What the 1% Don't Want You to Know
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- Опубликовано: 16 авг 2023
- I’ve talked in-depth about things that the commenter brought up, but their main beef with the video was that I said “the vibes are off” - and didn’t explicitly state the reasons that the vibes are off (which is unsurprisingly hard to do in a 60 second video). But it’s around ownership - that’s really one thing we need to focus on fixing.
I’ve been talking about vibes for a year now, and recently it’s been… not about vibes.
I went on PayPigs with Emil and Ben (the best guys) and we spent most of the podcast discussing System™️ and some of the issues that come up for people.3
There is a HUGE conversation to have about ownership. Because wealth is wrapped up into homes, people feel bad when they can’t get a home because 1) it’s nice to have a home - having a yard is kind of cool (grass is a whole different conversation) and housing is a human right but also 2) owning a home is the path to becoming Rich in the United States of America usually.
But that isn’t really an option right now. 38 million people have no mortgage on their home. They're not going to sell with mortgage rates this high. They're just going to be chilling. They have a huge asset.
So people are like “what do I do I thought this was the way to wealth and I don't have access to it anymore?” And it has to be more about giving people opportunities for ownership beyond the thing that they live in, because then housing becomes a speculative asset, which is a whole other issue.
And a lot of the conversation circled back to the idea of ownership brought up in the above comment - and this is what I think (and others too) that should be done
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thanks for watching everyone!
Thank you 📚 🧠
Kyla, I just found your channel a few days ago. I think you do an amazing job of explaining the economy, and perhaps why many of us feel like it is against us 🤯 your insight is very valuable, especially to young people who may not be aware of these things. Best of luck to you ❤
Man, we are not ready for the next generation of bots. This post was so human like.
@@Drackomass lol not sure how to take that 😂
I had panic attacks, too. It sucks because they only happened when I least expected them which made it worse. They stopped, eventually and it's been several years since the last one.
As always I love your perspective. I have a friend that experiences panic attacks a lot and has been all of their life. This year we found out they were made a lot more likely by gastroporesis. While there isn't a way to cure it, the perspective on their situation seems to help. Your situation is obv different but I really hope you are able to resolve them as they suck! Good luck
Kyla, the way you introduce the human element to economics is both helpful and lasting. I like your analogy that how people are (tangibly) and how they *feel* about how they are can differ meaningfully, particularly in the context that the broader population may feel a certain way, and the reality only matches some of them.
Feedback:
Kyla - please slow down and articulate your words. Also, the focus on well-being is a great point. I don't know that green energy workers enjoying recreation will address the 90% disenfranchised but the whole domain of socialization is in decline, and people are isolated.
I love this series, it creates a lot of ideas for conversation outside of the normal topics. Please keep going thanks.
Hey Kyla! Really lovely video as always. I think my favorite part of your style is how it just feels like we're all just hanging out listening to your perspective about the current economic situation.
Regarding panic attacks: For what it’s worth, mine went away once I starting not trying to prevent them, but just to go with them. “I’m going to make this one even bigger than the last one.” I realize everyone can experience them differently, but that’s what worked for me.
societal cohesion is breaking down in many different ways and the main driver of that is the sharp divide between those that have assets / access to credit and those that don't. The US economy shifted away from its industrial base in the 70's and now it's shifting away from financial institutions towards wealth management to ensure asset values never decline. We're burning the productive economy in an effort to prop up fictitious capital that will inevitably be wiped out because there is no way to valorize any of that speculative value.
liked your phrase “mindfully intertwined with nature” ✨
What a great perspective. This gives me so much hope about the future, and even gets me excited to help make this vision a reality.
It will be interesting to see where you are in 10, 20 years. CNBC anchor, Senator, hedge fund manager???? Love your work
Hi, thanks for taking this on. May I add: when ot comes to finite resources, we have a dichotomy. Infinite resources for corporate exploitation, finite to scarce resources for Working Class individuals. This leads to massive cognitive dissonance, and may well be part of what is bringing on panic attacks at your individual level. You're carrying a ton of info in your head, and no doubt there are conflicts! Best of luck, and thanks again gor your hard work.
A world beyond speculative housing sounds great 🤩 thanks. Cheers!
Can't say how much I appreciate the fact that the wrap-up to Derek's tweet is yes: that's essentially the plot to Videodrome
I came into this video a simp. I left the video feeling like an informed, educated gentleman. Dang. What a brain!
