➡ Dan shares a story about the savings and loan crisis, where many banks went out of business, causing chaos for people with loans. He explains how people stopped paying for their car loans, thinking they wouldn’t have to since the banks were out of business. However, the banks found ways to collect payments, even resorting to repossessing cars. Dan warns that similar situations could happen today with property loans, and encourages people to consider working in banking as there will be a need for people to handle these situations.
➡ This text discusses the importance of online privacy through services like Private Internet Access, the recent hacking of Halliburton, Elon Musk’s foreclosure on Gene Wilder’s old house, a Canadian railway strike affecting product prices, a man falsely claiming a positive pizza review, healthcare-related issues including hospital closures and cashless payments, New Jersey’s Governor erasing $100 million in medical debt, and changes in the electric vehicle industry with Ford and Bentley’s new strategies.

Hey, it’s Dan. Welcome back. This is I, Allegedly. And I’ve got a good one for you today. Walking through Sherman Gardens. And I’ve got a great story to tell you. A lot to cover in this video. Please hit the like button. Please subscribe to the channel. And today we have a sponsor, Private Internet Access. But let’s get right into it, guys. Think about this. Remember the old savings and loan debacle that went down? Lincoln Savings? All those savings and loans. There was over about 3600, no, excuse me, 6600 savings and loans. And 60% of them went down for the count.

Well, I had a friend who says, hey, I want to have dinner with you and tell you a story. And which I never knew. So we have dinner and she sits down to tell me that she used to work in that business. And I was like, oh, I didn’t know that. Well, she was in banking and then went from banking to the savings and loan industry. And she goes, Dan, I’m going to use your terms. You know, one thing about the banking industry back then is it was all regulated. And we had different requirements as far as our bonding to make sure that we were not ripping off the bank.

We had to take, you know, vacation at a set time of the year. And basically in a three week period, they would audit everybody. They would go through all your transactions and make sure that you didn’t skim a dollar during that time. And they would also have you gone long enough to where if they did find a problem, they could replace you. And you would come back and she said, I would see it. People would come back from their vacation and, hi, Betsy, have a nice day. You no longer work here. So that’s not the best part.

The best part is when the savings and loans went down, a lot of them were just like today where they had different loans that they were known for doing. A lot of these places that she worked for had auto loans. And she said, Dan, when they went out of business, we saw some of the craziest things. In other words, the bank went out of business. And you remember those days for those of us that are old enough, things were not online. There was no online transaction. You had a paper statement where you would borrow money for a car and they would give you what they called a payment book, which you would rip out the payment book and send it in with your check that you would handwrite and mail it in.

And that’s how we keep track of it. Look, I’m at payment 23 of 48 and you would do that. OK, that’s how it was back then. So with that being said, when these banks went out of business, people were like, I’m not going to pay for my car. And at first it was a real problem because they had, you know, some banks had hundreds, if not a thousand, car loans that they had to deal with. So how do you collect on these? Now, you’re just talking. I’m talking about regional. I’m talking about here in Southern California.

And why this story is important is because people think that banks are going to go out of business and you won’t have to pay. Well, everything’s digital now and it’s a little different. But back then, we’ve talked about how, hey, you want a good job? Go work in banking right now because they need people. This was the same thing. And this is why she told me the story is that during that time with all the car loans, people would sit there and they bought expensive car loans, expensive cars, had high car loans back then and just thought, I don’t have to worry about this.

So what they did was they compiled all the loans and then sent people notice like, listen, you have one of three options. Turn the car in, get the payments current immediately within 15 days and you’ll have no penalties or work out a deal. And the advantage to working out the deal is that you could sit there and go, yeah, I haven’t made the car payment in eight months. Here’s what I’ll do. I’ll start making the payment today and you waive the interest. And the bank was like, okay, you want to start paying on it? They would do it.

So they would make any deal these people could make as long as they were going to pay. The fourth alternative was the repossession. They’re not going to find my car. She said it was the Wild West to go out and repossess cars. Now, that industry is now regulated much heavier. But, hey, Dan, you want to go repossess cars? Think about this. You had keys back then. Sometimes you had a key to unlock your car and a key to work the ignition. Well, if you owned the Chrysler whatever car, it was basically one of sometimes 12 keys, sometimes 50 keys.

