➡ Dan discusses the global concern and distress over the current economy. People worldwide are worried about sustaining their jobs, wages, rents, and rising food prices. Examples of economic strain include Norway’s wealth fund loss of $34 billion, inflation and insurance hikes in California, and foreclosures on high-end properties. Large corporations, like General Motors, face possible bankruptcy due to ongoing strikes, indicating additional issues in the economy.
➡ The text discusses issues with digital banking statements, credit line reductions by American Express, problems regarding homeowners insurance, Elon Musk’s troubles with self-driving cars, issues with General Motors robotaxis, criticism of Jerome Powell’s leadership in monetary policy, the potential end of the 6% sales commission for houses, and disputes about unfair utility bills.
➡ The text discusses the necessity of being vigilant with digital statements, the implications of automatic bill payments, a cyberattack on Microsoft’s Active Directory, housing market challenges, Taco Bell’s ownership of “Taco Tuesday,” the story behind 1800 collect, and the closure of certain Rite Aid stores selling Thrifty ice cream.

Hey, it’s Dan. Welcome back. You’re watching I allegedly and got a good one for you today because it’s the economy, stupid. It’s just that simple. And before I get into it, I’m up at the ecological reserve, and I love walking up here because it’s all peaceful and there’s a ton of places to walk, and there’s miles of trails up here that I seem to always find something new.

But please, like the video, subscribe to this channel. And today we have a sponsor Belly Trim XP, which I will cover a little bit later. But let’s get right into it. So many things are going wrong in the world right now. And the one thing that was done in the UK was they did a survey. And the survey is below. You can take it yourself again and answer all the questions.

But, hey, what do you guys feel is the problem with the economy right now, with the world right now? What are you most concerned with? And what I’m most concerned with is the economy. And people are concerned about their wages. They’re concerned about their rent. They’re concerned about their mortgage payments. They’re concerned about keeping their jobs. They’re concerned about food prices. They are concerned about absolutely everything. So what they don’t want is more foreign aid and the money to know splashed around the world and not taken care of.

Now, here’s the beauty of this. This was a UK survey that was done, and then when you look around and you start reading all this stuff, it’s not just the UK that they’re concerned about. It’s Norway. Let’s go to Norway. Norway, their sovereign wealth fund just announced it’s the world’s largest sovereign wealth fund just announced that they lost $34 billion. Okay, I guess things aren’t that good. And again, everybody cares about the same thing.

Everybody that writes me in Canada cares about the same thing. Everybody in the UK, south America, here in the United States, it is exactly the same thing. They want to have a job. They want to have a wage. They want their children, their grandchildren, and everybody that they care about to be comfortable and not to stress over money. And what is frustrating is, with everything that’s going on and all this money being given out all over the place, it’s like, what about the issues we have here? And I’m like, Gosh, when are people going to finally say this? But this survey dealt with that.

Now you can sit there and you can talk about how everything’s great and everything’s perfect in the world and real estate prices are going up wherever you’re at. Man, oh, man, where I live, you are seeing a lot of high end properties. And I’m talking about things above $2 million that are actively getting foreclosed upon. And the thing that I learned about this is that when you have an FHA or a Fannie Mae loan, there is a limitation on what somebody can charge for a foreclosure.

When you have a private investor, they can say and put it in the loan docs that they can charge 1% or whatever when the loan defaults. So you have some of these high end loans that the lawyers are freaking out over to get paid to go after these people and to collect these homes. Because the lawyers could make $25,000 to process paperwork. The posting company, like my friend Doug, you could make $2,000 to post a house where he would make normally $165 to go do that just crazy.

I’m getting the wind as I walk up these stairs. But there’s a lot of different stairs. Very cool place. It’s just very nice. And it’s miles of the stuff. So everybody’s upset with that. Now, here’s the thing. California people are fed up with not being able to insure their cars. In California, the average car insurance went up 50% in the last two years. 50%. Well, inflation is at 3%, isn’t it, Dan? No, it’s not, guys.

And if you can get homeowners insurance, it’s gone up an average of 40%. So terrible, guys. Absolutely terrible. Wells Fargo bank, their original headquarters had one. Wells Fargo in Charlote, North Carolina. The building is beautiful. 42 story building. It just defaulted and went back to the bank to the tune of $157,000,000. Now, it doesn’t matter right now. Here’s what you’re going to see when I talk to all these commercial lenders.

