WEBVTT - Supreme Court Shuts Down Student Loan Forgiveness

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

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<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:00:07.720 --> 0:00:11.840
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:00:11.920 --> 0:00:15.840
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

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<v Speaker 1>Donald J. Trump's leadership. I'm Christy nom the United States

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<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:00:28.160 --> 0:00:31.680
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:00:31.760 --> 0:00:34.960
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:00:35.040 --> 0:00:38.920
<v Speaker 1>are here illegally, your next you will be fined nearly

0:00:39.000 --> 0:00:43.000
<v Speaker 1>one thousand dollars a day, imprisoned, and deported. You will

0:00:43.040 --> 0:00:46.680
<v Speaker 1>never return. But if you register using our CBP home

0:00:46.720 --> 0:00:50.120
<v Speaker 1>app and leave now, you could be allowed to return legally.

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<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 1>border and families will.

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<v Speaker 2>Be protected sponsored by the United States Department of Homeland Security.

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<v Speaker 3>But any politicians that promises you that that is actually

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<v Speaker 3>an asset. For most companies, It's one of the most

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<v Speaker 3>important investment pools of all time. And that's why even

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<v Speaker 3>going back to affirmative action, and it's already happened in

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<v Speaker 3>some cases.

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<v Speaker 4>But even with this rule, and we're going to see

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<v Speaker 4>a lot more white.

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<v Speaker 3>Citizens attend HBCUs at scale over the next twenty years

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<v Speaker 3>as well.

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<v Speaker 4>They have to keep that college.

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<v Speaker 3>Student loan bubble or float because if not, if it bursts,

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<v Speaker 3>it would be one of the biggest crashes in the

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<v Speaker 3>history of the United States of America. So I know

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<v Speaker 3>it was a great promise, it was a great campaign point,

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<v Speaker 3>but no president will ever be able at scale to

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<v Speaker 3>be will be allowed to forgive student loan, and I

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<v Speaker 3>wish that it was. I think we have to have

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<v Speaker 3>a completely different conversation around if college at this price

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<v Speaker 3>is worth the investment, because college was not always as expensive.

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<v Speaker 3>Going back to that Sir cap table, if you will, like,

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<v Speaker 3>if you graduate from undergrad, what is the multiple that

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<v Speaker 3>you're getting on the degree. A lot of times people

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<v Speaker 3>will blame it on the students and say, hey, well

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<v Speaker 3>they're not picking the right major. I know business majors

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<v Speaker 3>that are coming out in undergrad and there are one

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<v Speaker 3>hundred and sixty thousand dollars in debt, Then you want

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<v Speaker 3>them to go get an NBA and not have any

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<v Speaker 3>great prospects, Like a lot of things in the country

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<v Speaker 3>needs to change. But the reason why the pricing of

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<v Speaker 3>school keeps going up because it's one of the few

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<v Speaker 3>monopolies that still exists that they have legislative power and

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<v Speaker 3>already in place to make sure that those rules don't change,

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<v Speaker 3>so that the tranche of money does not get messed

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<v Speaker 3>with and that liquidity pool for them does not try up.

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<v Speaker 5>So what do you think the immediate economic impact is

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<v Speaker 5>going to be, right October.

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<v Speaker 6>Let's talk about it. Is that they have to start paying.

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<v Speaker 4>That's why I want to go there.

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<v Speaker 6>The fact.

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<v Speaker 5>So the fact is like October and people are gonna

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<v Speaker 5>have to start paying for the first time since twenty

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<v Speaker 5>twentyen And we talked about that, and we talked about

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<v Speaker 5>you know, payments are frozen, but if you do pay,

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<v Speaker 5>it is going to go directly to your principle. Some

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<v Speaker 5>people did take advantage of that. I know a lot

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<v Speaker 5>of people were like, I'm not paying anything until I

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<v Speaker 5>hear a decision. Well, now we've heard a decision, and

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<v Speaker 5>people are going to have to start paying. And people

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<v Speaker 5>that are coming from out of an economic crisis like

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<v Speaker 5>the pandemic was, you know, you didn't factor in paying

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<v Speaker 5>back student loan right, And there's people who have graduated

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<v Speaker 5>since that. There's been too graduating classes since that, and

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<v Speaker 5>we know from graduating six months after you graduate that

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<v Speaker 5>student loan bill is coming, and a lot of people

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<v Speaker 5>haven't factored that in into their income, their discretionary income.

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<v Speaker 4>And so now what role does that play? Can people

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<v Speaker 4>not invest and what things are happening.

