I got a story for you I got to talk about. And it's really important because it comes from Wharton. Wharton Business School. Let me know down below if you've heard of it. Very prestigious business school. I want to show you how your professors, your teachers, your real estate gurus that are out there on the Internet have been wrong. They've been wrong for a long time. And I'm going to show you why. 

All I had to read, I haven't read the article. I saw the first sentence of the article. Check this out. This is where you use history to find out where your future lies and how you go and crush it and make a lot of money. Okay? This is entitled the Real Causes and Casualties of the Housing Crisis. Now, just so you know, this was written on September 13 of 2018, which is a great, great pivotal point to talk about, because it was right before the housing bubble started, because the banks were imploding in 2019. 

All right, here we go. First sentence, the US is not. This is from Wharton Business School. The US is not about to see a rerun of the housing bubble that formed in 2006 and 2007. Let me stop there. Not only are they dead wrong, right. Type one, if you would agree, they're dead wrong. We're in a housing bubble now, right? Housing is too expensive for people. All the costs associated with it, just like in 2005. 

So they're even wrong on the dates 2006 and 2007 wasn't a housing bubble. That's when the crash actually started. Prices started declining rapidly. Interest rates are falling, collapsing in 2006. Go back and look at the Fed funds rate in 2006. Drop, drop, drop, drop, drop. These guys can't even figure out when the last crash was. All right? But, hey, I know lots of people that have went to Wharton. 

I know, actually people that are, like, near billionaire status that went to Wharton. And Wharton's a great school, right? But they're totally dead wrong about this. And it's funny how you could have all these little things, right, but you're just wrong a little bit. And it's the difference between success and faIlure. All right? People need to understand that. And yes, I'm going to say there's 80% off links down in my real estate course down below that teaches you these real estate cycles. 

You don't have to go to Wharton. It's $199 for the next, what, two weeks before we raise the price? All right, so here it says, the US is not about to see a rerun. This is written in 2018 of the housing bubble that formed in 2006 and 2007, precipitating the Great Recession that followed. According to experts at Wharton, more prudent lending norms. Rising interest rates and high house prices have kept demand in check. 

Are these people high? What are they smoking? Let me read that again. It said more prudent lending norms. Okay, I'll give them that one. Rising interest rates. Interest rates were not rising in 2018 and high house prices have kept demand in check. However, some misperceptions about the key drivers and impacts of the housing crisis persist, and clarifying those will ensure that policymakers and industry players do not repeat the same mistakes, according to Wharton real estate professors Susan Watchner and Benjamin Keys. 

Well, let's see how you do. Hopefully you have tenure because the ninja is about to review this. Who recently took a look back at the crisis and how it has influenced the current market. On the knowledge at Wharton radio show on CirrusXM. I think it's going to be worth watching. According to Watcher, a primary mistake that fueled the housing bubble was the rush to lend money to homebuyers without regard for their ability to repay. 

Okay, we got that going on, right know. Oh, let me stop in Houston, in California, actually, all over the country, state and local governments are giving vouchers to help people with low income pay rents, but also to buy homes. As a matter of fact, there's grants to go and buy homes. So if you can't come up with the three and a half percent, or you could just go get a USDA loan, which is 0%, you get VA loans, 0%. 

I think everyone should get those if you buy the property, right? If you qualify for it. But if you can't qualify for the three and a half percent, if you can't scrape up that much money, then we'll go give you that money. Okay, so they're doing that again. Oh, no, sorry. Wait, they were always doing that. Okay, copy. It's not again. Says as the mortgage refinance market expanded, it attracts droves of new players with money to lend. 

We had a trillion dollars more coming into the mortgage market in 2004 and 2005 and 2006. Watcher said that's $3 trillion going into mortgages that did not exist before. Nontraditional mortgage called Ninja Mortgages. They're not talking about me. These were offered by new players. They were funded by private label mortgage backed securities. Oh, wait, that's happening again. It's been going on for years. Boy, Orton, you're nailing this one. 

It says here, very small niche, part of the market that expanded to more than 50% of the market. At the peak of 2006. Copy, we've done it again. Keynoted keys note. Keys noted that these new players brought in money from sources that traditionally didn't go towards mortgages, which drove down borrowing costs. They also increased access to credit for both of those with low credit scores and middle class homeowners. 