People derive existential meaning from being doomers, believing the end is near. It gives them some kind of sense of involvement in a greater cause but it's kind of a backwards way of giving your life meaning. Your world is going to end no matter what the rest of the world does.
I made some videos about real estate oligarchy, Its so serious what the house flipping became, SEC should have regulated housing markets so that first time buyers are given several months priority before an investor can buy a house on the market. I would like to start an organization that helps people to class action sue some of the landlords , real estate investors and mortgage companies for ownership of the properties , people pay the taxes, pay the mortage , pay profit to the landlord and to the mortgage company, essentially people support their employers, their landlord, and the banks, and their own family, and all the businesses in the community that they consume from and can barely live.
This was a tour de force Kyla. Amazing synthesis of a lot of really complicated stuff.
There should be more companies made that are part worker owned. What a way to align interests with the productivity of a company. What a way to create wealth for the person who makes it possible. I would like to start a couple companies like that, but I don't know how to go about it.
I would love it if Congress created a public bank within the SBA to provide seed money for worker cooperatives (there have been bills introduced to this effect over the decades). In a saner world, perhaps the Dem nominee would champion it for upholding broader ownership of the means of production, while the GOP nominee would champion it for helping workers become entrepreneurs
Also, a CBDC + FedNow + postal banking could really help draw public attention away from the very risky speculative instruments that are the crypto world
@@JarrodBaniqued LMAO...so you want the government to dictate how to spend your money? That is what a CBDC can and will do. They could easily eradicate and control your finances through a central digital currency. We need MORE decentralization, not more centralization.
I love your concept for Fed Now.
Great piece Kyla, thank you for your perspective.
I'm sorry you are going through panic attacks, they are awful. It sucks when your fight or flight mechanisms are going haywire!
Whenever I am having a bad one my wife tells me that the silver lining is I will be well trained to handle the chemical cocktail flooding my system if a dinosaur is ever chasing me. After she assures me I am not in fact dying, of course.
I hope they lessen in frequency and severity for you soon.
I hope your vibes get good!
Love hearing your analysis. 🙂
quality of life is huge for a lot of people. i think in places that lack amenities such as you mentioned, we should be able to at least qualitatively synthesize the impact. Take for instance, cities with inflexible good servicing institutions with little amenities (college towns, national lab cities, etc) brain capital is funneled out of these places and exported to major cities that have higher QoL (quality of life) metrics or perhaps density is a better word idk but great video
new subscriber. thank you for all the information!
Important video. Thank you Kyla
You don't necessarily need to own a primary residence but owning assets like Real Estate is crucial to building wealth
Glad you're finally talking about this disconnect
US should look into India UPI system, its a instant payment protocol that any app or bank can adopt, has interoperability between apps to promote competition and curb concentration, the FED should rather be building an open protocol that anyone like PyaPal, Cash, Venom, banking apps etc can plug into than building an everything app
I like how you think of the economy and how you explain very well the way it is governed and why a socialist approach to vital human industries makes sense. Thank you and I wish you well.
Thank you for sharing!
There needs to be seller capitulation.
Real estate agents say “rates will come down soon, just refi.”
No.
Ask 100 agents and maybe half know the short term rate doesn’t really matter. The bond market matters.
Why?
Normally (this is key) the average 30 year mortgage rate is a 1.5-2% spread of the 10 year note yield.
e.g < 10 year is at 3.5% and 30 year would be 5.5%>
Go calc the spread when you read this.
Look at the juice. Look at the lenders. They are squeezing because they are worried.
Because why are we seeing this spread?
We “should” be 100 Bps lower.
China and others and dumping their us debt. And an increase is supply will mean the price of the bond falls.
And the yield will go up.
And this scenario will effect the bond market as well as the real estate market.
Some may buckle in and swallow these rates thinking “Susie is right, we’ll just refi in like a year or two.”
Maybe not.
Pull up an amortization calculator and run a 400k home at 7%
Now run the same number at 6% (shit, but better)
Now run at 3%
No matter who you are if you are buying a home please please please see why a lender is willing to offer you a loan.
Because the house is theirs and right now you are keeping the collateral in shape and paying twice as much for the home.
More in interest then the value of the home.
And that home value doesn’t have to keep going up.
It can always go down.