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<v Speaker 5>So one of the things that President Biden has said

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<v Speaker 5>is that he's putting plans in right so that it

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<v Speaker 5>got rejected, but he's putting plans in. One of the

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<v Speaker 5>things that he announces that there's going to be a

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<v Speaker 5>one year on ramp for loan repayments, during which borrowers

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<v Speaker 5>who miss payments won't be reported to the bredit bureaus

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<v Speaker 5>place in the fold or referred to debt collection agencies.

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<v Speaker 4>That's a one year thing that he's putting in place.

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<v Speaker 5>They're estimating this is gonna be over a two hundred

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<v Speaker 5>million dollar loss in the first few months of repayment

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<v Speaker 5>two hundred maybe yea two hundred million, two hundred billion,

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<v Speaker 5>two hundred billion, not to excuse me, two hundred billion

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<v Speaker 5>dollar loss in the first few months of the repayment

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<v Speaker 5>starting because of people not allocating money for this type

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<v Speaker 5>of repayment. What's your thoughts on the economic impact that

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<v Speaker 5>the restart is gonna have.

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<v Speaker 4>It's gonna have a huge impact.

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<v Speaker 3>Two things like, you can't blame the end user when

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<v Speaker 3>or the person who got the loan because they were

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<v Speaker 3>promised a bill of goods that is not being delivered

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<v Speaker 3>to them on the back end. We're going to be

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<v Speaker 3>really honest when they keep saying a job market is

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<v Speaker 3>stronger than ever. I keep saying, where talk to people

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<v Speaker 3>that matter. Talk to people at Google, you guys, talk

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<v Speaker 3>to people. I'm not seeing a proliferation of a jobs

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<v Speaker 3>from one twenty five to three hundred thousand coming readily available.

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<v Speaker 4>It is not there.

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<v Speaker 3>This three card monte game that they're playing with the

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<v Speaker 3>job report is a con there are no quality jobs. Okay,

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<v Speaker 3>put in chat yes if you feel that there are

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<v Speaker 3>quality jobs in the United States of America right now

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<v Speaker 3>or no.

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<v Speaker 4>Right and even when you say quality.

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<v Speaker 5>And that's why when you look at the job report,

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<v Speaker 5>it's really important to see when they say that the

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<v Speaker 5>jobs are increasing or it beat estimates, look at where

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<v Speaker 5>the jobs are.

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<v Speaker 4>If you look at the number one place usually its hospitality.

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<v Speaker 5>So we're talking about right, So when we're talking about

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<v Speaker 5>career that are paying one hundred and fifty to three,

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<v Speaker 5>how many of those jobs are being created?

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<v Speaker 4>Not many?

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<v Speaker 3>Also, I mean I talked about this earlier. The medium

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<v Speaker 3>four to one K balance is twenty seven thousand dollars.

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<v Speaker 3>Credit card debt is at an all time high amongst

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<v Speaker 3>consumers of all races and all classes. Balances are being

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<v Speaker 3>held longer than ever. It is showing that our economy

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<v Speaker 3>is a lot softer or weaker. So why and this

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<v Speaker 3>is the main reason why they won't announce if we

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<v Speaker 3>are in recession because if we actually say the United

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<v Speaker 3>States winning recession, everyone's going to say to hell with

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<v Speaker 3>the payments because they know from the last recession, if

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<v Speaker 3>I'm in debt, what good does it do me to

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<v Speaker 3>pay you five hundred seven hundred one thousand dollars a

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<v Speaker 3>month and it's not going.

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<v Speaker 4>To make it a dent? And the actual principle, well,

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<v Speaker 4>the average car payment now is like seven ninety It's crazy,

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<v Speaker 4>this is insane.

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<v Speaker 3>If this was a business model, everything about America right

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<v Speaker 3>now as a business model will be broken and upside down.

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<v Speaker 4>It would be like.

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<v Speaker 3>Lucid Motors or something like in twenty twenty hurts like

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<v Speaker 3>it is upside down and no one wants to say anything.

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<v Speaker 4>Also to the timing of it, when this was ernest,

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<v Speaker 4>what's up?

