This Untold Crisis Brought Down a Bank
Summary
➡ The holiday season is expected to see less spending and lighter sales due to a variety of factors; these include abundant, unsold inventory from previous years leading to price drops and fewer holiday job openings. In addition, consumers are spending more on travel than on merchandise, maintaining a focus on economic, budget-conscious decisions while navigating current inflation trends and instances where spending is lower.
➡ Dr. Marvin shared two stories: Kate Solowski unexpectedly had triplets, facing a $2 million hospital bill, sparking a social media discussion on healthcare costs. Furthermore, the average male life expectancy has dropped to 73, with women outliving men by six years on average.
Transcript
And now we’ve just found out why. And also we’re going to talk about the inflation numbers that are just fantastic. Okay? So please take a second. Please hit the like button. Please subscribe to the channel. And today we have a sponsor, Dr. Gundry, and I’ll cover him a little later. But first things first, guys. There was a bank, Citizens bank, that went out of business. And everybody said, oh, it’s small, it’s under $100 million, and we shouldn’t be concerned about this.
Well, the reason that they failed just came out. One thing that you’re going to see is with regional banks, they have a tendency to be involved in certain sectors more heavily than others. In other words, they may lend money to every different type of business, but they may be in one area more than others. Citizens bank was in the trucking space. They like to lend money to large and small trucking companies.
And with this, they would lend to basically independents. They would people that own one and two trucks, things like that during late 2018, 2019, even to 2020, start a business. You had all this COVID money that was out there that started in 2020, and it was like, you know what? You deserve to start a business. You deserve to be in something really good. And that is trucking. Think about it.
You can see the country. You can drive around, make a bunch of money, hit a truck stop, meet a bunch of irresponsible women. It’s going to be fantastic. And you’re going to be your own businessman, your own company, your own setup. The problem with this is that people realized as soon as they did this how expensive it was to be in that industry. If you are In California, they basically took the independent truckers and put them out of business with all the regulations based on the year of the vehicles that they had, based on different diesel requirements, different exhaust requirements, all these different things.
So, oh, I can’t drive into California. I can’t drive out of California, can’t go to the ports, all these different problems that these guys experienced. But what happened was everybody thought they were going to be BJ and the bear where they were going to go out and have this great life and be a trucker. And then they realized, oh, wait a second. Gosh, it’s a business and I got to make money and I got to make a profit.
Well, what we’ve seen is with life and with the world that we all live in. You’ve seen shipping go to nothing right now. You’ve seen too many trucks chase after too few loads. And the larger companies convoy yellow. All these places are going down for the count. What, do they just mismanage? No, no one is shipping. When you have ups and you have places like FedEx telling their pilots to go look for additional work, that is insane right now, guys, that they’re experiencing this couldn’t make any money.
So Citizens bank tried to shield this, tried to make it something that wouldn’t be a big deal. This bank was not a member of FDIC. Iowa bank and Trust had to take it over. But this is the truth is now out. But again, remember, everything is great. Yesterday we got the inflation numbers in and, well, we’re supposed to celebrate because inflation didn’t go up the way that they thought it was going to.
Who believes this? Who believes this? I won’t do another. Who believes this video, but you have to accept where things are at right now, which is Looneyville right now, because this does not make an ounce of sense. Believing that inflation is not bad right now. And by the way, food and fuel are not included in those numbers. So it was flat. So there was at zero. So that’s what the administration is talking about, our 0% inflation right now.
Who Believes that? Right now? Who believes that? Okay. You’re seeing business completely upside down. You’re seeing people go out of business left and right. You’re seeing every industry get affected other than my friends that are selling the negative, which is foreclosures. I have a buddy of mine that I talked to this morning that’s in the foreclosure industry. And guess what? Got some great news, Dan. We’ve doubled the number of people to do auctions.
Really? Yeah. We have more people to do. Know, we can turn houses faster. We’re going to be able to post more houses. We’re going to be able to get rid of the inventory faster, and it’s going to free up the company and make us much more profitable and much more successful. Why? There’s going to be more foreclosures. Yeah. Okay, guys, get ready for what is happening right now.
And what is happening is not good. Okay. You can believe whatever you want, believe whatever you want, but the damage has been done to everything, to every industry. I mean, this is the equivalency of a house burning down and people going, oh, we’re going to move right back in, okay? You don’t want to fix things yet. You don’t want to maybe get rid of that smell and get rid of the fact that your furniture is gone.
Why don’t you just go back in there, okay? No, people don’t want to look at that for what it is, okay? People don’t want to look at the economy for what it is right now. Well, Dan, everything’s dropping right now. Things are better than they’ve ever been right now. You’re starting to see gas prices go down. Okay, we’ll see how long that lasts. This is a complete mess, without a doubt, okay? But this company, this bank going out of business, you’re going to see more banks that are going to experience the exact same thing, but they’re going to be in different sectors.
Shipping is one of the ones that are completely upside down. But it’s a sign of the times that people are not sending things out right now. I was in the post office again today asking, hey, how’s it going? Is it getting buSier? No, not at all. Now people want to start shipping things early. People are making the recommendations. Don’t, I don’t think we’re going to have the demand this year, Dan.
