The Banks are Not Ok

➡ The banking sector is facing serious challenges, marked by the closure of numerous branches and major issues with asset value. While some analysts predict these issues will worsen in 2024, many are also pulling their funds out of traditional banking institutions and into investment accounts to avoid potential fallout.
➡ From 2024, new laws in California will require police to immediately inform citizens of the reason for any vehicle stop. Other legislation will prohibit police from pulling over motorists with expired vehicle registration tags for two months after expiration. The reduced availability of federal subsidies for electric vehicles is projected to pose significant challenges. Escalating crime rates and the increasing cost of restaurant operations due to rising minimum wages are highlighted as crucial issues. The likelihood of retail businesses, particularly those unable to reduce retail crime, declaring bankruptcy is indicated. Florida’s increasing expense has led retirees to consider more affordable options like Alabama. Personal data was potentially compromised in a ransomware attack on the First American title insurance company.
➡ The speaker warns about potential energy shortages and how this may affect electric utilities, also mentioning personal anecdotes about the local area, a case of embezzlement that led to a newspaper shutdown, and a successful side hustle story of a police officer who entered the ATM business. They also hint towards future content deals with grants and encourage listeners for a prosperous year.

Hey, it’s Dan. Welcome back. This is, I allegedly got a good one for you today because the banks are not okay, no matter what we’ve heard. So let’s get right into it. You know, it’s been nine months since we had the disaster of Silicon Valley Bank, Signature Bank, Heartland, and First Republic go down for the count. And as we had these four banks close it. Hey, everything’s great.

There’s nothing to worry about. But the House of cards that we’ve dealt with over the course of 2023 is going to collapse, and it’s just a matter of time until this realization happens. And one thing that we’ve seen is that we’ve seen in the United States in 2023, we saw 1556 banks close bank branches. That is unbelievable, guys. This number is absolutely huge. And leading the pack is here in California.

You’ve got more people working for banks that are done right now than you’ve had in any other time in history. And it’s just getting worse and worse and worse. Right now. Leading the way, Wells Fargo bank had 312 branches closed. Bank of America, Pnc bank, just a bad problem. And that’s just the beginning of it, guys, because what we’re seeing is we’re getting stories out of China right now where there’s bank runs in China.

Right? You know, you’re not going to see this on the nightly news, but what’s going to happen eventually is you’re going to have problems with banks just like that, where people won’t be able to get cash, and it’s going to be something that is going to be an inevitable problem that’s going to happen. So the big problem is that these banks have such huge losses on their books right now.

At the end of the third quarter, it was anticipated that there was $684,000,000,000 in bank losses that were paper losses. In other words, once they have to sell these assets, they’re going to sell them and be negative. Now, add in two other things to that. Add in the commercial real estate disaster that is only going to get worse in 2024, my friend, who does the foreclosures, both of them have said that their big push in January is going to be the fact that there is so many buildings that are going to get foreclosed on in Southern California alone.

Okay? You’re going to see more buildings and hotels and restaurants, for that matter, be given back to the bank at a record pace right now. When has that ever happened in our history? The other thing is, in addition to that, you have all these assets that were purchased, like Silicon Valley bank leveraged. And these leveraged assets are worth less as the interest rates go up. Well, Dan, interest rates are going to go down and we have nothing to worry about.

You’re going to see this completely turn around. That’s not the case. And the other thing is that got a great article added to this where you’re talking about where is real estate going to go in 2024? What do the experts have to say? Well, here’s the thing. Redfin says that we’re going to see a decrease of 1%. 1%. Who believes that, that housing prices are only going to go down 1%.

Benny Mae says that people are held hostage right now and can’t sell and can’t buy because of the high interest rates. So once again, life gets in the way, guys, people are going to have to sell their homes. If they change jobs, if they get divorced, if somebody gets ill, they just can’t afford the payment, they don’t get enough work, they’re going to have to sell their properties.

That’s going to happen. And one thing that’s out there right now is people are going out there and assuming these contracts for the existing real estate and let’s say somebody has a two and a half percent, 3% mortgage, they walk in and they say, we’re going to assume this mortgage. That’s great, until you go to get homeowners insurance. Because my insurance man said, once these people do this, they’re calling the loans in for these people, Dan, because once you get new insurance, you have a problem with that.

