The ECONOMIC CARNAGE Youre Not Seeing
The ECONOMIC CARNAGE Youre Not Seeing
Summary
➡ Our sponsor, Patriot Gold, offers security for your retirement with physical precious metals. Companies such as Morgan Stanley and Microsoft are facing profits drop and humongous tax bills respectively. Meanwhile, builder sentiment is at a ten-month low due to rising interest rates, and Elon Musk plans to charge $1 per year for new Twitter or X accounts to combat bots. Despite previous criticism, the federal government now holds $5.5 billion worth of Bitcoin, and rental prices in New York force residents to spend half their income on rent. Lastly, a Georgian driver was mistakenly fined $1.5 million for speeding.
➡ The sender is communicating their email address, hello@iallegedly.com, and conveying that they will meet the recipient shortly.
Transcript
Hey, it’s Dan. Welcome back. This is I, allegedly, and got a good one for you today. We’re back at the zoo, guys, orange County Zoo. And this place is beautiful, guys, but you need to brace for more carnage in the economy, and there is a tremendous amount to cover today, like subscribe. Join our email list. There’s a link below for you. And also today we have a sponsor, Patriot Gold.
Let me get right into it. There are so many things right now that are problems in the economy, and we try not to get political on this channel for obvious reasons, okay, because it’s just polarizing. But everybody is affected economically, and they can lie to us and tell us how great things are and that everything’s fantastic. But we have to live in this world, guys. And this world is full of everything that’s incredibly expensive.
And you’re going to see more and more problems with big companies, especially between now and the end of the year. You’re going to see more and more companies go out of business, and you’re going to see more and more problems now than we’ve had in a very long time. So tigers in there. You’ve got a panther laying over there. It’s kind of cool. And first thing, let’s talk about General Motors.
Here’s the thing. The General Motors strike and the UAW strike, it’s not going away anytime soon, guys. These guys are to say that they’re far apart is ridiculous. To say that they’re a million miles apart, that’s more accurate. General Motors. Think about this. One month from now, one month from now, they’re going to have their investor conference and talk about everything that they’re doing in the new year and what’s going to happen and what to expect.
They just canceled it, guys, to win a date to be determined later. Well, number one, they are convinced that this strike that they’re going through right now is going to last an incredibly long time and that it’s going to be nothing but an absolute disaster. And we haven’t seen anything yet. So think about that. Not going to settle it, not going to talk about the company. But a month from now, you’re going to cancel plans for the investor conference.
That’s number one. Number two, they just put off production for all electric vehicles at their Orion plant, all of them, until 2025. Wait a second. You’re not going to make any more electric vehicles for us? Oh, my gosh, you’re selling so well. Everybody loves your GM electric vehicles. They’re doing so great. So no, they’re not. And people hate them. Okay, so there’s that. Let’s go see the Cats of North America.
Travelers Insurance just announced their numbers, and they’re off substantially. And they say, listen, our problems stem from catastrophes in the world and insuring things like hurricanes and earthquakes and different things that have happened. So again, every insurance company is going to have this debacle continue. They’re not going to get better. So now you can add travelers to the list of companies that will probably not renew your policy or if they do, substantially raise your rates.
So there’s that. Rite Aid, the drugstore chain, just announced that they’re closing hundreds of stores right now because of their bankruptcy. There’s a list below of places that are going out of business. And again, I covered this about a month and a half ago, and people, I said, hey, they went out of business because they wrote these prescriptions. And people said, how does a drugstore go out of business for writing prescriptions? Because they wrote opioids.
You could basically be an imbecile and call a doctor and get an opioid prescription. And they were giving them to you like they were skittles. Okay? So it was ridiculous. There was no looking at anything. There was no discretion. It was absolutely, utterly unbelievable. Let’s hope the panther comes back and plays over here. She’s sleeping right now. So again, guys, everything layer after layer after layer of problems.
These auto companies, they’re done, guys. I don’t see how the big three automakers get through this. And again, the demand that they’re just destroying the demand that we have for the cars. Who is buying those cars? No one’s buying these cars right now. Interest rates for mortgages talked to two people today in the real estate space, and interest rates are firmly above 8% right now for good credit.
Oh, Mr. Porcupine. Mr. Porcupine up there hanging out. That’s very cool. So just hanging out there. But think about this. The payment for the average house has made it so that your income level. Think about this. Two years ago, you could make an income of $55,000 to afford the average house. It has over doubled right now to where you need to make almost $120,000 to afford the average house payment.
Now, here in California, you need to make almost $270,000 to afford the average house. Now, that is insane, guys. Absolutely insane. And for you to go out and borrow money right now to buy a house, I just think you should wait and do everything you can to wait right now. You’re going to see things at such a substantial discount moving forward. Without a doubt, you’re going to see things that will go on sale.
