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Speaker 1: Now here's a highlight from Coast to Coast AM on

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Speaker 1: iHeartRadio and welcome back to Coast to Coast George Norri

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Speaker 1: back with Miss Shedlock and we're going to take calls

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Speaker 1: with miss next our miss. How do people get your blog?

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Speaker 1: My friend mishtalk dot com, m I shta LK dot com.

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Speaker 1: Simple as that. Cryptos took it on the chin today

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Speaker 1: with a number of companies blocking users from withdrawing their funds.

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Speaker 1: That's unbelievable. We've seen this two or actually three times now.

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Speaker 1: We saw that with Luna to it crashed to zero.

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Speaker 1: The price of bitcoin plunge today. It was from an

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Speaker 1: all time high of sixty nine thousand, It was twenty

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Speaker 1: one thousand earlier. Today, Etherem was hit even harder. It's

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Speaker 1: around eleven hundred down from what four thousand, seven hundred

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Speaker 1: or something. Really smashed dogecoin if you remember that, that's

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Speaker 1: the one Elon Musk promoted on Saturday Night Live. I

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Speaker 1: think it topped at like sixty nine cents maybe something

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Speaker 1: like that. It's fell to under five cents today. You know,

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Speaker 1: it's it's it's really crazy. There's eighteen thousand thousand cryptos

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Speaker 1: out there. Claiming to do something better than the other ones.

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Speaker 1: I don't. I don't like them, miss, I just feel so.

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Speaker 1: I don't like them either. Bitcoin, I believe, is going

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Speaker 1: to survive most of these other ones. The protocols are

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Speaker 1: literally suspect here based off of off of what we've

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Speaker 1: seen the ones on The true believers in bitcoin will

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Speaker 1: tell you that all the ones that are based off

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Speaker 1: of the ether reum um um um style are of

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Speaker 1: mining are headed to zero. And they just put layers

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Speaker 1: and layers and then derivers on them. And what really

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Speaker 1: got people is something called staking. They were promising people,

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Speaker 1: you know, as much as twenty percent interest. George, you

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Speaker 1: know that that is going to blow up if you

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Speaker 1: actually think you can get even six percent interest, you know,

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Speaker 1: guaranteed on these What happened is people pledge their coins

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Speaker 1: for a period of time. They were promised six percent.

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Speaker 1: It's not even six percent interest paid in dollars, is

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Speaker 1: six percent interest paid in the token. So when the

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Speaker 1: token crashes, look out to zero, six percent of zero

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Speaker 1: is zero. And that's literally what happened with Luna twenty

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Speaker 1: twenty four presidential election. We don't really talk a lot

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Speaker 1: of politics here, but we talk about issues that affect

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Speaker 1: Americans and everybody in general. But President Joe Biden, if

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Speaker 1: things are continuing the way they are in all areas,

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Speaker 1: he's going to have a difficult time. I don't care

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Speaker 1: who runs against him. No, And the thing is, and

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Speaker 1: we need to be honest about this, George. And you know,

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Speaker 1: and Biden certainly deserves a lot of blame here. I

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Speaker 1: don't believe in sanctions. He's admitted no responsibility. Nothing's going

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Speaker 1: right for this guy. I mean, he keeps claiming, you

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Speaker 1: know that this build back better did not add you know,

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Speaker 1: to inflation. George, I'm sorry, that's nuts. But let's switch

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Speaker 1: places here. Let's assume for one second that that Trump

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Speaker 1: had won the election. I think it would be the

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Speaker 1: Republicans getting smashed in the midterms coming up. People would

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Speaker 1: be blaming Trump instead of blaming Biden. Trump would have

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Speaker 1: done a lot of things different. But one thing that

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Speaker 1: Trump and Biden have in common is sanctions. They both

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Speaker 1: like to sanction China, sanction Russia. That's that's a that's

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Speaker 1: a huge mistake. All Trump tariffs did was you know,

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Speaker 1: I'm a free marketer, George, was raised you know, prices

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Speaker 1: of uh, you know, on goods and services. You know,

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Speaker 1: it was Trump pushing more liquid natural gas going over

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Speaker 1: to Europe, and guess what, they're forced to do it

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Speaker 1: now because they don't want to buy energy from Russia.

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Speaker 1: We would have a lot of the same problems. But

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Speaker 1: one thing that Trump would have done is a lot better.

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Speaker 1: Is just not curtail supply. Biden has been openly hostile

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Speaker 1: to the oil and gas industry. I mean, you can

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Speaker 1: go back and you can just look at We're gonna

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Speaker 1: shut them down. We're gonna shut them down. Exact words,

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Speaker 1: We're gonna shut off fossil fuels. We're gonna do it.

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Speaker 1: How many times did they say that. Now they're complaining

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Speaker 1: the fossil fuel companies aren't pumping enough. Meanwhile, they're not

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Speaker 1: giving them enough new permits for them to do it.