Just don’t think it’s going to be there. So share your thoughts on this stuff, guys, let’s talk about our sponsor, Dr. Gundry. The legendary actor Chuck Norris has been in the entertainment industry for about 50 years now. He is in absolutely amazing shape and one thing he attributes it to is things that he’s done over the last few years. It’s a change in his diet and his exercise routine.
He has set up a website, Chuckdefense. com Dan, where you can see exactly what he’s done and you can see these differences. Now he has all this energy. This guy is in his eighty s and he is in fantastic shape and he has changed things in his diet. Even his wife has said that she added these different things to her diet and has made a huge difference and she feels ten years younger.
You’ve got to check this out today. But the legendary Chuck Norris has done things differently and it’s made a huge difference for him in his health, in his stamina and in his exercise routine. But take a look at forward slash Dan and see what he’s done and see if you can implement this in your life. Click on the link below and take a look at this video today because when I watched it, I thought it was absolutely amazing.
But it shows us exactly that age is just a number and you can do something about it. Click on the link below. Today. This is going to be the Christmas season to get yourself really good deals, and it’s going to take a little patience to do that. There’s a great article from MishTalk that I put below for you guys where it talks about five main things as to why people need to wait.
And again, people do not have the patient gene. I understand that they want a deal. They want it now. I want to buy a house now, even though it’s 30% higher than it should be. I don’t care that interest rates are going to hit 9% soon for some loans. And again, the stuff that you’re Seeing right now, you can sit there and say, oh, interest rates went down a quarter of a point last month.
Ridiculous, guys. Ridiculous. Okay, here’s the thing to think about. This is going to be the holiday season to save money with the long game. Okay, a couple of things to think about. Think about this. First of all, railroads are lighter than ever. They’re not shipping goods that they normally shipped in years past. Percentage wise, railroad cars are empty. Who thinks about that? Okay, last year at this time, we had all those railroad robberies that were going on around the country and everybody was talking about that.
But this year you’re going to see sales for the holiday season be up like they are every year. But they’re going to be in the lighter side, to say the least. So you’re going to have things completely off on the shopping season. Number two, stockrooms and inventory right now are full right now. People have already purchased things that have not sold yet. So you’re seeing deals on things that normally don’t drop like they do, like electronics and things like that that are just sitting there.
So you’ve got last year’s models and things like that that are already available that are again going to have to be dropped because they’re going to have the newer models, just like buying a car. When the new models of cars come out, you get a tremendous deal on the old cars. The problem with it is that people, again, don’t want to look at this, don’t want to wait for this.
They just want it now and they want the convenience of it, if you’ve noticed. The next thing is that there’s fewer holiday job openings. I know people that for the last 30 years of my life. Oh, wow. I cannot wait to go work at Macy’s. I cannot wait to go work at Nordstrom’s for their holiday help and get a job there because I make so much money. I get the employee discount, I get to buy things.
And those jobs are not there this year, guys. Just not there. There’s fewer job openings than ever. And that is a sign of the times. And again, business is off. Business is not what it was last year, two years ago, three years ago, especially when they were just throwing money at us. Okay, so people have a consumer cash crunch right now, which is great. It’s a great way to put it, because so many people are living on their credit cards right now, and as credit cards routinely are above 30%, people are using this to get by.
The other thing that we’re seeing is that you’re seeing more people spend money on travel, getting someplace than they are on merchandise. Okay? So there’s that. So, hey, why are people traveling, Dan? Why is that good still, it’s expensive to do this, and people are doing everything they can to do it as minimally as possible. So share your thoughts on this. And then the final thing that nobody wants to listen to, and that is bargain hunters have time, because if you’re looking for a deal, whether it be a high end purchase, whether it be electronics, kids toys, now, I know that the kids toys, they always, every year create the illusion that tickle me Elmo is going to be the hot thing this year.
And you’ve got to get that. And I think about when I was married and my children were very young, and we would try to get these toys and you’d have friend groups and things like that that would sit there and, okay, we got three of them. What will you guys pay for it? And the different things that we did, Teletubbies, all that stuff when they were real young.
Okay, it was crazy. But is that happening now? What’s the hot game right now that you’re going to go get in line for or go wait for? I don’t think there is such a thing right now. I really don’t. People are spending less money on this stuff and they don’t have the cash. But the people that are doing it are in for the long game and are just waiting and being very patient with this right now.
So what are you doing? What are you doing this year again? When I start talking about Christmas, people say, listen, the season is not about the gifts. It’s not. It’s not about this it’s about family. It’s about togetherness. It’s about your relationship with God. It’s all that stuff that’s important to life in general. But as far as consumerism is what we’re talking about in the business side of things, I know restaurants, that this is the first year that they have catering back.
