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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security.

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Speaker 3: Let's get into this. Consumer debt passes seventeen trillion for

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Speaker 3: the first time, So Americans have racked up over seventeen

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Speaker 3: trillion dollars in debt. That is up two point nine

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Speaker 3: trillion from twenty nineteen. And the main catalyst of this

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Speaker 3: is auto loans, credit card debts, student loans, and mortgages.

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Speaker 3: The average American has fifty nine thousand dollars in debt.

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Speaker 3: Forty one thousand of debt is in mortgage, fifty four

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Speaker 3: hundred is in auto loans, fifty six hundred is in

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Speaker 3: student loans, and thirty four one hundred is in credit

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Speaker 3: card debt. And forty six percent of credit card holders

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Speaker 3: maintain debt from month to month on their credit cards.

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Speaker 3: They're not paying off their balances and full every single month.

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Speaker 3: So all right, seventeen trillion dollars Jesus for Americans and debt.

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Speaker 4: Yes, they don't want to say, we're in a recession

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Speaker 4: and the VICS is still at let me go check

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Speaker 4: right now. I think the VIX is at seventeen. Volatility

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Speaker 4: index continues to get lower. This reminds me in the

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Speaker 4: scene in The Big Short when they're going to the

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Speaker 4: credit rating in the agencies and saying, hey, these loans

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Speaker 4: are defaulting. Why have you not changed the grade of

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Speaker 4: the loans in their life? Well, we get paid to

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Speaker 4: not change them. It's really interesting to see debt be

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Speaker 4: this high, and I know we give them flack when

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Speaker 4: it's due. But the axiom of the Dave Ramsey use,

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Speaker 4: if debt is dumb, it's true. I always said it,

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Speaker 4: if you have a ton of debt. I don't know

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Speaker 4: one person that has three hundred thousand in debt, and

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Speaker 4: if we were to give them three hundred thousand to

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Speaker 4: wipe it away, they wouldn't take it. Live below your means,

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Speaker 4: have to build a business, have to invest. I know

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Speaker 4: it is tough to stay disciplined, but as a I

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Speaker 4: think we've gotten and I'm going to be very clear,

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Speaker 4: it's the companies and marketing that pushes us to be

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Speaker 4: in debt to buy things that we don't need to

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Speaker 4: make companies stable that are actually unstable without us consistently

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Speaker 4: buying them. It is getting scary, though we'll talk about

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Speaker 4: it later, like our country's jet debt to GDP ratio

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Speaker 4: as well, but I feel like they are trying to

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Speaker 4: collapse the credit worthiness of the consumer and put us

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Speaker 4: in more debt so that the regulations later would be

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Speaker 4: easier to pass.

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Speaker 2: Even with the crypto market.

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Speaker 4: Like we'll talk about it later, but I feel like

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Speaker 4: they are not every avenue that people have to make

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Speaker 4: money last year or in twenty twenty, just slowly closing

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Speaker 4: those lanes off. But we have to get this under

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Speaker 4: control immediately.

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Speaker 2: Yeah.

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Speaker 5: I mean when I look at it, it's not surprised,

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Speaker 5: but I always think back to, like's let's go back

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Speaker 5: to two to three years, Like, these are the effects

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Speaker 5: of a pandemic. Right, if we look at unemployment, if

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Speaker 5: we look at wages. When people don't have money, they're

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Speaker 5: going to go to credit, right and again.

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Speaker 2: And you said this this weekend.

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Speaker 5: You had a great a monologue about America being built

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Speaker 5: on debt.

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Speaker 2: But that's what's happened. That's what's happened.

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Speaker 5: And even inside the pandemic, when we were looking at

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Speaker 5: interest rates and it was like, great, this is a

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Speaker 5: great time we can refinance your home. It's at a

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Speaker 5: low rate. People were taking out home equity lines of credit.

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Speaker 5: And when you take out home lines of credit at

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Speaker 5: low interest rate, that's great for you for the immediate,

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Speaker 5: But you're adding to the length of your loan, yes,

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Speaker 5: and you're adding to the debt that is going to

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Speaker 5: be accumulated. Because it doesn't matter if you bought a

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Speaker 5: home for four hundred thousand, right, by the time the

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Speaker 5: bank is the thirty year mortgage is paid, you've paid

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Speaker 5: well over a million dollars at home, right, And so

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Speaker 5: I looked at the number they said fourteen million homes

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Speaker 5: were more. Fourteen hundred fourteen million mortgages were refinanced during

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Speaker 5: the pandemic period starting in March twenty twenty, fourteen million homes.