Now, it might as well be $157,000,000,000. It makes no sense. These buildings, some of them have zero value now. Some of them are an eyesore and will only cost banks money because the developers are just walking away from it. They walked away from a building right now in Charlote, North Carolina. Think Wells Fargo was in some downtown dump? No. Read the story below. It’s beautiful. But the point is that nobody is renting office space right now.

No one is doing that. People want to work remotely and you’re going to see a major shift with everything. And again, what do you do? How do you make money? How do you live through this time if you don’t have a job and if you don’t have employees going to the office? It was a great story about Facebook and salesforce, about how they’ve laid people off for the last two years.

Then they start surveying those people to say, hey, would you go back to Facebook? No, they dissed me. I had to eat Top Ramen and I was broke during that time and they want me back. I would go to any company in the world but Facebook or salesforce. I’m sure you’re going to find that with a lot of people right now because people hate being know. Again, this is a very interesting time right now because right now we’re seeing a lot of people that are having problems.

You’re seeing a lot of issues with the UAW strike. Here’s the thing. General Motors just said that they will not be able to do their one year guidance as far as where the company is going to go and where it’s headed. Yeah, I’ll tell you where it’s headed. It’s going to be bankruptcy if they continue. The UAW just added another location. I should have it memorized but I don’t where they’re at.

5000 more people are striking. They just ordered that. Again. Crippling. Crippling. General Motors. Right now. But once again, who’s going to buy these cars? Who’s buying new cars right now? You could only squeeze people so much before it’s done. Okay, well don’t worry, we’ll make them pay. Okay. We’ll see if they will see if they have the money. So it’s going to be very interesting because all these companies are having trouble and the strike is going to continue.

People can’t afford insurance. The insurance companies are cutting back. Just going to see problem after problem after problem right now. So show you guys this place. It’s kind of beautiful up here this morning. Nobody wants to admit the politics of the world. A lot of people don’t care about it. They really don’t care about the horrific things care about that. But they want their family safe. They want the police safe.

They want their schools to be okay. People want that. People want a job and they want security and they want to be able to pay their bills and not have their utilities go through the roof. I get so much email and content sent to me about all these different companies that are going to raise energy bills between now and the end of the year. It’s going to be awful as I walk through Southern California.

We don’t worry about it. We don’t worry about it getting cold at all. It was funny. It was super overcast this morning when I first started and I was in a restaurant, some guy walked up. He goes, yeah Dan, always look forward to you filming in the wintertime when it’s sunny outside because everybody’s complaining about how cold it know around the country and stuff. So we’ll see that.

Okay, but share your thoughts on this stuff so far. And again, what do you think? Again? I think it was Bill Clinton that said that. Bill Clinton, Billy. Okay? The economy stupid. Let’s talk about our sponsor, belly Trim XP. Let’s face it guys, the numbers don’t lie. People are heavier than ever right now. They anticipate that 75 million Americans are overweight right now. 40% of those people are considered obese.

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Use the link below and get yourself some belly trim XPay that got from you guys in the last day. Very interesting. The infamous L sent me something that all of her banks, every single one of her banks is telling her that she has to opt out of having a paper statement, that she has to go with a digital statement. I am telling you guys, you get busy, you go, you open your mail.

At the end of the day, you read those paper statements. I am a firm believer in the paper statements, guys. I really, really believe that. And they don’t want us to have paper statements. They want us to be in the digital statements. Oh, I’m sorry, you didn’t dispute this fast enough. Ridiculous. Okay, so do whatever you want. You can tell me I’m wrong all you want, but Elle is finding this to be a real problem with her banks.

Now, Ivan sent me something that’s great, and that is from American Express, where Ivan, who’s a successful guy who has never been late, never had a problem with American Express, and American Express just says, we’re reviewing your account to lower the credit line that you have with American Express. Now, some American Express cards have spending limits on them, some do not. But they’re going to start doing this to more and more people.

And I’ve heard more and more people have this problem. And again, right before the end of the month, one thing that you should always do is take a look at what the spending limits are on your credit cards. If you have cards that are paid off, spend $10 in your card so the card is still active because you’re seeing more and more people write me and saying that the card was dormant and they shut the card down.

So don’t let that happen to you. State of California wants to try to fix the insurance debacle when it comes to homeowners insurance, and they want to have fixed rates for homeowners insurance. Now, my insurance man, when I called him about this, he says, Dan, the state program called Fair is anything but fair. He says it’s outrageous. It’s expensive. You get horrible coverage. They don’t pay for things.

