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Speaker 1: From UFOs to psychic powers and government conspiracies. History is

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Speaker 1: riddled with unexplained events. You can turn back now or

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Speaker 1: learn the stuff they don't want you to know. A

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Speaker 1: production of I Heart Radio. Hello, welcome back to the show.

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Speaker 1: My name is Matt Our compatriot nol Is on Adventures

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Speaker 1: they call me Ben. We are joined today with our

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Speaker 1: super producer Seth Nicholas, the Shadow Johnson. Most importantly, you

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Speaker 1: are you. You are here, and that makes this stuff

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Speaker 1: they don't want you to know. We live in interesting times,

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Speaker 1: you know, but but some things are the same. Uh

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Speaker 1: no matter where you go. You know, if you live

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Speaker 1: in the US, right like, and if you live in

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Speaker 1: many other places, is you're probably taught that owning a

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Speaker 1: home is one of those key pieces of the dream, right,

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Speaker 1: Oh yeah, that that is sold to us, at least

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Speaker 1: in the US, because that's the only experience I have

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Speaker 1: very early on in childhood. What is it? Um? School, college,

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Speaker 1: maybe marriage, depending on where you where you live, and

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Speaker 1: then a house and kids and then what what death?

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Speaker 1: No job, job comes in there somewhere, yep, yep, there's

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Speaker 1: a It's weird because there's a tremendous amount of social

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Speaker 1: pressure that tells us buying a home is, at least

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Speaker 1: in this country, a step along the path of becoming

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Speaker 1: a socially acceptable adult. That's what I would call it.

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Speaker 1: And it's you're right, man, it's up there with other milestones,

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Speaker 1: having children, getting married, graduating, and so on. This is,

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Speaker 1: of course not true. You can and should live your

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Speaker 1: life as you see fit. Uh. The thing is, we're

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Speaker 1: also susceptible to peer pressure. I do want to point out,

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Speaker 1: for anybody who may feel sore about living in the

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Speaker 1: US and not owning a home, it is quite common

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Speaker 1: in many other parts of the world for people to

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Speaker 1: live in multigenerational family homes. Like it's it's kind of

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Speaker 1: weird to have enormous pressure on an individual to buy

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Speaker 1: a home, especially before they can afford one. It's it's

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Speaker 1: even it's even stranger, Matt, because a casual glance at

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Speaker 1: economic trends post World War Two show that the American

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Speaker 1: dream is increasingly mythical for many many people. We've got

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Speaker 1: decades of skyrocketing costs, you know, a stagnant wages, accelerating inequality, uh,

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Speaker 1: decline in livable circumstances. They've all contributed to a slow

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Speaker 1: burn crisis kind of macro economic dark night of the soul.

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Speaker 1: And uh, you know, you and I or are no

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Speaker 1: different really from anybody else. We all feel this pressure, right,

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Speaker 1: you said from a young age you were you were

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Speaker 1: taught this as well. Oh yeah, for sure. I mean

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Speaker 1: I think it's put on an individual, especially if their

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Speaker 1: guardians or their parents own a home or you know,

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Speaker 1: are paying off a mortgage, which we'll get into and

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Speaker 1: we've talked about before on this show. There's this pressure of, um,

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Speaker 1: I should do what they do to be because I

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Speaker 1: want to be like them in some way hopefully if

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Speaker 1: you if it's going well with with your folks or

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Speaker 1: your guardians or whoever you're with. But but then also

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Speaker 1: there's that societal pressure of I mean, think about the

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Speaker 1: stories that are told to us, the movies that we watch,

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Speaker 1: the books that we read. It is so so common

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Speaker 1: to have an individual start a family with a home

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Speaker 1: being the cornerstone of that thing. That unit. Yeah, because

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Speaker 1: it's a legacy, right is the place where you can

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Speaker 1: play at a tree that you will not be alive

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Speaker 1: to see. You know. It's it's it's it's fundamental, it's

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Speaker 1: it's human. Uh, it's also and plus equity and plus equity. Yes,

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Speaker 1: what's that line from Oh brother, where art thou? You

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Speaker 1: ain't no kind of man if you don't own land? Uh?

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Speaker 1: And that that reasoning, Yeah, that reasoning is you know,

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Speaker 1: it's valid in many ways. But there's another factor at

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Speaker 1: play here, and that's what our episodes about today. It's

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Speaker 1: one that's often unreported. They're not as widely reported as

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Speaker 1: it should be amid all the think pieces and the

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Speaker 1: allegations and the blame games and speculation and scapegoating. And

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Speaker 1: our question is this, why do houses cost so much?

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Speaker 1: Who's buying them? Well? Here are the facts, And Matt,

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Speaker 1: I'm gonna defer to you on this because you know,

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Speaker 1: for a long time I have just been too sketchy

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Speaker 1: to commit to buying a home. I didn't know where

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Speaker 1: I was going to be in six months or a year,

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Speaker 1: so I I, UM, you've got some kind of freedom

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Speaker 1: of movement I've got. Uh. All I'm saying is that

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Speaker 1: I understand intellectually the process, but not experientially. Now well

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Speaker 1: I can. I can certainly speak to that. Um, I

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Speaker 1: can speak to this. Any homeowner can speak to this,

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Speaker 1: The process of buying a home, especially for the first time.

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Speaker 1: Oh it's um, it's a mixed bag of emotions. Let's

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Speaker 1: say you're and it's not. It's not easy. It's not

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Speaker 1: a casual thing you can do. UM. It is a

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Speaker 1: it's a process that as at times exciting, it's thrilling.

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Speaker 1: Oh my gosh, homeworking it. We're gonna do this be

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Speaker 1: I mean that's mostly because of how expensive it is

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Speaker 1: and you realize that you're putting all of your money

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Speaker 1: into something. UM. At other times it's really tedious. You

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Speaker 1: go through, like good Lord, the amount of documents you

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Speaker 1: have to sign to purchase a home. It's mind boggling.

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Speaker 1: And I don't care. I don't care if you're the

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Speaker 1: kind of person that reads every terms of service document.

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Speaker 1: When you go through the process of buying home and

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Speaker 1: signing all those documents, you skim and you and you

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Speaker 1: have to do it unless you are blessed and wealthy

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Speaker 1: enough to have an attorney do so for you. But

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Speaker 1: in the end, it's just an exhausting process and it

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Speaker 1: is cavernous in a way, in a way I think

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Speaker 1: as a barrier to to make it not like I

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Speaker 1: think it's purposefully made. Not an easy process at least

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Speaker 1: for the lay person or the regular old person like

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Speaker 1: you or I to to make a purchase. Um. But

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Speaker 1: in the end, if you have the money for it,

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Speaker 1: you whoever you are, however you got that money, can

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Speaker 1: buy a home inside the United States at least that's right.

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Speaker 1: And this may be something that uh that Seth the

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Speaker 1: Shadow may speak to as well as Seth off air.

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Speaker 1: Uh we off air. We were like, hey, Seth, do

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Speaker 1: you have do you have recording equipment? Uh? If the

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Speaker 1: spirit moves you jump in. So please feel free to

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Speaker 1: share your war stories here if you wish any excuse

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Speaker 1: really to see that magnificent pandemic beard you've grown, uh

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Speaker 1: pop up on the zoom chat. Yes there is. Yes,

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Speaker 1: do you give us permission to use your likeness on

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Speaker 1: the video? Give permission? Yes? Nice? Okay, we'll send the

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Speaker 1: contract over as well, Seth. But the point holds that,

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Speaker 1: and it's a very important point. In the US, anybody

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Speaker 1: with enough chatar can buy a house. There are very

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Speaker 1: is law. There are many laws actually uh that are

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Speaker 1: meant to prevent unscrupulous h o a s or unscrupulous

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Speaker 1: real estate magnates or politicians from stopping someone from buying

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Speaker 1: a house. Right Uh, if everything goes well, it rarely does.

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Speaker 1: If everything goes well, the process looks something like this,

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Speaker 1: and please you guys jump in and let me know

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Speaker 1: your experiences. And if you're listening along and you're in

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Speaker 1: the middle of a home buying process now wild Fighting

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Speaker 1: COVID nineteen, Uh, the hats off, you know what I mean?

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Speaker 1: Power through. First you have to figure out what you

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Speaker 1: can afford, and then usually, unless you're doing an all

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Speaker 1: cash transaction, you get pre approved for a sort of

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Speaker 1: financial face tattoo called a mortgage. Uh. This is uh,

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Speaker 1: this is gonna depend on the decision of a bank.

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Speaker 1: The bank's gonna ask you a bunch of questions and

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Speaker 1: they're all questions that are well as long as they're scrupulous.

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Speaker 1: They're all questions. They're due diligence. The bank wants to

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Speaker 1: know how much you can pay each month, and the

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Speaker 1: main things they're looking at or stuff like how much

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Speaker 1: you earn an income versus how much you owe in

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Speaker 1: debt and what kind of debt and how much liquid

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Speaker 1: cash you have to put down on a home before

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Speaker 1: the mortgage even comes into it. That that becomes a

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Speaker 1: big thing. Yeah, ten percent down versus down makes a big,

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Speaker 1: big difference in your life and maybe the lives of

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Speaker 1: your children and your loved ones. Second, and it's called

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Speaker 1: mortgage insurance. Second, and this is uh, this is something

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Speaker 1: that I think is familiar to you guys. Uh. This

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Speaker 1: is the part where I see a lot of hilarity

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Speaker 1: coming in. You have to determine your needs, either by

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Speaker 1: yourself or with your family unit. And that's when you

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Speaker 1: learn very quickly that some people have different ideas of

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Speaker 1: what a need is versus what a want is. Uh.

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Speaker 1: One example from real life of a friend of mine.

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Speaker 1: He was very, very sold on getting this cool house

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Speaker 1: that no kidding, had a secret passage in the living

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Speaker 1: room slash library, like a literally like a fake shelf

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Speaker 1: that would turn on one side and open up and

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Speaker 1: it held real books and then inside you know, it's

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Speaker 1: just like a smaller I'll be honest, not a super

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Speaker 1: impressive room, but it's a secret passage that's so cool.

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Speaker 1: Completely worth it, completely worth it, right, I know. I

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Speaker 1: was very pro secret passage to the problem is as

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Speaker 1: his as his spouse gently pointed out that this house

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Speaker 1: was in the middle of nowhere. It was about three

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Speaker 1: hours away from this guy's job, and he had somehow

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Speaker 1: convinced himself, at least for a time, that he would

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Speaker 1: be okay with a six hour commute. So you have

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Speaker 1: to be brutally honest about what you and your family

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Speaker 1: members or the people you want to live with you

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Speaker 1: actually need versus what they actually want. Do we need

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Speaker 1: an indoor pool, yes, yes, but we cannot have one

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Speaker 1: because we can't get swe um. Yeah. I I wonder Seth, Like, uh,

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Speaker 1: I wonder about this next part with you, because the

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Speaker 1: the home searching process when I was doing it back

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Speaker 1: in twenty twelve, it took months and months and months

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Speaker 1: to find something that met those criteria what we were

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Speaker 1: looking for and what we could afford kind of in

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Speaker 1: the same thing, the same home, in a place where

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Speaker 1: we could actually get to work from and not you know,

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Speaker 1: be angry at ourselves every two hours that we have

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Speaker 1: to spend in the car. What was your detective process

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Speaker 1: like identifying home? I am very, very lucky that my

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Speaker 1: wife at the time was a librarian and also has

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Speaker 1: a master's degree in the library sciences. So because of that,

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Speaker 1: she's an extremely organized person, and it's it's wonderful that

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Speaker 1: it helps my life in you know ways. I'm sure,

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Speaker 1: I don't even realize, And she had the most amazing

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Speaker 1: chart that you know, blocked out every single benefit that

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Speaker 1: we were looking for, every single benefit that could exist,

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Speaker 1: whether that be you know, something as simple as an

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Speaker 1: air conditioner, all the way up to you know, walkability

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Speaker 1: in the neighborhood. You know, it's just like every single

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Speaker 1: possible thing. You know, what what restaurants are nearby, what

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Speaker 1: school districts are you in, all everything that could possibly

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Speaker 1: be imagined. So it just became a logic puzzle at

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Speaker 1: a certain point, and that was the best, you know.

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Speaker 1: But however, it took us years because my wife and

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Speaker 1: I moved here to Atlanta and then we knew we

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Speaker 1: couldn't find a house remotely because we were moving from

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Speaker 1: Los Angeles, and so we were just like, okay, what

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Speaker 1: are we gonna do? And very quickly we realized, well,

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Speaker 1: we're just going to move into the first department we

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Speaker 1: can find and then we will spend what we know

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Speaker 1: it will be a year looking for an actual house

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Speaker 1: to buy. And that's what ended up happening, was we

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Speaker 1: we knew that we had a year to find a

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Speaker 1: house because that's where we signed up for an apartment

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Speaker 1: and and it worked out. But you're right, it's it's

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Speaker 1: it's a ridiculous process that takes so much time, so

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Speaker 1: much energy, and it is treated like this big momentous occasion,

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Speaker 1: much like a having a child or graduating college. It's

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Speaker 1: like this like life, you know, stepping stone, a big

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Speaker 1: hallmark of life. And yet it's it's it's just a house.

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Speaker 1: Should it be this difficult? You know? Right? Why is

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Speaker 1: it so byzantine? You know? Why is it purposefully like

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Speaker 1: navigating a labyrinth or a minefield or a labyrinth with

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Speaker 1: minds in it? I would say, yes, minor doors, No,

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Speaker 1: we're keeping it minor tours. Yeah, I would argue, because

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Speaker 1: I am very much a grinch. I would argue that

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Speaker 1: at least part of the reason it's so complicated is

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Speaker 1: because it benefits, uh, it benefits various industries for it

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Speaker 1: to be complicated. Also, you know, it shouldn't be easy

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Speaker 1: because it is a big deal. Uh. That's why we

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Speaker 1: call the pros, right, the vast majority of people when

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Speaker 1: they're when they're buying a house. Um, even the very uh,

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Speaker 1: the very very organized, like you Seth and your spouse.

