Summary
➡ JPMorgan Chase was fined $448 million for not monitoring billions of dollars in foreign transactions. Meanwhile, many businesses are struggling, with 43% unable to pay their full rent last month. People are borrowing heavily to survive, creating a dangerous cycle of debt. Additionally, there are concerns about the future of the economy, with some suggesting that gold may be a safe investment if the value of the dollar decreases.
➡ The text talks about the high costs of replacing old houses, some built as far back as the 1940s or 1819, with modern constructions. It highlights the challenges of insuring such properties. The speaker also reminds listeners to like and subscribe to their channel, and provides an email for contact.
Transcript
Check out the video description below today because you’re going to want to read this. And plus we have a sponsor, Patriot Gold, and I’ll talk about them later. But first things first. We have talked, you know, incessantly for the last year about the problems with the insurance industry and how they’re cutting people off and making all these changes. Well, here’s something that people don’t know about. And it took me to get an article from insurance journal which nobody reads. Nerds in insurance don’t even read this thing. But what they did on February 7, Fannie Mae and Freddie Mac issued a new program and said it is mandatory that if anybody has insurance that backs one of their mortgages.
Listen to what I’m saying. This is very important. If you have a Fannie Mae or Freddie Mac loan, which is 70% of the country, okay, has these loans, you have to have a homeowner’s insurance policy that offers full replacement on any repairs and replacement on the house itself. Full replacement. Think of how much that will cost. Okay? Now think of the last year. And I think about myself, all the shenanigans that I have been told about people where they had drones fly over neighborhoods and they canceled policies. Hey, your roof looks like it only has ten years left to it.
We’re canceling your policy. Do you want to know why? Because of this. This is going to kill real estate. Because what they’re going to do is they’re going to say, you have to get insurance. It’s going to make it completely unaffordable to where you’re going to have to get rid of these homes. That’s what’s going to happen. So the fact that people can’t pay their bills, I put that to the side right now. The fact that your business is drowning in debt and you’re borrowing money just to make payroll, put that aside. You will not be able to get an insurance policy on this.
Now, spoke with a contractor friend of mine today who does insurance work, and he says, Dan, this doesn’t make any sense. I said, no. This was issued on February 7. And then it was made public and started getting traction by the independent insurance brokers. Read the article on in April, middle of April. Well, wait a second. Dan, think about this. He’s telling me a project he’s working on right now for the insurance companies where they don’t want to replace the whole roof because they had a leak. So just replace the part by the eve. Just do this.
Just do the fence. The fence had part of it fell down, but the footings were never done legally because the idiot homeowner didn’t know how to pour a footing. So he has to replace the footings just by the gate. That’s all they approved. No, no, no. Replace it all. Replace everything. Okay? Now, here in California, you have people that cannot get homeowners insurance. So you have to go to things like the fare program and get yourself insurance. What’s going to happen is that you get minimal coverage. You don’t get full replacement coverage when you have these insurance policies.
It’s done. These people are finished. And what you’re going to see happen is you’re going to see homeowners that will not be able to afford this insurance. This is going to happen. But you’re going to see houses have to be sold. You’re going to see the fact that, you know, the insurance agents are starting to file lawsuits, but they’re acting like they were blindsided by this. You don’t think that over the course of the last year, when we’ve seen all these cutbacks and all these changes and all these slow plane of claims, you know, a year ago, I had my late girlfriend’s car, catalytic converter, stolen out of her car.
Got it fixed. They did it in ten days. Fantastic. Drove it and made mistake of parking the car in front of the house again. Okay. When I got it back, and in less than, you know, a week later, they did it again. Stole the catalytic converter out of it. Were probably laughing their asses off when they did that. But the point was, the second time took three months to get the car fixed over and over and over again. My insurance man, who worked at State Farm, had problems with State farm. And I’m like, why are they canceling you as an agent? What’s going on with this? Well, one big problem that they called me in for, Dan, was that I was fighting for the insured.
I was saying, hey, this is ridiculous. The values that they’re issuing on the cars are too low. The value that they’re issuing on these home repairs are ridiculous. We, you know, you guys need to pay the fair value of what this stuff is. You got to stop doing that. You work for us. You don’t work for the insured. And he said, wait a second, I don’t work for you guys. I’ve built my life on building my clientele. By the way, this guy worked for me when he was a child in high school, okay? And I always thought, wow, what a sharp kid.
This guy’s gonna end up being something in his life. And sure enough, became a very successful insurance salesman. Okay? Now that guy loses his state farm office, take his book, pay him off, get rid of him, have a nice day. This is just the beginning of this. But if you don’t think. Think about the replacement cost of a house. Now, when you stand in front of a $6 million house, it’s a little different. The insurance is a little different. The loan’s different. Everything’s different. But if you don’t think that the average homeowner. Think of all the houses that your parents own, your grandparents, all those old houses that are 50, 60 years old that really aren’t that old.