But it wasn’t that there was 500 options for keys. You could basically get a key to the car. A lot of banks, think about this, had copies of your keys in the loan file. Can you imagine that? So here you go. Go pick up the Wilson’s car, see if it’s there. Now, again, taking your life in your own hands, going out there and just driving and picking up a car. Crazy. Now, repossession companies that were skilled, they would have the guy that would go there and it wasn’t like it is today where they have the electronic thing that would go down.

You’d have to pull up to a car, strap it and take it. But you had some maniacs that were better than others. And what they would do is they would work in a group of three where they would go out, they’d have a guy that was really sophisticated and knew how to pick up a car. He would go pick the car, drive it two blocks and then the guy that was not as skilled would drive it away. And then the maniac would go get another car over and over and over. These guys were making thousands of dollars a week doing this.

You had people, you know, mom and pop that were like, yeah, we’d like to go help you guys collect cars. That sounds like fun, but just the insanity of this, the threats, the violence, everything that could possibly go wrong that went wrong back then did. But again, don’t go in somebody’s house. They would. They’d pop garage doors open and take cars. They would do crazy, crazy things like that, which you would never do today. You just wouldn’t do it today. So that’s what’s going to happen with property. You’re going to get to a point that all these people that have been told stories and that have been telling the banks, whether it’s a commercial loan or a residential loan, that have just lied and said, oh, yeah, yeah, yeah, yeah, we’re going to pay you.

We’re going to pay you. Well, it’s time to pay up the repossession story that she told me. Oh my gosh, so many people were furious after the cars got picked up because, of course, it would destroy your credit and eventually it would get in your credit report that you had a repossession on the car. Well, we told you to work it out and they didn’t. And again, you know, early 90s is much more difficult. You know, they did things that were not, you know, above board. If you know what I mean, they just did it.

They just took your car. If you didn’t make the payment, we sent you the offer. You didn’t accept it. It’s on you wild though. If you have any stories like this, if you have anything like this, let us know because everything is regulated. You know, here in California, the notices to post a foreclosure is in eight languages now. It used to be like eight pages. Now it’s like 23 just to post a foreclosure notice. And we’re going to go back with Doug and we’re going to do that next week at some point. But this is wild.

Hearing these stories, you know, it reminds me of today. She said, I wanted to tell the story because you’re talking about how people could go work in banking. Yeah, go work in banking. There’s going to be people repossessing houses, posting foreclosures. You’re going to have people taking all this stuff like you’ve never seen before. Ever. It’s going to happen. And you haven’t seen anything yet, guys. Haven’t seen anything. But the savings and loan debacle, when places went down and out of business, you had places like here in Southern California, Mercury Savings, which I had my first bank account, you know, from, you know, as eight.

They let me have a savings account. And that place got taken over by Security Pacific Bank. But the loans and everything that they had problems with, it just created a huge debacle. And they went after these people. And again, it was the Wild West, but they were paying people. Oh, you repossessed cars. Here you go. Do you need keys? What do you want? Think about that. Okay. So show your thoughts on this stuff so far. Let’s talk about our sponsor, Private Internet Access. Think about this, guys. Whenever we go online, we run the risk of people getting our personal data.

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You want to remain private. Check it out today, Private Internet Access. Use the link below. Remember all the talk about Halliburton, you know, like Cheney and everything that we heard over and over and over again? Well, they just got hacked with a cyber attack, and they’re basically shut down right now. Second largest oil company in the world. Oil servicing company in the world. So, again, protect yourself, guys. You have to protect yourself. There is a list of all the investors that helped Elon Musk buy Twitter. If you care about that, it is below, and you can check that out.

So you can see that. Again, I found it fascinating, but a lot of people gave him a lot of money, $44 billion to buy that place. And speaking of Elon Musk, there’s a story where Elon Musk is foreclosing on someone’s childhood home. Well, that’s not the case. Elon Musk sold one of his houses for $7 million and carried a chunk of the loan for these people. And what it was was it was Gene Wilder’s old house, the actor. You know, Willy Wonka. And it was his old house, and his nephew wanted it and fell behind in the payments, and now owes $6.7 million.