Brian Moynihan is the CEO of look at the vulture over here, the turkey vulture back there, this wing spread. Brian Moynihan’s, the CEO of bank of America, talking about how problems are coming. Their earnings are going to be off. The average consumer right now is spending less and having trouble. Yes, they’re spending money, but they are definitely feeling the pain right now. Again, guys, inflation is killing all of us right now.
Absolutely killing all of us. I have had so many people reach out to me like, hey, what do I do? How do I have know? With prices the way they are, it’s very difficult right now. It’s incredibly difficult right now. So you’re going to see more of this right now. Scotia bank scotia bank just did their earnings and they’re off. And you know what they’re going to do? They’re going to lay off 3% of their staff.
Why are these banks that are doing so well letting people go? Oh yeah, they’re not making any money, guys. They’re not making any money. So share your thoughts on this stuff so far. Let me know what you think. I just think that we have not seen anything yet. We haven’t seen any of the real problems yet. Everything is just going to be compounded over the course of the next six months.
Oil prices are going up. Gas prices are going up. Inflation is through the roof right now. I don’t know of anybody right now who sits there and says, oh, I’m fine with the prices the way they are right now. Everybody’s been affected by you, haven’t? You know, another good thing John wrote me, john’s a retired engineer and the debacle and the shenanigans of a flying car. You brought up such a great know dan, think about this.
Who is going to insure this flying car? Is it a car or is it an airplane? Is it aero insurance or auto insurance? And I’m like, that’s a great point. But he listed all the things about this. And then I sent him an email back talking about this. There’s idiots that drive down the freeway right now here in Southern California, that race. It’s a huge problem. There’s a huge problem at 10:00 at night between Friday and Monday where these people drive well over 100 miles an hour whiff in and out of traffic.
And they get all these souped up cars, all these race cars, and they’re high end. They spend a lot of money. But again, what are you going to do when you give somebody a plane, something that leaves the ground? Who ensures that? Who’s going to prevent what’s going to make you be safe with that? Is your insurance company going to honor that? Hey, listen, John’s a good guy and he just flew into your house.
Do you know what I mean? What about the guy that flies into somebody’s ex wife’s house in anger? Think about that. Is that going to be covered? The thing that I still don’t know about, and you guys can answer this question for me. Self driving cars, okay, who, if I buy self driving and I’m making out with my girlfriend in the backseat and we take somebody out, am I responsible? Is it my fault I wasn’t driving? Elon’s friend was driving.
You know what I mean? Who is responsible for that at that point? Is it the owner of the car? Is it the people that are on self driving? What’s that going to cost? How do you ensure that? So if you guys have the answer to this, I’d be happy to it. But John brought up all these great points because it will ever, ever be a commercial venture that you’re going to be able to buy a flying car, that you’re going to be able to park in your garage and then fly to work.
I got traffic on the 405 freeway sucks. So I just fly over everybody and then land at my office. It’s never going to happen. Let’s talk about our sponsor, Patriot Gold. Wow. There has never been a better time to look at protecting your retirement than right now. And you need to make changes right now with the instability in the world. Look at Patriot Gold Group. They are number one rated for seven years in a row with Consumer Affairs.
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You need to protect yourself. You need to contact them today before it’s too late. Get a free investor guide. They have the no fee for life IRA and 401. Contact them today 8833 00:14 31. Let them know that Dan from I allegedly sent you. Now to continue with the corporate carnage. The next one’s. Morgan stanley. Guys, yesterday, they just announced their earnings. Uhoh, think about this. Revenue for the company was down 27%.
27%. Less revenue at Morgan Stanley. The boroughs are walking by. 27%, guys. They lost profits down 9%. I mean, that’s staggering, guys. Stock is down. Everything’s down. A lot of us don’t use an investment bank, but these guys are completely off. And they’ve been complaining about how they’re giving warning signs and sure, yeah, they gave us warning signs. So Morgan Stanley’s off quite a bit. And again, the carnage, guys, the carnage here’s one that absolutely floored me, and that is Microsoft.
Think about this. Microsoft just got hit with a tax bill from the IRS. Think about this. $28. 6 billion, almost $29 billion in a tax hit that they owe. That’s what the IRS says now, oh, hey guys, just write us a check for the $29 billion that you owe us. Is that incredible? Now think about what this stems from. They made DVDs. What’s? A DVD? Dan exactly. Okay, 2004 to 2013, they sold their DVD manufacturing company to a company in Puerto Rico and basically took a huge loss and basically did it for nothing.
And they say, wait a second, did they just transfer this to another tax haven in Puerto Rico to avoid paying taxes? Or was this a legitimate sale? So the IRS says, no, it’s shenanigans. So think about this, guys. 2004, where were you in 2004? Where were you 19 years ago? Well, yeah, we were using dial up modems and we were doing different things as far as the internet was concerned, to say the least.