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Speaker 5: You got to think about that, right. At one point,

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Speaker 5: banks stopped giving out he locks. I remember going to

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Speaker 5: a bank that I frequent and they were like, yeah,

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Speaker 5: we're not offering it anymore, just because of the amount

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Speaker 5: of debt that had been accumulating. But like you said,

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Speaker 5: student loan, right, that's been on pause. That's been on pause, right,

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Speaker 5: And that the debt is still increased because people are

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Speaker 5: still going to school and they are accumulating debt. Let

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Speaker 5: alone the people who are in repayment and haven't had

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Speaker 5: to pay for two and a half years. So this

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Speaker 5: number could actually be higher, right, if this wasn't a

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Speaker 5: freeze until I don't know who, I think next September

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Speaker 5: and then when we talk about interest rates again as

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Speaker 5: we're going through the pandemic, we talked about the semi

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Speaker 5: conductor problem that affected cars, and so now there's less

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Speaker 5: cars being made with the same products. So now when

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Speaker 5: there's less cars, there's going to be a premium on

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Speaker 5: the cars that they have in inventory. And so now

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Speaker 5: you're going to be paying oversticker. And if you're financing

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Speaker 5: and you don't have great credit, then you're going to

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Speaker 5: be paying a higher interest rate, and then that loan

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Speaker 5: gets increased. And so all these factors are happening at

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Speaker 5: the same exact time.

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Speaker 2: On purpose. Can we be very honest?

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Speaker 4: How did they get seventy two million chips all available

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Speaker 4: for Dodge chargers in one quarter?

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Speaker 2: I know these are numbers, is like.

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Speaker 4: A gross extrapulation, but they were driving up the value

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Speaker 4: of houses thirty thousand, forty thousand over asking Some people

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Speaker 4: were paying twenty thousand dollars above asking price for a car.

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Speaker 2: They crashed the market.

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Speaker 4: And all of a sudden, AMD in the video had

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Speaker 4: enough chips to power your Tesla. The number one way

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Speaker 4: to increase price is to limit the supply that is available.

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Speaker 4: I feel like that was done on demand. So for

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Speaker 4: those of you in the comments that may be watching

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Speaker 4: the club, hey, what's the play? The play which I

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Speaker 4: hate the term, but it's the investing companies that monetizes that.

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Speaker 4: Visa is one of them. Historically one of the best

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Speaker 4: companies in a credit card space. The return has been

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Speaker 4: absolutely amazing. If you can get it around maybe two

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Speaker 4: nine great. And if you think America is going to

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Speaker 4: have less that and consumers are going to have less that,

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Speaker 4: then you can shorten Visa. That would not be wise.

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Speaker 4: But if you want to go along Visa, you'll see

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Speaker 4: some considerable games there because I want to get some

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Speaker 4: actionable items for those who may be joining. If this

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Speaker 4: is your first time, they be watching the program, see

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Speaker 4: what shot of learning. Five year return on Visa seventy

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Speaker 4: six percent. Six month return is ten percent while we

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Speaker 4: are in a recession that they will not call.

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Speaker 2: How do you feel about AMEX? I like max two.

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Speaker 4: Visa is just a leader, But if I have to

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Speaker 4: pair them, it's like a twin Towers. That is a

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Speaker 4: great credit spread that you can play. As a result,

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Speaker 4: if I pull up the stats real quick all time

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Speaker 4: return for Visas six.

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Speaker 2: Percent, they have been down over the last year. Down erners,

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Speaker 2: what's up?