Like, oh, my gosh, it’s great, Dan. People are having parties. People are doing things, but they’re doing it differently. Are they just going gangbusters? No, we’re going to top this party out at 30 people. We’re going to top the spending. Here’s our budget. Can you meet the budget? And more and more restaurants. I know three people have told me this. That’s the problem that they’re having. And again, you can sit there and say, okay, how do you feed 30 people for X amount of dollars? And it’s very difficult sometimes when you’ve got the room and you’re reserving a room, and people want wine and they want salad and food and dessert and everything like that, and then they want to do it for $3 a person just doesn’t work.
So you have to go out and look at everything economically right now and save as much money as you can right now. I’m telling you, the problem with that inflation number that we got is that there are people out there that are like, see, everything’s great. This guy’s an idiot in California. This guy’s stupid, okay? But my friend who’s a foreclosure guy is like, he’s got his foot on the gas, baby.
He is going full throttle right now, okay? But, hey, that’s just one business. It’s one guy’s doing good, okay? Selling the negativity. Okay? Remember that, guys. Remember that. I love all the stuff you guys send me. And look, guys, I got a real live bitcoin sent to me today, okay? It’s amazing. You know how valuable that is? What’s Bitcoin? It’s over 30 grand right now. Oh, my gosh.
So SK sent me this. He says he got it from Sam Bankman Freed, which I thought was hilarious. And again, not a real bitcoin. Bitcoin is not a coin. Anyways, he also sent me some cool stuff that was a form that you carry with you if ever get pulled over by a cop and what to say. And I’m like, oh, this is pretty cool. And also, if the police knock on your front door.
SK sent me something that I like. He laminated it for me so that if the police ever show up at your house, there’s something that you can say to where they just can’t walk in. And SK, I really appreciate that one because there’s no nonsense on this, but thank you for the stellar bitcoin. Okay. And again, I like, don’t use my name, sk, he’s Sk in Kansas. Who’s SK in Kansas? Okay.
So anyways, he’s an awesome guy. Thank you guys. But again, the PO box is below if you guys ever want to send me anything. We are hearing from more retailers talking about how they’re getting rid of self checkout. Costco, Walmart, Target, even Home Depot is talking about this. But there’s a great article from CNN below talking about, know, a lot of these places are fed up with theft and people are getting more and more, you know, installing these things that shut off the self checkout machines.
If they think that there’s theft happening and it just holds the lineup, it’s just an absolute mess when you have to deal with this. Speaking of Home Depot, Home Depot just announced that their profit is down 12% and their sales are down 3%. So sales are only off 3%, but the profit is down 12%. Again, there are twelve different comparables inside the Home Depot chain and seven of them are right where they thought they were going to be.
I mean, think about that when you break down Home Depot, do you think that there are that many different departments in those stores now? You can sit there and say, dan, of course plumbing is different than electrical. That’s not what they’re talking about. Read the article below. It’s kind of fascinating on this, but you’re seeing more and more retailers that are having problems with this right now than ever before.
And again, this is not the time of the year that Home Depot would be off. You don’t have the third quarter profits that they just announced. You don’t have that as an off market time. IT’s really OD that you’re having this. And again, it goes to the shape of where everything is at right now. Laura also sent me something that’s very cool and she sent me another list of Black Friday deals that I had never seen before.
So take a look at this. The link is below. But I love getting these circulars in advance because the thing about this, even if you don’t shop at like Best Buy and you’re looking for a computer and you can say, well, I want to see what the HP is going to cost me. I use this for comparison. I love to compare one place to the other and seeing what somebody else is charging for it too.
And compare, compare, compare guys. But take a look at this and if you have anything like this, send it to hello@iallegedly. com. That’s the best place for it. Okay. I’m going to end this video with these last couple stories. And I got to thank Dr. Marvin for these because he’s always contributing and always sends me stuff that’s economically based. And I really appreciate it. First one is Kate Solowski and her husband.
They went out and they got married in 2021. And surprised, they got pregnant a little sooner than they thought they were going to. And she thought she was going to have twins. Isn’t that great? Congratulations. Uhoh. Going to have triplets. Okay. Triplets now. She thought, two adults, two hands, the two of us, it’ll be great. They had triplets. Okay. The thing that went crazy is she posted this all over social media.
The bill to have triplets in a hospital was 2 million buckaroos. $2 million to deliver children. Hello. Okay. Now, back in the day, Kate would be working on the farm. She’d have her kids and be back out in the farm. $2 million, guys. Okay. Again, can’t stop that story that Dr. Marvin sent me. And this is great. The average life expectancy for a man has dropped to 73.
Right now we’re getting eaten away. Women live six years longer. That’s why you’ll always see in the obituary, survived by his wife. Survived by his wife. Survived by his wife. Even if you’re not married, they put that in there, the obituary for you. Up. Survived by his wife. Okay. Anyways, so people are dying younger right now. Isn’t that awful? Okay. Survived by his wife. And she’s out spending all the dough having a party.
Okay. And they lived in their early eighty s. Okay. Share your thoughts on this stuff. Eat healthy, be nice to people. Don’t forget to like the video. Don’t forget to subscribe to the channel. And if you want to join the email list, click on that link below. If you want to email me anything, it is. Hello@iallegedly. com. Onward and upward, guys. I will see you guys very soon.
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