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Speaker 1: You guys probably called a broker, right, or an agent

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Speaker 1: of some sort. Yes, correct, And they're the ones who

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Speaker 1: will be ideally again, this is all ideal. They'll be bloodhounds.

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Speaker 1: You set them on the case. This is what we need,

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Speaker 1: secret passage, air conditioner, indoor pool, walkability, night ten seventies,

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Speaker 1: as conversation pit, all of these things. Uh. And then

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Speaker 1: the agent will say, okay, what what do you what?

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Speaker 1: Let's talk turkey, what's the price? And they'll try to

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Speaker 1: work something out. Let's say you find that dream home

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Speaker 1: right picture the you know, the trumpets and the angel farts.

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Speaker 1: You first see the house, you make an offer. That

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Speaker 1: offer comes with all sorts of caveats, which you guys

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Speaker 1: can speak too better than I could. Uh, things like

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Speaker 1: a home inspection. What comes with the house? You know

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Speaker 1: what I mean? Do we get to keep the oven

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Speaker 1: because we love the oven? Things like that? And well, yeah,

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Speaker 1: and what other offers are already on the table, because

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Speaker 1: there's always one, no matter what, always there's another counter

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Speaker 1: offer on the table immediately. And if you have to

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Speaker 1: get yours in right now. I swear there's a conspiracy

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Speaker 1: with realtors. I swear it's the hard sell right act now,

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Speaker 1: you know, uh, not every place has this shag carpet

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Speaker 1: my friends. You know. Uh So, so let's let's say

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Speaker 1: to your point man that that's an enormously crucial part

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Speaker 1: of this process. And it's you're gonna see why in

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Speaker 1: a second, folks. But let's say the fortune favors you,

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Speaker 1: the wind is at your back, as they used to

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Speaker 1: say back in the day, and everything works out home

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Speaker 1: inspections of breeze boom boom boom. You close on the

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Speaker 1: house and you look around at you know, your backyard,

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Speaker 1: and you're thinking, holy sh I have a backyard. Now,

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Speaker 1: look at all this stuff I'm gonna do with it.

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Speaker 1: And you know, you probably don't end up doing most

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Speaker 1: of that stuff because you know people. But it's it's

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Speaker 1: beautiful and you and your bank live happily ever after. Obviously,

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Speaker 1: that is a best case scenario. That is something that

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Speaker 1: happens in an ideal world. And as anyone who has

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Speaker 1: been paying attention can assure you, we do not live

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Speaker 1: in an ideal world. That is very true, especially when

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Speaker 1: it comes to just what we have to do, each

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Speaker 1: of us individually, what we have to make on a

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Speaker 1: yearly or it's really monthly basis in order to have

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Speaker 1: a mortgage to pay a mortgage to be in a home. Hey,

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Speaker 1: maybe you don't even have a home, you still gotta

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Speaker 1: pay rent of some kind. You've got to make that

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Speaker 1: much money. And the overall cost of living, which includes

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Speaker 1: the price of a home, like that final price tag

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Speaker 1: that you end up getting a mortgage for, that is

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Speaker 1: just rising all over the place across the world, really

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Speaker 1: faster in some places than in others. But here in

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Speaker 1: the US there's a big thing that's fighting well, there

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Speaker 1: are several things that are fighting us as individuals when

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Speaker 1: it comes to this process. But ultimately, the buying power

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Speaker 1: of a single US dollar is not what it used

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Speaker 1: to be twenty years ago, let's say. And it really

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Speaker 1: just means that that one dollar that you make isn't

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Speaker 1: gonna go quite as far as it once did. And

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Speaker 1: that's a huge problem. And if you, if you take

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Speaker 1: it to the government statistics, they really do show that

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Speaker 1: while let's let's call it household income, the stuff that

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Speaker 1: you and everybody else in your house makes, whoever those

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Speaker 1: people are, all of that combined, is steadily increasing. Like

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Speaker 1: that's nice, that's good. However, that increase, that increase of

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Speaker 1: of all of you and your folks, uh, is going

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Speaker 1: like this, but the inflation is like this if you're

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Speaker 1: watching the video component of this. If not, let's just

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Speaker 1: say that inflation is out pacing uh, the increase in

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Speaker 1: household income. That did a really cool graph with his hands.

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Speaker 1: That's what that's part of what you're missing. We we

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Speaker 1: can't describe it. YouTube dot com forward slash conspiracy stuff.

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Speaker 1: For I was going to say to that, no, we

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Speaker 1: we gotta, we gotta keep doing it. This is like

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Speaker 1: when you hear a stand up album and the comic

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Speaker 1: does a visual bit, so get the full experience. And

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Speaker 1: again check out Seth's awesome beard. Uh, you're you're right,

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Speaker 1: You're absolutely right. And this is like, this is the

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Speaker 1: moment so common in uh Twitter and internet tropes today

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Speaker 1: where like previous generations shout at the youngsters in their

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Speaker 1: yard saying, you know, I never went to college. My

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Speaker 1: first job paid twelve dollars a year and two pigs,

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Speaker 1: and with that I was able to start a family

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Speaker 1: of sixteen and move into four houses, one of which

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Speaker 1: had a witch barn. And then someone and they say,

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Speaker 1: you know, rightly, it makes sense from that perspective to

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Speaker 1: say you make you know thirty thousand dollars a year,

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Speaker 1: I would be I would be living like royalty with that.

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Speaker 1: And then someone has to come in and say, well,

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Speaker 1: thirty thousand dollars a year is maybe not as much

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Speaker 1: as twelve dollars a year and three pigs back when

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Speaker 1: you were in the game, my friend. Uh, Like, that's

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Speaker 1: a cartoonish look at it, but the point is true.

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Speaker 1: I mean specifically, like it irritates me because people don't

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Speaker 1: know how fast this happens. It's not like just a

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Speaker 1: slow thing from nineteen thirties on. No, no, no, no no.

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Speaker 1: As of January this year, but a long time ago,

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Speaker 1: something that would have cost twenty bucks in now costs

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Speaker 1: nearly thirty one. And you're not you know, you're if

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Speaker 1: you're the average person, your wage is also probably kind

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Speaker 1: of stagnant. And how and with that lower purchasing power

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Speaker 1: of the dollar, we see that other big purchases are

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Speaker 1: likewise expensive. College tuition, I mean, student loan debt is

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Speaker 1: crippling this country. That is not an I mean, it

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Speaker 1: is a conspiracy, I would argue, but it's definitely not

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Speaker 1: a conspiracy theory that that dog is going to come

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Speaker 1: back to bite and already has. Uh and this. This

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Speaker 1: means that cars are more expensive in a very autocentric country.

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Speaker 1: They are all the price of those things also outpaces

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Speaker 1: the rate of inflation, and and just quickly to talk

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Speaker 1: to that, I want to give a concrete example, just

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Speaker 1: this concept that the prices of homes is rising far

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Speaker 1: more than inflation and and leagues more than the increase

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Speaker 1: overall in our wages, like the individual wages that people

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Speaker 1: are paid. When we bought our home in it cost X. Okay,

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Speaker 1: let's just say that it cost x amount of dollars.

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Speaker 1: We've we've only been here in in this home that

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Speaker 1: we purchased in what seven years now, And the cost

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Speaker 1: of the houses are in my neighborhood, they were all

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Speaker 1: they all cost roughly the same. I mean it was

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Speaker 1: very very close, uh a close range. They all now

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Speaker 1: cost way more than my wife and I could ever afford.

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Speaker 1: And and and it is not it is not because

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Speaker 1: this is an amazing up and coming place. It's because

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Speaker 1: the prices of homes overall in the United States has

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Speaker 1: been skyrocketing. And part of the part of the reason

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Speaker 1: behind this episode is why the heck is that doing that?

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Speaker 1: Why is that outpacing everything else? Yeah? Yeah, exactly. And

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Speaker 1: like we said, of course, this is an effect that

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Speaker 1: we see across many financial aspects of people's lives. It's

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Speaker 1: just profoundly exacerbated when it comes to buying a home.

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Speaker 1: Another concrete example for the automobile would be that the

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Speaker 1: price of the most affordable new car in the US

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Speaker 1: has risen about three hundred and eight percent since which

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Speaker 1: you know, granted was thirty years ago, but still three

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Speaker 1: eight percent. It gives you, it's more than a decade.

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Speaker 1: It gives you. It gives you. Yeah, and this These

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Speaker 1: are two examples of these um these troubling trends. So,

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Speaker 1: the Bureau of Census reports that the average price of

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Speaker 1: a new home in January of two thousand was thousand,

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Speaker 1: eight hundred dollars. So, according to what we know about inflation,

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Speaker 1: if we go to the handy dandy inflation calculator, that

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Speaker 1: price in January of twenty should be something like two

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Speaker 1: hundred ninety seven thousand, seven hundred and five dollars. But

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Speaker 1: the actual price in January twenty was more like four

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Speaker 1: hundred two thousand, four hundred dollars. That is more than

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Speaker 1: thirty five percent higher than it's would be if we're

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Speaker 1: just counting inflation, which means that someone is making tons

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Speaker 1: of cash. Here, someone is making tons of Cheddar is

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Speaker 1: compounded again by the very important fact that you mentioned earlier, Matt,

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Speaker 1: which is that people who are trying to buy homes

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Speaker 1: are working just as hard as their ancestors. Did you

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Speaker 1: know what I mean, They're just doing more for less

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Speaker 1: and for many people, this means that homeownership becomes an

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Speaker 1: increasingly distant goal. You know what I mean, The finish

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Speaker 1: line keeps moving, so what gifts I mean, supply and

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Speaker 1: demand obviously, right, you can't sell houses that don't exist,

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Speaker 1: so you have to build more or people have to

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Speaker 1: sell the ones they have. But there's something else afoot here. There,

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Speaker 1: there is a there is perhaps infiltration of which many

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Speaker 1: people are unaware. Remember how we said that anyone can

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Speaker 1: buy a house in the US. That's true. It's more

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Speaker 1: true than you think. Anyone means anyone anywhere in the world.

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Speaker 1: And recently there are a lot of people who have

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Speaker 1: been taking this seriously, these issues that we've been discussing here.

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Speaker 1: Experts looking at this stuff very concerned that maybe the

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Speaker 1: individuals buying up a lot of the property, including um,

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Speaker 1: you know, condominiums, houses, even just renting, the renting of apartments.

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Speaker 1: People who are buying up this property and driving up

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Speaker 1: the prices aren't actually human beings that live in homes

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Speaker 1: because they need a place to live and grow and

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Speaker 1: maybe start a family. Who are these entities? Are they individuals?

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Speaker 1: Are they companies? And where are they located? If they

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Speaker 1: are not here in the United States? And we know

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Speaker 1: what you're thinking, folks, it's the same thing we thought too,

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Speaker 1: What the thing? And we're gonna learn about at right

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Speaker 1: after a quick word from our sponsor. Here's where it

403
00:26:10,240 --> 00:26:17,640
Speaker 1: gets crazy. There are multiple factors leading to any housing crisis,

404
00:26:18,800 --> 00:26:23,000
Speaker 1: but for an investment does play a huge, often undiscussed role.

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Speaker 1: Let's let's picture it this way. Let's say, Um, let's

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Speaker 1: say you, Matt Frederick, are you want let's do you

407
00:26:33,200 --> 00:26:39,040
Speaker 1: want to Okay? All right? Um, so we'll give you.

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Speaker 1: We'll give you an alias Seth so you can really

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Speaker 1: get into character. Um, the shadow, Yes, the shadow knows. Okay,

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Speaker 1: we're gonna call you Seth three. Uh, the shadow for

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Speaker 1: this one. So all right. So let's say let's say

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Speaker 1: Seth three is a well to do individual will in

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Speaker 1: a not so well to do part of the world, Seth, Seth,

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Speaker 1: the shadow has made Scrooge McDuck money. But every day,

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Speaker 1: every day, Seth, you're waking up haunted by by the

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Speaker 1: fear that the government may do something either incompetent or corrupt,

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Speaker 1: rendering the fruits of your labor and your financial hoarde worthless.

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Speaker 1: You start panicking, right, Yeah, absolutely, I've worked hard for

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Speaker 1: my giant money vault, and I need to ensure that

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Speaker 1: my hard work was not in vain. I need to Uh,

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Speaker 1: maybe I'm more competent than my government. Maybe that's the

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Speaker 1: way it is. And in this dude, you're right on

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Speaker 1: the money there, you feel that way, and it's true.

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Speaker 1: You really do. Just have a giant tower of coins

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Speaker 1: and various other treasures. So you just like Scrooge pick duck,

426
00:27:53,960 --> 00:27:56,200
Speaker 1: I worked hard for it. I didn't. I wasn't bored

427
00:27:56,320 --> 00:27:59,720
Speaker 1: rich Scrooge me, no way. Yes, that's correct. I've literally

428
00:27:59,760 --> 00:28:02,560
Speaker 1: been doing a bunch of Scrooge McDuck commics recently. He

429
00:28:02,720 --> 00:28:05,960
Speaker 1: was not born rich, he worked hard, He earned that money.