And so, Mr. Perlman, Jordan Perlman, owes $6.7 million. He says, nothing, you know, hasn’t been mean to us or anything. He just wants his money, but he’s getting foreclosed on. So you’re going to see this happen more and more. But again, because it’s Elon Musk, there must be something bad. He must have done something to these poor people to take their home. And that’s just not the case at all. So let me know if you’ve heard about this. Let me know what you think about this. But, you know, sign of the times, guys. Well, the Canadian railways strike is happening right now.

And there’s a lot of products that we get from Canada, auto parts, lumber especially. And they’re saying this is going to affect the price of everything right now. And it’s just going to be a matter of just a couple weeks until you realize that there’s an absolute problem with the shortage of this. So it’ll be interesting to see how that plays out. And I’ll give you guys more detail when that comes out. Have you guys ever seen Dave Portnoy, Barstool Sports? He reviews pizza places. And walks in, does one bite, and that’s it. And tells people, you know, if it’s good, bad, gives you a rating from 0 to 10.

And, you know, he does it. His reviews are incredibly valuable for a pizza place. There is a man, Jose Alvarez, who said that he got a positive review from Dave Portnoy. That he was Roman pizzeria. And he went around the Miami Springs area in Miami and lied to everybody and told them that he was the guy that got this. And his pizza was just garbage. They said it was inedible. The story out of the New York Post is funny because this guy went to town and went to hundreds of locations and said that he was Roman pizzeria.

And finally people were like, this is crap. What is this? This is awful. So he got caught and basically is in some serious trouble for this. So do you guys follow reviews like that? Do you think that that’s a big deal? Because, I mean, I like that Dave Portnoy does this. It’s like, you know, when somebody reviews a restaurant, I take that seriously. If I go to that town, I look at things like that. But Dave Portnoy is in pizza. He likes the thin crust stuff generally. And one bite. And then he gives a rating between 1 and 10.

So I think it’s kind of funny that this guy kind of copied that. Read that story below. The New York Post Steve and Lena sent me some great stories that were all healthcare-related. Steve’s first two stories were the Trumbull Medical Center is closing. 740 people are going to lose their job, they’re alone. They started blasting the steam in this room. It’s kind of cool. This is like a tropical rain point. It’s really awesome. But 740 people, they’ve already, you know, in six other states, they’ve already closed down. This is bad, guys. It’s bad, bad, bad, bad, bad, bad.

Because you’ve got, where do you go if you lose the medical center? And then stored, is there like urgent care type places? They’re closing too. 148 more people are losing their jobs. It adds up, guys. I mean, you have all these places where they’re not getting, you don’t have access to healthcare. Now, I’m sure there’ll be competitors, but, you know, all these hospitals, all these people, this is just terrible. Absolutely terrible. It’s just really beautiful in here. Lena sent me a story about how certain places in Oklahoma are no longer going to take cash.

We’ll take your Apple Pay, but we won’t take your cash for medical treatment. Hello. Where does this draw the line? And you can write conventional checks, too, still. We’ll allow that, but no more cash payments. So, again, Oklahoma’s not, you know, some of these rural areas that you have are not, you know, they’re not as sophisticated. So cash would be king in certain areas, but it’s not king for everybody. And it’s hot in here. It’s like, it’s like well over 100 degrees in here, and the humidity is Miami right now. I’m going to finish this video with these last couple stories.

First one is Governor Phil Murphy in New Jersey, just with the stroke of a pen, got rid of $100 million in medical debt. Now, he used American Rescue Funds for this, and 17,000 people got their medical debt waved away with a magic wand. Good for them, I guess. But kind of wild that it was so many people, and so, you know, so much, so quickly. Let me know what you think about that. Also, you’ve seen more and more people abandon EV cars. Ford is getting rid of a $1.5 billion program to build EV cars. Sorry, we wasted all that money, but they’re stopping.

So Ford’s basically getting out of the EV car business right now, which is crazy. And there’d be a story below for that, but in a lighter note, Bentley, the high-end car company, is not going to do EV cars, they’re going to do hybrid cars like the Toyotas. And, you know, so you’ll have the battery that’ll operate the motor, just like an old Prius. But you’ll spend $400,000 in that car. So let me know what you think about that. Don’t forget to hit the like button. Don’t forget to subscribe to the channel. Email us at hello at illegedly.com, and I’ll see you real soon.

Bye-bye. [tr:trw].

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