Nightmare on Main Street | I Allegedly

Hey, it’s Dan. Welcome back. You’re watching IAllegedly, and I have a good one for you today because we’re going to talk about a nightmare on Main Street, and it’s a lot to cover. Like, subscribe, comment in the video, share it, and today we have a sponsor, the satellite phone store. So let’s get right into it. You know, during the 2008 debacle, the big problem was mortgages. And the government bailed out all the banks, and these guys ended up, you know, keeping the money, paying themselves bonuses. And if you watch a movie like The Big Short, you can just see how disgusting that is.

But governmental agencies, multiple agencies. Let’s just start with Fannie Mae and Freddie Mac. Those are the agencies that guarantee mortgages. They got $161 billion during that time. Wow! Okay, well, think about this. It is absolutely unbelievable because in 2006, 40% of all mortgages were backed by Fannie Mae and Freddie Mac. Now, if you add Ginny Mae into that, it’s 65%. Ginny Mae is the governmental agency that regulates payments and things like that for HUD and stuff like that. So I did also include it in this video, What is Ginny Mae? So you guys can understand that because nobody ever talks about them.

But the sick part about this is that we are seeing that they have more mortgages than they’ve ever had in the history of mankind. So you have more people out there that owe money on these mortgages than ever. Okay? The problem with this is right now, people are overextended. The sick thing about this, and I want you to think about this because there’s a lot of people that can’t even fathom this number. They just raised the guaranteed amount for a mortgage. What do you think it is? $450,000? $600,000? Maybe $7,000? No. $1,150,000. Is that insane, guys? You can get a government-backed mortgage for over a million dollars right now.

It’s never been this high. But the problem with it is that they’re starting to finagle, and what can we do to keep people in houses? And when you read the article below about the nightmare that we’re about to go through again, you talk about, you know what we’re going to do? We’re going to give people second mortgages. We’re going to give them a faster way to get money. And again, your house is not an ATM machine. And for the people that go out there and purchase things and bought boats, so it’s kind of funny that I’m talking about boats, boats, and extracurricular things, motorcycles, ATVs, everything.

You know, remodeled their house and just did it on the house that they lived in and made the payment go so high that they couldn’t afford it. Well, these governmental agencies want to do second mortgages now, and they want to get the money faster to you as quick as possible. Isn’t that great? Good news, right? It’s really not, okay? It’s really not. So one thing that you’re seeing is you’re seeing the amount of people defaulting starting to go up. You’re starting to see houses sit on the market longer than before. And let’s face it, you’d have to be delusional and under a rock and not read a newspaper, watch a video, turn the news on if you didn’t realize that things are going in a negative direction right now in this country.

The thing that interests me is that when I have people reach out to me from the UK, from different countries in Europe, Canada, they tell me the same thing. This is going to be a global economic downturn that’s going to affect all of us. And everybody’s main asset is property right now. You’re seeing crazy things where people can’t get insurance, people are getting $60,000 a year, insurance quotes. This is only going to make things worse right now. But Brian Nick, who is a real estate analyst, said that in the next six months, you’re going to see houses drop in price and that the inventory is starting to rise.

We’re seeing houses sit on the market longer, inventory has gone up 16% in April, and that’s the wrong direction. Plus, I want you to think about your own community that you drive around in. Think of all the new construction that’s going on, all those dormitories that they’re building that are three, four, five stories, and they’re going to sell these as condos. I’m telling you, I’ve seen office buildings ripped down so they can build condos and townhouses and these dorms. Who’s going to live there? Who’s going to live there for $4,800 a month? And a lot of these, what’s happening, and this happened during the last downturn, is they built condos to sell, and then they realized they couldn’t sell it, so now they’re renting them out at top dollar.

And they’re not going to be low cost and be able to be sold or be able to rent it out at a reasonable price. They’re going to be through the frickin’ roof. So mark my words on that. But one guy, Brian Nick, who’s an analyst who says you’re going to see real problems in the next six months that people just don’t want to accept the numbers on. People don’t want to accept how inventory is a problem, things are sitting on the market longer. Realist agents don’t want to admit that this NAR settlement, you know, hey, I’m not even part of NAR, Dan.

It has nothing to do with what we’re doing. Now, what’s happening, guys, is the days of a 6% or even 5% commission on selling your home is done, is absolutely done. And the people that are out there trying to sit there and say, oh, this is all going to be great. It’s not, guys. It really isn’t. It’s going to create nothing but problems. But when you look at pending home sales dropping over 7%, that is a huge figure, guys. It’s a huge figure, and it’s around the country. But here is the thing I tell everybody, and I don’t care if you’re going to rent someplace, if you’re going to buy someplace, if you’re looking at new construction, you know, an existing house, condo, whatever.

Go to the community prior to living there. Go see what it’s like at night. Because I had a woman walk up to me in a restaurant last week who said, wow, I really wish I would have taken your advice because we went to this bottle. We went out of house, and we moved in. We had no idea what the nightlife was like. It’s like, really? Oh, yeah, people riding their motorcycles up and down the street, people smoking pot, people doing crazy stuff. Just absolute utter chaos in the community. And, of course, we looked at the house on a Sunday, and it was dead because everybody was hungover, and it was just a different area.