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Speaker 5: You ever walk into a small business and everything just

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Speaker 5: works like the checkout is fast, the receipts are digital,

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Speaker 5: tipping is a breeze and you're out the door before

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Speaker 5: the line even builds. Odds are they're using Square. We

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Speaker 5: love supporting businesses that run on Square because it just

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Speaker 5: feels seamless. Whether it's a local coffee shop, a vendor

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Speaker 5: at a pop up market, or even one of our

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Speaker 5: merch partners, Square makes it easy for them to take payments,

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Speaker 5: manage inventory, and run their business with confidence, all from

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Speaker 5: one simple system. If you're a business owner or even

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Speaker 5: just thinking about launching something soon, Square is hands down

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Speaker 5: one of the best tools out there to help you start, run,

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Speaker 5: and grow. It's not just about payments, it's about giving

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Speaker 5: you time back so you can focus on what matters

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Speaker 5: most ready. To see how Square can transform your business,

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Speaker 5: visit Square dot com backslash, go backslash eyl to learn

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Speaker 5: more that Square dot com backslash, go backslash eyl. Don't wait,

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Speaker 5: don't hesitate. Let's Square handle the back end so you

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Speaker 5: can keep pushing your vision forward. This episode is brought

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Speaker 5: to you by P and C Bank. A lot of

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Speaker 5: people think podcasts about work are boring, and sure, they

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Speaker 5: definitely can be. Understanding A professionals routine shows us how

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Speaker 5: Financial Service Group, Inc. P and C Bank National Association

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Speaker 5: Member FDIC.

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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: were here illegally, your next you will be fine nearly

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Speaker 1: one thousand dollars a day. Imprisoned and deported, you will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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

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Speaker 1: border and families will.

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Speaker 2: Be protected sponsored by the United States Department of Homeland

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Speaker 2: Security five percent. But I like MX if you hold for.

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Speaker 3: The long term, for sure, that's one way to benefit

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Speaker 3: from it. So kit, can we do.

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Speaker 2: The mallow do? Yeah? Oh yeah, get you're right, it's

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Speaker 2: been a while. Well let me I'm gone, I'm not

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Speaker 2: space you in. Get you ready? Yeah, you can't rangle right.

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Speaker 3: Very very important. Let's make sure there'll be good. Okay,

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Speaker 3: that's good.

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Speaker 2: All right.

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Speaker 3: So speaking about this, this debt situation, it brings up

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Speaker 3: a bigger issue that nobody really wants to talk about,

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Speaker 3: where Americans are addicted to debt. And so, yes, Americans

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Speaker 3: are addicted to debt. We live in a society that

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Speaker 3: has forced us to be lay away consumers. We're in

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Speaker 3: a layaway economy. Nobody even realizes. Remember back in the days,

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Speaker 3: used to go to like TJ Maxim the stores and

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Speaker 3: you put thirty dollars down on something that costs one

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Speaker 3: hundred dollars, you make a couple of payments, and then

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Speaker 3: three months you actually be able to get the sweater.

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Speaker 3: The only difference now is that you can actually get

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Speaker 3: the sweater without having to actually pay for it until

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Speaker 3: you actually are done. So when you think about things

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Speaker 3: like a car, a home, even college credit cards, the

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Speaker 3: common denominated is that we're spending on things that we

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Speaker 3: can't afford, and we've been trained to put as little

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Speaker 3: down as possible, like that's something to be celebrated. When

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Speaker 3: even in the homes right most a lot of places

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Speaker 3: in the world, the mortgage system is completely different. They

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Speaker 3: don't have the same Like you buy a home in cash,

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Speaker 3: or you put down fifty percent, We're like, okay, how

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Speaker 3: can we put down one percent three point five percent? Well,

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Speaker 3: what happens is that the only real people that benefit

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Speaker 3: from this system is the banks because you're we're trained

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Speaker 3: to put down as little as possible, right, But there's

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Speaker 3: nothing you don't get nothing for something for nothing in

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Speaker 3: this world. So by putting down as little as possible,

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Speaker 3: that means that you pay interest, and who collects the

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Speaker 3: interest the bank. So by the time you actually get

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Speaker 3: finished paying for your home, your paying you could have

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Speaker 3: brought three properties.

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Speaker 2: For that same amount.