Wait, isn't the government in the middle of doing that right now? Yeah, that's right. They're out there. They're telling people, the US government, about a year ago, if you voted for him, let me know down below. He actually stated, oh, we're going to start giving credits. If you have bad credit, we're not going to ding you by giving you a higher rate. What we'll do is we're going to ding. 

We're going to give higher rates to those with good credit scores. And the people with bad credit scores are going. Yeah. Oh, it's just like what George Bush did. Wow. Wharton, you're wrong again. All right, copy. Credit expanded in all directions in the buildup of the last crisis. Oh, that's weird. Credit's expanding in student loans, in credit cards, in cars. Wharton, you're wrong again. All right, cool. An important lesson from the crisis is that just because someone is willing to make you a loan, it doesn't mean you should accept it. 

Oh, wait, a way to put that on those people. Lessons from those experiences are relevant to current market conditions, Keith. Well, guess what? That was 2018. This was written in 2018 by two Wharton professors, one of the most prestigious schools in the country. You go to pay to learn this crap? People being wrong. My course under $99, and I teach you about these real estate cycles. They happen every seven to ten years. 

This is amazing. But guess what? Very few people will ever take the action to learn this stuff because they're too busy listening to the academics that are 100% wrong. Now, here's the truth. Little known fact, ninja didn't make it through high school. I didn't. Good news. My bank account didn't care. When I started investing in real estate in 2001, I became a millionaire within a couple of years. 

It actually took me three years to become a millionaire on paper. All right, it's not very impressive, but my point being is you got to start somewhere. And so the value of my properties, my book of properties, after all expenses and all the debt that was on it, I was worth over a million dollars. Then. I sold it all in 2006. Because, like, these people that are so screwed up, they told you in this story from 2018 that the boom happened in 2006 and 2007. 

No, it didn't. I sold my home in 2006 because I saw the crash coming and I made a lot of money. Why? It's not like how much you make. It's how much you retain. See, most people understand that a penny saved is a penny earned. If you don't have to spend the penny, you get to keep the penny. So if you get to keep all the money from real estate, and I told. 

I made a Clarion call to chant. I guess it was advice. I guess it was advice. Last year, I'm like, a year and a half ago, I said, if you don't refinance right now, you're going to be screwed. You better refinance now. Tons of people went out and refinanced, and they saved tons and tons of money. They're literally putting hundred and hundreds, if not thousands of dollars each month in their pockets. 

For the last year and a half on this channel, right. I've ran into people that did it. Then I came out and I said, if you don't sell your house back in May, I did a video, if you don't sell your house now, you are screwed. You are done. Stop looking at the price. And I've had so many people come call me and go, I took that advice. 

I sold. No one on my block can sell their house right now. It's happening all over the country. Stop looking at the price. You are in this thing called the Golden Handcuff phase. People are handcuffed with golden handcuffs. I got so much money in my house. Cool. Try and sell it. Try and sell it. Try and sell your house right now. It don't work that way. All right, I'll screw you. 

I'm going to try and sell it for 800 grand next month, 700 grand next month, 650. Crap. I got a loan on this. I'm getting close. Yeah? How's it feel? It's called a real estate crash. We're in it right now. In 2024, you're going to see so many amazing things, but you have to actually decide, am I going to stand up and take action now? You want a life hack? Learn from all my lessons that the things I did wrong and the things that I accomplished that I did right. 

It's $199, of course. It's going up to $2,500 in January. Not joking. I did this for a year to go and show people that didn't have faith in themselves how these cycles work. And you got people from Wharton in 2018 saying, we're never going to experience a bubble like that. Well, guess what else happened? 2017. Janet Yellen. At the time, she was head of the Fed. She turned around and she said, we're never going to have another banking crisis like we did in 2008. 

Guess what? Janet Yellen. Wrong. So the point is, who are you listening to? Are you going to listen to these people that get paid crap, tons of money? Are you going to listen to a dork that couldn't make it through high school? I know it sounds crazy. That's really, I guess, the options. It's funny how our world puts these academics and all these. I always think of the people like the guys, the Founding fathers with those white wigs, these babbling, just listen to me. 