Consolidation in FinTech would be amazing. I switched jobs last year and had to transfer my 401k, had some HSA funds in a brokerage account and had to transfer that. I personally don’t trust our federal government managing all that from a logistical standpoint, but I don’t have an alternative to offer 😅 I’m personally “okay” with where things are at cause things have improved. I’m not paying $7 for a dozen eggs which is nice, and overall my grocery bill has gone down. I got into my job at a good time when companies were paying more. But I don’t see myself owning a house anytime soon and I’m 29. Just isn’t feasible or worth it. I think overall things aren’t as bad as what they seem in some cases, they’re worse in others. But there’s a lot to be hopeful for I think if we can end the hyper-individualism.
I mean it doesn't feel good because I'm living paycheck to paycheck and have almost nothing to show for it
LOVE the point about speculative housing. Its the primary reason for homelessness and we all just ignore it
Speculation is one part but perhaps an even larger part is the NIMBY effect and the unwillingness of both progressive and conservative governments to create a really wide range of options and functional services. One wants levels of service that can't be afforded or achieved so fails to get the job done and the other doesn't want to recognize it has a moral duty to address the problem.
Good anology between panic attacks and the economy. I think young people don't want to work in anything that is difficult or much less that pays less. They find it embarrassing as everyone is watching social media and wants a easy charmed life. I call it the death of risk
great video, kyla!!! excited to see the new pay pigs episode.
Energy prices have been on the rise. Gas prices in Calif are $5.50+ an gal up almost $1.00 in the last 3 weeks. There is no way that most the incoming generation even with a degree could possibly qualify to buy a house in California and many other states unless you come from money! If you purchased Govt bonds 3 years ago you are taking a bath now, just ask the banks that have been bailed out lately! Why not have higher taxes for Corporate entities and the wealthy seeing that they are able to benefit from the US infrastructure and lower the tax burden for the rest of the 95% of our population.
The good is good only for stock owners. For us commoners living to support the top 1% and for no other reason life sucks. How do you save, if you can't pay all of your bills as it is now?
Loved the vid! Keep it G 😈🔥
I hope you feel better. I would ask you to ask yourself did you have many deadlines to complete certain tasks in a short amount of time? If yes then try and reduce those if you can. Large workloads cause alot of stress and nervousness.
Now we're talk'n Kyla!
Another great video. Keep it up.
Thank you for these videos.
We no longer have an attention span, and have consequently lost the ability to read.
Edit.
Yep.
There is a disturbance in the force.
Sending good vibes to counteract the inverted chill curve!
Fed now would be nice if it acted as an integrated marketplace that fintech plug into their apps. The government should not build apps. But should build internal tools to help make the banking system faster & more efficient. The data linked to fed now could help inform monetary policy quicker by understanding key insights that are usually a lot slower/difficult to track eg. $velocity, DIR, CPI… people are not going to be thrilled to hand over all their data to the fed. But more trust might be achieved through a third party vendor/org that is liable under an agreement.
If gov is but one of the vendors then that's fine but any monopolistic practice is going to bring down the level of innovation. Gov can offer a base line service that gets the job done. That pushes the private sector to embrace and extend with improvements and pushes innovation further.
Well shit, now I feel bad for my kids future. I hope things will improve. Thank you for making such insightful videos and take care of yourself.
There will be a large shift w housing down the road. Boomers move on, but we build a lot of housing now to try to combat the issues today. Will be interesting to see
With $50 a month, anyone can be an asset holder. I am immigrant who came to Canada with nothing, and now, me too, I am an asset holder. If I did it, anyone can do it.
Kyla, not sure if this is a good question but has there ever been any other time in history where one generation holds so much wealth that the usual flow of money and capital circulation is so bottlenecked that it stunts the growth of other generations? And if so what policy initiatives can be taken to have this be a soft landing and not a french revolution type of situation? So many in our age group are calling for some kind of change but I can’t fathom why the top earners don’t see this as an abject policy failure to do more. They want to avoid a financial collapse, why not show up to bat?
I believe post WWII Britain. After WWII, the older generation in Britain, who had grown up and lived through the world wars and the interwar years, controlled a significant amount of the country's wealth. They owned homes and had pensions, while younger generations struggled with high housing costs and lower job security.
Love your videos also you have such a pretty voice. I fell in love listening
Please keep making videos, you're rants are great lmao
Great work Kyla!!
I'd love a fed now app. Might put some pressure on PayPal, venmo, cash app, and all the other payment options to do better.
Kayla, I'm currently reading Doughnut Economics with my Solarpunk bookclub. Was wondering if you've heard of it or read it and if so, thoughts?
Kayla I do own stuff.
I own like 5 heirlooms and OG skins in Apex and still have 4k worth of premium tanks in world of tanks!