So you know what I mean? So this is something you have to do to make sure that you are, you know, you’ll check it. I mean, my daughter, my son, with running the house, running an apartment, I tell them the same thing. Go and check out the community before you go out there. And they all did this. And one of them, I’m not going to tell you what city they were in, but said, wow, that’s a real problem because it looked really safe. It looked really good, but it was chaos at night. So you’re going to see more of this.

Let’s talk about our sponsor, Sat123.com. The satellite phone store has a complete variety of GPS products. Satellite phones, the bivvy stick, everything for hiking, everything that you would need to make sure that you could be located. You need to go to DansSatphone.com and find out about the satellite phone. I have the Iridium 9555 phone. This thing is absolutely amazing. It is a phone that works anywhere as long as you have open sky. Someone’s calling me right now. And the cool thing with that is that regardless of where you’re at in the world, you can use the sat phone.

It has voicemail. I can call any other phone. But the most important thing is I have peace of mind when I have my sat phone. When I travel or I’m out filming, the sat phone goes everywhere with me. But the coolest thing is the bivvy stick. Check this out. The bivvy stick allows you to send text messages via your cell phone through the satellite without a cellular connection. It makes your cell phone connected to the satellite. So you can send text messages to your family. If you are out hiking, as long as you have open sky ahead of you, you can use the bivvy stick and you can text people.

Very inexpensive. Check it out today. But go to DansSatphone.com, D-A-N-S-S-A-T-P-H-O-N-E, DansSatphone.com and check it out today. But get yourself a sat phone. Absolutely inexpensive. Absolutely amazing. So many of you have done it. It’s time to connect with the satellite phone store. Okay? Check it out today. Now, here’s an all too familiar problem. In the UK right now, there are about a dozen hospitals that are completely shut down right now. All of their software is basically closed right now. They cannot use it, cannot schedule patients. Patients are being sent home. They can’t do surgeries right now. And the company that runs the software, Synovus, is just victimized by a ransomware and malware attack.

Listen, guys, pay us or we’re going to release this. Pay us or we’re going to give you a bigger virus on your existing system. So they are shut down. They’re basically held hostage right now. And this is a huge, huge problem that they’re experiencing. But when you read the story below, it’s terrible. People that waited months for surgeries and they’re there, you know, the anxiety of going to a hospital, the anxiety of going through that and prepping for the surgery. And then you get there and you say, I’m sorry, the computers are not working. You got to go home.

Well, when will they be up? We have no idea. And then the patients that they cannot deal with right now, it’s terrible, absolutely terrible. But this is something that you’re seeing over and over again. And it’s only getting worse right now, guys. This is just an awful problem. And, you know, we’ve talked about this. You’ve got to protect yourself with a VPN and things like that. But when do these businesses take responsibility for this? How many hospitals? Seriously. I mean, in what, two years time have I talked about 50 hospital groups that have been hacked? You think that they would be working on this? You think that this would be, hey, John, you’re the IT director.

What can you do to stop this? Oh, yeah, I’ll work on that. You think that conversation would have taken place. It’d be a lot more prim and proper in the UK because of the accent. But come on, guys. This is too much right now. It’s too much. But the poor people, the doctors and from somebody that lived in a hospital for too much of his life, I am telling you, I just, it’s awful that these poor people have to go through this. And there’s no end in sight. Pay us or else. Pay us or we’re going to ruin the company.

Well, what happens if they don’t pay and they ruin the company? Okay, there’s that. Great story out of Newsweek talking about car payments. There’s such an influx of people that owe on car payments. You know, basically, you’ve got a huge percentage of people that owe almost $25,000 in their car. The biggest debtor is here in California. You know, everybody’s got to look cool. Everybody’s got to have a newer car. You can’t drive an old Prius. You know, don’t do that. It’s embarrassing that you would do such a thing. Okay. Okay, thanks. So these people that have, you know, car payments extended out to, listen, the average car payment was over $1,000.

We got it lower to 790X. They extended the term. So Fremont, California, Chula Vista, California, which is right next to the Mexico border, has got the biggest car payments. But if you read the story below, there are 10 different cities, the top 10 in the country on what they own their cars. But this is a negative problem because people’s finances are going upside down and people are not putting big down payments down for these cars. And again, whenever I slam the car industry, they just come out like rats, okay? That’s the only way to put it, you know, in crickets out of the cupboard.

The problem with it is that the banks are too lenient with saying, okay, we can do this without money down. We can do less money down to get people into these cars. We’ll extend the terms. We’ll go from 8 years to 12 years on car loans. Could you imagine buying a car for, you know, 7 years, 8 years on the loan? I’m telling you this right now. If you buy a car, the ultimate period, if you have to finance it, it’s 3 years, guys, 36 months. Because the equity in the car generally keeps up with it.