I'm the intelligent one. You're like, I think you're a moron. I actually know a handful of academics, actually tell me they want to be called academics. I'm like, you guys are morons. And they go around, they teach at all these prestigious schools and they can't even afford their own car. Why did you go to school? But hey, this is the cool thing and this is the truth. You want a life hack? They don't teach you this crap in college because they want you to be a good slave. 

They want you to work in something called middle management. And that's what happens in this world. Build up this world. Build all these slaves. Keep. It's called mushroom management. Feed them full of crap and keep them in the dark. I know what that's like. I refuse to live a life like this. I choose to not only be successful, but help other people be successful. Do you want to help other people be successful? Have you found success through trial and error and then you found success because you stopped doing the bad stuff, the things that didn't work, and you want to go help people? That's exactly where I'm at. 

That's how I feel. So here, let's go in a little bit deeper to Wharton. See what they said in 2018 about the real estate crash. Or, no, sorry. That there's never going to be another real estate bubble again. Direct quote, first line of the story from Wharton College professors. Watcher, a college professor at Wharton has written about the refinance boom with Adam Lividin, a professor at Georgetown University Law center, in a paper that explains how the housing bubble occurred. 

Isn't that cool? I wrote a paper on how it happened afterwards, and now I'm going to try and tell you the future. Yeah, wrong. She got it wrong. All right. What happens when the ninja goes back into history and uses history to teach you about what's happening in the future said they spotted a new kind of mortgage backed security, not one related to refinance, but one related to expanding the mortgage lending box. 

They also found their next market. Borrowers who weren't not adequately qualified in terms of income levels and down payments on the homes they bought, as well as investors who were eager to buy. This is going to blow your mind right now. Today, Freddie Mac has started an inquiry into one of their largest paper shufflers, one of the largest companies that buy up mortgages and then sell them, or they make mortgages and sell them to Freddie Mac. 

Freddie Mac has found out, and this is really super simple, an ex head of Freddie Mac went to work for this company as a CEO. He has resigned. I did a video about this a month ago. He has now resigned, and he's wiped all of his information off of LinkedIn that he ever worked for this company, because they found out that they were lying. They were falsifying numbers to Freddie Mac and going, oh, yeah, these people are totally. 

It's like AA credit, man. Come on. Or at least AA plus, whatever. And point being is that they were wrong. So now Freddie Mac is trying to go through everybody and going, oh, crap. We've been backing these loans, and these people don't have the money to pay these, like, right now. What's happening right now? Somebody actually came out, and they're so dumb. You want to call a dumb person dumb? Someone's like, I'm a veteran, and there is no facts. 

When you say that the government is foreclosing, the VA is foreclosing all these tens of thousands of people, you have no facts. I'm like, here's your fact, moron. You got to get real. With some idiots out there, the Senate actually pressured. It's all over the news. They pressured. It's actually not. That's why I brought it to you guys. They pressured the VA to halt all the foreclosures. Why would they do that? It's because there's a lot of them. 

And so the VA just go type in VA halts foreclosures, and you'll see that they halted all foreclosures till May. They just push the can down the road a little bit because there's a massive amount of foreclosures building right now. There's foreclosures way outside of VA, but because of Dodd Frank, you don't get to see those till June. But guess what? They're coming, and there's no stopping them. 

The only question is, are you going to take action? Are you going to be ready for this? Are you going to sit on the sidelines like 2008? I made a ton of money in 2010, 2012, because I had money saved over from the homes I sold to buy up businesses and do side hustles. I absolutely loved it. It was the greatest time of my life. Now, I don't want to do it all alone, so I want to help a lot of people go do that, either side or side hustle or go buy real estate. 

But the problem is you got to invest in yourself and you got to start really thinking outside the box. You need to start getting prepared right now. So for one year, I ran that sale. If you want it 80% off, I have a handful of links down below, and I'll keep giving out handful of links every day until the 1 January. There's no hiding it. It's the worst sales gimmick ever. 

But after that, it's going well over $2,500. Well, it's 2500 at least. My point being is because I'm going to go and attract a different type of student, some of the people that are super hungry. So if you want that advantage, there you go. Links are down below. Do you need that class to be successful? Absolutely not. The only thing I teach that's different is I teach about real estate cycles. 

I just read you a story from 2018 Wharton professor telling you that there'll never be another real estate bubble. People spend hundreds of thousands of dollars to go to that school. That was a big waste of money. Hope you got something from this. The economic ninja is out. .