430
00:28:06,960 --> 00:28:08,719
Speaker 1: I'll get you guys more details later. I'm not done

431
00:28:08,760 --> 00:28:17,240
Speaker 1: with the book yet. But with a silver spoon in

432
00:28:17,320 --> 00:28:20,919
Speaker 1: his in his bill he he had earned it. Okay,

433
00:28:21,000 --> 00:28:23,000
Speaker 1: so just set through the shadow is also a duck

434
00:28:23,480 --> 00:28:31,879
Speaker 1: in this scenario, humanoid tycoon duck and has these real concerns. Seth,

435
00:28:31,920 --> 00:28:34,800
Speaker 1: you're saying, quack, quack, I need a place to put

436
00:28:34,800 --> 00:28:40,280
Speaker 1: all this cash. I need some something uh some kind

437
00:28:40,520 --> 00:28:44,480
Speaker 1: of some other kind of money vault, and it needs

438
00:28:44,480 --> 00:28:48,080
Speaker 1: to be tucked away from the potential disasters ahead in

439
00:28:48,120 --> 00:28:52,640
Speaker 1: my country. Now, not to beagle boys, yes, no, not

440
00:28:52,720 --> 00:28:58,880
Speaker 1: to uh, not to point uh duck duck tails at anybody.

441
00:28:59,160 --> 00:29:03,720
Speaker 1: But you may even have been have made some of

442
00:29:03,720 --> 00:29:09,400
Speaker 1: your fortune uh by contributing to the instability of this country,

443
00:29:09,600 --> 00:29:11,520
Speaker 1: and you don't want to be there for the fallout.

444
00:29:11,680 --> 00:29:13,920
Speaker 1: That that's not that's not a good look for a

445
00:29:13,960 --> 00:29:17,240
Speaker 1: smart duck like you. If we're being practical, If I'm

446
00:29:17,320 --> 00:29:20,480
Speaker 1: this wealthy, I'm pretty sure I did some bad things.

447
00:29:20,520 --> 00:29:24,320
Speaker 1: Not not to not to smirch anyone, but if you

448
00:29:24,360 --> 00:29:27,240
Speaker 1: get Scrooge McDuck rich, she got some Scrooge McDuck problems.

449
00:29:27,360 --> 00:29:29,520
Speaker 1: That guy, I'd say, at least once a week he

450
00:29:29,560 --> 00:29:32,480
Speaker 1: had some sort of adventure of someone causing problems in

451
00:29:32,560 --> 00:29:36,000
Speaker 1: his life that perhaps he contributed to. That's very true.

452
00:29:36,440 --> 00:29:40,840
Speaker 1: It's very good point. So what what happens next, Matt,

453
00:29:40,880 --> 00:29:44,760
Speaker 1: What happens to set the Shadow? Well, here here's the

454
00:29:44,800 --> 00:29:49,040
Speaker 1: best part. Uh. The Shadow has friends and he's had

455
00:29:49,040 --> 00:29:50,640
Speaker 1: people who have been helping him out in all of

456
00:29:50,680 --> 00:29:57,200
Speaker 1: these pursuits. Some of them he may consider employees, others, partners, others,

457
00:29:57,280 --> 00:30:00,560
Speaker 1: maybe even fixers, who knows. But he's got some friends

458
00:30:00,560 --> 00:30:02,440
Speaker 1: and they're in a similar bind. They've made a lot

459
00:30:02,480 --> 00:30:05,120
Speaker 1: of cash, they need a place to put it, and

460
00:30:05,160 --> 00:30:09,440
Speaker 1: every one of them is hearing the same thing. It's

461
00:30:09,480 --> 00:30:12,480
Speaker 1: a it's a distant call from across the pond. Let's

462
00:30:12,520 --> 00:30:16,240
Speaker 1: say that says, put your money over here, it's safe

463
00:30:16,280 --> 00:30:21,160
Speaker 1: over here, be smart, invest abroad. And the best thing

464
00:30:21,480 --> 00:30:24,400
Speaker 1: that the whisper does is it says, you don't even

465
00:30:24,400 --> 00:30:27,640
Speaker 1: have to leave. You stay right where you are. Just

466
00:30:27,960 --> 00:30:32,040
Speaker 1: ship us that cash and we're good to go. No

467
00:30:32,240 --> 00:30:35,560
Speaker 1: plane hopping. Right. You don't have to have to ride

468
00:30:35,600 --> 00:30:38,880
Speaker 1: on a jet with the commoners. I mean, of course, Seth,

469
00:30:38,920 --> 00:30:42,200
Speaker 1: you already have a private jet. In this scenario, you

470
00:30:42,360 --> 00:30:45,840
Speaker 1: had a private pilot, launch Pad mcquack and a private pilot.

471
00:30:46,280 --> 00:30:48,920
Speaker 1: I love that we're painting this universe out and giving

472
00:30:48,960 --> 00:30:53,200
Speaker 1: it we're gonna have to return to this example. Uh, yeah,

473
00:30:53,320 --> 00:30:56,080
Speaker 1: you can. You can give old launch pad a break

474
00:30:56,400 --> 00:30:59,800
Speaker 1: that weekend because, as you said, Matt Seth can do

475
00:30:59,840 --> 00:31:03,680
Speaker 1: this sall online. No, he doesn't have to leave his country,

476
00:31:03,680 --> 00:31:05,920
Speaker 1: he doesn't have to leave his house. Yeah, he can't

477
00:31:05,920 --> 00:31:08,520
Speaker 1: do it all inline. But really it's preferable if you

478
00:31:08,760 --> 00:31:12,960
Speaker 1: actually ship the cash somehow to to our country. Just

479
00:31:13,040 --> 00:31:18,680
Speaker 1: the cash, like just cold hard boxes of cash, or

480
00:31:18,800 --> 00:31:25,200
Speaker 1: or in sacks or in suitcases with dollar sign on them. Yeah,

481
00:31:25,240 --> 00:31:28,120
Speaker 1: oh for sure, or just you know, start in LLC

482
00:31:28,400 --> 00:31:31,160
Speaker 1: in Delaware and put all your money into that and

483
00:31:31,200 --> 00:31:35,400
Speaker 1: then buy the house through that. Oh gosh, remind me

484
00:31:35,440 --> 00:31:38,719
Speaker 1: to tell you guys one day about the brilliant financial

485
00:31:38,760 --> 00:31:43,560
Speaker 1: moves of Ikea. It's not Macavillion. It is so evil.

486
00:31:43,720 --> 00:31:49,240
Speaker 1: But anyway, anyway, uh, we are. We are taking a

487
00:31:49,320 --> 00:31:54,440
Speaker 1: lighthearted approach to a very real problem. So let's continue this. Uh.

488
00:31:54,560 --> 00:32:00,280
Speaker 1: Let's let's say that um Ours set the shadow is

489
00:32:00,680 --> 00:32:06,600
Speaker 1: based in, is looking at property that he could buy

490
00:32:06,840 --> 00:32:09,040
Speaker 1: somewhere in the world and looks at Germany, and he

491
00:32:09,120 --> 00:32:12,000
Speaker 1: looks at Thailand, and he looks at Australia, and then

492
00:32:12,000 --> 00:32:19,880
Speaker 1: he says, oh, Canada. That was unintentional, and I apologize sorry.

493
00:32:21,760 --> 00:32:23,840
Speaker 1: There are a lot of people who have made the

494
00:32:23,880 --> 00:32:28,960
Speaker 1: same decision that our that our fictional Avian Seth has made.

495
00:32:29,440 --> 00:32:32,360
Speaker 1: And we know this because there have been some pretty

496
00:32:32,400 --> 00:32:36,160
Speaker 1: damning case studies about it. Beginning back in the late

497
00:32:36,200 --> 00:32:42,040
Speaker 1: twenty tens, foreign investment and real estate speculation in many

498
00:32:42,120 --> 00:32:47,880
Speaker 1: major cities of Canada UH caused this boom, this seismic

499
00:32:48,000 --> 00:32:51,120
Speaker 1: shift in the real estate market. It led to a

500
00:32:51,200 --> 00:32:54,200
Speaker 1: massive increase in not only the price of buying a home,

501
00:32:54,520 --> 00:32:58,160
Speaker 1: but the price of renting one. And it was also

502
00:32:58,400 --> 00:33:02,880
Speaker 1: seeing a very deady drop in interest rates. Right, So

503
00:33:03,000 --> 00:33:05,560
Speaker 1: that's that's how much you have when you get a mortgage,

504
00:33:06,040 --> 00:33:08,640
Speaker 1: how much you actually have to pay back That is

505
00:33:08,840 --> 00:33:11,280
Speaker 1: not a part of the principle, like what you the

506
00:33:11,360 --> 00:33:13,520
Speaker 1: loan that you took out, just extra money you gotta

507
00:33:13,520 --> 00:33:18,840
Speaker 1: pay the bank for the bank exactly. So so that

508
00:33:19,600 --> 00:33:23,480
Speaker 1: was dropping, right, But then the price of the homes

509
00:33:23,760 --> 00:33:27,320
Speaker 1: is rising, and that's been happening since in the nine

510
00:33:27,720 --> 00:33:31,080
Speaker 1: It's signaled to consumers, just the everyday person, including the

511
00:33:31,120 --> 00:33:34,800
Speaker 1: shadow there, that the real estate market have become the

512
00:33:34,920 --> 00:33:40,000
Speaker 1: perfect stable place to invest your money, no matter where

513
00:33:40,080 --> 00:33:43,640
Speaker 1: it came from yeah, and there was this there was

514
00:33:43,680 --> 00:33:48,120
Speaker 1: this act now feeling right for many many investors, so

515
00:33:48,240 --> 00:33:50,360
Speaker 1: they said, hey, this is a good thing. Don't know

516
00:33:50,400 --> 00:33:52,640
Speaker 1: how long it's gonna be, it's gonna last, and no,

517
00:33:52,760 --> 00:33:55,160
Speaker 1: we'd hate to be late to the game here. So

518
00:33:55,560 --> 00:33:59,440
Speaker 1: they poured into the market. Mich also mentioned they're pouring

519
00:33:59,520 --> 00:34:04,080
Speaker 1: into a market that is full of young, well intentioned

520
00:34:04,520 --> 00:34:07,320
Speaker 1: Canadians who are thinking, this is gonna be the year.

521
00:34:07,800 --> 00:34:10,040
Speaker 1: This is gonna be the year when we get our

522
00:34:10,200 --> 00:34:15,360
Speaker 1: own home. And that's why in March of the cost

523
00:34:15,440 --> 00:34:18,760
Speaker 1: of owning a home in Toronto alone in the greater

524
00:34:18,840 --> 00:34:21,759
Speaker 1: Toronto areas, so not even like downtown or whatever, the

525
00:34:21,840 --> 00:34:26,200
Speaker 1: Arts District is, just the suburbs of Toronto. It had

526
00:34:26,239 --> 00:34:30,200
Speaker 1: grown thirty three in the course of a year. Even

527
00:34:30,560 --> 00:34:34,520
Speaker 1: the even the homes that a lot of people wouldn't

528
00:34:34,520 --> 00:34:37,680
Speaker 1: necessarily think too much of, like the semi detached kind

529
00:34:37,719 --> 00:34:41,800
Speaker 1: of town home stuff, those surpassed a million dollars in

530
00:34:41,960 --> 00:34:45,520
Speaker 1: asking price. And this problem is not unique to Canada.

531
00:34:45,760 --> 00:34:50,520
Speaker 1: Because let's say, Seth, I hope you don't regret allowing

532
00:34:50,640 --> 00:34:53,759
Speaker 1: us to use you as an example here. Fictionally, okay, well,

533
00:34:53,800 --> 00:34:56,160
Speaker 1: let's Okay, So let's say let's say you look at

534
00:34:56,200 --> 00:35:00,239
Speaker 1: this and and you're like, wow, it's CA and it

535
00:35:00,320 --> 00:35:02,600
Speaker 1: is not for me. Too many people found out about

536
00:35:02,680 --> 00:35:06,200
Speaker 1: the greater Toronto metro area, and to too many people,

537
00:35:06,760 --> 00:35:09,920
Speaker 1: somebody blew up the spot in Vancouver or whatever. And

538
00:35:10,000 --> 00:35:16,000
Speaker 1: so you turn your gaze south and you look at

539
00:35:16,000 --> 00:35:21,680
Speaker 1: the US. Statistically, you're probably looking at California. That's that's

540
00:35:21,680 --> 00:35:25,200
Speaker 1: going to be the most popular place for a duck

541
00:35:25,239 --> 00:35:29,160
Speaker 1: in your position. And that's where we run into the

542
00:35:29,200 --> 00:35:32,960
Speaker 1: problem with the US. This is an ongoing thing, and

543
00:35:33,120 --> 00:35:36,560
Speaker 1: to explain the situation, we're going to need to introduce

544
00:35:36,600 --> 00:35:40,480
Speaker 1: you to the Financial Crimes Enforcement Network. They are a

545
00:35:40,560 --> 00:35:44,439
Speaker 1: unit of the Treasury Department with a very cool short

546
00:35:44,600 --> 00:35:49,279
Speaker 1: nickname Finnsen. We we talked about them not long ago,

547
00:35:49,360 --> 00:35:52,359
Speaker 1: didn't we been? Yep, good lord. I can't tell you

548
00:35:52,440 --> 00:35:55,799
Speaker 1: the topic, but we just discussed them in another financial

549
00:35:56,920 --> 00:35:59,280
Speaker 1: problem that we're dealing with. I think it had something

550
00:35:59,320 --> 00:36:05,920
Speaker 1: to do with money laundering and drugs. I think who

551
00:36:06,000 --> 00:36:08,719
Speaker 1: knows you know better than me, whoever you are out

552
00:36:08,760 --> 00:36:15,680
Speaker 1: there listening, I'm sure what we did, but yes, Finn

553
00:36:15,680 --> 00:36:21,120
Speaker 1: sent in. They put out a press release and they

554
00:36:21,160 --> 00:36:24,560
Speaker 1: found that one out of four, one out of four

555
00:36:24,680 --> 00:36:31,080
Speaker 1: residential real estate purchases were all cash transactions. Do you

556
00:36:31,440 --> 00:36:36,319
Speaker 1: understand what that means? One in four That is a

557
00:36:36,440 --> 00:36:40,960
Speaker 1: quarter of all Hunt, we're talking minimum hundreds of thousands

558
00:36:41,000 --> 00:36:43,640
Speaker 1: of dollars, unless you're talking about a home that's in