Okay, the internet, which was basically email at the time, it was very little. You could check your stocks, you could do certain things. In 2004, yeah, it was around don’t give me a hard time about that. But it sure wasn’t anything like it is today. So you had DVDs to download, microsoft Office and Word and all that stuff. Look at these peckeries right here. They look like nice pigs.
What they look like? So guys, again, the carnage. Another investment bank. The great thing about the article below that talks about this, it talks about how you have a tremendous amount of tech companies that have avoided taxes to the tune of think about this and that. They’ve had revenue that was done with these tax havens that was think about this, $900 billion, 960 something billion dollars was transferred with these tax loopholes to these tax havens.
Is this legitimate? Is it just a tax deduction or did they skirt taxes doing this? They anticipate that there was $165,000,000,000 in profit that they didn’t pay taxes on. Now when you hear these numbers, it’s just to hear. But you think about all these companies. Read the article because it’s awesome. And it covers all these different companies that were part of this. But man, Microsoft rise a check.
Hey, you know what, that’s the type of thing. Listen, if somebody owed me $29 billion, I’m going to swing by. When’s a good time to come pick up that check? Thursday. Hey guys, Dan’s coming over for his $29 billion. Yeah, you bet I would. Okay, mr. IRS is going to do the same thing. Let me know what you guys think about this. Here’s a few things that ring true to how the carnage continues.
Procter and Gamble came out and said, hey, look, we made all this money. Their stock price went up, we had a really good quarter. But their guidance for the future and the consumer, they’re saying, hey, the consumer is resilient, they’re buying stuff. But instead of saying that they’re going to increase sales by 4%, they said it’s only going to be 2% this year. So people are going to start spending less money on soaps and things like that.
But people right now have had to pay the higher prices with Procter Gamble. That’s why Procter Gamble made all this money. If you ask know, they had to buy the soaps. They had to buy the stuff, and they paid a lot more for it. And we’re all fed up with that. Inflation is killing us. Inflation is wiping out families. It’s doing all this damage to us right now.
And that’s the truth. I mean, it’s killing us. This is loaded with iguanas and you’ve got snakes and different lizards, and there’s another desert. Iguana there, but this is a cool place. Now, the other thing, builder sentiment, it’s at a ten month low. As interest rates go higher, these builders are in real trouble. People cannot afford to buy these houses. There’s a snake for you right there in the corner.
Go pet it. You first. So people are fed up with this as far as the construction industry is concerned. Man, oh, man. I posted that one picture of the new construction, how it was just a shambles last week, and this is awful. The quality of new construction is at an absolute low right now. It’s so terrible. I have people that write me about the complaints of their homes after they’re done.
Plumbing problems, electrical problems, sockets that don’t work, leaks, everything again. There used to be pride with new construction. Now there’s not. There really is not. It’s just a matter of turning the product as quick as possible. The next thing is Elon Musk. He said, I want to get rid of all the bots. So for any new accounts, it’s going to cost you a dollar a year to sign up for Twitter or X.
Now, and the advantage to this is that if you pay a dollar, clearly you’re not a bot that’s paying a dollar, because they set up automated ways to sign up for the account, automated ways to answer the two forms of authentication. And they got it through all that stuff, but not anymore. Pretty wild. There’s the cougar up there, up on top. So sign of the times, guys. Everything is off, but people are fed up with the inflationary spike that we’re going through right now.
Hey, buddy. Yeah. I’m going to finish this video with these last few stories. And remember when the government told us bitcoin is a scam? It’s ridiculous. It’s terrible. You know that the federal government is one of the largest holders of bitcoin. They have $5. 5 billion worth of bitcoin, okay? Mainly that they’ve seized from nefarious actors. But they kept it. They kept this junk bitcoin, okay? All you people that tell me I need to get into bitcoin, the federal government owns five and a half billion dollars worth of this junk, okay? Isn’t that wild? Wild, wild, wild.
Think about this one. The rental prices in New York are so out of control, the average person spends almost a half of their income on rent. How can you afford that? How can you live that way when half of your money goes towards rent again? What if something happens, man? What if something goes wrong and you got to have an expense? Half your money goes towards rent. And, man, I get a kick out of TikTok where they show people, send me the little apartments.
This one’s 286. It’s $11,500 a month. So there’s all that stuff that people are doing. Final story is a driver in Georgia. Savannah, Georgia. Connor cato was driving home on september 2, and he was speeding. Connor wanted to get home, and he did 90 in a 55 zone and got caught in one of those speed radars. And guess what? They sent him a $1. 5 million fine for going over the speed limit.
90 and a 55 zone. The traffic authority says we’re going to adjust the fine for mr. Cato because there was clearly an error in this that will deter speeding. $1. 5 million. Imagine this guy’s never made this money in his life, and he’s going to get a $1. 5 million fine for speeding. Please don’t forget to hit the like button. Please don’t forget to subscribe to the channel.
And onward and upward, guys. I will see you guys very soon. Join the email list. You want to get a hold of me? Hello@iallegedly. com? I will see you guys very soon. .
