 billion. Again, you can’t borrow yourself out of debt. These people are completely upside down. But read the story below. But what mystifies the experts is where this money came from, because people don’t have any credit. People are tapped out. What they’re doing is, hey, listen, here’s my income level. I need spending money for the holidays.

Raise my credit limit by $8,000. Whoa, we can’t do that, Dan. We’ll do 3000. Okay, I’ll take the 3000. Can you do five? No, we’ll do three. That’s it. Okay. And then they ratcheted it up to the tune of $19. 75 billion. Guys, this is catastrophic, guys. It is beyond anything that anybody thought was going to happen. But again, if you think that things are good, this is the perfect example of how they’re not now, this is just November, okay? Now you’ve got Black Friday, you’ve got Thanksgiving, you’ve got that shopping season, but you don’t even have December in there, which is the biggest shopping month of the year.

So when December gets issued, it’s going to be worse. And again, the numbers that we’ve heard throughout 2023, as far as consumer spending, when they said they were here, they were all higher. So there’s that. There is something unbelievable with this Boeing 737 Max nine that had that door fall off. Okay? Wild stories about this. They grounded all the planes. Every plane has to be inspected. And they’ve inspected for the filming of this video.

30% of the planes are back in action. And again, when was the last time you hopped on a plane? Now there’s engineers and people in our audience that know this stuff. I’ve never once, hey, what plane am I on? I’ve never thought about that other than the fact that I was on a 747 when I was a kid and it was, wow, what a big plane. Flying to Hawai.

So nobody really thinks about this until things like this happen. They found the door that was landed, and one guy on TikTok found a cell phone, which I don’t know if this is true or not, he says it was in airplane mode. It was in the air. I was out walking and I found it. The phone was in airplane mode. Supposedly it blew out of the plane. Do you believe that? Do you think it’s know? Who knows? Now, United found loose bolts on those doors.

So there’s another story below about how United found loose bolts on those doors, too. So again, maintenance guys, you don’t want to cut corners on maintenance. And if you knew how old these planes were, you would freak out because some of these are 25 years old. And you hop on an airline and you have no idea how old they are. You think that they’re brand new and they bought them a year ago and they didn’t.

So maintenance is incredibly important, and maintenance is expensive. These people that work on those planes make a tremendous amount of money, rightfully so, because of their knowledge and because of what they do to keep us safe. So share your thoughts on this stuff so far. Are you shocked about the consumer credit like I am? Because I am just floored by this. But again, all I do is tell people not to spend any money, not to get into debt and to do everything you can to stay away from using your credit cards.

Now, again, use your credit cards. Make sure that they’re not dormant too long because they will shut them off right now. And you’re going to see a day of reckoning when these banks are going to sit there and just cut people off at the knees and they’re not going to have access to the credit. Some people say, oh, well, they’re just going to stiff the bank. But not everybody can do that.

Some people have assets even though they have all this debt too. So let me know. $24. 75 billion in November of 2023 is mind boggling to me. Let’s talk about our sponsor, Patriot Gold Group. We are living through one of the worst financial times in our lifetimes and as it unfolds, you have to protect yourself. If you look at two of my favorite people, Jamie Dimon, the CEO of JPMorgan, and Larry Fink, the CEO of Blackrock, even they are saying that this is eerily similar to the 1970s and people need to protect themselves.

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Patriot gold has been number one rated for seven years in a row with consumer affairs. They’re clearly doing the right thing. Use the link below on this video or call them today. 888-330-1431 do it now before it’s too late. And get that free investor guide. It’s absolutely no obligation but contact them today. Here’s a couple of things that I think are ridiculous. There is an article that was sent to me out of CNN and it’s below talking about how the average consumer feels better about inflation now than they have in three years.

And none of us believes this. None of us believes that we feel good about this. And again, your house burnt down and the fire stopped. Wow. I’m glad that it’s not burning anymore. Okay, but everything’s been destroyed, guys. The prices have gone through the roof. Things have doubled and tripled in price over the course of the last three years. And you feel better about it today. Who cares how you feel today? You should wake up and realize how bad it is.

And if you realize that, then you’d feel a little differently. But again, everybody I’ve talked to just tells me how bad it is and how out of control inflation is and how certain things have stabilized, but they don’t feel good about it. So this is ridiculous. Them telling us that you feel good about it is preposterous. We just hit a record, an all time record that beat the beat the 90s, which were two other previous recessions that we had, and that is vacancy on office space.

And it hasn’t even gotten bad yet. Think about this. The all time record high nationally in the United States was 18. 8%. Okay, well, gosh, that’s pretty bad, Dan. That’s horrible. Now it’s at 19. 6% vacancy around the country. If you are a tenant anywhere and you pay office rent, it’s time to renegotiate. It’s time to get yourself a better deal because we’re going to leave and you can sue me if we don’t work out a deal with me.