So again, the banks are completely upside down right now and you’re going to see more and more of this as we move forward. Now, here’s the thing. The list of banks that are upside down, that’s below. But the other thing is that there is a tremendous amount of deposits that are leaving the banks right now. The banks are making less money. The banks have been in a downward spiral and went down about 30% after Silicon Valley bank and First Republic and that whole debacle, they’ve come back and clawed their way back about 15%.

But would you invest in a bank right now? Who would do that? So as this moves forward, you’re going to see more and more problems. But what we’re seeing is with the bank closures and people writing me, John wrote me about Scotia bank and said, listen, dan, I’ve had my bank, the credit cards got shut off and good client, no problem. We were concerned about identity theft and that your cards were hacked.

Well, we’re starting to see that more and more and more that they’re just making excuses for people that they’re cutting off their credit lines and cutting off access to their banks. But I am telling you this right now. Take 15 minutes this week and walk into your bank and see what your ATM limits are. Find out. Find out how much you can get out of the bank. Find out what your ATM limits are for your business.

Credit limits, everything. Check everything. And if you have a dormant checking account or dormant credit card account, use it. Go pay for parking. Go buy something for $10 and make sure that that’s being used because they are shutting accounts down left and right. And one woman found out because she bought something at target and then went back to return it in the new year and the card didn’t work.

She bought it a few weeks ago, went back to use it and the card’s not active. We can’t give you the refund on this. We got to give you a gift card. Oh, okay. That’s how she found out that they had closed your credit card account. So you’re going to see more and more of this, guys. And the banks right now have all these losses. But the disturbing part is that all this money is leaving the banks right now and the deposits are going down at a complete record pace.

And as we enter 2024, where is the money going to? It’s going to brokerage accounts, investment accounts, it’s money parking accounts. It’s getting out of the banks right now and they’re making less money. And again, we’re going to hear how great everything is and that the economy has never been better. And as this election year unfolds, we’re going to be told lie after lie after lie to keep things going.

But remember, protect yourself. You have to have a bank to pay bills. I understand that. I am telling you to have multiple bank accounts so that if something happens with one, you can go to another. How many credit cards do you have? That’s up to you guys. Okay. Personally, don’t use them right now if you can get yourself out of debt over being in debt right now, but you have to have these accounts for emergencies and for things like that.

Okay. Let me know what you think about this so far. But it’s very interesting. Read these articles below because it’s disturbing. And as we get these trickle of stories about the chinese banks that should concern you. Again, people, because it’s not in their backyard. They don’t care about this. You have to look at this stuff and take it very seriously right now. Okay, let me know what you think.

Let’s talk about our sponsor, Patriot Gold Group. As we get into 2024, the first thing you need to do is work on your finances. The best thing to do is look at getting precious metals into your retirement. And clearly the best place to do that is Patriot Gold group. They’ve been number one rated for seven years in a row with consumer affairs. You can call them and get a free investor guide at 888-330-1431 it’s absolutely no obligation.

Call them today and they will answer all your questions. But look at our deficit, look at our spending. We spend more on interest than we do on defending this country. There’s a problem, guys. And if you don’t think gold is going to spike in 2024, you are kidding yourself. Look at what all the experts are saying. Call them today, use the link below or call them at 8833 00:14 31.

I’m not just a spokesman, I am a client of theirs. I love the company. The service is second to none. Again, use the link below or call them today, but let them know that Dan from I allegedly sent you. I’m on Balboa island and for decades there has been the bear house. And every year for the holidays they decorate it. And inside the windows are stuffed bears. And again, rings of light winter.

Ring of lights winter. But every year, look at this, just loaded with all the stuffed animals. With every new year, there are always new laws that come into effect. And we’ve covered some of the crazy ones around the books. Here’s a couple of good ones for California, and that is, if you get pulled over by a cop as of 2024, they have to immediately tell you what you’ve been pulled over for.

So there’s none of the shenanigans of, do you know why I pulled you over and what are you doing in this area? They have to tell you the specific reason that you were pulled over and no shenanigans with it. So it’s going to be interesting to see that. Not that I’m waiting to get pulled over or anything, but there’s that. The other thing is that there is a new law, which this goes to the first law, and that was, there was a lot of shenanigans where if your tags were expired, the cops could pull you over here in California for, hey, you got tags that say December and it’s January now.