Owning a home is how you build wealth
I love the Federal app idea. So many people have these baby bonds and have lost them. They don't know where they are or how to access them.
A cashless economy where all currency is managed by private companies is absurd.
So, I asked my wife whats J&J - she says - Jay & Janet... I'm not the only one!
FedNow + postal banking = joy!
Biden should do for shared spaces what FDR did for the National Parks. Shared spaces have been monetized or destroyed, isolating everyone.
Housing should be a much larger priority, as you said.
Baby bonds I hadn't thought of, but reversing the pay to play aspect of child-rearing in this country would be a HUGE deal.
Numbers reports are Numbers reports.
Let's focus on buying power. How many people here are making more money right now than they ever have in their life- yet have less buying power than ever before?
Honestly, I loved it!
Ok I’m sorry I apologize, great video
Here what we should do. Congressional Term Limits & spend only what the government takes in. Period. Make sacrifices.
i never heard of baby bond, but SOUNDS like a great idea! the GOV needs to SHOW ppl that they care by teaching ppl more and pushing ppl more to SAVE AND INVESST IN themselves.... honestl that is net good humanity needs. when ppl want less kids, i personally think it's a direct result from the evil and bad leadership by MANY many ppl...in charge.
Rich people will spend ANYTHING on fun stuff for them. Seder to convince them to spend on anything for the common good
Boxed breathing helped me manage my panic attacks fairly well, maybe it could help you? Also, it seems a bit scary to me that over 50% of Americans are relying on what is effectively an organized pile of sticks to be their main builder of wealth. Speculation on a organized pile of sticks as a main vehicle to build wealth to be more accurate. After having helped build houses, I don't see what the big hype is all about surrounding owning (a big) home or the wealth that it can supposedly bring. They seem more parastic than anything because they always need maintenance. There has to be a better way.
Capital gains tax is levied on stocks, crypto, art, etc. But houses are tax free. So it's no wonder people use it as an investment.
You don't get downgraded because things are great... you don't raise rates unless there are zombies to squishy...
I can see why the fed now "super app" would be controversial but it sounds like very other country already has it. over coming lobbying will be a massive road block unfortunately.
good video keep it up
Okay, so on the Fed Now idea I see what you are saying in regards to making it easy for people to buy T bills but what happens when Governments start censoring the way people spend their money?
Also, I would like to argue that people have very easy access to the stock market today with apps like Robinhood. I think its a lack of education around investing and equity that holds people back from getting involved into wealth creation (also the fact that most poeple live paycheck to paycheck does not help).
To me the consolidation of apps and making things more centralized leads to bad actors taking advantage of the system in place that could lead to more issues down the road. Personally, I think the risk/reward is off
Curious if you've looked into India's financial infrastructure? Apparently it's next-level innovative (according to Tarun Chitra).
FedNow Treasuries is a good idea
time to wake up, new Kyla Scanlon just dropped
Things that objectively are good don't outweigh those which subjectively feel bad
Oh cool! You sound like a European with those cRAzY ideas about centralised systems that allow you to get paid, invest for the future conveniently and safely etc. America loves to pay money to intermediate companies to do those jobs, in a more confusing way, with more risk of data compromise, at the cost to the consumer/citizen. Tax returns for example. My government builds ONE system, one simple, 100% free, step-by-step online form, to collect it's taxes from it's citizens. You'd think the Feds could at least do that, without farming it out to various "free!" but actually "not free!" subcontractors. And yes, I know you can fill out the PDF forms for free. Anyway. I love you Kyra, and I hope the new identity of America will be more like yours. ❤❤👍👍
Yea indeed😮
fed thin tech is a great idea, like even if it just centralizes stuff that would be great. I have 401k's at multiple companies and it would be nice to be like, fed your probably not going out of business and can't fire me, please manage my retirement.........
So talented
Is Political Economy part of economics?
If no, then economics probably doesn't contain the solutions to these problems-- who decides, who influences who decides, etc. is governed by power which is backed up by wealth which overwhelms popular policy preferences of the public.
If yes, then why not "socialism", as practiced in most of Europe?
During COVID, the government showed it can do more.
... so why won't they do anything? Can economics explain why not? If not, why not expand your analysis to include the groups of people who are creating the bad vibes.
On the subject of anxiety, much sympathy. Lots of people I know (myself included) deal with it. (Maybe see one of those hyper-capitalist MDs about it? If they'll actually take your insurance (whether or not they claim to), if you can get an appointment, etc.)
