Hey, it’s Dan. Welcome back. You’re watching. I allegedly, and I’ve got a good one for you today because they got another bankruptcy. We’ve got wage problems, we’ve got construction problems. We got a little bit of everything to throw in the mix today and got a sponsor, too, Patriot Gold. So we can talk about something good. But before I get into it, don’t forget to hit the like button and subscribe to the channel.

Share it with everybody. Don’t forget to comment in the video, too. And also look for an email because one went out today. So if you’re on our email list, check your spam filter. And I’m going to do just a quick video. I had someone last week say, hey, Dan, go out to seal beach. Go out in the pier. It’s one of the longest piers in southern California. It’s a little windy out here, so I’m only going to go out halfway.

But Joanne Fabrics is a basically fabric craft store. It sells linens, it sells cloth, it sells fabric for dressmaking, everything like that. They have over, think about this, $2. 44 billion in debts. Wow. And they have a prestructured bankruptcy that’s going to allow them to stay open. But the shareholders are done. Shareholders are now going to be private. The stock will not be traded on a public exchange anymore.

And they got $128,000,000 in new financing, which this always blows me away. People lend money to these companies to have them get through these times. Now think about this, which I didn’t know during the pandemic, the craft business just flourished. It was booming. People were making stuff. They were sneaking out to places like this, places like Michael’s and places like Hobby Lobby, and they spent a fortune on making things from their homes.

Okay, those days are done. And the problem with it is that this company has just so much debt, and they’re going to have to spend an absolute fortune right now just to get out of this. And it’s interesting. $128,000,000. They’re going to stiff $508,000,000 worth of bills. Half a billion dollars of debt will not get paid in this prestructured bankruptcy. So it’s a good deal if you can get it.

I’d hate to be part of that $508,000,000. That’s not going to get paid. But you’re going to see more and more things like this happen. And the current CEO is, he’s like, this is the best thing for us to move forward and to survive. Now their big competition, which is interesting, was during this time they saw companies like target and other retailers like that that got into the craft business.

Why shouldn’t we? Everybody’s spending money on this. We should go out and we should be in the craft business. So that was their big competition during this time. Now people don’t have the discretionary income anymore to buy things like crafts and extracurricular activities. This is where you’ve got real problems. And this goes to the second part of the story, which is wage growth. Right now. I’ve had so many people send me these stories over the last 24 hours about how there is no wage growth, and basically we’re getting paid less than we’ve been paid in forever.

Now, when you think about this, yes, wages went up 3%. Everybody should be happy. Inflation has outpaced wages. And none of us believe the inflation numbers. None of us believe that things are at 3%. We all know globally that it’s much higher. And I don’t care where you live, you know that these numbers just don’t make an ounce of sense. Okay? So people are not making enough money.

When you look at interest rates today, you haven’t had interest rates like this for decades, okay, when it comes to houses. But the average housing price, think about it. Where it’s been two decades, three decades, you’ve got houses that have gone up three and four times during this time. So you get a house that triples in price and you’re not supposed to. Who can afford that? Think about this.

Since the real estate, since the interest rates start spiking and mortgage rates start going up much higher, the average house payment went up just for the average house, $1,600 a month. Where does that money come from? Now, I’m not talking about insurance. I’m not talking about utilities. I’m just talking about what they’re paying for right now for the mortgage by itself. So where do you have an extra $1,600 a month? Where do you have that? The average person does not have that right now.

Now you go to different markets. You go to, like, Southern California, where you can’t find a house for $800,000, which is insane that I’m saying that. But in this city, Seal beach, this is an area that you have cracker boxes that are a mile from the beach. And people say, oh, it’s Seal beach. And they get $1. 4 million for this. Craziness, guys. Absolute craziness. So this is going to get worse and worse and worse.

Now, for those of you old enough to remember Jimmy Carter. We have not had food inflation as high as we’ve had since President Carter was in office. Now, you guys can argue this, and I’m sick of the political stuff. I am telling you guys this right now. I am really thinking about starting my own news network right now and having it just be real news, because I am sick of this stuff right now, guys.