I want parking thrown in, I want this thrown in, I want that thrown in. And I want to make sure you guys are making the mortgage payment on the office that we are in right now. You’re going to start to see people ask questions that they haven’t had to ask in decades, guys. Absolute decades. But think about this, the all time high. And do you think it’s going to get worse? Because think about it.

We didn’t have remote working in the. In the early 90s. We didn’t have any of that. Okay. Yeah, I guess it’s getting bad. Janet Yellen, I love the spin on things. Remember, if you have an LLC or your business, an S corp, you have to divulge who the owners are. And Janet Yellen steps forward. And she says, so many people want to fight terrorism and fight crime that they want to divulge who owns their businesses to show that they’re legitimate.

No, we have to do this, guys. Nobody’s volunteering for this. You’re going to fine us $500 a day if we don’t do this and divulge this information. But she’s really proud of us. So grandma Yellen’s proud of you guys that have divulged your information and done this so far. So I had breakfast with a really good friend of mine and brilliant guy, looking at different businesses, looking at different opportunities for his life.

And he was talking to me about the VPN. It’s like, hey, what do you think about it? How simple is that? Should I get it? And then I showed him the story, this next one, which is Loan Depot. Loan depot, right now, think about this. Just had their entire system hacked. Loan depot does almost $18 billion worth of loans. We hear these companies and we think that they’re no big deal and that they’re just these little tiny mom and pop organizations.

But millions of you out there that have loans with Loan depot, even if your loan was sold off. This is what we learned from Mr. Cooper, is that the loans get sold off and then they go out and they still get all your information because you filled out a loan application and because of the foreclosures and the foreclosure interest, I went to certain banks to say, hey, I want to talk to you about the activity that you have coming up and potentially purchasing something.

The smart ones have protected platforms, all encrypted. And now can they get hacked? I’m sure they could. Okay. These guys have done it to loan depot and Mr. Cooper and all these other banks, carefree and all these other places that we’ve heard about. But the idea with this is that, when are you going to take this seriously? Okay. And again, your information 23 andme with the nonsense that they did about how, hey, you need to change your password more, which is good advice, but the fact that they didn’t assume any responsibility for anybody and apologized to anybody is the sign of the times.

So get the VPN guys for yourself and for your future. Pennies a day. I showed my buddy how inexpensive it was and I flipped it on right in front of him and showed him how I was protected during that time. But again, another loan depot got hit with a cyber attack. Is that terrible, guys? Because you’re going to see more and more of this, and we hear this every day now.

It’s not, oh, wow, that’s really rare that that’s happening. No. Show me a day that hasn’t happened. How about that? Let me know what you think about this so far. I always love your stories that you guys send me and my friend Dave, his son went to the gas lamp district over the weekend in San Diego. Now this, guys, 25 years ago, this place was hell. This is where you went to go buy drugs by the courthouse downtown.

And they fixed this area up. It is beautiful. It is a place with rows and rows and rows of restaurants, some high end stores, shopping. I mean, you could seriously walk for blocks and miles for that matter, and just go from place to place to place. I used to like to go down there and get drinks and then appetizers at different places. There were sports bars down there, and it’s really close to Petco park, which is where the Padres play.

So if you want to see the Padres lose, it was a great place to go and hang out before the game. Okay. So he goes down there, and he called his dad and said he was shocked, shocked at the number of stores that went out of business since the last time he was there, which was months ago. Again, we just had the holidays. You just had people shopping, but they’re not spending any money now.

There’s no baseball right now, so maybe that’s a big factor on this, but you’re going to see this happen more and more. And another thing you’re going to see happen is Dave sent me this same story about Roscoe’s chicken and waffles. And again, like, going to the waffle house. Okay. I always recommend that somebody go to Roscoe’s because it’s an experience in itself. Plus, the food’s pretty good, too.

Well, there’s an employee that worked there, Jaime Carbahal. And Jaime was upset because he didn’t get overtime, didn’t get paid breaks, didn’t get meal time, didn’t get anything. So he’s suing. Now, here’s where Roscoe’s has a real problem. And you’re going to see other restaurants and other businesses have this problem, too, just like my friend who’s the nurse who’s going to experience this same thing, not today, but someday.

And that is that these businesses are not giving people proper break time, not giving people proper time off to even go to the bathroom. Okay? And Mr. Carbahal had to go out and sue, and now they want class action status for this. So this again. Hey, did you ever work at Roscoe’s river? Mistreated? Oh, yeah. That was four jobs ago. Well, guess what? Contact this law firm. You could be eligible.