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Speaker 1: So we've had we had bad policy all around on

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Speaker 1: top of COVID, and then when you combine that with

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Speaker 1: free money, you know, guess what, but Trump wanted more

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Speaker 1: free money too. The Republicans actually didn't go along. He

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Speaker 1: wanted he wanted his second package of free money. He

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Speaker 1: wanted more. He was upset. This was when the election

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Speaker 1: was still going on. Of course, he wanted more to

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Speaker 1: the credited the Republicans, they wouldn't do it. But you

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Speaker 1: know when Biden got in there, that that last big

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Speaker 1: COVID Simmis package was the killer. All right, return to rent.

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Speaker 1: I would like to return to rent because there's a

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Speaker 1: couple of I was going to ask you about housing.

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Speaker 1: They and this is really interesting. And you know, the

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Speaker 1: Fed cut interest rates and mortgage rates fell to record lows.

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Speaker 1: So what happened is corporations like Black Rock had extremely

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Speaker 1: cheap access to money. They would go out and they

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Speaker 1: would buy up a whole SUBDT visions. They were go

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Speaker 1: out and buy buy mobile home parks and immediately, you know,

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Speaker 1: jack up the rent you know on everybody in that

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Speaker 1: mobile home park, whether they couldn't afford it or not.

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Speaker 1: Right exactly Now, that's not exactly criminal, but it is

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Speaker 1: totally disgusting. And you know, this is what happened. And

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Speaker 1: this also explains the rise in crypto. You know, all

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Speaker 1: the you know millennials and zoomers, you know, everyone who

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Speaker 1: was getting all this free money in you know, they

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Speaker 1: put it all in cryptos and and and it's vanished

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Speaker 1: now into thin air. So uh, that was one of

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Speaker 1: the driving sports. There's one more point about rent. I

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Speaker 1: was pretty positive that that last CPI report George was

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Speaker 1: going to be really hot, and the and the reason

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Speaker 1: why I know that, and then you've heard me say

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Speaker 1: that on several Wendays Wednesdays. I don't believe these these

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Speaker 1: numbers from the BLS. Rent is up four point eight

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Speaker 1: percent a year, FOUI, I don't believe that. I don't

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Speaker 1: think you do. I'll bet I'll bet the listening audience

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Speaker 1: doesn't believe that either. I got some numbers from National

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Speaker 1: Apartment List. They actually have and it's case Hiller type data,

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Speaker 1: so it's the same apartment renting over and over again,

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Speaker 1: you know, not just media apartment or something. And uh,

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Speaker 1: their year over year prices topped at seventeen percent. I

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Speaker 1: don't think we're going to see anything that high. But

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Speaker 1: the FED is lagging because rent is lagging. You know

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Speaker 1: the you know, rent stays flat for eleven months out

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Speaker 1: of the year and then at the end of the year,

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Speaker 1: whatever the year that is, and it's a different month

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Speaker 1: for a lot of people. At the end of that year,

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Speaker 1: it jumps all in one big swoosh. The BLS is

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Speaker 1: way behind the curve on that. So, um, My theory

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Speaker 1: heading into that last CPI number was, you know, rent

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Speaker 1: is thirty one percent of the CPI, George, So if

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Speaker 1: rent is going up, it's going to have a really

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Speaker 1: hard time for that CPI to come down. We've still

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Speaker 1: got three or four more months of rising seat of

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Speaker 1: rising rent baked in the cake. It's going to be

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Speaker 1: hard for for for rent to come down. Thirty one

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Speaker 1: percent of the CPI, George. The two thousand and eight

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Speaker 1: inflated mortgages YEP contributed to the collapse. Yes, a huge

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Speaker 1: bubble burst in housing. Is that going to happen again?

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Speaker 1: I don't think so. And um is we don't have

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Speaker 1: the same number of liar loans. Um. I don't think

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Speaker 1: we're going to have people literally walking away from their

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Speaker 1: homes like they did there. But um, the the other

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Speaker 1: side is, you know one thing I'm worried about to

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Speaker 1: slow down in housing, George, is if we're going to

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Speaker 1: slow down across the board housing, no who, no one

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Speaker 1: can afford to buy a home interest a Morga's rate

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Speaker 1: six point one eight percent today, that's where it got

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Speaker 1: and I think it's going to keep going up. You know,

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Speaker 1: maybe we see seven I don't know where it goes.

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Speaker 1: But that is absolutely going to kill homebuilding. But if

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Speaker 1: it kills home building, it's going to kill apartment building too.

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Speaker 1: So the commercials are already chopped up. The only saving

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Speaker 1: grace in this picture is because of you know, all

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Speaker 1: the shortage of workers, all the shortage of supplies. There's

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Speaker 1: a record number of homes right now that are still

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Speaker 1: under construction. Will it be enough? I don't know, George,

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Speaker 1: I don't know. Are you scared? Not me personally? And

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Speaker 1: I'm angry though. I'm angry at the FED because I

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Speaker 1: called this, and you know these we have Treasury Secretary yelling,

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Speaker 1: and I saw a video the other day just you know,

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Speaker 1: it's like month apart Biden making the same safe. You know,

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Speaker 1: all the economists say, you know, you know, we're not

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Speaker 1: a place is not going to go out. The economists say,

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Speaker 1: you know that build back better is not gonna add

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Speaker 1: to inflation. The economists say, and this one really kills

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Speaker 1: me because they're still pressing for um um student loan relief.