Well, they can’t do it now as of 2024 for two months. So let’s say you have tags that expired in December. They can’t pull you over for at least two months till March. So that’s kind of cool. Now, the other thing is that with all this talk of the EV cars, there’s a lot of cars right now that used to get the subsidies from the federal government. And there’s Tesla, Nissan, General Motors vehicles that are no longer going to get that $7,500 subsidy.

And that’s a big deal. It’s a lot of things that people, when you go to finance those cars that they take off the top of the car and that’s done. So they’ve got the cyber truck, doesn’t have it. There’s a list below, but, wow. So it’s absolutely crazy because there used to be 43 cars. Now there’s only 19. So there’s a ton of them that don’t have that federal incentive anymore.

So you’re going to see this be a big problem going forward again. Does that interest you? Let me know about these laws, anything else that you think are interesting? I think that the law about getting pulled over is going to be interesting because people complain about the cops that just write people tickets for no reason. We have certain cities here in Orange county that if a cop pulls you over, they have to write you a ticket.

It’s mandatory. Inside Irvine is one of them. You will not get out of know, hey, we’ll let you go with a warning. I literally had my tags expired and had to get the car smog. We have to get smog checks here in California. Couldn’t get it approved. Finally got it approved. Had all the paperwork with me, was leaving the smog check facility to go to get the car registered and got pulled over.

And I’m like, you’re really going to write me a ticket? Guy wrote me a ticket for the bad registry. Oh, it’s just $10. I said, no, sir, it’s not that. It’s going through the motion. Having to have the cops sign off on it, having to get it all approved is nonsense. But you’re really going to write me knowing that this is what I’m going to go. Do you want to follow me over to the DMV? No, sir, I don’t.

So it’s crazy. But let me know if you’ve ever had an experience like that one. I love the channel, I love supporting you guys, and I am so grateful for everything you guys have done, and I am happy that I can give away things. And Gary got $50. He sent a photo in. Joseph got an ounce of silver. He sent his photo in. And Diane made a quick little video, too, to thank me.

So I appreciate this, guys. Thank you so much. And there’ll be a lot more things like this in 2024. But let’s take a look at Diane’s video. Hey, Dan, this is Diane in Arizona. I got a blue envelope. Thank you so much. I can’t tell you what this means to me. I just love your show. I love all you do. And I love when you say be kind to people, be nice to people, look out for your neighbor.

That’s what you’re doing. Thanks so much. Really appreciate you. Happy New year and thanks a million. As we start 2024, we’re going to start seeing the effects of the Christmas sales and lack of sales. We’re going to get the job numbers at the end of this week and they’re going to be glowing. They’re going to tell us how great the jobs were and that there’s just a zillion people working and that unemployment went down.

And believe whatever you want, guys, but you’re going to start to see companies go bankrupt as a result, especially in the retail sector. Now, first things first, there’s a list of five companies that may go down for the count. Joanne’s fabrics Express, Petco. Petco kind of surprised me because I thought people not buying for their pets right now, well, probably not. They’re probably cutting back and not spending the money.

And big lots, big lots was a big shock here in Southern California. There’s been so many big lots stores that have closed, but I would think discount shopping would be a big deal. It’s just not right now. Just people don’t have the extra money to do anything. And this Christmas shopping season showed that, that people are really done with it. So the other thing that’s a real problem is crime.

People are fed up with crime right now. And you’re seeing a lot of companies. A great article below about enough is enough with crime. People are not getting prosecuted. People are spending so much extra money on deterring crime inside their stores, inside their houses. I’m telling you guys, if you have cameras, have a plan for your own home security. But these businesses that are just getting people walking and just walking out with merchandise that they’re not paying for, people are just fed up with it, to say the least.

So enough is enough. But you’re seeing so many businesses that are just saying that they’re done. We’re not going to continue with this. Why continue with this when people are not getting prosecuted and the other big problem is restaurants right now, the hourly wages are going up around the country. There are 18 states that raise the minimum wage and California has got Looneyville of $20. And it makes it so that people cannot afford.