Read the story below. But this could potentially bankrupt a restaurant like that, because let’s face it, even Roscoe’s is having declining sales right now. Nobody’s spending the money right now at these restaurants. So restaurants businesses take advantage of the employees all the time, and you can’t do this. If you had good hr people that would say, listen, Jaime, take your break now. Don’t work through your break. Get time away.

If they did that, Jaime wouldn’t have a leg to stand on. Problem with it is they know that they did this to Jaime, and they know they did it to not just one, dozens, but hundreds of people that work there. And you want to work at Roscoe’s? This is what you have to do. And they’re going to end up paying for this. So mark my words on this.

Share your thoughts on this. But you’re going to see more and more of these lawsuits that are going to destroy people. But you’re going to see more beautiful shopping areas like the gas lamp district in San Diego that will be nonexistent in the near future. Because during COVID in 2020, I went down there three years ago, filmed that area talking about how half the restaurants are going to close.

Then I came back and said three quarters of the restaurants are going to close. And then it started to come back and I started to interview the families and people around there and they told me, oh, Dan, it’s just slowly starting to come back. And it did. But you don’t have baseball, you don’t have anything down there and people have no money. So areas like this are getting destroyed.

And his son said it was depressing because of how bad it is. Tell me another area like this around the country that you used to go to and different river walks, different places like that that are just messes now. So share your thoughts on this. Again, I love this Buena Vista street. It’s just beautiful. Absolutely stunning, guys. But share your thoughts on all this stuff. Guys, Barclays Bank, Global International bank just announced that they let go before the end of December.

5000 employees, 5000 adults lost their jobs through the european markets. It’s crazy, guys. Okay, last week we did some grant programs and then I had a loan program that again, if you want to borrow money for your business, here’s a perfect example of something that is think about this. The Southeast Rural Community Assistance program, okay? Circap, they have funding which is billions of dollars through the small Business Administration where you can get in Virginia, you can get between $5000 to $100,000 low interest rates for your company.

So if, hey, five grand would do good. Oh, we really need 100 grand because we need the new to expand. The point is that this money is out there, guys. You have to look for it, look for it, look for it, look for it. You’re going to see it more and more and more. And you have to take advantage of this and just do your homework out there and you’ll be able to find this money.

So look at the link below or if anybody you know is in Virginia that wants that share that. I’m going to finish this video with these last couple stories. And the first one is from CNBC about a man named Peter Oppenheimer. Just like the movie Mr. Oppenheimer is talking about we’re entering a super cycle right now. We’ve heard about this commodity super cycles, interest rate super cycles, stock market super cycles.

He says it’s going to be the artificial intelligence super cycle. If you think about this, AI is going to affect every single one of us in business. And you should look at how it can write documents for you, how it can help you with legal documents. It can do writing, it can do blog posts and do everything. There is no excuse now not to have a business that has a full functioning blog in your industry and in your background based on your knowledge.

And here’s the thing. You can use this to write things, and it’s free, okay? So you’re seeing people make a tremendous amount of money from this also. So the artificial intelligence super cycle that we’re entering right now. So take a look at that. Take a look at the article because it’s fascinating. But for those of you that have used it, you guys know this is just such an exciting time right now, and it’s so useful.

Final story is Tiger woods. Just do it with all the Nike stuff. Nike just announced that they are getting rid of Tiger woods after 27 years. Tiger woods went pro in 1996, and he has made close to a billion dollars from them, okay? I mean, hundreds and hundreds of millions of dollars representing Nike. And they are going to cancel his contract, which I think is Insane, okay? Because if you guys know anything about golf, even if you know just a little bit, his son Charlie is brilliant.

His son Charlie is going to be better than Tiger is, okay? Which is hard to believe and hard to think know. And Tiger’s had his personal issues and personal problems and things like that, but he’s still freaking, you know, Tom Brady’s still Tom Brady. Whether you like Tom Brady or not, the guy’s still Tom Brady, okay? So to sit there and cancel that outright, I think it’s just business lunacy.

So share your thoughts on this stuff. Let me know what you think about this. But people do. Stupid knight, you know, who runs Nike to this? Know what? A tragic mistake. So again, he had his run. It was a great run. All this stuff, all these ads that are getting thrown in our face now about this, because they’re doing one final hurrah with his images, because that stuff’s done, guys.

They’re not going to be able to use that going down the road. So let me know what you think about this, but please don’t forget to like the video. Subscribe to this channel, share it with everybody. And if you want to get a hold of me. Hello@iallegedly. com? Is the best email that will be answered. And onward and upward, guys. I will see you guys very soon. Okay, let me know what you think about any this stuff in the video, but let’s talk sooner.

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