No Interest Rate Cuts in 2024
Summary
Transcript
But because we thought the economy would soften during this time, that we would start to have rate cuts and we probably won’t have rate cuts in 2024. I want you to think of everybody you know around you that is experiencing layoffs, they’re experiencing less sales, they’re experiencing hours cut at work, everything that’s going on in their lives right now that point to a dynamic economy. Okay. Let’s think about that.
When you read this article, it is insane because it talks about how we’re seeing unemployment at such a low level. Now think about this. There has been hundreds of thousands of people that have been laid off in 2024 already that we know of from big companies. Hundreds of thousands, maybe half a million people. When you think about this now, think of the small businesses that we deal with on a daily basis, whether it’s the hamburger stand, the nail salon, whoever, that has gotten rid of 1235 people.
Okay. I had a friend of mine, colleague actually, that I work with, said, you know, hey, if you were going to lay people off right now, how would you do it? And we were sitting there talking about this, and about two minutes into it, I go, wait a minute. This isn’t a hypothetical. This is you doing this and you asking my advice on how I would do it.
And. Yeah, well, what do you think? We started getting into performance of what people do for the company and who’s more important and seniority and things like that. But right now, I really think you’re going to have to do what a lot of the big companies are doing right now, which is kind of a survivor mentality of get rid of the weakest link, get rid of the person that’s not providing value to the company.
Now, the problem with this is if you go to the managers and you say, hey, let’s lay off these people because they don’t like them, I think you should let those people go and let them know. I think you should have, before you lay anybody off, you should have an all hands meeting and say, listen, we’re going to cut people back. We’re going to have a mass layoff if things don’t turn around here quickly, which they’re not.
Guys, you’re going to look back at March of 2024 as a good time. As bad as things are right now in the economy, you’re going to look at this right now and say, these are some good times, man. Dan was right. March wasn’t bad. Paying our bills. I was getting some work done. It’s just beautiful out here. It’s been raining on and off all day, last two days.
And I finally came out here just to look at how beautiful this is because the tide came in and stuff. But to lie to us and tell us how unemployment is so low. I don’t know who they count if they’re not counting all these people that keep getting laid off, but the numbers don’t go up. Okay, there’s that. And then when you talk about how inflation is so low, people cannot afford to buy food right now, Gary Pelnick is the CEO of Kellogg’s and he’s a degenerate, okay? Because what this guy did was, hey, eat breakfast for dinner.
The point of this is that, Mr. Pilnick, you raised the price of your product 28%. 28% to the lowest common thing that people could eat in the morning, which is cereal. So it’s not like it’s eggs. It’s not like it’s bacon. It’s not like it’s bread you’re talking about. Cereal has gone up 28%. And this jerk, God, I wanted to use profanity right there is trying to tell you to go out and to eat breakfast for dinner.
No, but I want you to think about this. And I’ve had you guys, if you read my email chains because people send me stuff all the time of people that are waiting. If things just drop a half a point, we’re going to be able to afford that house. No, it’s not going to happen. It’s not going to happen. You’re going to see more and more people that are not going to be able to afford these homes.
You’re going to see people that are eventually going to have to start selling their homes. But people cannot afford to buy these million dollar houses that are out there. Here in Southern California. It is amazing to me what a shack cost right now. The worst areas that you would not live in because of crime, because of how bad these areas are, you have houses that are a million dollars right now.
It’s absolute insanity right now. To say the least. So for Jerome Powell to tell us that things are strong and they’re resilient, who of you believes that? Who of you believes that? Now, going back to laying people off, I really think that you’re going to see more people lose their job now more than ever. You haven’t seen anything yet as far as the job cuts and the layoffs and everything that’s coming, because it’s going to get worse.
It’s not going to get better anytime soon. Personalities and things like that. You know this. You have a company of 30, 40 people. People hate each other. People don’t like each other. People are jealous of the hot chick that can eat all day and be as thin as a rail, and everybody talks to, and she’s got a great personality. Let’s get rid of her. You know what I mean? Oh, yeah, but she sells a lot.