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<v Speaker 5>You ever walk into a small business and everything just

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<v Speaker 5>works like the checkout is fast, the receipts of digital

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<v Speaker 5>tipping is a breeze, and you're out the door before

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<v Speaker 5>the line even builds. Odds are they're using Square. We

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<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:08:45.120 --> 0:08:48.880
<v Speaker 1>in Massachusetts. An MS thirteen gang member from El Salvador

0:08:49.160 --> 0:08:53.240
<v Speaker 1>accused of murdering a Texas. Man of Venezuelan charged with

0:08:53.360 --> 0:08:57.199
<v Speaker 1>filming and selling child pornography in Michigan. These are just

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<v Speaker 1>some of the heinous migrant criminals caught because of President

0:09:01.160 --> 0:09:04.680
<v Speaker 1>Donald J. Trump's leadership. I'm Christy Noman, the United States

0:09:04.760 --> 0:09:09.520
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:09:09.559 --> 0:09:13.079
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:09:13.200 --> 0:09:16.360
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:09:16.480 --> 0:09:20.280
<v Speaker 1>are here illegally, your next you will be fine nearly

0:09:20.400 --> 0:09:24.360
<v Speaker 1>one thousand dollars a day, imprisoned and deported, you will

0:09:24.480 --> 0:09:28.079
<v Speaker 1>never return. But if you register using our CBP home

0:09:28.160 --> 0:09:31.480
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:09:31.920 --> 0:09:36.560
<v Speaker 1>Do what's right, leave now. Under President Trump, America's laws

0:09:36.800 --> 0:09:38.760
<v Speaker 1>border and families will.

0:09:38.640 --> 0:09:41.440
<v Speaker 2>Be protected sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Being announced that was during an election period, so of

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<v Speaker 3>course you can't say, well, no, you're going to have

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<v Speaker 3>to pay your student loans.

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<v Speaker 4>Like politicians are going to lie.

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<v Speaker 3>Like the politicians normally are the guy that says whatever

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<v Speaker 3>they need to get what they need for that one night.

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<v Speaker 4>Normally. The unfortunate part with these politicians you have to

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<v Speaker 4>live with it for four years.

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<v Speaker 6>Yeah, well, I mean he did to his credit, to

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<v Speaker 6>Joe Biden's credit. I'm a registered independent by the way,

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<v Speaker 6>so I'm not I don't have any allegiance to any

0:10:08.920 --> 0:10:12.719
<v Speaker 6>political party. But to Joe Biden's credit, I think she

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<v Speaker 6>tried to get it through court. The court knocked down.

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<v Speaker 6>They had it run up and running for a few years.

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<v Speaker 6>I think it would have been in his interest to

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<v Speaker 6>actually make sure that it was permanent because that would

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<v Speaker 6>have definitely helped him on the on the reelection if

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<v Speaker 6>he wants to run for president again. But this goes

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<v Speaker 6>back to the court.

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<v Speaker 5>So Supreme Court Roberts is one of the main reasons

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<v Speaker 5>that it didn't go through. And the reason when you

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<v Speaker 5>looked at the you know some of the facts that

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<v Speaker 5>they were saying why they didn't pass it was because

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<v Speaker 5>the impact that it was going to have on the

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<v Speaker 5>state of Missouri. So most of the people who have

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<v Speaker 5>student loans, if you've ever seen Mohilo, you know that's

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<v Speaker 5>one of the student student lower payment centers. The economic

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<v Speaker 5>impact that it was going to have on them for

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<v Speaker 5>the long term would have hindered the State GDP of Missouri.

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<v Speaker 6>And Missouri to show me state, because that's what a

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<v Speaker 6>loan center is. People are going to lose jobs.

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<v Speaker 5>They're gonna lose money because they're gonna if you forgive

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<v Speaker 5>let's say you forgive two hundred billion, think about what

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<v Speaker 5>that does to the economy.

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<v Speaker 6>Of that say, what about the economy for millions of

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<v Speaker 6>people have it that can't afford their students.

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<v Speaker 5>So this is what I'm saying, Like, when you were

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<v Speaker 5>looking to it, it's like, yo, damn that people ever

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<v Speaker 5>think long term. Yeah, but most people not even thinking,

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<v Speaker 5>like Missouri was the reason. And this is one of

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<v Speaker 5>the things that they're saying in the court. And their

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<v Speaker 5>argument was like it actually is going to bring more business, right,

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<v Speaker 5>because there's over the past two to three years a

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<v Speaker 5>lot of businesses that relied on student loan repayment, Like

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<v Speaker 5>Mohgle is not the only one. They've had to go

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<v Speaker 5>out of business because there was no repayments. The fact

0:11:36.520 --> 0:11:38.880
<v Speaker 5>that Mohigles still in business tells you, like, yo, they

0:11:38.920 --> 0:11:41.120
<v Speaker 5>can now run a monopoly because they're the last one

0:11:41.200 --> 0:11:43.560
<v Speaker 5>standing or one of the few standing. So now all

0:11:43.600 --> 0:11:46.439
<v Speaker 5>business goes to them. So I mean, these are the

0:11:46.480 --> 0:11:48.920
<v Speaker 5>type of things that nobody talks about that are happening.