When I called a Fair agent a couple of months ago to ask him questions about this, the guy was a jerk. And I don’t think you’re interested in really buying this house. I think you’re just trying to pump me down for information. Well, I was so have a nice day. But it will be interesting because more and more states are going to have to do this where they’re going to have to offer incentives and different discounts for people to get insurance.

But the state handling homeowners insurance is not going to fix anything. It’s not going to speed anything up, that’s for sure. Now, two things elon Musk has been subpoenaed about his self driving cars. Now, you know, I’ve made it clear they hate Elon Musk lately, and they’re trying to do what they can do to give him grief. And I thought, oh, that’s kind of interesting, the timing of them doing this.

Everybody always tells me, I go up on this side to watch for rattlesnakes. That’s always nice. Anyways, nice. This is up here, just beautiful. So the self driving things is something that they want all his data on, and they want questions answered. And I’m sure he’s got issues because one thing that they’re suing him for right now and that he has a Justice Department investigation is Tesla has said, hey, our cars get 220 miles per charge.

And people say, hey, I’m getting 180 before I have to recharge. And yes, this creates huge problems for people that they have to go out and have to recharge. Man, oh man, the time to charge those vehicles is crazy. And you could be doing other things right now than charging your vehicle. But that’s just me. So there’s that issue. Now, the final thing that’s fascinating about this is the robotaxis, General Motors robotaxis.

This is a huge problem here in Southern California because in the San Francisco area, they just shut this down. The California Department of Motor Vehicles, the DMV here said no more robotaxis because of people’s public safety concerns. All the issues that they’re having, all the stuff that they’re showing people with accidents and hitting things, putting a cone in front of a vehicle that stops it and makes it so it’s not going to move, has created a lot of problems.

And it’s just going to be a matter of time until they get rid know these cars. Will they, they will the know start again? Who knows. But again, every time I mention this and you can read the stories below, it’s not Dan making this up. There’s issues with this stuff, guys, right now. And when there’s issues like this, it’s public safety. So again, how do you insure this stuff? How do you ensure it just like the self driving car, the helicopter that somebody said, yeah, it’s not a car, it’s a helicopter.

And how do you insure but self driving? You know, are they going to sue Tesla and General Motors for this? Who knows? So let me know what you guys think about this so far. And does anybody think that there’s going to be good state insurance? They’ve talked about this in California, giving free health insurance to everybody. And it’s been ridiculous because it’s just so outrageous and so expensive.

I love Peter Schiff. And Peter Schiff has a great article from Schiff Gold in the video description below, talking about the one and only Jerome Powell and how Jerome Powell isn’t qualified to be in any economic club, let alone run an economic club. Well, I thought Fed was bigger than an economic club, but what he’s talking about? How Jerome Powell is an imbecile, and Jerome Powell is leading the world right now.

And if you don’t think he’s in charge of everything, you’re kidding yourself. So Jerome Powell’s dictating financial policy and the world’s credit and everything, and globally, it’s affecting everybody globally. Now, the 6% sales commission for houses may be a thing of the past, guys, you’re seeing a lot of people that are upset with this. There is a National Association of Realtor lawsuit right now. There’s been a couple of settlements already, but this is one of the things that when you go and you list a house, oh, by the way, you’re going to pay the buyer’s agent.

So think about this. Let’s use your $400,000 house. Six times four is $24,000. You’re going to pay $24,000 of the value of your house to somebody to put a sign out in front. We do a lot more than that, Dan. There are some realtors that are great. There are some that are not, some real estate agents that are good and some that are not. But everything’s negotiable, guys, right now.

But to sit there and have the seller pay the buyer’s agent, man, I’m telling you, you’re going to see a lot of people to sit there and say, this isn’t fair. I don’t think that this is right, and it’s going to be a thing of the past. I think you’re going to sit negotiated down a little bit. I’m tired of walking upstairs. I’m going to go this way.

Stephen from the UK sent me more email, which is great. And that is Brian Ledbetter takes care of his parents and is barely at his house and got a 12,000 pound power bill. And they said, oh, no, it’s you. You did this. You ran it. Now, here in California a few years ago, you had a lot of people that were stealing power, stealing water, stealing different utilities from people because they knew they weren’t there.