559
00:36:43,719 --> 00:36:47,360
Speaker 1: foreclosure that for some reason is below a hundred thousand dollars,

560
00:36:47,560 --> 00:36:50,040
Speaker 1: And even if it is in foreclosure, depending on the

561
00:36:50,080 --> 00:36:53,919
Speaker 1: institution that owns it, it may be well above that

562
00:36:54,080 --> 00:36:58,879
Speaker 1: benchmark number. Um. And that right there just makes you go, Okay,

563
00:36:58,960 --> 00:37:01,000
Speaker 1: so who's got that kind of mone What are we

564
00:37:01,040 --> 00:37:05,080
Speaker 1: talking about here? When when an individual or a family

565
00:37:05,920 --> 00:37:08,960
Speaker 1: is upgrading a home and I'm give giving you some quotation,

566
00:37:09,480 --> 00:37:12,840
Speaker 1: so there with my fingers. Um, generally, what's gonna happen

567
00:37:12,920 --> 00:37:15,239
Speaker 1: is even if you've got if you've paid off your

568
00:37:15,239 --> 00:37:19,000
Speaker 1: mortgage completely, you've got the entire equity of your home

569
00:37:19,520 --> 00:37:25,520
Speaker 1: that exists. Let's say two that's so low for nowadays dollars, God,

570
00:37:25,760 --> 00:37:29,000
Speaker 1: I can't believe it's that high. Um. But let's say

571
00:37:29,040 --> 00:37:33,399
Speaker 1: you've just got that in cash essentially sitting there the

572
00:37:33,400 --> 00:37:36,759
Speaker 1: that family unless they are downgrading because of you know,

573
00:37:37,360 --> 00:37:39,480
Speaker 1: they need to, they need a smaller space. They don't

574
00:37:39,520 --> 00:37:41,840
Speaker 1: need as much room there. There are a couple, you know,

575
00:37:41,840 --> 00:37:44,880
Speaker 1: other situations. Generally there's going to be an upgrade because

576
00:37:44,880 --> 00:37:48,440
Speaker 1: you would take that money you've already invested and get

577
00:37:48,480 --> 00:37:52,359
Speaker 1: a bigger investment. So you're not going to be able

578
00:37:52,400 --> 00:37:56,319
Speaker 1: to pay for the entire home purchase with just that money,

579
00:37:56,400 --> 00:37:59,080
Speaker 1: even if you've got all of that um, because you're

580
00:37:59,080 --> 00:38:05,520
Speaker 1: probably upgrading to four dollar home. Yay. That's why the

581
00:38:05,600 --> 00:38:11,200
Speaker 1: cash purchase feels so strange. That's a lot of money baller, dude,

582
00:38:12,360 --> 00:38:16,439
Speaker 1: And I know that that's a very crude way to

583
00:38:16,480 --> 00:38:19,320
Speaker 1: describe it, but this is also part of what I

584
00:38:19,360 --> 00:38:24,520
Speaker 1: would argue is a newer version of the American dream

585
00:38:24,560 --> 00:38:27,960
Speaker 1: to come in with the suitcase, to come in with

586
00:38:28,200 --> 00:38:31,799
Speaker 1: the blank check, uh, and to say to you know,

587
00:38:32,000 --> 00:38:36,680
Speaker 1: to power move Tony Starkett and say something like okay, yeah, no,

588
00:38:36,880 --> 00:38:40,080
Speaker 1: I just look, just tell me what we need to sign.

589
00:38:40,239 --> 00:38:43,520
Speaker 1: I want this by this afternoon because I have a

590
00:38:43,600 --> 00:38:47,880
Speaker 1: lunch thing that's similar to what's happening, and it's not

591
00:38:47,960 --> 00:38:53,960
Speaker 1: as cartoonish as you think. Thanks to the Bank Secrecy Act,

592
00:38:54,400 --> 00:39:00,840
Speaker 1: which is anti money laundering law created, FINCE is able

593
00:39:00,880 --> 00:39:03,800
Speaker 1: to learn who owns a lot of these all cash

594
00:39:03,880 --> 00:39:09,160
Speaker 1: transaction properties. A ton of them are in very expensive

595
00:39:09,360 --> 00:39:14,080
Speaker 1: metro areas, you know, New York, San Francisco, l A, Miami,

596
00:39:14,239 --> 00:39:16,520
Speaker 1: all the hits, you know, all the good ones, all

597
00:39:16,520 --> 00:39:20,480
Speaker 1: the postcard cities. UH in those cities, they found that,

598
00:39:20,560 --> 00:39:24,840
Speaker 1: in addition to uh TO having quite a large amount

599
00:39:24,920 --> 00:39:30,440
Speaker 1: of all cash home purchases, of those purchases were automatically

600
00:39:30,480 --> 00:39:34,759
Speaker 1: flagged as suspicious transactions. There's a little bit of true

601
00:39:34,800 --> 00:39:36,839
Speaker 1: crime here. We don't want to exaggerate it too much,

602
00:39:36,880 --> 00:39:41,680
Speaker 1: but and there's there's a great look at this from Reveal,

603
00:39:41,840 --> 00:39:46,480
Speaker 1: which is part of the Center for Investigative Reporting. In

604
00:39:46,560 --> 00:39:50,560
Speaker 1: this they have an interview with a guy named James Right.

605
00:39:51,080 --> 00:39:56,280
Speaker 1: James Wright is an attorney uh More importantly, he used

606
00:39:56,280 --> 00:39:58,880
Speaker 1: to be, once upon a time, a bank examiner for

607
00:39:59,000 --> 00:40:04,000
Speaker 1: the Treasury depart meant, he indicates that, in his opinion,

608
00:40:04,080 --> 00:40:08,600
Speaker 1: there are multiple conspiracies to buy real estate not as

609
00:40:08,640 --> 00:40:12,360
Speaker 1: a legit investment, but as a means of laundering money.

610
00:40:12,800 --> 00:40:15,839
Speaker 1: Think about it, like similar to the car wash bit

611
00:40:15,960 --> 00:40:21,000
Speaker 1: in Breaking Bad, No spoilers. He did something really interesting.

612
00:40:21,920 --> 00:40:26,400
Speaker 1: He he talks about the what went down in Moldova

613
00:40:26,480 --> 00:40:29,959
Speaker 1: after the fall of the Soviet Union, and he said

614
00:40:30,000 --> 00:40:33,239
Speaker 1: that at that time, oligarchs were running wild and they

615
00:40:33,239 --> 00:40:38,040
Speaker 1: were stashing their gains in buildings, you know, hard assets, tangible.

616
00:40:38,840 --> 00:40:41,960
Speaker 1: It's hard. It's difficult to move buildings, right. And he

617
00:40:42,000 --> 00:40:45,680
Speaker 1: has this line where he says, back in Moldova at

618
00:40:45,680 --> 00:40:48,040
Speaker 1: the time, you would walk down the street and people

619
00:40:48,080 --> 00:40:50,440
Speaker 1: would point at a certain building and they would be like,

620
00:40:50,520 --> 00:40:55,160
Speaker 1: that's a washing machine, and everybody knew what it meant. Uh.

621
00:40:55,480 --> 00:40:59,000
Speaker 1: In today, Yeah, this this should bother you if you're

622
00:40:59,040 --> 00:41:02,080
Speaker 1: in the US, because to day right says, America is

623
00:41:02,160 --> 00:41:05,680
Speaker 1: not that different. As of twenty nine, the Census Bureau

624
00:41:05,680 --> 00:41:10,799
Speaker 1: has reported that nearly three million US homes and thirteen

625
00:41:10,880 --> 00:41:17,360
Speaker 1: million apartment units are owned not by like uh, Jane

626
00:41:17,400 --> 00:41:21,040
Speaker 1: and John from down the street. They're they're owned by

627
00:41:21,360 --> 00:41:26,320
Speaker 1: ll c s or l LPs or shell companies. That's

628
00:41:26,360 --> 00:41:28,120
Speaker 1: really what they are. And I know it's like an

629
00:41:28,120 --> 00:41:31,080
Speaker 1: impolite term, but there's shell companies. They're meant to hide

630
00:41:31,200 --> 00:41:38,000
Speaker 1: true ownership. That's nuts. Thirteen million apartments, three million homes. Uh.

631
00:41:38,080 --> 00:41:44,120
Speaker 1: And in the proportion of residential rental properties owned by individuals,

632
00:41:44,320 --> 00:41:50,120
Speaker 1: you know, actual families has fallen drastically in it was,

633
00:41:51,280 --> 00:41:54,440
Speaker 1: and then just by it was down to sev and

634
00:41:54,480 --> 00:41:58,720
Speaker 1: the trend continues today. And all of that already sounds

635
00:41:58,760 --> 00:42:02,239
Speaker 1: troubling on the surface, but then you realize, like what

636
00:42:02,320 --> 00:42:04,359
Speaker 1: I mean with with the numbers you just quoted there

637
00:42:04,360 --> 00:42:09,280
Speaker 1: down toe of individual families actually owning and renting these properties.

638
00:42:09,800 --> 00:42:14,120
Speaker 1: You realize that they're humans that are trying to to

639
00:42:14,320 --> 00:42:16,520
Speaker 1: get these places and to live in these places and

640
00:42:16,520 --> 00:42:21,880
Speaker 1: to afford them. And they're competing with limited liability partnerships

641
00:42:22,560 --> 00:42:27,919
Speaker 1: from somewhere probably incorporated in Delaware, and who knows where

642
00:42:27,920 --> 00:42:31,200
Speaker 1: they're coming from, and they're able to buy these things outright,

643
00:42:31,600 --> 00:42:34,279
Speaker 1: just immediately, like that, you got a house. Hey, hey,

644
00:42:34,360 --> 00:42:37,800
Speaker 1: you got a whole subdivision. Oh well, here's a whole.

645
00:42:38,200 --> 00:42:41,680
Speaker 1: Here's a whole three floors of this awesome apartment building

646
00:42:41,719 --> 00:42:44,919
Speaker 1: in San Francisco. It's downtown. You're gonna love it. It's

647
00:42:44,960 --> 00:42:49,160
Speaker 1: just it's so intense because the individual person, the family

648
00:42:49,320 --> 00:42:53,399
Speaker 1: that is trying to buy this thing or live in

649
00:42:53,400 --> 00:42:57,080
Speaker 1: this unit, they are vulnerable, not in the same way

650
00:42:57,200 --> 00:43:01,160
Speaker 1: they're there, they're they're vulnerable to the risks that an

651
00:43:01,280 --> 00:43:06,160
Speaker 1: LLC or whatever this other shell corporation they're not going

652
00:43:06,200 --> 00:43:09,239
Speaker 1: to be vulnerable to. It's the biggest financial decision of

653
00:43:09,280 --> 00:43:14,400
Speaker 1: your life outside of having a child. Actually, wait no,

654
00:43:14,520 --> 00:43:18,160
Speaker 1: it's the biggest financial decision of your life. How do

655
00:43:18,239 --> 00:43:21,719
Speaker 1: you treat your kids? I mean, he's he's expensive, but

656
00:43:21,760 --> 00:43:26,440
Speaker 1: he's nothing like this place. And I'm guessing too that

657
00:43:26,480 --> 00:43:30,239
Speaker 1: your mortgage is longer than eighteen years probably too, right,

658
00:43:30,719 --> 00:43:33,759
Speaker 1: it's there. It's yeah, usually thirty if if you don't

659
00:43:33,840 --> 00:43:36,680
Speaker 1: have a ton of money. So if you're following the

660
00:43:36,719 --> 00:43:40,040
Speaker 1: strict rules of your only raising your child till eighteen,

661
00:43:40,800 --> 00:43:43,800
Speaker 1: then your mortgage will be with you longer than your child. Technically,

662
00:43:44,000 --> 00:43:47,080
Speaker 1: it's true. But I'm going to raise him until he

663
00:43:47,120 --> 00:43:51,719
Speaker 1: doesn't want me anymore, right, Yeah, it's true. That's why

664
00:43:51,760 --> 00:43:56,840
Speaker 1: I only halfway jokingly call a mortgage a financial facial tattoo,

665
00:43:57,239 --> 00:43:59,920
Speaker 1: Like it stays with you, and it will affect your future,

666
00:44:00,520 --> 00:44:02,960
Speaker 1: uh in in not entirely negative ways. I mean, you

667
00:44:03,000 --> 00:44:05,760
Speaker 1: have a place to live, but you are also bound

668
00:44:06,360 --> 00:44:10,640
Speaker 1: in some very serious and lasting agreements. And we're going

669
00:44:10,680 --> 00:44:14,840
Speaker 1: to pause for a moment and explore this further, assuming

670
00:44:14,880 --> 00:44:18,440
Speaker 1: that a shell company does not buy up our podcast.

671
00:44:18,520 --> 00:44:29,640
Speaker 1: While we're doing ats and we're back. Just got some

672
00:44:29,719 --> 00:44:33,640
Speaker 1: text from Illumination Global Unlimited. So we are going to

673
00:44:33,760 --> 00:44:36,440
Speaker 1: change some of the things that we plan to talk about.

674
00:44:37,120 --> 00:44:44,640
Speaker 1: Uh oh yeah, yeah. Well we love them there our

675
00:44:44,640 --> 00:44:49,120
Speaker 1: first sponsor and our primary one. So you're right, right, guys.

676
00:44:49,239 --> 00:44:52,920
Speaker 1: These homeowners can be vulnerable. This is a huge decision.