But oh my God, Dan, if I buy a $50,000 car, you know my payment’s going to be, yeah. Don’t buy a $50,000 car, guys. Don’t. Don’t do it. Don’t do it. I am telling you this right now. EV car sales are off. You know what’s up? Bigger is used EV car sales. But after the last story I covered a couple days ago, we were talking about how Tesla, after 2 years, had 64% of its charging range that you could go. Who would buy a car like that? You know, hey, so you’re telling me that on a full charge, I can get 250 miles, but now it’s only 180? Yeah, just plan on that.

Okay. If you buy it and you accept it, that’s one thing. Real problem. Toyota just recalled another 100,000 trucks and a couple of SUVs, but the truck, the biggest problem is, and this is during manufacturing, the car is stalling at inopportune times, like in intersections, coasting and it stalls. They think it’s debris in the exhaust system, which would basically, wouldn’t you? And through the fuel injectors, wouldn’t you think that would be an air hose to spray that out because of manufacturing debris? What is that? But 100,000 cars are going to get recalled right now as a result of this.

So, you know, let us know what you think about this. So many of you share your experiences where you say, oh, Dan, I had that problem. You know, I had a car that would stall a lot. And back in the day, and this is, I think in the 80s when this happened, and they just basically, you know, the carburetor guy’s coming in, he’s going to do something. He’s going to look at your fuel injector. He’s going to take care of it. Give us an extra week and we’ll fix it. And the guy rebuilt the car.

Back in the days of the motor heads that loved vehicles, okay, that worked for the dealerships, my ex-wife’s dad was a trans man for Chevy, and these guys took pride in fixing vehicles and being better than the other guy. Oh, we’re better than Ford. He’s a piece of junk compared to what we do. You know what I mean? So those days are gone. They’re just done. Computers, everything else. So let me know what you think so far, guys. I appreciate the emails. I appreciate the mail that you send me. If you ever want to send me mail, the address is below.

But look at this one. Hamburger shirt, hamburgers. Okay, that’s a good one. The stuff that you guys have sent me lately, wait till you see it, okay? Make sure you, if you guys send an Amazon, you know, shirt or something like that, make sure you say this is from Dolores. This is from Ken, okay, so that I can give you credit, because there’s some stuff that I get that people just say, I wonder if you’ll like this, okay? But I’m going to wear this stuff, okay? So they go to the tailor, they get fitted, and then that’s that.

So I can’t wait to show you guys this stuff. I’m going to finish this video with these last few stories. And what chance do we have as a retail investor if this happens? A few days ago, there were glitches with the New York Stock Exchange, and Berkshire Hathaway stock, which for one share is $620,000 a share, and it dropped to $185 on the exchange. So people went out and bought, you know, shares for $185, thinking they were getting the deal of a lifetime. Now, think about it, if you bought five shares, you know, you’d have $3 million worth of stock when the price adjusted.

Well, now the New York Stock Exchange says, no, no, we’re going to avoid all those purchases and fix it, okay? So it’s nice to know that they can do this. They should be responsible for this. This should be on their dime. Those people that bought that stock should sue the New York Stock Exchange, as far as I’m concerned. Dr. Pepper, do you guys like Dr. Pepper? It’s okay right now and then. Dr. Pepper is now the number two soda in the world right now, and it is just right behind. It overtook Pepsi, and it’s right behind Coca-Cola.

Coca-Cola’s got a basically a 10-point lead on those two guys, but Pepsi is now number three. And final, final story, and this is crazy. Here in Southern California, in Los Angeles, we’ve all heard about, you know, copper being stolen and the wires being cut and things like that. They are now stealing fire hydrants. Can you believe that? Fire hydrants, they’re cutting off the water and sealing a fire hydrant. What do you do with a fire hydrant? If you take that to a surplus metal place, what are they going to do? Where’d you get the fire hydrant at, okay? Think about this.

Is that insane, guys? So, this is happening all over, guys. Crime is rampant. What are they going to steal next? Let me know what they’re going to steal next, guys. I’d like your thoughts on that. Like the video, subscribe. Don’t forget the nightmare on Main Street, because that’s what we’re about to experience right now, because this, you haven’t seen anything yet, guys. Haven’t seen anything yet. For all the realtors out there telling me, realtors, they say I pronounce it wrong. The realtors out there, they’re telling me how inventory’s only going to go down, and you better buy now or else.

Okay. Okay. Once again, I always say I’m going to end it, and then I ramble on with one thing. The foreclosure market is insane right now. You’re going to see more houses go back to the bank in the next six months than ever. The banks are done with story time. We’re going to cover this a lot more in the future, and I’m telling you, guys. Guys like me, other people out there that you’ve seen, you watch other YouTubers, they’re just waiting. Waiting, waiting, waiting. Don’t need to buy cars, because you’re going to go buy them from the auction, really cheap.

You don’t need a car payment, you know, for $25,000. It’s crazy, okay? Remember that. You want to get ahold of me? Hello at iAllegedly.com. Any stories you want to send, feel free to send them, okay? I’ll see you guys soon. [tr:trw].

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