I am sick of it. And I have an army of people that send me stuff on a daily basis. But to decipher this stuff and to sit there and to work through what’s real and what’s not is absolutely crazy. As I look through and talk to companies that are trying to raise money right now, when it comes to venture capital and it comes to technology, whether it’s AI, whether it’s medical, you’re seeing a real, real problem right now where venture capital pulled back a couple of years ago, and now they want to come back in, but they want everything to be faster.

When you do a medical product and you get somebody’s investment, they need to understand that if it pays off, and it may not, it’s going to take five to seven years for it to hit market and pay off. Not everybody understands the math on that. And now with AI, we should be talking six months, should have a six month turnaround. Okay, so craziness, guys, absolute craziness. But right now, you’re going to see more and more retailers go out of business.

You’re going to see more and more office space go out of business. They anticipate that there’s a trillion dollars worth of real estate that has to be refinanced in the next six months between now and the end of July 2024. Now, the problem with this is that you’re not going to be able to refinance this real estate. When you look at places like Pittsburgh, downtown Pittsburgh, think about this.

They anticipate that downtown Pittsburgh will be just like San Francisco when it comes to real estate and vacancies in the next 48 months. So in four years, you’re going to see places like Pittsburgh be completely abandoned because people are not going to be going to the office anymore. Okay, forget crime. Forget every social issue that’s going on in the world right now. I’m just talking about businesses going under and going out of business right now.

This is going know only explode in the coming months. Okay? So share your thoughts on all this stuff, guys, do you ever shop at Joann’s? Was that a shock to you, that they went down for the count and again, they’re going to try to stay open. They’re going to try to keep as many stores open as possible. They worked out a deal with their financing. We’ll see if they pull this off or not.

We will see. But I’m telling you this, you’re going to see more and more and more businesses go out of business. You’re going to see more people move in with other people. And again, guys, here’s the thing. Get your finances in order right now, man. I am telling you this right now. I have people that are rich, I mean, that really have a lot of money, and they sit down, hey, what strategy would you have for us? And as I sit down, I was talking to a friend about this, and the guy owns multiple properties.

I would look at everything right now. I’d look at your insurance costs, your energy costs. I would look at everything right now and see how you can cut back on anything right now. Do you believe that we’re going into a good time with all this negative news? Seriously, who believes that? Who believes that for a second? This is going to be such a tumultuous election year, and it’s only getting worse right now.

Before each day. It’s only getting worse right now. So let me know what you think about this. It’s a beautiful day out here. Tides out, people enjoying the sand. I always like this beach because they get a lot of rip tides and they have all these riptide warnings out here about how you have to stay away from the, be careful with the riptides. Swim parallel to the shore or don’t go in the water like danda.

You know what I mean? So anyways, share your thoughts on all this stuff right now. You haven’t seen anything yet, guys. And so many of you are fed up with eating out. So many of you are sending me daily. I’m getting receipts and $30 sandwiches. I’m getting the two item combo for a mexican restaurant, 24 95 for a taco, an enchilada, rice and beans. Who could afford that, guys? Why would you go off to dinner when people like, I had a family member send this to me and said, we don’t even drink alcohol.

We had two iced teas, a water, and for three of us was $96. Is that insane, guys? $96 to go get mexican food? So let me know. Share your thoughts. Let’s talk about our sponsor, Patriot Gold group. Think about this, guys. This is Fed week. We’re going to see the Federal Reserve tell us that they’re not going to raise interest rates. Is that going to surprise you. But still, our deficit is climbing daily to where it is completely out of control.

You have to look at protecting your future and your retirement. People do not have the money to retire right now. And you’ve got to look at getting a hedge. The only thing that we can count on is the fact that prices are going to go up. And when they go up, gold usually spikes. Guys, contact the good people at Patriot Gold today, 888-330-1431 and find out if an IRA or 401K that’s backed by physical metals is right for you.

They will send out a free investor guide. It’s absolutely no obligation to talk to them and to find out if this is good for you. Check it out today. But look at what all the experts are saying. UBS, Goldman Sachs, they’re all saying that gold could hit $3,000 an ounce. You don’t want to miss this. Contact them today. Let them know that I allegedly sent you 888-330-1431 or use the link below and get your free investor guide.