677
00:44:53,080 --> 00:44:58,120
Speaker 1: And often these folks are doing everything right, everything by

678
00:44:58,160 --> 00:45:01,759
Speaker 1: the book. They're very organized, they have a realistic timeline,

679
00:45:02,080 --> 00:45:05,400
Speaker 1: but they are denied the opportunity to buy an affordable

680
00:45:05,440 --> 00:45:08,480
Speaker 1: home with a mortgage because maybe even after they've put

681
00:45:08,480 --> 00:45:11,880
Speaker 1: that offer in, somebody else shows up with an offer

682
00:45:11,920 --> 00:45:14,719
Speaker 1: that may be higher, it might even be lower, but

683
00:45:14,800 --> 00:45:19,080
Speaker 1: it's all in cash, and it's all in like forget

684
00:45:19,120 --> 00:45:21,600
Speaker 1: about the home inspection. Blah blah blah. We don't need

685
00:45:21,640 --> 00:45:24,040
Speaker 1: to bring a bunch of too much paperwork into this.

686
00:45:24,160 --> 00:45:27,279
Speaker 1: Don't worry about where this money is coming from. Tell

687
00:45:27,280 --> 00:45:29,680
Speaker 1: you what, bro, you can keep the suitcase with the

688
00:45:29,680 --> 00:45:34,040
Speaker 1: dollar sign on it. That's that's the situation. And this

689
00:45:34,120 --> 00:45:37,960
Speaker 1: hits renters too, because, look, you don't know who your

690
00:45:38,000 --> 00:45:41,920
Speaker 1: neighbors are. That if you live in a major city,

691
00:45:42,040 --> 00:45:45,160
Speaker 1: sure that's common, but you should be able to know

692
00:45:45,440 --> 00:45:48,799
Speaker 1: who your neighbors are. I don't think that's unreasonable. And

693
00:45:49,200 --> 00:45:54,080
Speaker 1: when you are renting, this lack of transparency can be

694
00:45:54,200 --> 00:45:57,719
Speaker 1: difficult to traverse as well. Tenants can't figure out who

695
00:45:57,760 --> 00:46:01,640
Speaker 1: they should complain to if something goes row. Local officials

696
00:46:01,840 --> 00:46:05,560
Speaker 1: want to hold someone responsible for violations of code and

697
00:46:05,600 --> 00:46:08,759
Speaker 1: so on, but they don't know. They don't know where

698
00:46:08,760 --> 00:46:13,200
Speaker 1: the buck stops because one company is owned by another company,

699
00:46:13,480 --> 00:46:16,080
Speaker 1: is owned by another company, is owned by another company,

700
00:46:16,120 --> 00:46:21,320
Speaker 1: and their fingers on the same hand, it's we found

701
00:46:21,600 --> 00:46:24,360
Speaker 1: a hilarious example of this, or I think it's funny,

702
00:46:24,520 --> 00:46:28,040
Speaker 1: just just so you know, just so you get an

703
00:46:28,040 --> 00:46:32,840
Speaker 1: example of how how weird this stuff can get. Uh.

704
00:46:32,880 --> 00:46:36,719
Speaker 1: It took an investigation from The Guardian and the Washington

705
00:46:36,840 --> 00:46:42,880
Speaker 1: Post to figure out this problem of anonymous ownership or

706
00:46:42,960 --> 00:46:47,120
Speaker 1: hidden ownership, and they found one. They found one example

707
00:46:47,160 --> 00:46:51,680
Speaker 1: that's just funny. In the South, several states down here,

708
00:46:51,920 --> 00:46:56,160
Speaker 1: you know where we are, there were there were residents

709
00:46:56,440 --> 00:46:59,960
Speaker 1: living in all of these different properties, in different apartment

710
00:47:00,000 --> 00:47:05,680
Speaker 1: and complexes, and they all learned at once when when

711
00:47:05,719 --> 00:47:08,120
Speaker 1: The Guardian the Washington Post were doing their thing, they

712
00:47:08,120 --> 00:47:12,080
Speaker 1: all shared a secret landlord and um oh, the name

713
00:47:12,280 --> 00:47:17,320
Speaker 1: was SPM, k x G A LLC and other really

714
00:47:17,480 --> 00:47:21,880
Speaker 1: great LLC names of just you know, a couple of

715
00:47:21,880 --> 00:47:26,080
Speaker 1: different letters smashed together. And here's here's what the news

716
00:47:26,080 --> 00:47:29,600
Speaker 1: outlets found out. And all of those people who lived

717
00:47:29,719 --> 00:47:34,360
Speaker 1: in buildings owned by these LLCs, the actual person behind

718
00:47:34,440 --> 00:47:39,680
Speaker 1: all of them was legendary Fox News reporter and personality

719
00:47:39,800 --> 00:47:45,080
Speaker 1: Sean Hannity and I heart radio host I believe. How

720
00:47:45,080 --> 00:47:48,520
Speaker 1: does he have the time? But yeah, well he's made

721
00:47:48,600 --> 00:47:51,160
Speaker 1: a lot of money. Well, and here's the thing he's not.

722
00:47:51,239 --> 00:47:54,120
Speaker 1: He's not a you know, a foreign company, a foreign investor,

723
00:47:54,239 --> 00:47:57,719
Speaker 1: or somebody who's coming from a different country who's gonna

724
00:47:57,800 --> 00:48:01,480
Speaker 1: launder money or something. He is just he's an example

725
00:48:01,560 --> 00:48:05,719
Speaker 1: of something unexpected within this realm, where there's someone with

726
00:48:05,760 --> 00:48:09,280
Speaker 1: a ton of money that's able to leverage that money

727
00:48:09,320 --> 00:48:12,799
Speaker 1: for their own personal gains and to get an investment

728
00:48:13,440 --> 00:48:17,839
Speaker 1: in something that all of us kind of need collectively,

729
00:48:18,440 --> 00:48:22,560
Speaker 1: a place to live, record scratch. Hold up, you might

730
00:48:22,600 --> 00:48:26,600
Speaker 1: be saying, hold up, SETH three, the shadow, mcdoc, hold up,

731
00:48:27,120 --> 00:48:31,480
Speaker 1: hold up, Matt, hold up ben Uh. Didn't you guys

732
00:48:31,560 --> 00:48:35,400
Speaker 1: just talk about Finson. Isn't it their job to figure

733
00:48:35,400 --> 00:48:39,400
Speaker 1: out stuff like this? You're right. You'd also be correct

734
00:48:39,680 --> 00:48:43,880
Speaker 1: if you guessed that Finson has routinely fought journalists seeking

735
00:48:43,920 --> 00:48:48,319
Speaker 1: information about the true owners of these various properties and

736
00:48:48,360 --> 00:48:53,279
Speaker 1: cities and sometimes communities. Freedom of Information Act requests have

737
00:48:53,400 --> 00:48:57,080
Speaker 1: been filed on multiple occasions, and they all seem to

738
00:48:57,239 --> 00:49:00,279
Speaker 1: just sort of teeter off, like a coin, down and

739
00:49:00,360 --> 00:49:05,880
Speaker 1: impossibly deep well into some bureaucratic abyss. And so cases

740
00:49:05,920 --> 00:49:08,239
Speaker 1: have gone to court. Well, they've yeah, they've gone to

741
00:49:08,280 --> 00:49:12,080
Speaker 1: court a bunch and they they get shut down. And

742
00:49:12,440 --> 00:49:16,000
Speaker 1: the crazy thing is that Fincton has all of this

743
00:49:16,120 --> 00:49:19,040
Speaker 1: information about these ll c s and these companies that

744
00:49:19,040 --> 00:49:21,440
Speaker 1: own all this property, but they will not share it

745
00:49:21,440 --> 00:49:25,680
Speaker 1: with the public. And many times they cite that nineteen

746
00:49:25,880 --> 00:49:30,359
Speaker 1: seventy bank law that essentially states, we don't we don't

747
00:49:30,400 --> 00:49:33,480
Speaker 1: gotta tell you, we don't have to tell you who

748
00:49:33,640 --> 00:49:37,960
Speaker 1: who actually owns uh these things, these corporations that are

749
00:49:38,000 --> 00:49:42,400
Speaker 1: making these financial transactions. Um, And it's really protecting the banks.

750
00:49:43,360 --> 00:49:48,080
Speaker 1: M m M. It's protecting the banks. It's also, of course, uh,

751
00:49:48,280 --> 00:49:52,360
Speaker 1: protecting to a degree, personal information right. You're not supposed

752
00:49:52,360 --> 00:49:56,640
Speaker 1: to publish people's social security numbers, for example, but it

753
00:49:56,440 --> 00:49:58,279
Speaker 1: it is it goes back to that thing you're saying, Ben,

754
00:49:58,320 --> 00:50:01,480
Speaker 1: it's it would be nice to know who your neighbors are.

755
00:50:02,239 --> 00:50:04,080
Speaker 1: That's one of my favorite things about living where I live.

756
00:50:04,160 --> 00:50:06,279
Speaker 1: I know all of my neighbors, and I really like

757
00:50:06,360 --> 00:50:08,759
Speaker 1: all of my neighbors. I can't imagine not being in

758
00:50:08,760 --> 00:50:12,840
Speaker 1: that situation. I think you're across the street. Neighbor is

759
00:50:12,920 --> 00:50:16,719
Speaker 1: my favorite, somewhat eccentric fellow. He's awesome. I do not

760
00:50:16,840 --> 00:50:19,440
Speaker 1: speak ill of him. He has he has an MTG

761
00:50:19,719 --> 00:50:30,160
Speaker 1: cube and he's the best again of the LLC mt cube. Uh,

762
00:50:30,280 --> 00:50:33,520
Speaker 1: let's pitch it. Yeah, um, And let's let's see if

763
00:50:33,560 --> 00:50:36,480
Speaker 1: we can pitch it in another country. You guys. You know,

764
00:50:36,560 --> 00:50:39,560
Speaker 1: maybe somebody already blew up the spot in US cities,

765
00:50:39,600 --> 00:50:43,919
Speaker 1: so we need to take a page from Seth's book

766
00:50:44,080 --> 00:50:49,040
Speaker 1: and look abroad. Turns out the rest of the world

767
00:50:49,320 --> 00:50:52,000
Speaker 1: is aware of this phenomenon. It gets a lot more

768
00:50:52,040 --> 00:50:55,640
Speaker 1: news coverage in other parts of the planet. The US

769
00:50:55,760 --> 00:50:59,879
Speaker 1: is pretty much is lagging behind. So everywhere from aust

770
00:51:00,040 --> 00:51:06,280
Speaker 1: Elia to Israel to the Netherlands, etcetera, they've all past

771
00:51:06,400 --> 00:51:09,960
Speaker 1: laws or enforced laws I should say, shout out fence,

772
00:51:10,040 --> 00:51:16,239
Speaker 1: and they've all enforced laws that better empower the population

773
00:51:16,280 --> 00:51:21,160
Speaker 1: of the country with knowledge, So Argentinea, Australia, Israel, Netherlands,

774
00:51:21,719 --> 00:51:26,200
Speaker 1: any member of the public can request information about property

775
00:51:26,239 --> 00:51:29,480
Speaker 1: ownership in Russia and Ukraine. You don't have to request it,

776
00:51:29,480 --> 00:51:34,720
Speaker 1: it's already online. Public disclosure is even if you believe

777
00:51:34,760 --> 00:51:38,800
Speaker 1: the official story coming to some tax shelters. So watch

778
00:51:38,800 --> 00:51:42,400
Speaker 1: out Cayman Islands. If you are listening to this show

779
00:51:42,600 --> 00:51:45,680
Speaker 1: and you're saying, guys, that's just how business gets done.

780
00:51:46,480 --> 00:51:49,200
Speaker 1: I I'm being smart about it. All my money's in

781
00:51:49,239 --> 00:51:53,759
Speaker 1: the Caymans. Won't get it out before um or don't

782
00:51:53,800 --> 00:51:56,279
Speaker 1: they didn't They already get exposed on one of these

783
00:51:56,360 --> 00:51:59,840
Speaker 1: leaks back in the day the Cayman Islands, wasn't it them?

784
00:52:00,080 --> 00:52:03,239
Speaker 1: I think it was, Yeah, Cayman Islands. A couple of

785
00:52:03,239 --> 00:52:08,479
Speaker 1: other tax shelters too. There's another side to this, There's

786
00:52:08,480 --> 00:52:10,759
Speaker 1: an extreme side. There are some countries that make it

787
00:52:10,880 --> 00:52:15,919
Speaker 1: virtually impossible for foreigners to purchase property. Thailand is one

788
00:52:15,960 --> 00:52:19,000
Speaker 1: of the most well known examples of this because it

789
00:52:19,120 --> 00:52:23,120
Speaker 1: has quite it's got a high expatriate population, or it's

790
00:52:23,239 --> 00:52:26,600
Speaker 1: you know, like people will go from Europe or the

791
00:52:26,680 --> 00:52:30,640
Speaker 1: US or Australia, and they'll live in Southeast Asia, Vietnam, Thailand, etcetera.

792
00:52:31,400 --> 00:52:36,560
Speaker 1: But they have to go through proxies often to purchase property,

793
00:52:36,960 --> 00:52:40,840
Speaker 1: which is when the rubber hits the road in court.

794
00:52:41,360 --> 00:52:44,319
Speaker 1: That's not the same thing as owning it yourself. So

795
00:52:44,719 --> 00:52:50,280
Speaker 1: other countries might be following in this direction. In people

796
00:52:50,280 --> 00:52:54,320
Speaker 1: in Vancouver put a ton of pressure on the government

797
00:52:54,400 --> 00:52:58,719
Speaker 1: of British Columbia and so they started saying, look, if

798
00:52:58,760 --> 00:53:01,600
Speaker 1: you buy a home in this area, you have to

799
00:53:01,719 --> 00:53:07,000
Speaker 1: disclose your citizenship on the sales paperwork. And when they

800
00:53:07,000 --> 00:53:10,000
Speaker 1: when they put that in play, they found that ten

801
00:53:10,080 --> 00:53:14,160
Speaker 1: to fifteen percent of houses sold all the time, we're

802
00:53:14,200 --> 00:53:16,319
Speaker 1: not going to Canadians and they were not going to

803
00:53:16,360 --> 00:53:20,560
Speaker 1: permanent residents. They were being owned by someone else. And

804
00:53:20,600 --> 00:53:24,800
Speaker 1: so in response to this, they put a fifteen percent

805
00:53:24,880 --> 00:53:32,320
Speaker 1: tax on all sales to foreign home buyers. Discriminatory, yes, necessary, maybe, yeah,

806
00:53:32,440 --> 00:53:36,920
Speaker 1: but you know, the shadow just said an extra no worries.