Why would I date when I can read more Dr Sowell and Paleologo?
Awesome video! I feel like we’re so conditioned to have this negative connotation with socialism and socialist ideas, but hyper capitalist systems have an equal amount of issues. I love this pragmatic take to integrate some socialist ideas into out economic system without forgoing capitalism as a whole. It’s a balancing act every yin needs it’s Yang.
They have that super APP in China
I truly appreciate your commentary and you have def opened my eyes to issues. The doomerism (being negative about everything) is something I struggle with. Everyone has access right now to "own" assets. Fidelity or Vanguard does a great job of being a one-stop shop. Right on your phone. 30 years ago (a blink of an eye in banking history) no one had ANY access to these markets. It takes 3 days to move money from your checking to a brokerage and its for FREE.
"A penny saved is a penny earned."
"Those that understand compound interest earn it, those that don't pay it."
These phrases have existed for decades and still hold true today. But you have to be motivated to understand what it means.
I remember watching the Milwaukee BLM riots and a commentator said that people were destroying stores in their own community, but my thought was that these stores probably weren’t owned by anyone in that community. They had no investment or ownership in those businesses which lowered the inhibitory threshold for attacking that business.
Yet those areas are still devastated. No (local) stores have replaced the corporate stores. Those arsonists and looters should be in jail like it or not. The lawlessness in this country is out of hand due to your type of thinking and ‘activist’ Mob mentality. Remember when Antifa took over a district in Seattle? That was an excessive display of deplorable kids (adults acting like kids) acting out their anarchy. No thank you.
And now they don't have any stores and live in "food deserts". No reason to build in a community that is going to steal store and burn down the building
Healthcare plz to community plz to afore ability plz. It cost too much to exist.
If housing is human right ( i agree with that) why are people and corps allowed to own more than 1 home, we dont sell parts of rivers because water is a right, why do we treat land differently for people to just survive
Also much love Kyla, hopefully you get better and better, and the panic attacks go away
Corps like Nestlé own significant water resources. So that has already happened.
Housing as a human rights doesn't need to mean ownership of a home. E.G. Works exceptionally well in countries like Switzerland where home ownership is uncommon and renting is the norm for most rich Swiss.
Strongly disagree. If you want to retire it’s better if you have a house with fixed monthly payments instead of an apartment where the landlord can raise your rent every year.
I know an old person that couldn’t afford the rent increase and became homeless
I put her on double speed, it was an experience 😅
Eww centralization, look how well centralization has worked out for China and Russia.
Basically the government should build a block chain
Yay, Kyla. Workers of the world unite; you have nothing to lose but your chains.
No to monopolies, especially political ones
You need a microphone, kyla
Problem: So many people aren't making enough money and they can't afford a decent place to live.
Solution: An app that lets them invest in T-bills 🤣🤣🤣🤣🤣
You don't feel good because it's not meant for you. It is to boost gdp so pe guys don't need to mark down ponzi and destroy more usgov credibility.
Honestly, sometimes people want to complain for the sake of complaining. It allows them to feel like they are being listened to and validates their views. Not everything is a vibe session. Sometimes, it's just a personal opinion.
haha yes!
You should do a whole segment on baby bones. Because, unfortunately, you diverged into an unsubstantiated tangent about the value of a centralized app. I’m sorry, but I don’t think you made the case to centralize equity investment in the same place that I have my baby bones. That might be a great place to have my savings account where I stash my hoped for profits from the equity market. Even SoFi is learning that it can’t do everything. You should please also do an entire segment on Socialism. You totally glossed socialism. You made a face and a slight nod towards “ oh my god that’s scary for Americans to hear”. But for crying out loud, give us the benefit of the doubt and break that down and unpack it a little bit. A central bank is not the same thing as a centralized economy. Government services (eg; Tbills, defense, tax collection, infrastructure, education, etc, UBI!)have nothing to do with the failures of Socialism, which resulted in long ass lines in the Soviet Union to buy fucking bread and pantyhose for example. I’m just saying. Or something.
Bonds, Baby Bonds!
Until we get serious about cleaning up nuclear energy regulation and following the example of France, all the solar and wind infrastructure will still be fundamentally be supported by fossil fuel energy during the massive gaps in their productions.
I"m sorry you're feeling imbalanced. You clearly have so much information about the world that it's too much - at least to me. Take a walk, around the block or in the woods, and breathe and think about nothing. Hope it helps
Kyla, what would you say to young people that do not want to buy a home and instead say that they will start a business ?