Let’s talk some money stories. First things first, we talked about retirement. How so many people don’t have any money saved. Well, think about this. How many people as a percentage of retirees retire with $1 million saved? They have assets. They have in their 401K, cash gold value, a million dollars. How many people, percentage wise it’s only 10%. Only 10% of the people retire with a million bucks. There’s that.

Now, the other thing is Jeff Bezos, when he was trying to start his company, he convinced family members, two of them, to write checks for $10,000. I’m telling you, this thing, Amazon is going to be huge. Now, sometimes it pays off guys, because their $10,000 stake is worth over a billion dollars in Amazon stock today. So that’s a good gig if you can get it. And then the next thing is the number of people out there that have sent me the recall notices.

Wow. I mean, it’s crazy. All these different recall notices. There’s a website that has this listed from tainted cashews to breakfast burritos that are bad, that have listeria, which does not taste good. And you’re starting to see more and more websites like this that are out there that give you warnings of, hey, stay away from this stuff, which I love stuff like that. So the link is below.

You can take a look at all that stuff. But all these different websites that have that, all these different warnings that are out mean. It’s good to know. USA Today does a recall notice. And I get a kick out of that because you can check out your auto recalls all the time. CEO of Boeing says, hey, listen, I want everybody to know that our planes are safe and you should fly the 737 max and enjoy.

It’s good. It’s all good. So you first. You hop your family on those planes, dude. Just remember that. I’m telling you, I had the greatest meme sent to me by one of my subscribers which showed the Max planes being built. And they put clown faces on everybody. I wish I could share that photo with you guys, because think about this. This is one thing that I can’t verify, but was sent to me and that they got rid of the inspectors on site and you’re allowed to self inspect.

So. Hey, did I do a good job? Of course I did. Did I smoke a bunch of weed last night? Am I vaping right now? Am I high as a kite? Not that high, but I’m building your plane that you’re about to take your family and your grandkids on. So you know what I mean? Self inspect, okay. Oh, yeah. It’s all good. Guys, this is insanity that we have things like this.

I have a friend of mine who was a county inspector and just retired last year. He’s been retired for a little over a year now. And he said one thing that drove him crazy was they wanted to get rid of the extra inspectors to verify that the roads were safe, the electrical was good, that you wouldn’t, during a rainstorm, slide down a hill and kill everybody at the bottom.

And we could save a little bit of money, about $70,000 a year if we get rid of these people. How insane is that for short term savings, for long term problems? So let me know what you guys think about that’s. I’m going to finish this video with these last couple of stories. And I hate hearing about businesses going out of business. I really do. There was a craft beer maker in Williamsburg, New York, that was credited with completely reviving and turning around this town and getting businesses down there, getting restaurants down there, and they’re going out of business.

They can’t afford to stay open. They can’t. Not making enough money. Plus, the article, read it below. It says there’s now a craft beer store in every single corner, and everybody’s making their own beer down there, and they just cannot make it. So again, sign of the times. But people don’t have the discretionary income that they had before. You’re going to hear more and more about this next story.

And it’s going to be more commonplace. There was an apartment builder that built a 209 unit apartment complex called Victoria Square Beautiful, like seven stories in Reno, Nevada. It just sold for less than the construction cost. Half of the construction cost. It was estimated that it cost almost $400,000 per door to build. And they just sold it for $205,000 per door, a deal. And even grant Cardone would be bragging about that one, because that is a deal at any price.

So you’re going to see more and more of these buildings get built, and then they cannot complete the construction. Okay. I mean, they cannot maintain it, manage it, hire a staff, rent it out, do everything that they had to do. So they’re just going to unload it, and they’re going to load it at a massive loss. And also, the person with me filming said, you forgot the best recall of them all.

And that is the fact that there is. One of the recalls was flaming air fryers that would shoot flames out the side, which would be kind of bitching to see. You know what I mean? I’d like to see, gee, my burgers are kind of air fried. So really? Okay. Don’t forget to hit the like button. Don’t forget to subscribe. If you own a flaming air fryer that shoots flames out the side, please send your photos to hello@iallegedly.

com. If you’re on the email list, check the spam filter. Onward and upward, guys. I will see you very soon. And I do take requests, guys, because I am in Seal Beach, California, and Joanne wanted me to come out here. Okay, I’ll see you soon. You. .

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