But let’s face it, that kitchen’s a mess. You know, the. The backyard, you know, they had a flood. It was damaged. Imagine the full replacement on that. Okay? We’re not going to pay for that. From now on, you’ve got to have full replacement coverage. How about these people in Florida right now? All the homeowners association problems that they have? How about that? That’s why everything’s going through the roof. It’s an absolute charade. It’s an absolute scam that we’re being set up on. But this, this is the thing. This is the death knell in real estate once and for all.
Because come June 1, it’s June 1, when this kicks in, you’re going to have to have full coverage on your policy. And you can sit there and say, well, everybody should have that. They should have that. But when you talk to the contractors and you talk to everybody else, they cannot replace everything on a house. Too expensive, and it’s going to be the end of it. So let me know what you think about that. But that’s just the beginning. And again, we’re supposed to believe that everything is great right now. You know, it’s not. Get ready for this.
Get ready for what is coming. Prepare yourself financially. Prepare your home. Prepare your security, prepare your family. Get everything in order. Make sure you have supplies, make sure you have food, make sure you have water. And one thing that I am very proud of is my friends and family members. Look what we got stored. And they’ll send me pictures, they’ll send me different things. And then, well, we have it hidden so nobody can find it. That’s the way it should be. Stack in private, okay? Let everybody know that’s what they should be doing. Don’t tell people what they have.
Protect yourself. Okay, be ready. Let’s talk about our sponsor, Patriot Gold group. You’ve heard all the warnings. Central banks, countries, a rich individual. Banks themselves are hedging their bet against a down stock market by adding gold to their arsenal. You need to do the same thing. Call Patriot gold today, 888-330-1431 and get a free investor guide. They also have iras and 401 ks that are backed by precious metals that you control. Call them today. You know, this government is completely out of control. They are in debt to the tune of over $34 trillion. It’s going up right now and you need to protect yourself.
So call Patriot Gold today, 888-330-1431 let them know that Dan from I allegedly sent you. But get a free investor guide. Find out if it’s right for you. But contact number one rated Patriot gold today. And also to your point, they know, like, I might not play. Do the rich ever get penalized? No, not really. Okay. JPMorgan Chase, they had a problem where they were not monitoring foreign transactions to the tune of billions of dollars, okay? So they got hit with a fine. And the idea with the headline is they got fined $448 million for this by an unknown agency for not moderating these foreign transactions.
You and I would be in handcuffs and in prison, okay? Long before we did billions of dollars in these trades. So with that being said, what you’re seeing is a $348 million fine plus $100 million penalty for the slow pay. So $448,448,000,000. I wish it was 448 billion. That would be a better story. But again, ridiculous. The average business right now is hurting in a big way. And I get people that write me and say everything’s fine. My business is killing it. And then I start asking questions. What city, what county? What do you do? Dead silence.
Okay? I like the people that come back and tell me what they’re doing and how they make money and what’s doing well right now. What’s doing well right now? That’s not, you know, that’s not, you know what is? You know, food restaurants, every restaurant’s hurting right now. You are seeing coffee get clobbered right now. People are not buying coffee. Now. You can sit there and talk about Starbucks and how it’s $6, you know, a cup of coffee. That’s insane. Okay? But the average business. Think about this. 43% of the average businesses last month did not pay their full rent, okay? Adding to the stress of the economy.
And these poor people, they cannot earn a living. They cannot sell enough to make it. The most stressful thing for a small business is the inability to make payroll. And you have more people that are borrowing from Peter to pay Paul and the rest of their employees. It’s happening that way over and over again, and it’s absolutely horrific. But 43% of all businesses, when you walk in someplace, the nail salon, the hardware store, you know, the car mechanic, odds are 43% of those people are not making the rent payment right now. That is. That is catastrophic, guys.
It is absolutely end of days when you hear about this, but people are going out and they are borrowing like you wouldn’t believe, just to get by, which is a mistake. It is a debt cycle that you don’t want to get on. It is a. It is a hamster wheeled of death, okay? That’s the only way to put it. Do not borrow. To do this, you’ve got to fix things. And unfortunately, people are going to lose their jobs during this time. Businesses will close during this time. You’re seeing more and more restaurants, like, for example, here in Newport Beach.
I keep getting stories sent from local people. This place went out of business after 18 years. This place went out of business after eight years. Couldn’t renegotiate the debt. That’s what’s happening on a weekly basis right now. Why is that? Are these just. These are all the bad business people, Dan. These are all the people that are stupid and don’t know how to run a restaurant. Oh, yeah. One person for 18 years didn’t know how to run the joint, and now this is what’s happening. Governor Newsom here in California just issued a mandate, and it’s got people furious.