807
00:53:40,200 --> 00:53:43,799
Speaker 1: What they're really enjoyed about this episode is watching is

808
00:53:43,840 --> 00:53:48,759
Speaker 1: watching Seth just like very generously chuckle along with with

809
00:53:48,840 --> 00:53:53,040
Speaker 1: our scenario that we're not letting go off. I like

810
00:53:53,120 --> 00:53:56,080
Speaker 1: this scenario. I like to pretend that I have a

811
00:53:56,120 --> 00:53:58,960
Speaker 1: bank vaults the size of like a skyscraper full of money,

812
00:53:59,000 --> 00:54:01,920
Speaker 1: that that's something I will to achieve except in this podcast.

813
00:54:04,040 --> 00:54:07,560
Speaker 1: But actually I'm being I was incorrect, and I'm being facetious.

814
00:54:07,600 --> 00:54:11,600
Speaker 1: There Um, the shadow would say, while why would I

815
00:54:11,640 --> 00:54:14,759
Speaker 1: spend an extra fifteen bucks for this investment in this

816
00:54:15,080 --> 00:54:17,879
Speaker 1: money laundering? Don't call it that? Why would I do that?

817
00:54:18,120 --> 00:54:20,440
Speaker 1: Why don't I just buy it somewhere else, like in Seattle.

818
00:54:20,840 --> 00:54:24,759
Speaker 1: Let's let's do that instead. And the result of of

819
00:54:24,880 --> 00:54:31,520
Speaker 1: this fifteen percent tax increase to foreign purchasers of homes, dude, Vancouver,

820
00:54:33,120 --> 00:54:36,880
Speaker 1: the the the average is that the average? Yeah, the

821
00:54:36,960 --> 00:54:43,080
Speaker 1: average price of homes dropped about in just a few months. Yeah.

822
00:54:43,360 --> 00:54:46,279
Speaker 1: It wasn't like over a decade. No, no, no, no, no, no,

823
00:54:46,600 --> 00:54:50,920
Speaker 1: this was almost immediate. How crazy is that? Yeah? And

824
00:54:51,040 --> 00:54:55,200
Speaker 1: that's specifically single family properties. So think of like for

825
00:54:55,239 --> 00:54:57,520
Speaker 1: a lot of people, that's a starter home, right, and

826
00:54:57,880 --> 00:55:02,080
Speaker 1: my house, right, I mean, that's that's a great house

827
00:55:02,120 --> 00:55:07,200
Speaker 1: to buy. Now it's twenty less of a pipe dream,

828
00:55:07,239 --> 00:55:11,080
Speaker 1: which is a beautiful thing until Vancouver. In Vancouver, I

829
00:55:11,160 --> 00:55:14,600
Speaker 1: was gonna say, until we consider the ripple effects this

830
00:55:14,680 --> 00:55:20,719
Speaker 1: has because yes our seth three the shadow McDuck says, Okay, well,

831
00:55:20,760 --> 00:55:25,040
Speaker 1: why am I going to pay tax in Vancouver? You

832
00:55:25,040 --> 00:55:30,880
Speaker 1: guys are crazy. I'm gonna check out Toronto. As a result,

833
00:55:31,040 --> 00:55:35,040
Speaker 1: at the same time the prices are dropping in Vancouver,

834
00:55:35,400 --> 00:55:41,560
Speaker 1: they are rising in Wow, that's a message definitely, Well

835
00:55:41,640 --> 00:55:44,719
Speaker 1: now it's now it's a bird. So they were they

836
00:55:44,719 --> 00:55:47,880
Speaker 1: were rising in other cities because investors still wanted to

837
00:55:47,920 --> 00:55:51,960
Speaker 1: stay in Canada and it didn't really matter which city

838
00:55:52,000 --> 00:55:54,960
Speaker 1: they had a piece of. Well, and think about that.

839
00:55:56,239 --> 00:55:59,080
Speaker 1: The reason why there's such a strong feeling that this

840
00:55:59,160 --> 00:56:02,799
Speaker 1: is money laundering is because it doesn't matter if you're

841
00:56:02,840 --> 00:56:05,960
Speaker 1: paying more. Like if those prices continually rise and you

842
00:56:06,040 --> 00:56:08,040
Speaker 1: keep buying them, it doesn't matter if they cost more.

843
00:56:08,160 --> 00:56:11,520
Speaker 1: It's where your money is going. If your money is

844
00:56:11,560 --> 00:56:15,160
Speaker 1: going into the investment of the equity of that property,

845
00:56:15,520 --> 00:56:18,360
Speaker 1: and in the hopes that it's going to continue to increase,

846
00:56:18,960 --> 00:56:22,319
Speaker 1: rather than just paying a bribe to the government of

847
00:56:22,360 --> 00:56:25,240
Speaker 1: whatever that cost is, you're going to make the decision

848
00:56:25,280 --> 00:56:29,440
Speaker 1: to just put more money or launder more money into

849
00:56:29,480 --> 00:56:33,400
Speaker 1: that other property somewhere else. And of course this is

850
00:56:33,440 --> 00:56:35,920
Speaker 1: not to say that this is a situation in which

851
00:56:35,960 --> 00:56:41,880
Speaker 1: all foreign investors or all for buyers of homes are

852
00:56:41,920 --> 00:56:46,080
Speaker 1: automatically criminals. Right there. There are, of course compelling reasons,

853
00:56:46,120 --> 00:56:49,959
Speaker 1: but the money laundering thing is a huge loophole. It's

854
00:56:51,000 --> 00:56:56,880
Speaker 1: naive and indeed insulting to pretend that that's not happening.

855
00:56:56,960 --> 00:56:59,759
Speaker 1: And it's just like the private art dealers in the

856
00:56:59,760 --> 00:57:03,120
Speaker 1: world world. Right there's there's some spooky financial stuff going

857
00:57:03,160 --> 00:57:06,160
Speaker 1: on there, and we're whistling in the graveyard if we

858
00:57:06,239 --> 00:57:12,080
Speaker 1: pretend that we don't know what's going on. So something

859
00:57:12,160 --> 00:57:14,239
Speaker 1: else happened as well. You may have heard of it,

860
00:57:14,320 --> 00:57:19,720
Speaker 1: the coronavirus pandemic COVID nineteen UH. The US, for this

861
00:57:19,800 --> 00:57:22,600
Speaker 1: and other reasons, had often been seen as a very

862
00:57:22,640 --> 00:57:25,120
Speaker 1: stable place to make an investment. That is not so

863
00:57:25,200 --> 00:57:28,040
Speaker 1: much the case anymore. Again, not just because of COVID,

864
00:57:28,800 --> 00:57:32,560
Speaker 1: several several compelling reasons. So it seemed for a little

865
00:57:32,600 --> 00:57:36,520
Speaker 1: bit that in the problem might start to mitigate itself.

866
00:57:36,920 --> 00:57:40,400
Speaker 1: Foreign purchases of homes in the US plummeted by thirty

867
00:57:40,440 --> 00:57:45,160
Speaker 1: six percent in July, and this was largely due, according

868
00:57:45,200 --> 00:57:48,960
Speaker 1: to the experts, UH, to the fact that Chinese nationals

869
00:57:49,680 --> 00:57:52,640
Speaker 1: we're not so hot on the US market. They weren't

870
00:57:52,680 --> 00:57:56,240
Speaker 1: trying to buy homes that exhorbit in all cash prices.

871
00:57:56,720 --> 00:57:59,240
Speaker 1: I think the total value of stuff that non US

872
00:57:59,400 --> 00:58:03,760
Speaker 1: residents overall bought in twenty nineteen was seventy seven point

873
00:58:03,920 --> 00:58:07,040
Speaker 1: nine billion, which sounds like a huge number because it is.

874
00:58:07,120 --> 00:58:11,000
Speaker 1: It's a cartoonishly huge number. But that was down from

875
00:58:11,240 --> 00:58:16,600
Speaker 1: the year before. In eighteen, non US residents or foreigners

876
00:58:16,920 --> 00:58:20,480
Speaker 1: bought about a hundred and twenty one billion dollars worth

877
00:58:20,680 --> 00:58:23,000
Speaker 1: of property. And the big thing there is that it

878
00:58:23,160 --> 00:58:28,960
Speaker 1: was almost one hundred thousand fewer properties in total uh

879
00:58:29,000 --> 00:58:34,000
Speaker 1: in there were purchased in en compared and this happened

880
00:58:34,040 --> 00:58:37,840
Speaker 1: for for a number of reasons. Uh Partially, the US

881
00:58:37,920 --> 00:58:42,640
Speaker 1: had some uh it still has some difficult domestic conditions

882
00:58:42,680 --> 00:58:46,960
Speaker 1: affecting its housing market. And also, to be less US

883
00:58:47,040 --> 00:58:50,840
Speaker 1: centric about it, the government of China was tightening currency controls.

884
00:58:51,720 --> 00:58:55,320
Speaker 1: They were paying more attention to the laundromats basically, and

885
00:58:56,280 --> 00:59:03,040
Speaker 1: of course coronavirus affected everything. It's the breakout star. Yet

886
00:59:03,080 --> 00:59:07,640
Speaker 1: this practice continues today. You might be surprised to learn

887
00:59:07,800 --> 00:59:10,919
Speaker 1: where your neighbors are. And there isn't a clear cut

888
00:59:10,960 --> 00:59:15,760
Speaker 1: answer here because think about it, okay um, I'm a country.

889
00:59:16,640 --> 00:59:19,760
Speaker 1: I want outside money coming in. It makes the whole

890
00:59:19,880 --> 00:59:25,280
Speaker 1: Ponzi scheme of the economy continue to run in These

891
00:59:25,320 --> 00:59:30,520
Speaker 1: investors aren't automatically doing something illegal. This stuff is Remember,

892
00:59:30,600 --> 00:59:33,880
Speaker 1: nothing is illegal until somebody writes a law about it.

893
00:59:34,280 --> 00:59:38,720
Speaker 1: So now we we like, we can see the side

894
00:59:38,720 --> 00:59:41,600
Speaker 1: of the person who says, you know, I'm not a criminal.

895
00:59:41,840 --> 00:59:46,880
Speaker 1: I want to stay. I want to safeguard my future somehow,

896
00:59:47,000 --> 00:59:51,000
Speaker 1: you know. And we can also see the side of

897
00:59:51,120 --> 00:59:55,440
Speaker 1: the people who, like many folks listening today live in

898
00:59:55,480 --> 00:59:58,600
Speaker 1: cities affected by this trend, not only do they live

899
00:59:58,640 --> 01:00:00,440
Speaker 1: in these cities, but they would also like to live

900
01:00:00,480 --> 01:00:04,000
Speaker 1: in a house in these cities, and they have a

901
01:00:04,280 --> 01:00:08,240
Speaker 1: perfectly reasonable desire to know what the hell is going on,

902
01:00:08,560 --> 01:00:13,040
Speaker 1: who actually owns what? And the problems compounded because it

903
01:00:13,160 --> 01:00:16,040
Speaker 1: is very real, but it can be skewed by racism

904
01:00:16,240 --> 01:00:21,600
Speaker 1: and nationalism in any conversation because I don't know about

905
01:00:21,640 --> 01:00:26,440
Speaker 1: you guys, but I find it intellectually lazy and even worse,

906
01:00:26,560 --> 01:00:31,320
Speaker 1: uninteresting when people start saying, well, you know, uh, China

907
01:00:31,440 --> 01:00:33,920
Speaker 1: is coming in and they're buying up all this stuff,

908
01:00:34,040 --> 01:00:38,840
Speaker 1: and it's like, really, like, look at juries twelve people

909
01:00:38,880 --> 01:00:40,880
Speaker 1: have a hard time working together. Are you telling me

910
01:00:40,920 --> 01:00:44,440
Speaker 1: that one point three billion people all agreed on some

911
01:00:44,480 --> 01:00:47,920
Speaker 1: sort of coordinated plan. No, these are individual actors, These

912
01:00:47,920 --> 01:00:51,959
Speaker 1: are These are smaller groups. Sometimes they're very large corporations.

913
01:00:51,960 --> 01:00:55,640
Speaker 1: But that's still not like a monolithic thing happening, And

914
01:00:55,680 --> 01:00:58,240
Speaker 1: we can't be we we can't fall into that trap.

915
01:00:58,560 --> 01:01:00,720
Speaker 1: That would be a great long term and plan though,

916
01:01:01,240 --> 01:01:03,840
Speaker 1: buy up all the property in major cities and just

917
01:01:04,040 --> 01:01:06,480
Speaker 1: let it go to blight and then just be like,

918
01:01:06,760 --> 01:01:12,160
Speaker 1: M sorry, I love that voice. It sounds like one

919
01:01:12,160 --> 01:01:19,960
Speaker 1: of the Shadows friends too. So that's like, that's where

920
01:01:20,000 --> 01:01:22,960
Speaker 1: that's where we are now. We also have to consider

921
01:01:24,320 --> 01:01:28,320
Speaker 1: that there's a limited amount of existing housing. As we

922
01:01:28,360 --> 01:01:31,440
Speaker 1: mentioned at the top, it's not as if this problem

923
01:01:31,480 --> 01:01:36,080
Speaker 1: never existed before for investors conspired and got evolved. We

924
01:01:36,120 --> 01:01:38,040
Speaker 1: also have to consider one thing that I think a

925
01:01:38,040 --> 01:01:41,240
Speaker 1: lot of people have been considering recently, which is this,

926
01:01:41,560 --> 01:01:45,760
Speaker 1: if you want to get residency in another country, it

927
01:01:45,760 --> 01:01:49,480
Speaker 1: can be tremendously difficult, but there is one huge loophole

928
01:01:49,560 --> 01:01:53,040
Speaker 1: that most countries have, and that is an investor visa.