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Speaker 3: So it's like, and this happens at every income level,

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Speaker 3: even people that are million. Somebody has a million dollars,

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Speaker 3: instead of buying a home for five hundred thousand dollars

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Speaker 3: in cash, they put ten percent down on a ten

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Speaker 3: million dollar home that they can't afford. And this happens

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Speaker 3: in college. Instead of going to a community college, which

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Speaker 3: is virtually free, you want to go to an out

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Speaker 3: of state school and major in something that you're not

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Speaker 3: going to make any money in and go into one

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Speaker 3: hundred and fifty thousand dollars a student loan debt, and

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Speaker 3: then when you come out of college then you can't

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Speaker 3: even work to pay your loan back. This is the

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Speaker 3: same for credit card debt, because you're spending your credit

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Speaker 3: cards on vacations to go to Miami and Balenciaga bags.

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Speaker 3: Because we are trained to not think about it now,

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Speaker 3: we'll think about it later, and when the hangover comes,

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Speaker 3: we just delayed it even more and just push the

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Speaker 3: can down the road even more so. Auto loan, same thing.

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Speaker 3: Instead of buying a car that you can actually afford, well,

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Speaker 3: how can I get the Mercedes? Can't afford it. But

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Speaker 3: five hundred dollars a month not that bad. Just go

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Speaker 3: for it, Just do it, yolo. So, yeah, we can

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Speaker 3: give you solutions on how to you know, cut debt

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Speaker 3: and how to invest in companies. That's important, But why

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Speaker 3: don't you try to buying things that you can actually

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Speaker 3: afford That would probably be even more beneficial. Right, So

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Speaker 3: this is something that I know a lot of people

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Speaker 3: don't really want to address this issue because this makes

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Speaker 3: us look in the mirror. But we're constantly putting ourselves

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Speaker 3: in debt for things that we can't afford to impress

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Speaker 3: people that we don't know, and eventually you're gonna have

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Speaker 3: to pay it back. Yeah, And it's a sobering it's

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Speaker 3: a sobering reality. But the party always ends at some point,

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Speaker 3: at some point in time. So I just think it's

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Speaker 3: important just to you know, put that in perspective. And

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Speaker 3: like I said, this is this is this is a

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Speaker 3: notion that Americans have come to know, but a lot

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Speaker 3: of places in the world they don't understand that. They're like,

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Speaker 3: you want to live somewhere, your home costs one hundred thousand,

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Speaker 3: You save money until you have one hundred thousand dollars,

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Speaker 3: big facts, and then.

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Speaker 2: You bought a home.

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Speaker 3: Or you move in with five relatives and each put

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Speaker 3: down twenty five jouts on yeah, and now you each

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Speaker 3: have a room.

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Speaker 2: That's an option you have.

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Speaker 3: I mean, so it's like we've just become so desensitized

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Speaker 3: to borrowing money and stretching things out as long as possible.

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Speaker 3: Twenty year mortgages, thirty year, they talking about fifty year mortgages,

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Speaker 3: Like just just be careful, be careful, be mindful.

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Speaker 4: And going to your point, if we look at countries,

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Speaker 4: so everyone listening, you don't have to follow anything that

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Speaker 4: we say. Right, look at the companies countries that have

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Speaker 4: a inverted yield curve, which prediction session. I want to

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Speaker 4: name some of them. Chile, Iceland, Czech Republic, Canada, Sweden,

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Speaker 4: United States, New Zealand, Qatar, Israel, Germany, Norway, Hong Kong,

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Speaker 4: so In, South Korea, and the United Kingdom. These are

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Speaker 4: the biggest nations and all signs are pointing to debt

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Speaker 4: accumulation leading to destruction of GDP. For those who don't

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Speaker 4: know what that means, all those countries are like underwater

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Speaker 4: and broke right now.

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Speaker 3: It's a threat to national security. Also absolutely, It's like

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Speaker 3: the weaker you are as a country, the more debt

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Speaker 3: you have as a country. Now, that is a ripple

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Speaker 3: effect across pretty much every area of the economy. So

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Speaker 3: individuals have too much debt, the government has too much debt.

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Speaker 3: We're borrowing money from companies. The companies are under the

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Speaker 3: pressure of foreign entities. The government's borrow money from China.

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Speaker 3: It's all coming back, you know, It's just the reality.

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Speaker 3: D Joey Krack my graduates from my school being full bag,

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Speaker 3: drop bag, drop.

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Speaker 2: Bag, drop draft.

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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas. Man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fine nearly

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Speaker 1: one thousand dollars a day. Imprisoned and deported, you will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security,