0:11:49.120 --> 0:11:51.240
<v Speaker 5>Another thing that Biden is trying to do as well,

0:11:51.800 --> 0:11:55.280
<v Speaker 5>on top of having that one year not reporting to

0:11:55.360 --> 0:11:59.680
<v Speaker 5>the credit bureaus, is that they're lowering the income base.

0:12:00.280 --> 0:12:01.880
<v Speaker 4>So income base used to be ten per cent of

0:12:01.920 --> 0:12:02.880
<v Speaker 4>your discretion income.

0:12:03.280 --> 0:12:06.280
<v Speaker 5>They're cutting that down to five, which means obviously the

0:12:06.360 --> 0:12:08.840
<v Speaker 5>more you make, if you're paying five percent as supposed

0:12:08.840 --> 0:12:11.439
<v Speaker 5>to ten, there's some cash available to yourself. So that's

0:12:11.440 --> 0:12:12.920
<v Speaker 5>another one of those things that they're trying to do.

0:12:13.400 --> 0:12:16.559
<v Speaker 5>Hopefully something gets passed. I have student loan. I was

0:12:16.600 --> 0:12:18.959
<v Speaker 5>sitting here like, hey, let's see what happens. But you know,

0:12:20.600 --> 0:12:24.079
<v Speaker 5>I'll do my everyday citizen thing and try to do

0:12:24.160 --> 0:12:25.200
<v Speaker 5>the right thing when it comes to this.

0:12:25.320 --> 0:12:26.599
<v Speaker 6>I mean, it comes down. I don't know about the

0:12:26.640 --> 0:12:29.199
<v Speaker 6>Missouri thing. I think that might just be it comes

0:12:29.240 --> 0:12:31.280
<v Speaker 6>down the money. It comes down the money. I don't

0:12:31.280 --> 0:12:37.079
<v Speaker 6>care if it's New York City, Missouri, Alaska, Hawaii. There's

0:12:37.640 --> 0:12:40.160
<v Speaker 6>billions of dollars that would have been lost if these

0:12:40.280 --> 0:12:45.760
<v Speaker 6>loans were forgiven. So this is banks and institutions and

0:12:45.880 --> 0:12:50.400
<v Speaker 6>pension funds, everybody that's putting pressure on the politicians and

0:12:50.640 --> 0:12:54.120
<v Speaker 6>judges anything like, look you, if you do this, we're

0:12:54.120 --> 0:12:58.520
<v Speaker 6>gonna lose billions of dollars. Common sense. Nobody wants to

0:12:58.600 --> 0:13:02.440
<v Speaker 6>lose billions of dollars, Just billions of dollars on the line.

0:13:02.800 --> 0:13:03.880
<v Speaker 4>That's the common sense man.

0:13:04.520 --> 0:13:05.240
<v Speaker 6>Things get moved.

0:13:05.280 --> 0:13:07.160
<v Speaker 4>But when they have to report, they got to find

0:13:07.160 --> 0:13:07.560
<v Speaker 4>a reason.

0:13:07.679 --> 0:13:08.680
<v Speaker 6>Yeah, you can say anything.

0:13:08.920 --> 0:13:11.000
<v Speaker 4>So this is like literally, this is what they're saying.

0:13:11.400 --> 0:13:14.120
<v Speaker 3>Yeah, and who knows how much money they were making

0:13:14.160 --> 0:13:18.040
<v Speaker 3>on the float of those billions as well. There's so

0:13:18.160 --> 0:13:22.000
<v Speaker 3>much stuff going on, like a municipality side too, if

0:13:22.640 --> 0:13:26.000
<v Speaker 3>any kind of inducements for giving out or let's say,

0:13:26.160 --> 0:13:28.160
<v Speaker 3>I don't know if this is true, but like say hypothetically,

0:13:28.160 --> 0:13:29.839
<v Speaker 3>if they're making three to five percent off of it

0:13:30.000 --> 0:13:33.319
<v Speaker 3>per year and that's keeping another fund up, like you

0:13:33.480 --> 0:13:36.360
<v Speaker 3>can't just have that money leave a pool and then

0:13:36.400 --> 0:13:38.960
<v Speaker 3>all of a sudden, like those dispersements are not going anywhere.