929
01:01:53,720 --> 01:01:56,400
Speaker 1: You can just pay a country to let you live there.

930
01:01:56,880 --> 01:02:01,320
Speaker 1: It is expensive. Yes, the dream country that you probably

931
01:02:01,360 --> 01:02:04,920
Speaker 1: pictured just now as we described this is expensive. I

932
01:02:04,960 --> 01:02:07,480
Speaker 1: assure you, what were you thinking south? What was your

933
01:02:07,560 --> 01:02:13,720
Speaker 1: dream country? I was thinking Canada? Really, I love Canada.

934
01:02:13,800 --> 01:02:16,240
Speaker 1: I grew up in the Pacific Northwest, and uh I

935
01:02:16,240 --> 01:02:18,720
Speaker 1: would go up to Vancouver specifically all the time for

936
01:02:18,800 --> 01:02:22,160
Speaker 1: concerts and man, oh man, great country. I love that place.

937
01:02:22,600 --> 01:02:26,640
Speaker 1: Nice I was. I was immediately drawn to Australia. I

938
01:02:26,680 --> 01:02:29,360
Speaker 1: don't I don't know why. I just I just want

939
01:02:29,360 --> 01:02:32,600
Speaker 1: to be over there. That would be awesome. Yeah, let

940
01:02:32,600 --> 01:02:35,760
Speaker 1: me crash at you guys houses. Well, Ben, don't leave

941
01:02:35,840 --> 01:02:38,200
Speaker 1: us hanging here. If you had an ideal country, what

942
01:02:38,400 --> 01:02:42,360
Speaker 1: would yours be? My reasoning is weird and not practicing

943
01:02:42,400 --> 01:02:49,040
Speaker 1: north No, I just want to visit without supporting the regime.

944
01:02:49,560 --> 01:02:56,840
Speaker 1: It's tough, but um, I've always dreamed about checking out Bhuton. Uh,

945
01:02:56,920 --> 01:02:58,920
Speaker 1: but that may be more of a visit place. I

946
01:02:58,960 --> 01:03:01,440
Speaker 1: don't know. I don't want to live in one country forever,

947
01:03:01,680 --> 01:03:04,160
Speaker 1: which are hopefully words that I don't come to regret later.

948
01:03:04,360 --> 01:03:09,880
Speaker 1: Canada is dope for sure. Uh. Our remote island would

949
01:03:09,880 --> 01:03:12,880
Speaker 1: be nice. Maybe maybe just find out of the way

950
01:03:12,960 --> 01:03:17,840
Speaker 1: place high enough to survive the rising sea levels and

951
01:03:17,960 --> 01:03:21,680
Speaker 1: just pretend that just do like a castaway situation. I'll

952
01:03:21,680 --> 01:03:24,920
Speaker 1: do a castaway situation with WiFi or something that's that's

953
01:03:25,000 --> 01:03:28,320
Speaker 1: an excellent idea. And you know, you come up with

954
01:03:28,400 --> 01:03:31,480
Speaker 1: one point five million and just buy three homes in

955
01:03:31,520 --> 01:03:33,720
Speaker 1: three different countries and then you'll be good to go.

956
01:03:34,520 --> 01:03:38,640
Speaker 1: You just use those visas all over the place. Okay, Scandinavia,

957
01:03:39,120 --> 01:03:41,880
Speaker 1: Turkey minus the crazy guys. I don't know, And I

958
01:03:41,960 --> 01:03:48,040
Speaker 1: admire you for being so focused and having this articulated vision. Okay,

959
01:03:48,080 --> 01:03:51,280
Speaker 1: they do. They do have visas, and they are investor visas.

960
01:03:51,320 --> 01:03:53,960
Speaker 1: They are expensive. In the US, we have something called

961
01:03:54,000 --> 01:03:58,960
Speaker 1: the EB five visa. This gives green cards to people

962
01:03:59,000 --> 01:04:04,800
Speaker 1: who invest five hundred thousand dollars in a US business.

963
01:04:04,840 --> 01:04:07,040
Speaker 1: So think about it. If you buy an expensive enough

964
01:04:07,080 --> 01:04:11,600
Speaker 1: home and you set it up as a rental and

965
01:04:11,720 --> 01:04:14,840
Speaker 1: you set up a business or a shell company that

966
01:04:15,000 --> 01:04:20,040
Speaker 1: is like you know, um totally legit rental Properties LLC.

967
01:04:21,040 --> 01:04:23,560
Speaker 1: And all you do is rent that one home. Haven't

968
01:04:23,600 --> 01:04:27,880
Speaker 1: you just started a business? Did you just buy a

969
01:04:27,960 --> 01:04:31,840
Speaker 1: house and get sit and get residency thrown in like

970
01:04:31,920 --> 01:04:33,760
Speaker 1: the same way you get a free couzy if you

971
01:04:33,760 --> 01:04:36,640
Speaker 1: buy a car or something. I don't know. Now. Hold on,

972
01:04:36,720 --> 01:04:41,880
Speaker 1: we're recording this on November four here within the United States.

973
01:04:42,080 --> 01:04:46,120
Speaker 1: I wonder how many people listening right now. It's probably

974
01:04:46,120 --> 01:04:49,480
Speaker 1: not November four anymore. A lot has happened, I'm assuming

975
01:04:50,040 --> 01:04:54,640
Speaker 1: since today. But you made me thinking mm hmm. Property

976
01:04:55,000 --> 01:04:57,920
Speaker 1: somewhere else. It might be nice. It might be a

977
01:04:58,000 --> 01:05:00,520
Speaker 1: nice thing to have, just in case. I don't know

978
01:05:00,560 --> 01:05:03,400
Speaker 1: what's happening right now. Maybe everything's great. Hopefully everything's great.

979
01:05:04,160 --> 01:05:12,000
Speaker 1: But you're You're welcome for for this intel South Korea. Now.

980
01:05:12,040 --> 01:05:16,360
Speaker 1: I don't know. This is gonna haunt me. Um. I

981
01:05:16,480 --> 01:05:18,160
Speaker 1: have a book I have to share with you guys.

982
01:05:18,200 --> 01:05:20,880
Speaker 1: I think I've mentioned it before, but I know, matt

983
01:05:21,080 --> 01:05:23,320
Speaker 1: Um you've seen it in Seth. I think you would

984
01:05:23,320 --> 01:05:26,640
Speaker 1: dig it. It's called The Atlas of Remote Islands. It's

985
01:05:26,640 --> 01:05:31,080
Speaker 1: probably one of my favorite books. Uh. They're they're pretty easy. Well,

986
01:05:31,560 --> 01:05:35,080
Speaker 1: once you get there, Uh, it's pretty easy to stay.

987
01:05:35,200 --> 01:05:37,760
Speaker 1: I don't know. I I promise you both, I'm going

988
01:05:37,800 --> 01:05:40,920
Speaker 1: to figure out a country that would be a dream country,

989
01:05:41,200 --> 01:05:44,160
Speaker 1: and then I'll commit to the bit. But look, I

990
01:05:44,160 --> 01:05:47,200
Speaker 1: assume any commitment problems. I can't even get a temporary tattoo,

991
01:05:47,280 --> 01:05:49,680
Speaker 1: you know what I mean, that's like all afternoon, and

992
01:05:49,720 --> 01:05:54,120
Speaker 1: I may come to regret it. But but you guys,

993
01:05:54,280 --> 01:05:59,720
Speaker 1: you're absolutely right, and Matt you are as always a

994
01:06:00,080 --> 01:06:03,240
Speaker 1: dute and profoundly so. Here, many many things are in

995
01:06:03,320 --> 01:06:07,480
Speaker 1: flux right now, and many many people have been at

996
01:06:07,560 --> 01:06:12,680
Speaker 1: least doing cursory research in what immigration is, how it works.

997
01:06:13,360 --> 01:06:18,360
Speaker 1: Is there a an ancestry loophole I could I could use?

998
01:06:18,920 --> 01:06:25,000
Speaker 1: Did that tiny rural island in Ireland really mean US

999
01:06:25,120 --> 01:06:29,440
Speaker 1: residents are welcome to visit? Uh? Their Facebook page get

1000
01:06:29,560 --> 01:06:32,640
Speaker 1: overloaded by the way with request. Um. There are a

1001
01:06:32,640 --> 01:06:35,880
Speaker 1: lot of questions to answer, but the fact is most

1002
01:06:35,960 --> 01:06:38,800
Speaker 1: people in the US are probably not going to move

1003
01:06:38,840 --> 01:06:42,160
Speaker 1: to another country, and a lot of investors are not

1004
01:06:42,280 --> 01:06:45,840
Speaker 1: planning to move to the US. They're just fighting to

1005
01:06:46,040 --> 01:06:51,440
Speaker 1: preserve their financial stability. And we can't, you know, we

1006
01:06:51,640 --> 01:06:56,320
Speaker 1: can't throw stones like it's There's something so dangerously tempting

1007
01:06:56,840 --> 01:07:00,720
Speaker 1: and satisfying about saying it's not our you know, as

1008
01:07:00,720 --> 01:07:03,960
Speaker 1: all these external factors, we're you're doing the best we can.

1009
01:07:04,480 --> 01:07:06,720
Speaker 1: But the fact of the matter is this, it was

1010
01:07:06,760 --> 01:07:10,720
Speaker 1: a problem before all this stuff happened our country and

1011
01:07:10,760 --> 01:07:14,600
Speaker 1: many countries have an affordability crisis. The majority of the

1012
01:07:14,680 --> 01:07:18,720
Speaker 1: human population lives in urban areas, and that means that

1013
01:07:19,240 --> 01:07:22,800
Speaker 1: many of the jobs that would pay a livable wage

1014
01:07:22,840 --> 01:07:26,400
Speaker 1: are in those urban areas, and that means that housing

1015
01:07:26,520 --> 01:07:29,560
Speaker 1: ends up being more expensive. And that means I'm very

1016
01:07:29,640 --> 01:07:31,960
Speaker 1: give them mouse a cookie here. That means that we

1017
01:07:32,000 --> 01:07:34,840
Speaker 1: find ourselves in a catch twenty two. You need to

1018
01:07:34,840 --> 01:07:37,120
Speaker 1: live in a city so you can find a solid job,

1019
01:07:37,840 --> 01:07:40,200
Speaker 1: so you can afford a house. But you can't live

1020
01:07:40,240 --> 01:07:42,480
Speaker 1: in the city because you can't afford to live there

1021
01:07:42,600 --> 01:07:44,960
Speaker 1: and find a job, because it's too expensive to get

1022
01:07:44,960 --> 01:07:48,000
Speaker 1: your foot in the financial door. And that's like, I

1023
01:07:48,040 --> 01:07:50,800
Speaker 1: don't know what's the answer. What should governments do? Matt,

1024
01:07:50,880 --> 01:07:56,760
Speaker 1: can you solve this? Yes, the answer is the suburb. Oh,

1025
01:07:56,800 --> 01:08:02,640
Speaker 1: the suburb. If it weren't for amazing schools in out

1026
01:08:02,720 --> 01:08:06,520
Speaker 1: in your areas, you wouldn't be so expensive, and yet

1027
01:08:06,680 --> 01:08:11,680
Speaker 1: you are. But you're so far away, about approximately forty

1028
01:08:11,680 --> 01:08:15,120
Speaker 1: five minutes to an hour and a half. Oh, suburbs

1029
01:08:15,280 --> 01:08:19,960
Speaker 1: the answer to all things. I hope it's okay that

1030
01:08:20,000 --> 01:08:22,439
Speaker 1: I hype band you a little with that music. Um,

1031
01:08:22,680 --> 01:08:25,600
Speaker 1: that was great. The spirit moves this I saw a

1032
01:08:25,680 --> 01:08:31,479
Speaker 1: seth get get a little tier, But it is true

1033
01:08:31,840 --> 01:08:34,040
Speaker 1: that was that was the answer for so long. It was,

1034
01:08:34,680 --> 01:08:37,920
Speaker 1: you know, a city center and then literally you you

1035
01:08:38,280 --> 01:08:42,479
Speaker 1: go a diameter of however many miles, like a driving

1036
01:08:42,520 --> 01:08:45,720
Speaker 1: distance of forty five minutes two half an hour and

1037
01:08:45,760 --> 01:08:49,080
Speaker 1: a half, and you make city centers there, and they

1038
01:08:49,120 --> 01:08:53,640
Speaker 1: thrive because it's it's cheaper there. And then because there

1039
01:08:53,640 --> 01:08:56,679
Speaker 1: are so many people investing in those areas, you get

1040
01:08:56,680 --> 01:08:59,640
Speaker 1: more investment in the infrastructure and things like schools, and

1041
01:08:59,680 --> 01:09:02,479
Speaker 1: then thrive and thrive, and then you gotta drive forty

1042
01:09:02,479 --> 01:09:04,960
Speaker 1: five minutes from that place to start the next one

1043
01:09:05,160 --> 01:09:08,000
Speaker 1: to make inaffordable. And it just goes on and on

1044
01:09:08,040 --> 01:09:11,280
Speaker 1: and on. UH. And the future of the suburbs perhaps

1045
01:09:11,320 --> 01:09:13,960
Speaker 1: is an episode for UH for different days. What I

1046
01:09:14,160 --> 01:09:18,160
Speaker 1: very much want to explore with you because I've got

1047
01:09:19,520 --> 01:09:23,800
Speaker 1: troubling stuff about them and the future. No, I totally

1048
01:09:23,840 --> 01:09:26,480
Speaker 1: agree with you. What about the future of the isolated

1049
01:09:26,520 --> 01:09:28,639
Speaker 1: mountain cabin? That's what I want to know about because

1050
01:09:28,640 --> 01:09:33,000
Speaker 1: that's where I'm headed. Did you guys ever see Blade Runner? Yes?

