Which Bubble Will Burst Next?
Summary
Transcript
A lot to cover today, lot to cover the economy. And don’t forget to like the video. Share it with everybody. Join our email list because we have a cool announcement coming out and an email is going out in the next day. So first things first. In the last 98 years, we have seen the stock market go up 37 of those 98 years. And they are talking about how this quarter we saw the stock market at, you know, an all time high for a quarter.
It did better this quarter than it’s done in any other quarter in history. And you can call it anything you want. You can call it a melt up. You can call it, you know, you know, you know, exuberance in the marketplace. Experts have said that this is not supposed to be happening and that it is shocking. And a lot of people don’t want to hear that. They just want to hear that it’s great.
But do you think it’s going to fall at some point? Seriously, are we just going to see it continue to go up forever? Barbara Corcoran was on the news shows the other day talking about how as soon as they drop interest rates a quarter of a point, you’re going to see real estate take off. I don’t think so, guys. I just don’t, I’m really in touch with these banks right now that are seriously talking about the problems that they have and the inventory that they have and the commercial inventory.
And we are seeing so many places go down right now. So again, stock market’s doing great. Gold’s doing great. You guys should invest in gold right now. Okay? Been telling you that for a year now. But anyways, what do you guys think? You think it’s great? The Dallas Fed steps forward and said that we have serious problems with manufacturing and that the manufacturing numbers are off completely. Now wait a second, if we’re doing so well, but we’re not making anything.
Okay, that’s an issue. Or is it an issue? You know, I mean, I’m going to get people that are going to write me and tell me that, you know, manufacturing is on its way up and that we’re doing good. And then you have things like this shell station. Shell stations that just announced they’re going to close 1000 shell stations across the country over the course of this year between now and 2025.
But you’re not buying gas anymore. Well, no. We also want to convert some of those to EV stations. Okay. Some of those to EV stations. So we’ve talked about the EV cars and having them forced down our throats and everything, but is that going to do it, guys? Is that going to do it? Now, the one thing that you can’t deny is that we have had a tremendous amount of layoffs that have been announced over the course of the last year and a half.
Okay. But especially in 2024, the layoffs have been just taken off right now. Now with that, we just found out that our job numbers have been overstated as far as the number of people employed by $800,000. By 800,000 people over the course of the last year. Oh, okay. That’s a problem, guys. Or is it a problem? You know, and again, the fear of heights. Everything is great. It’s all good.
Or is it okay? Or is it. So I’m telling you, guys, I just. I’m shocked at how. How things are. I’m shocked that everybody, you know, either you are in the camp that you think that the sky is the limit or you don’t. Now, the thing about this is that when you see service companies that do something as simple as haircuts or women getting facials and their hair color and things like that, and you see that people are cutting back.
It is crazy if you don’t think that this is affecting people in a big way. Now, here’s the thing that blew me away. You know, there is a huge market for resold luxury items. Now. This is stuff that I would never buy. You know, a $5,000 suit, a $5,000 handbag, you know, $25,000 women’s bag from Hermet Hermes. Okay, well, some of this stuff is going up in value so much.
There’s an article below about how some of these items have gone up to where they have handbags that are $50,000 and have doubled in value. It’s used, guys. Somebody took it out of a store. Somebody used it. Somebody had their lipstick in that thing and they’re going to say it is double in value. Is that crazy, guys? It’s absolutely crazy. What floors me also is it’s cold around the country and some people are freezing right now.
And we’ve got weather like this. She’s out walking her dog. So, you know, let me know what you think about this stuff, guys. Share your thoughts on this stuff. Do you think that the stock market that we’ve seen the first quarter shoot up, that, you know, the fear of heights, is it just going to continue to go or is it finally going to pop? Is there a bubble? I mean, you can ask all these questions, but, you know, do you, are you fearful of this stuff? Because when you look at your job and you look at your business and you look at what people are spending money on and what they’re not spending money on, it affects a lot of us right now, guys.
It really does. Restaurants that we like to go to that are no longer in business, and you’re going to see this happen more and more and more. And, you know, we talked about red lobster going out of business. Who’s next, guys? Who’s next? You’re going to see big problems, you know, around, you know, the country and, you know, you get, you know, different places that are closing bimbo, the snack food place in Connecticut, closing all their discount distribution centers.
Why? Why people are not buying, you know, cakes and Krispy Kreme type stuff. You know, they’ve got the things that are like Twinkies and things like that, but they’re bimbo brands that you see at the liquor stores and the places like that. Again, just closing another store down, you know, what are you going to do, guys? What do you think about this stuff? So let me know. Share it with us.
Just a beautiful day out here. Sam Bankman Free got 25 years, and I found a great article that compares him to all the other bad people in the world, from Enron to Elizabeth Holmes to Bernie Madoff to everybody. And if you want to see what they got compared to him and how big their frauds were, you know, you can compare the numbers with him. Do you guys think he’s getting out early? Let me know, because I really am curious as to what you guys think about that because I think that’s the beginning of we’re going to see, you know, things happen with him that I don’t think you’re going to see with these other people.
Next thing is Kroger. Kroger’s, you know, closing a distribution center in Florida. Now, here’s the thing, why people are not buying groceries in Florida, okay. Yeah, we just don’t want Florida groceries anymore. So you’re starting to see all this stuff be a real problem. And next thing is bankruptcies. Bankruptcies are just going off the hook right now. And in the first quarter, you’re seeing them up over 20% from last year.