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Speaker 1: You know, okay, give a whole bunch of people ten

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Speaker 1: thousand dollars in free money. Meanwhile, the poor sapped that

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Speaker 1: paid off his mortgage. What is you know, it's paid

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Speaker 1: off his student that you know, what is he? What

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Speaker 1: does he think? And then you know they want free childcare,

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Speaker 1: you know, George, free money. I think we've proved this

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Speaker 1: contributes to inflation, and they have not admitted that that

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Speaker 1: is one of the problems. So I'm very personally, I'm

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Speaker 1: not worried. I don't have any debt and um the

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Speaker 1: but I'm worried about the people who do. I'm worried

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Speaker 1: about the people who bet at all on cryptos. I'm

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Speaker 1: you know, worried about what we're doing. And your guests,

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Speaker 1: right before I was on, you were talking about um

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Speaker 1: the big push for electric cars. He actually missed one

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Speaker 1: key point. Where are we going to get the lithium from.

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Speaker 1: We're gonna get the magnesium from, We're gonna get the

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Speaker 1: rare earth from. It's a good part. We didn't even

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Speaker 1: have enough chips for new cars these days. No, No,

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Speaker 1: we don't. They're using all that glass and stuff for

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Speaker 1: everything else, probably to make vials for vaccines. Yes, and

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Speaker 1: that's another thing. We got to talk about COVID again. Yeah,

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Speaker 1: and look at China, My god, they're locked. They're still

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Speaker 1: in this lockdown mode, and ships are piling up in

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Speaker 1: the in the Chinese ports, and guess what They're loaded

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Speaker 1: with merchandise that's going to be had to, you know,

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Speaker 1: unless people can cancel orders. I believe Target did cancel orders.

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Speaker 1: I had to pay a penalty to cancel Target stock plumb. Yeah,

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Speaker 1: but they're loaded with merchandise it's going to be heading

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Speaker 1: to the United States that no one wants anymore. We've

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Speaker 1: over ordered the wrong stuff. Now we're taking calls next

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Speaker 1: hour with Michael Shedlock. We call him Miss How did

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Speaker 1: you get miss? By the way, first two characters of

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Speaker 1: my first and last name all goes Mike Shedlock, so

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Speaker 1: m I and sh it goes back to UM. I

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Speaker 1: was hanging around and I used to work for banks.

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Speaker 1: I've worked in the banking industry for for twenty years.

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Speaker 1: Every bank I worked at formulated user IDs out of

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Speaker 1: your first and the characters of your first name and

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Speaker 1: last name. So I was Miss Shedlow at like four

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Speaker 1: different banks. It's not very secure, George, if you can

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Speaker 1: guess someone's user ID just because they worked for a bank.

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Speaker 1: But I used the same user ID online miched Low

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Speaker 1: and people truncated to mish so they started calling me miss,

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Speaker 1: and I said, that's catchy enough. I'm just gonna use mish.

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Speaker 1: Did your parents ever call you mish? Oh? No, this

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Speaker 1: came about from the user IDs. Ooh no, this was

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Speaker 1: this was just a random thing from from user IDs

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Speaker 1: working for banks. What miracle is going to happen to

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Speaker 1: get us out of this financial mess? Um? There always

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Speaker 1: is one and um And I'm not riddling that out either. Um,

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Speaker 1: I don't. I don't either, and you know so I

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Speaker 1: think people think this is going to be a replay

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Speaker 1: of two thousand and eight. I gave you my opinion why.

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Speaker 1: I don't think it will be um for housing and

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Speaker 1: I don't think it will be um in terms of

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Speaker 1: job losses. But it's going to be nasty and uh.

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Speaker 1: The the problem is for the FED is that hiking

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Speaker 1: rates is a blunt instrument. It can't it's not going

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Speaker 1: to help food production, It's not it's going to stimy

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Speaker 1: housing production. We're now facing the back end of bad policies.

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Speaker 1: But one thing would help, for sure is if the

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Speaker 1: Ukrainian war ends. Right now, Zelenski says he doesn't you know,

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Speaker 1: he wants all of his territory back. Guess what he's

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Speaker 1: I'm sorry people are gonna be mad at me, but

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Speaker 1: he's not going to get Crimea back, and he's probably

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Speaker 1: going to lose the don Bass region in eastern Ukraine.

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Speaker 1: The if that takes the war to end and putting

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Speaker 1: backs out and he's happy with that region, I'd say

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Speaker 1: let him have it and let's move on. Listen to

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Speaker 1: more Coast to Coast AM every weeknight at one am

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Speaker 1: Eastern and go to Coast to Coast am dot com.

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Speaker 1: Are there