People cannot afford to run these restaurants and they cannot afford to eat at these restaurants because you’re going to have a combo meal at McDonald’s, be $20 very soon, and it’s too expensive. I remember going to discount restaurants where you could sit there and eat for $10 with your tip and with your drink and everything. Those days are done. Those days are absolutely finished right now. This island always surprised me.

This is attached to Balboa Islands, Collins island, and it’s just really nice. But man, these people spend a ton of money rehabbing and refurbishing these houses year after year after year. So just crazy. But this is the end. The problem with this getting here, driving here, there’s a line of people. I walked on the island today, guys. I’m parked a few miles away just to walk and get my steps in.

But it is crazy because to get here, take an hour to go through that maze of people that are going through the holiday traffic and just to get to places like this. But it’s really beautiful. I mean, it’s nice area, without a doubt, but it’s just crazy with the traffic to get down. Here’s, here’s a few things that are concerning. First american title, who had the ransomware attack before Christmas? They’re finally back up and running.

Over the weekend, they got back up and running so people could close escrow on houses. But the perpetrators, the bad guys, they got personal data from everybody. Okay, so your house closing, your escrow that was pending, they got all your information. So it’ll be interesting to see how they spin this and let us know that it’s going to happen. Have you noticed that this is just happening more and more and more right now? Next thing, when it comes to real estate, it’s a good one.

Florida right now used to be where everybody went to retire. Let’s go to, you know, it’s a good value. And people would go down there. Well, now it’s become so expensive that people are going to Alabama. Okay, so great article below about don’t go to Florida, go to Alabama to retire. So. Okay, that’s interesting to say the least you can buy. They’re showing houses that are half a million dollars.

And in Florida they would be 2 million things. The usual things that you see. But again, infrastructure, weather, all the stuff that we care about. That’s a big deal. Okay. The other thing is that when they warn us that things are going to happen before they happen is the North American Energy Reliability Corporation. What is that exactly? What is that? People need to get ready for energy shortages.

There’s going to be such a lack of energy that there’s not a glut of energy like we’ve had in the past. Okay. So they’re going to start shutting power off to people. This is ridiculous. Okay? I paid my bill. There shouldn’t be an issue right now. But you want to go get an electric car, too, and you’re going to have an energy shortage, which basically means electricity guys don’t think about anything else.

And they want all these businesses to get converted from gas to electric to heat your house with electric or do that. I’m telling you, I have a little electric heater in certain rooms of the house because it gets chilly and we’re talking beach weather, so it’s not bad, but it cools off at night, so you got to turn the heater on. Every time I use those things, the price of the energy goes up.

But you’re supposed to heat your entire house with electricity right now. So get ready, guys. Get ready. I’m going to finish this video with these last few stories. One thing that’s neat about the island is they’ve got certain public docks that you can walk out on, and they’re not private. And people go out and fish on them. You can launch a boat, things like that. Just kind of nice.

Final two stories. There is a paper that has been open for almost 100 years. The Eugene weekly was owned by two women that are over 90. And they had a trusted employee that embezzled from them and stole over 70 grand, didn’t pay bills, took receipts from advertising, and embezzled from these two women. And now the newspaper has to shut down, and ten people are going to lose their jobs now as a result of this.

That is terrible. That’s absolutely awful that we have things like this final story. And I love the side hustle stories, guys, and police officer Paul Alex that went out and wanted to do something different. So he went out and purchased atms and bought them for $2,100 apiece and did it as a side hustle and ended up making $5 million in three years. So that’s a pretty good gig if you can get that.

But again, the grass is always greener. I have met so many lawyers with my late girlfriend’s business that became practicing attorneys, and I hate this I hate the arguing. I hate the fighting. But they took their law license and did something else. And police officers, not everybody likes being a cop. So this guy’s making a lot more money and nobody shoots at him. So there’s that. Please don’t forget to hit the like button.

Please subscribe to the channel and if you want to get a hold of me, hello, at I allegedly. Let me know what you guys want to see in 2024, okay? I cannot wait to hear it. You guys want more grants and more money? We’re going to start doing more of those things because I get all that stuff sent to me, and I will share all that stuff with you in the new year.

Okay? Onward and upward, guys. Make it a great 2024, and let’s go make some money. Let’s go be healthy. Let’s go be happy and share your thoughts, guys. Okay. .