And this mandate is that all the state employees have to come back to work in the office full time or they won’t get all their benefits, they won’t get all their pay. And these are union people, too. So they’re furious. They’re like, wait, you can’t do this. We only have to work three days a week. Now, here’s the best thing. I had lunch with a buddy of mine who’s retired from the county and the stories that this guy tells about people working on our dime for us, where the guys went to strip clubs at lunch and ate for 3 hours, they would sleep in the car.
They’d clock in and go to the car and go to bed. And this guy just retired. Okay, so not everybody’s working that hard for the state, especially this state where you’ve got pothole problems and crime problems and everything else. I’m not talking about the police or firefighters because they’re outmanned and outgunned. And they need, we need triple of what we have right now. So let me know, guys, what you think about this so far, but where does it end? Okay, you know, go back to work, guys. No, I’m more effective from my house watching, you know, Mori reruns.
Okay, let me know. And plus Dan from my allegedly is on too. I got, he’s got a new video today. I gotta go watch that. That’s okay. That’s where you’re allowed to do that. Okay. Let me know. Everybody wants to make sure they’re protected. And one thing that was sent to me by Doctor Marvin was there’s a group of cardiologists that want to unionize. And when you read the story, it’s like, are they not protected? Well, what about physician employees that work for big medical groups? We just had another two hospital chains go bankrupt this week, this week alone.
So are they protected? Do they have jobs? Will they stay afloat? You know, something to think about. One thing that’s very fascinating is you’ve got Bloomberg just renewed its lease, a 731 Lexington. It’s basically the largest lease that’s been signed in 2024, and the lease is for 946,851. Again, they’re celebrating this. Bloomberg’s not going to leave. They’re going to stay put. Okay. Like you think they would get up and just move. Okay, so 946,000 sqft. I’m sure they got a tremendous deal on it, but nobody wants to look at that. So, you know, one thing that’s been talked about a lot, and Peter Schiff covered this really well, is what happens if we, we have a central bank digital currency.
What happens to the price of gold? And if you look through history, if they ban the public from owning gold, the price just skyrockets. So, you know, when you look at executive order 6102 back from 1933, and you hear how they called all the gold and bring it in, turn it in, the price literally shot through the roof. What’s going to happen. If the average dollar is worth nothing, you’re going to see gold shoot up. But Peter did a brilliant job covering this, and I’d love to have him on the show someday. But take a look at that article because, you know, you got to protect yourself.
You got to protect your family. But having gold seems like the thing to do. I’m going to finish this video with a few stories, but I love stuff from CNN that makes no sense. Can I just get a kick out of it and think that they’re a clown show, clown news network. Anyways, one thing that’s funny lately is they’re talking about, hey, people have spent all their pandemic savings. And think about this. People were given $2.1 trillion and it is gone, done, finished. So what are people doing? They’re borrowing to the hilt. People have more debt now than they’ve ever had right now.
And CNN is saying, well, what happens next to the consumer? You guys have a real problem unless you start a business or completely turn your life around financially, or you can negotiate your debt, which I’ll talk about in a later video on how to do that. People are finished, okay? People are going to be on the treadmill of debt, and they’re going to have nothing but problems with this. Another polarizing figure is Warren Buffet. Either people love that guy or they hate his guts. And one thing that Warren Buffet said, it’s nice to walk in front of multimillion dollar houses and have the planes fly overhead.
One thing that Warren Buffett, one thing that Warren Buffett said was the only way that they can fix the deficit is to raise taxes on us peasants, not on people with, you know, $90 billion in cash. But the rest of us just raise, you know, raise taxes on us. Okay? That’s it. That’s the only thing to fix it. Final, final story. Remember Elizabeth Holmes? She’s such a good person. She’s the one that started Theranos and had that huge crime, you know, that she just misled everybody. Well, she’s a model prisoner, and in 2032, she gets out of jail, but they just shortened her sentence almost about five months right now.
So she gets out instead of December 3022, it’s now August 2032. So we got that to look forward to. So again, guys, share your thoughts on all this stuff. Please don’t forget to hit the like button. Please subscribe to the Channel Comment share this video but remember, I’m telling you this right now as I’ve had more contractors call me during the filming of this video saying that this is insanity. Because all the insurance companies do is Chisel, Chisel, Chisel, Chisel, and cut them down as much as they can. And by doing that, it makes it so that they don’t want to pay full replacement on anything.
So now you have to get full replacement. So if your house gets ripped down, and here’s the thing, walk on the island right now, and you have all these beautiful homes, but you get the house that was built here in the forties, okay, 1940s, and grandparents, pass it down, pass it down, pass it down. You get that insured management replacement cost for that. What, are you going to build me a $6 million house? Now, think of the construction, how it was built. My late girlfriend’s parents had a house that was built in 1819. 1819, okay. Imagine having to replace that to the current standards.
Okay. Remember, it’s a joke. Please don’t forget to hit the like button. Please don’t forget to subscribe to the channel. And I think I already said that. Onward and upward, guys. I’ll see you soon. Email me@hellojudly.com. Thank you for being here..
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