That is staggering. That number is huge, guys. The number of charge off, which means that people let their credit, personal credit, get beyond three months. So they charge it off and then they start suing incentive collection and trying to have a lawyer collect the money. That is a big number, guys. Over 20% right now. And all these different banks are having problems. And you can sit there, and we’ve looked at this before, where we’ve shared the number of banks and who has the biggest percentage of bad debt and, you know, discover and capital one merging, you’re going to see problems with that, you know, in the future because they’re both the higher percentage of people that have problems as far as banks are concerned.
So let me know what you guys think about this so far. Share your thoughts. And look at this. It’s just absolutely, it’s cold someplace. I know that. Let me know, guys. You know, it’s funny. The older I get, I get reminded of different products and different staples that have been in my life, you know, when I was a kid. And then when you look back, hey, it’s been 20 years since they’ve been gone.
How about this one? Life magazine. Life magazine has not been in print since 2000, okay? And Josh Kushner and Kerry Kloss are going to buy this from Barry Diller, and they’re going to bring it back in print in the future. So isn’t that wild, guys? It’s been over 20 years since it’s been out now, they did special editions and things like that, you know, did some online stuff in 2008.
But for print, Life magazine, which was a big deal back in the day and growing up as a kid, and, you know, everything that you just had through history, Life magazine was there. But this brings up a great point as we head towards Easter. What do you want to do? What do you want to change in your life? You know, I met with a friend of mine that I’ve known since junior high, and he was talking about changing his business and what he was going to do to market.
And we just sat down and he bought me lunch, and we just went through a game plan on what would be good for him moving forward. And it’s very exciting to see somebody that is open to suggestions, see somebody that is like, really trying to change everything they do. And the guy’s my age, clearly, but a successful guy. And as we were talking about our lives and different down points, when we didn’t have any money, you know, it’s nice to be able to have these opportunities.
He can spend a little money to market himself, market his company, and have a game plan on what he’s going to do. Email list and websites and video and everything he’s going to be doing, it’s very, very exciting. But it goes to, what do you guys want to do? I’m telling you guys, you can absolutely do anything, but what is your expertise? And my buddy’s expertise is in travel, and it’s in promotion of travel, different types of travel, cruises, destination travel.
And he’s really good at it, and he just knows everything about it because he’s been doing it forever. But the perfect guy to write a book, the perfect guy to have videos on how to travel. And, you know, it’s just, it screams to have this guy move forward and move his life forward. But what do you want to do? What are you good at that you know about? And, you know, this audience, you know, when I think about everybody that, you know, comments with you guys down there, you know, you guys don’t really realize there’s a lot of successful people, you know? And again, success is not money.
It’s not all monetary. It’s people that have done different things, written books themselves, you know, big farmers, big people in the oil business, big people that were in solar energy, big people that were in different industries. And some are retired, some are not. Some have just been incredibly successful. Some work for very large companies like FedEx and things like that. And they’ll never sit there and say where they work at, but we just have such a diverse group of people that are in our audience.
And it always reminds me to make sure that people go out. We see these girls jump out. I don’t know if you can see those girls jumping off that rock over there, but they’re about to jump off that rock. So we’re will see gonna that in the background. So what do you want to do, guys, as we can you believe the first quarter of 2024 is done? 25% of everything is done.
Your, you know, 25% of your income, everything. How are you doing? How has it stacking up with previous years? You know, right now? You’re seeing challenges right now. And I, you know, so many people I know have just had serious, serious, you know, realizations in 2024. Companies that are letting people go, other people around them, having people make multiple tasks that they didn’t have to do before. So that’s crazy.
Looks like they’re not gonna jump. So. Oh, of course I say that. And then they jumped. Okay. So I turned my back and they jumped. Okay. So anyways, share your thoughts on this stuff so far with me. I’m going to finish this video with these last few stories. And first things first, Shohei Ohtani incident. I mean, it’s all over the news every day. One funny video is Pete Rose, you know, did one sentence that has just made the rounds on social media, and that was, I really blew it.
In the seventies and eighties, I should have had an interpreter. Well, back in the seventies and eighties, I wish I’d had an interpreter. I’d be Scott for, which is funny. But one thing that Shohei Otani’s done, and my buddy Dave just sent me this, is that, you know, for a guy that’s innocent, he’s got a new pr guy who has represented some despicable people, and he’s got a lawyer that’s represented a bunch of despicable people.
Does this make him guilty? You know what I mean? If you’ve represented criminals and people that have gone to jail before you, or are they just good legal scholars? Let me know. Another restaurant going out of business. You know, fixtures, this is the thing that’s bad, guys. When you have fixtures like the turkey leg hut in Houston, that’s a big problem, guys. When you see businesses like this that are going down for the count, that is a huge, huge problem.
So they’re done. They’re done. Final, final story here in California, two things. Number one, our unemployment is the highest in the nation. I think it’s higher than this. They say it’s 5. 3%. I think it’s much higher. I think it’s like 15%. But that’s just me. But 5. 3%. The next thing is that the budget deficit for California, remember 30, 34 billion, 40 billion. How about this new number? Because it was 58 billion last week.
$73 billion were upside down. Yeah, that guy wants to be president, too. Guy that run in this place. So what do you think about that? Do you think that’s, you know, it’s insurmountable, guys. It’s like, when’s the bankruptcy going to happen for California? So please don’t forget to hit the like button. Subscribe to the channel. Do you have a fear of heights, guys? Because remember, everything’s just going straight up, straight up.
Not gonna stop as I trip over the stairs. Don’t forget to hit the like button. Don’t forget to subscribe to the channel. Join the email list if you want to email me hellogedly. com I know you guys like that little trip right there. Okay, I’ll see you soon. Please like subscribe and share this video today. .
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