0:13:39.200 --> 0:13:41.439
<v Speaker 3>If anyone thinks that billions of dollars is coming into

0:13:41.600 --> 0:13:43.920
<v Speaker 3>organization and they're just put it in a zero percent

0:13:43.960 --> 0:13:47.559
<v Speaker 3>interest account somewhere, it's not fucking happening. It's not it's

0:13:47.600 --> 0:13:51.880
<v Speaker 3>not happening at Spotify. It's not happening. That Netflix rumble

0:13:52.559 --> 0:13:58.000
<v Speaker 3>nowhere nowhere because if so you think the ESPN layoffs

0:13:58.040 --> 0:14:00.720
<v Speaker 3>for a lot, let that student loon forgive this had happened,

0:14:00.720 --> 0:14:02.079
<v Speaker 3>it would have been the list of the top two

0:14:02.280 --> 0:14:04.400
<v Speaker 3>complex make that list who would have got laid off.

0:14:05.240 --> 0:14:06.599
<v Speaker 6>Ya want to y'all want to make a list the

0:14:06.679 --> 0:14:09.720
<v Speaker 6>top twenty. You know, all these all these lists about

0:14:09.760 --> 0:14:12.280
<v Speaker 6>the best hip hop group and the best rapper and

0:14:12.360 --> 0:14:16.840
<v Speaker 6>the best producer and the best answer make that list.

0:14:18.480 --> 0:14:21.040
<v Speaker 6>Start with the top Culture Vulture list and then work

0:14:21.080 --> 0:14:21.640
<v Speaker 6>your way down.

0:14:23.040 --> 0:14:25.640
<v Speaker 4>Mm hmmm, so we start with the Black Voltures. I

0:14:25.760 --> 0:14:27.640
<v Speaker 4>still want to do the Vultures Tour.

0:14:28.880 --> 0:14:33.000
<v Speaker 6>The Villains and Vultures Tour hit the like Biden and share.

0:14:33.000 --> 0:14:42.960
<v Speaker 4>Shout to Adam twenty two. I would never but it's

0:14:42.960 --> 0:14:50.000
<v Speaker 4>like Boogie Knight's part too. Boy on it if it's

0:14:50.000 --> 0:14:51.760
<v Speaker 4>all funny games when it's in the movie and tell

0:14:51.800 --> 0:14:53.440
<v Speaker 4>us your life Listen.

0:14:55.080 --> 0:14:57.720
<v Speaker 3>In Investment has considered that that's a credit to false

0:14:57.760 --> 0:14:58.440
<v Speaker 3>swap for real.

0:14:59.000 --> 0:15:00.760
<v Speaker 4>That's a different kind of the.

0:15:00.840 --> 0:15:08.040
<v Speaker 5>Volt of a lifetime Anyway, Better Bay Forward, better man

0:15:08.920 --> 0:15:09.240
<v Speaker 5>than me.

0:15:10.040 --> 0:15:16.440
<v Speaker 3>Wow, my graduates from my school being force back drop

0:15:17.520 --> 0:15:18.960
<v Speaker 3>drop Mike Drop.

0:15:31.160 --> 0:15:34.760
<v Speaker 1>An illegal alien from Guatemala charged with raping a child

0:15:34.840 --> 0:15:38.640
<v Speaker 1>in Massachusetts. An MS thirteen gang member from Al Salvador

0:15:38.880 --> 0:15:43.000
<v Speaker 1>accused of murdering a Texas man of Venezuelan charged with

0:15:43.080 --> 0:15:46.960
<v Speaker 1>filming and selling child pornography in Michigan. These are just

0:15:47.080 --> 0:15:50.800
<v Speaker 1>some of the heinous migrant criminals caught because of President

0:15:50.880 --> 0:15:54.400
<v Speaker 1>Donald J. Trump's leadership. I'm Christine Noman, the United States

0:15:54.480 --> 0:15:59.240
<v Speaker 1>Secretary of Homeland Security. Under President Trump, attempted illegal border

0:15:59.280 --> 0:16:02.800
<v Speaker 1>crossings are at the lowest levels ever recorded, and over

0:16:02.920 --> 0:16:06.080
<v Speaker 1>one hundred thousand illegal aliens have been arrested. If you

0:16:06.200 --> 0:16:10.000
<v Speaker 1>are here illegally, your next you will be fine nearly

0:16:10.160 --> 0:16:14.080
<v Speaker 1>one thousand dollars a day, imprisoned and deported, you will

0:16:14.200 --> 0:16:17.800
<v Speaker 1>never return. But if you register using our CBP home

0:16:17.880 --> 0:16:21.240
<v Speaker 1>app and leave now, you could be allowed to return legally.

0:16:21.640 --> 0:16:26.280
<v Speaker 1>Do what's right. Leave now. Under President Trump, America's laws,

0:16:26.560 --> 0:16:28.960
<v Speaker 1>border and families will be protected.

0:16:29.080 --> 0:16:31.200
<v Speaker 2>Sponsored by the United States Department of Homeland Security.