1051
01:09:34,240 --> 01:09:37,639
Speaker 1: I loved there's a very subtle suburb joke in later

1052
01:09:39,160 --> 01:09:43,559
Speaker 1: where um, you know Ryan Gosling arrived in San Diego

1053
01:09:44,080 --> 01:09:47,160
Speaker 1: and the chiron on the screen said san Diego just

1054
01:09:47,240 --> 01:09:51,280
Speaker 1: outside Los Angeles, And I thought that was a very

1055
01:09:51,320 --> 01:09:54,760
Speaker 1: good joke, because that makes sense. The urban sprawl of

1056
01:09:54,800 --> 01:09:58,879
Speaker 1: Los Angeles will eventually get so big that San Diego,

1057
01:09:58,960 --> 01:10:02,200
Speaker 1: which is very South guys don't know your geography, would

1058
01:10:02,200 --> 01:10:04,880
Speaker 1: just be a suburb, a sub a suburb of Los

1059
01:10:04,880 --> 01:10:09,360
Speaker 1: Angeles will be San Diego, you know. And that's where

1060
01:10:09,880 --> 01:10:12,320
Speaker 1: this is a question we want to pass on to

1061
01:10:12,360 --> 01:10:15,519
Speaker 1: you all. Um I Seth would love to have you

1062
01:10:15,560 --> 01:10:20,280
Speaker 1: back for our exploration of the suburbs and some of

1063
01:10:20,320 --> 01:10:24,240
Speaker 1: the things on the possible horizon for for that kind

1064
01:10:24,280 --> 01:10:29,320
Speaker 1: of living situation. Should governments do anything? How do you

1065
01:10:29,360 --> 01:10:31,080
Speaker 1: how do you write a law that does this that

1066
01:10:31,280 --> 01:10:36,000
Speaker 1: is not a laughably discriminatory. There is a bipartisan anti

1067
01:10:36,040 --> 01:10:42,080
Speaker 1: money laundering bill that passed the House of Reps in October. Actually,

1068
01:10:42,520 --> 01:10:46,240
Speaker 1: this would require banks to disclose the true owners of

1069
01:10:46,280 --> 01:10:52,600
Speaker 1: shell companies to fins in, but still would keep the

1070
01:10:52,640 --> 01:10:56,000
Speaker 1: public in the dark. So the question I think here

1071
01:10:56,120 --> 01:10:59,960
Speaker 1: that that everyone is is wrestling with with these conspira

1072
01:11:00,080 --> 01:11:03,600
Speaker 1: receives aside and they are conspiracies, especially if their money laundry.

1073
01:11:03,760 --> 01:11:07,479
Speaker 1: The question is this, how do we square that American dream,

1074
01:11:07,560 --> 01:11:11,879
Speaker 1: the idea that all should be welcome when it seems

1075
01:11:11,920 --> 01:11:15,120
Speaker 1: that pursuit of that dream by one party they render

1076
01:11:15,200 --> 01:11:18,280
Speaker 1: the same dream impossible for others. Isn't that how it's

1077
01:11:18,280 --> 01:11:22,040
Speaker 1: always be? Yes, no one has figured this out yet,

1078
01:11:22,680 --> 01:11:24,320
Speaker 1: and it's just the way it's I think that's the

1079
01:11:24,360 --> 01:11:26,719
Speaker 1: way the American dream is supposed to be. You gotta

1080
01:11:26,920 --> 01:11:31,920
Speaker 1: fight over it. You can't have your dream because I

1081
01:11:31,960 --> 01:11:35,600
Speaker 1: got mine. Like I know, I'm sorry. That's that's messed up,

1082
01:11:35,640 --> 01:11:38,320
Speaker 1: and that's not true necessarily. I think maybe it feels

1083
01:11:38,360 --> 01:11:41,280
Speaker 1: that way sometimes I completely agree with you, man, I'm

1084
01:11:41,479 --> 01:11:44,200
Speaker 1: a on board. In fact, I would expand that and

1085
01:11:44,240 --> 01:11:48,560
Speaker 1: say it's, uh, it's a programming flaw of the species

1086
01:11:48,560 --> 01:11:52,360
Speaker 1: in general, like a motto like humans. The tagline would

1087
01:11:52,400 --> 01:11:58,400
Speaker 1: be like humans, I got mine uh. And it sounds

1088
01:11:58,439 --> 01:12:01,040
Speaker 1: like that sounds like a like a slogan for the

1089
01:12:01,200 --> 01:12:08,800
Speaker 1: robot overlords, I've got mine. Uh. Yeah, let's do an

1090
01:12:08,800 --> 01:12:14,960
Speaker 1: episode just for future robots about about systemic inequalities in

1091
01:12:15,000 --> 01:12:20,759
Speaker 1: the human owning market. Oh god, I could see humans

1092
01:12:20,800 --> 01:12:24,400
Speaker 1: basically being the puppy of the of the robot overlords,

1093
01:12:24,560 --> 01:12:27,840
Speaker 1: Like I I think I'm okay with that life, honestly, Like,

1094
01:12:27,880 --> 01:12:31,400
Speaker 1: if that was presented to me as an option. You know,

1095
01:12:32,280 --> 01:12:37,680
Speaker 1: my puppies live very well, so who knows. Yes, as

1096
01:12:37,760 --> 01:12:39,880
Speaker 1: long as it came with a collar in a water bowl,

1097
01:12:39,920 --> 01:12:42,679
Speaker 1: I guess would be fine. And is it a cool robot?

1098
01:12:42,880 --> 01:12:45,040
Speaker 1: You know what I mean? Like? What does it? Does

1099
01:12:45,040 --> 01:12:48,320
Speaker 1: it do interesting things? I'm sure it will teach you

1100
01:12:48,439 --> 01:12:52,080
Speaker 1: tricks and you'll be like reciting pie to the polite

1101
01:12:52,160 --> 01:12:57,719
Speaker 1: board applause of the robot friends who came over for dinner. Uh. Anyhow, Anyhow,

1102
01:12:57,720 --> 01:12:59,519
Speaker 1: this stuff aside, we do want to know what you

1103
01:12:59,560 --> 01:13:01,960
Speaker 1: think right now. One of the most important questions is

1104
01:13:02,439 --> 01:13:07,200
Speaker 1: why isn't Finnson releasing the info that it has. Is

1105
01:13:07,240 --> 01:13:10,920
Speaker 1: there an incentive not to do so? And if so,

1106
01:13:11,080 --> 01:13:14,559
Speaker 1: what is that incentive. We hope that we have been

1107
01:13:14,720 --> 01:13:17,960
Speaker 1: very clear that we don't want to mischaracterize this. Uh.

1108
01:13:18,000 --> 01:13:23,599
Speaker 1: The the problems are domestic, but the forward investment thing

1109
01:13:23,680 --> 01:13:26,800
Speaker 1: is something that hasn't hasn't really been talked about, and

1110
01:13:26,840 --> 01:13:29,599
Speaker 1: we don't want it to lead to zeto phobia. But again,

1111
01:13:30,160 --> 01:13:34,160
Speaker 1: it just we've reiterated it before. It is not crazy

1112
01:13:34,320 --> 01:13:37,240
Speaker 1: to want to know who your neighbors are. That's right,

1113
01:13:37,320 --> 01:13:39,160
Speaker 1: And if you do want to reach out to us,

1114
01:13:39,160 --> 01:13:41,880
Speaker 1: we are all over social media. You can find us

1115
01:13:41,920 --> 01:13:45,800
Speaker 1: on Twitter and Facebook. We're conspiracy Stuff on Instagram or

1116
01:13:45,840 --> 01:13:50,160
Speaker 1: Conspiracy Stuff Show. If you don't want to use those things,

1117
01:13:50,640 --> 01:13:53,200
Speaker 1: you can give us a call. Our number is one

1118
01:13:53,360 --> 01:13:56,920
Speaker 1: eight three three s T D W Y t K.

1119
01:13:57,479 --> 01:13:59,760
Speaker 1: And we're especially interested to hear from anyone out there

1120
01:13:59,800 --> 01:14:04,000
Speaker 1: who has at one time worked for the Financial Crimes

1121
01:14:04,080 --> 01:14:07,280
Speaker 1: Enforcement Network. Do you want to blow a whistle or

1122
01:14:07,640 --> 01:14:09,040
Speaker 1: maybe not that you don't have to do. You don't

1123
01:14:09,040 --> 01:14:11,679
Speaker 1: have to go that far. Just call us and explain

1124
01:14:11,760 --> 01:14:14,280
Speaker 1: some of this a little bit further, because it's difficult

1125
01:14:14,320 --> 01:14:19,599
Speaker 1: to understand why things are as they are. And we'd

1126
01:14:19,640 --> 01:14:24,160
Speaker 1: also like to hear from folks who have relocated permanently

1127
01:14:24,320 --> 01:14:28,240
Speaker 1: from one country to another. Tell us who are circumstances,

1128
01:14:28,280 --> 01:14:31,439
Speaker 1: tell us what led you to this decision, and tell us, uh,

1129
01:14:31,560 --> 01:14:34,880
Speaker 1: if all things being equal, you would do the same thing. Again.

1130
01:14:35,240 --> 01:14:37,120
Speaker 1: We're very interested in this story. We can't wait to

1131
01:14:37,120 --> 01:14:39,280
Speaker 1: hear from you. As Matt said, you can find us

1132
01:14:39,280 --> 01:14:41,080
Speaker 1: on the phone. As you said earlier, you can find

1133
01:14:41,120 --> 01:14:44,719
Speaker 1: us on YouTube YouTube dot com slash conspiracy stuff and

1134
01:14:44,800 --> 01:14:48,720
Speaker 1: if you have been entranced by the dulcet tones of

1135
01:14:48,760 --> 01:14:53,720
Speaker 1: our super shadow producer Seth Nicholas Johnson, Uh, we have

1136
01:14:54,479 --> 01:14:58,439
Speaker 1: more good news for you. Seth. You don't just drop

1137
01:14:58,479 --> 01:15:00,720
Speaker 1: in and help out with this show. You're a man

1138
01:15:00,760 --> 01:15:04,760
Speaker 1: of many interests. Where can people learn more? Well? Uh,

1139
01:15:05,240 --> 01:15:07,680
Speaker 1: mostly I have a record label, and I like to

1140
01:15:07,680 --> 01:15:09,439
Speaker 1: deal with all that stuff. I don't really have any

1141
01:15:09,439 --> 01:15:12,519
Speaker 1: personal social media accounts, but you can find my record label,

1142
01:15:12,560 --> 01:15:15,960
Speaker 1: which is me, uh, Haunted Birthday Records. You can find

1143
01:15:16,000 --> 01:15:18,880
Speaker 1: on Instagram at Haunted Birthday. Go to Haunted Birthday dot com.

1144
01:15:18,960 --> 01:15:22,720
Speaker 1: That's me. Also, I'm hosting a new show here on

1145
01:15:22,800 --> 01:15:26,439
Speaker 1: the I Heart Radio network one month from now, starting

1146
01:15:26,479 --> 01:15:29,200
Speaker 1: on December eleven, There's a brand new show coming out

1147
01:15:29,520 --> 01:15:33,360
Speaker 1: on this network called Record Store Society. It's a virtual

1148
01:15:33,360 --> 01:15:35,760
Speaker 1: trip to the record store. You hop on in, you

1149
01:15:36,760 --> 01:15:39,559
Speaker 1: visit with your friends, you thumbed through some forty fives,

1150
01:15:39,600 --> 01:15:41,800
Speaker 1: and you have a grand old time. And uh yeah,

1151
01:15:42,120 --> 01:15:43,360
Speaker 1: it's it's a great way to get out of the

1152
01:15:43,360 --> 01:15:46,240
Speaker 1: house and visit your local record store virtually in these

1153
01:15:46,280 --> 01:15:48,439
Speaker 1: times when it is perhaps a bit difficult to do so.

1154
01:15:50,120 --> 01:15:54,640
Speaker 1: Analog record stores a perfect place for the shadow to

1155
01:15:54,680 --> 01:16:00,599
Speaker 1: put his money. And that's our show fulk. Maybe Matt

1156
01:16:00,600 --> 01:16:03,040
Speaker 1: and I will be able, We'll be able to swing

1157
01:16:03,120 --> 01:16:07,320
Speaker 1: by that record store as well. We hope that you

1158
01:16:07,439 --> 01:16:11,600
Speaker 1: do and check it out December eleven. In the meantime,

1159
01:16:11,880 --> 01:16:14,120
Speaker 1: if you have some responses to this, if you want

1160
01:16:14,160 --> 01:16:16,280
Speaker 1: to tell us more, but you hate social media, we

1161
01:16:16,400 --> 01:16:19,519
Speaker 1: get it. Uh, you don't quite you know, get the

1162
01:16:20,080 --> 01:16:24,000
Speaker 1: dopamine rush some people experience from a phone call. Totally cool.

1163
01:16:24,400 --> 01:16:26,200
Speaker 1: We've got you covered. You can send us a good

1164
01:16:26,200 --> 01:16:30,880
Speaker 1: old fashioned email wherever you are Right now, we are

1165
01:16:31,160 --> 01:16:53,960
Speaker 1: conspiracy at i heeart radio dot com. Stuff they don't

1166
01:16:54,000 --> 01:16:56,519
Speaker 1: want you to know is a production of I Heart Radio.

1167
01:16:56,840 --> 01:16:59,080
Speaker 1: For more podcasts from my heart Radio, visit the i

1168
01:16:59,160 --> 01:17:02,040
Speaker 1: heart Radio app, Apple Podcasts, or wherever you listen to

1169
01:17:02,120 --> 01:17:02,920
Speaker 1: your favorite shows.