Nah, get rid of her. You know what I mean? You’re going to see the wrong decisions get made at these companies. I have a friend that’s in the telecommunications space, and it’s going down again here in March, and he’s dreading it right now because he knows it’s going to dramatically affect people. You want to do the right thing and you’re going to lay people off. Make sure you give them a decent severance package.
Give them the best you can right now. But, man, I wouldn’t want to look for a job right now. That would be awful. But Jerome Powell’s telling us how strong everything is. Who of you believes that it’s strong? Tom get his name right. I think it’s Tom Barker, but he’s one of the Fed presidents, is sitting there telling us how. Yeah, I don’t see any need for rate cuts right now this year.
So you’re going to see this happen, guys. You’re going to see that. Imagine 2024 with no rate cuts. Interest rates stay where they’re at right now. What do you think that’s going to do? Tom Barkin. Excuse me? Tom Barkin from the Richmond Federal Reserve. Man, I don’t see a need to cut rates right now. This is the kiss of death right now. Okay, so get ready. A few other things.
Remember back in the day how Wells Fargo went out and they opened up fake accounts and things like that? That goes back to 2016? They paid hundreds of millions of dollars with the fines. People got punished. I think a guy went to jail for that, too. But now they have a class action lawsuit because what they did, they sent out the most menial nondescript letter to say, hey, your accounts may have been affected by this.
Oh, okay. Well, so great. So a woman went out and they have the class action lawsuit. So if you’re one of those people, join that class action because they offered her $200 to go away and now she wants 5 million. So that I love. I was like, oh, that seems fair. And again, got the list of all the companies that have laid people off for the first of the year.
Bank of America and Wells Fargo are cutting people back left and right. You’ve got New York bank. They’re in real trouble. In the next week you’re going to see the banking system change. And New York bank, New York community bank could be the first one to go down. And what else? Walmart. They may go out and they may lower prices of food items, which would be a good thing.
It’d be anti Kellogg’s to say the least. There’s a bunny on the step up there. But again, guys, if they do this, is that going to be a real big think, you know, Walmart trying to make a difference. But man, this Kellogg’s guy, what an idiot for saying that. And I think they’re going to bud light this guy because I’ve had a lot of people send me stories about boycotting Kellogg’s and things like that.
I grew up with a single mom who had to budget and worked 60 hours a week to feed us and keep us in a home because father of the year wasn’t doing what he was supposed to do. And I remember, I think the lunch in elementary school was forty five cents. And my mom would line up, I was the youngest and she’d line up our money on the counter and I would just grab Monday, Tuesday, Wednesday.
I think my brothers were like 65. My brother was eighty five cents at the time a couple of years ago. But I just remember how important it was and how she budgeted everything for us to get by. But you don’t think people are living that way right now? It’s worse right now because food prices are at the highest level since 1991. So share your thoughts on this stuff, guys.
If you thought you were going to sit there and see a big interest rate reduction, you’re kidding yourself right now. And Jerome Powell telling you how good the economy is. People are losing their jobs. Advertising companies. I have more people telling me that they’re cutting back on their ad rates and their ad spends for the first time in years. That is dropping like a rock right now. Okay.
Oh, yeah, I love this one. There’s a startup when I was in high school and got into college, there was a company that was going to get arctic ice. They were going to get icebergs and chip it off and sell arctic ice. Well, there’s a startup that wants to do that of 10,000 year old ice. Excuse me, 100,000 year old ice. Does that interest you drinking? Hey, listen, I have a scotch with ice.
It’s 100,000 years old. I don’t know, it seems kind of disgusting to me, but that’s just me. It doesn’t seem purified, doesn’t seem good, but it’s amazing what people will spend money on. So get ready for no interest rate cuts. Let me know what you think about this. Share your thoughts in this. Email me at hello@iallegedly. com I’m glad I could get a quick video in without any rain.
And onward and upward, guys. I’ll see you very soon. Close. .
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