So they made this guy pay 400 pounds a month until he paid it off. And guys, no, if you get a bill like that that you’re not happy with, I know someone that died, okay? And they said, oh, whoever lives in the house right now is responsible for this bill. And the people are like, okay, yeah. How much is the electric bill? It’s $1,800. Really? So I got involved in it, and I said, you guys are out of your mind.

How are these people responsible for this dead person’s bill? Because they had access to it and they had a financial gain from living that? They don’t live here, never lived here. They’re here to help her now. Here to help with her estate now. But you’re going to stick the bill with her. No, well, that’s not how it works. Somebody has to be responsible for this because the person has passed.

Okay, well, how about if they set up new service and you waive the old fee? No, we can’t do that. Yes, they did. They ended up doing that. So don’t take stuff like this. Guys. Fight things like that when you get this. So the thing that, again, everybody thinks they live on an island, and this big bad world is a big bad world. This big bad financial problems happen to everybody.

And I don’t care where you live. There is injustice and unfairness everywhere. That’s the thing you have to understand. And if you accept that and you know that, then you’re going to be on guard. But again, this is why they want a digital statement. So you go, well, we sent it to you 45 days ago. Yeah, but I didn’t open it. I didn’t open the email. I didn’t know I had a $12,000 electric bill from you.

Leaves. As they get more desperate, they’re going to charge you more. Be ready for things like this. So has anybody ever been hit with anything like that? Because I have, and I fought it, and it’s crazy. The other thing is that if you have automatic payments on your utilities and things like that, I know somebody that had automatic utilities and paid they were almost $1,000 ahead on it.

And then when they contacted the power company, they said, oh, well, we want to refund of that. No, we’ll just refund your service. Well, it will take three years to work through that based on $48 a month share. Your thoughts on all this stuff so far, guys, I’m going to finish this video with these last few stories, and the first one is Microsoft’s Active Directory, their brand new directory.

It took less than a day for it to get hacked with a ransomware attack. One day. One day. Okay, again, guys, get your VPN. I’ll put the link below. Virtual private network. You don’t want your data stolen, okay? It’s that simple. They anticipate that if you bought a house in the last year or two, there’s a great story below. And this is the first honest story I’ve seen in a long time where it could take ten years for you to break even, because there’s a lot of people right now that are already upside down in their houses.

Ten years? Where are you going to be in ten years? What’s your marriage look like? What’s your job look like? What’s your business look like? Your health ten years from now before you can sell that house? Is that awful to think about? That’s terrible. Taco Bell owns the right to Taco Tuesday. I’m going to finish the story with these last two food items. Taco Tuesday. Isn’t that crazy? I didn’t know that.

And they finally had the final holdout that was fighting that agreed to give in. It was a small taco place that had the rights to that. And again, they must have been paid off to give that up because I wouldn’t give it up to save my life. So great story. Remember 1800 collect? Remember that? I knew the attorney that negotiated the 1800 collect deal. And what it was is you could go to a pay phone, you could dial 1800 collect and it would say, what’s your name? And then you could punch in the phone number, and then it would call the person says, collect call from Dan.

And you could do that. Now, the beauty of this was that he had a big allowance that he could pay people for this. And one group, these people back east. You want to buy my 800 number? Sure. How much? Well, we’re thinking about 20 grand. I don’t know about that. Settled for $26,000, which is a lot of money. At the time. This was the now flash forward and early 90s flash forward.

The next people, because there were two of them across the country that had 1800 collect. They were basically regional. The other hillbillies said, what are you talking about? They owned a general store. And the 1800 collect people that own the general store held out for some real scratch. Okay? So it wasn’t like taco money. I’m sure that they got real money. And then the final story, which is very sad, is that Thrifty ice cream, which is in the Rite Aid stores, it’s 165 stores closing.

It looks like 111 of them are going to be done, and you’re not going to be able to get the Thrifty ice cream with the big plunger in there. So it’s kind of sad. So for those of you that when I was a kid, okay, it shows how old I am. It was a nickel to get one of those scoops of ice cream. We would torture the ice cream guy because we’d walk in there with a dollar with four friends and get 20 ice cream.

Okay? Yeah. The fun stuff you could do, okay, remember, it’s the economy, stupid. Okay? Don’t forget to hit the like button. Don’t forget to subscribe to the channel if you want to email me. Hello@iallegedly. com. Onward and upward, guys. I will see you guys very soon. I appreciate each and every one of you being here, and I will see you around. .