Consumer Debt Forces Recession - U.S. Economy Tanks as Housing Market Struggles
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- Опубликовано: 8 июн 2024
- Todd Sachs is a Maryland Real Estate Broker and not a Lender, CPA, Attorney, or Financial Advisor.
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Thanks for having me on Todd. Always a pleasure sir!
Melon men unite!
The pleasure is mine Jack. Always enjoy talking with you.
This is why the USA hates Native Americans.
Native American cultures used to share within their tribes in a true anarcho-communist fashion.
The idea of sharing between communities or tribes is utterly alien to the English cultured 'American'
I must not see your link here, but I believe it is not here. You are truthful salt of the earth. TY.
Great show, guys! Keep the videos and information flowing
I got rich when I realized that no one is coming to save me or do it for me. If you take your life seriously, you will see a permanent improvement. I started and learnt consistency at 26, wasn't easy to inspire myself guys, but today I have over $3 million in my retirement savings at 40. Milestone for me.
This is so relatable and true. I am on the same path and I consuIt with good a market strategst. LETSSS GOOOOO!
It's true that many people underestimate the importance of advisers until their own feelings burn them out. A few summers ago, following an ongoing divorce, I needed a significant push to keep my company afloat. I looked for licensed advisors and found someone with outstanding qualifications. She has contributed to my reserve increasing from $275k to $850k regardless of inflation.
@@MiquelMorterero How can I participate in this? I sincerely aspire to establish a secure financlal future and am eager to participate. Who is the driving force behind your success?
@@ClaudiaEscribano630 Rebecca Charlotte Craig is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
@@ClaudiaEscribano630
Rebecca Charlotte Craig is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..
I used to believe that everyone loses during a recession, but some make millions. Similarly, I thought everyone went out of business in the Great Depression, but some started new ventures. In short, tough times bring losses for some and profits for others, all rooted in the right mindset. Now, I've saved $220k for the future, even though I'm a complete beginner.
An obvious way to invest for a recession is to buy shares in businesses that are likely to experience steady demand even in a downturn. Typically, those are consumers staple, utilities and healthcare companies. But of course, such decisions can’t be made by an average joe, a financial advisor is highly recommended in making this decisions..
Precise asset allocation is crucial, with some employing hedging strategies or allocating to defensive assets for market downturns. Expert guidance is vital for success. This approach has kept me financially secure for over five years, yielding almost $1 million in investment returns.
this is all new to me, where do I find a fiduciary, can you recommend any?
Her name is “Vivian Carol Gioia” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
I just Googled her name and her website came up right away. It looks interesting so far. I'm going to send a mail to her and let you know how it goes.Thanks for sharing truly!
When you as a society decide to lock up the products being stolen instead of the people stealing the products, you have lost.
But those people have feelings, and the products do not... 😢😂😮😅
They locked the stores down and business owners out recently. Almost as if they have some agenda to destroy business.
Makes sense. Something very ugly is coming up?
@@francismarion6400 tell me for what reason "they" don't want any business's to succeed? Go ahead, I'll wait for a reasonably logical answer.
@TheScrubmuffin69 The answer, their plan isn't logical. It's because they hate you and want less of your kind on the planet. They are tired of these Capitalist games and want to go to a command control economy with less humans breathing their air. They see no need for you and your small businesses and wants and needs.
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless" -Thomas Jefferson
When freedom is outlawed only outlaws will be free -some guy😂
It is gov that is the driver of inflation
@user-vb8yf8be3l Inflation is the increase in the price of goods and services. It's controlled by corporations.
@@user-vb8yf8be3l True and the FED
@@jordrider1917 It can be, but also can be caused by too much money printing by the federal government and by the federal reserve, the money supply becomes inflated and you're purchasing power becomes less, your money becomes devalued and is worth less.
Today my Michael Burry sense went from tingling to burning!!! Today Chase emailed me informing me that i am pre approved for a home purchase price of 660K with 20% down with a payment of $3,290! Lets include the home owners insurance and projected Taxes on that type of property in my area. this would add a minimum of $1500 a month to the mortgage payments. This equals an all in monthly payment of $4,790. Chase knows my salary is 100K! In NY this equates to a monthly take home pay of $6093. This means Chase ( the most conservative bank) approved me for a payment that makes up 78% of my take home pay! if we account for my 10% roth 401k Contribution, then that would equate to 90% of my REAL NET take home pay going to housing! This system is on the brink of collapse!
Yeah these banks and lending institutions really abandoned the 28% and 36% rule ..Im thankful I stuck with that for the most part though at times felt tempted to abandon it
Yes. But Banks need you to put your life in perpetual debt.
Something tells me Chase w̶a̶n̶t̶s̶ needs that 20% down money now!
Brink ? We have already arrived into the downfall of housing and a lot more.
@@TO-dl2gg My bank is constantly sending propaganda about re-fi-ing my home. I have a 3.25% interest rate on $40k. I will not be re-fi-ing and won’t be moving and I will continue paying an extra $50 a month and be done paying in 10 years. Then I will only be responsible for taxes and insurance which may cause me to be homeless.
I live in an area where the shopping malls are always packed and restaurants are always full. You could never tell inflation was a thing.
Same here. Boston, MA
Same here in the Seattle area.
Same here in Anaheim CA
Look at the weimar republic in germany before ww2 people would spend money knowing it would be worth less later. interesting concept.
I'm in Tampa FL
Used to work for a law firm back during the GFC. Had a client that defaulted on a mortgage loan wherein the lender could not find the original note in time, during the foreclosure process. The statute of limitations ran, and the client was able to live in the home for free, save of course paying taxes. They could never sell the home mind you, but never had to pay another dime to the bank. Lenders were in a mess back then.
Good they didn't cut. I believe they should raise
absolutely they should have raised it at least a quarter
started raising years ago
Why, are we still pretending raising rates lowers inflation? If you ignore the many causes of inflation, it will never go down.
No way they’ll raise. Swiss bank is cutting already and Fed will too.
They actually want to cut the rates to help that worthless Obiden with his re-election.
The part of the video where he states “they can’t charge enough in rent to make these properties cash flow” is so true. Here in Vegas, invitation homes is buying everything in my area that’s 400k or under. Then turn around and rent them for 2000 a month. That’s more than most locals can afford and certainly not profitable. How long can they keep doing this? Thanks! Love the channel.
Allowing any theft to go unpunished is just stupidity.
I was a Ca. landlord for 40 years but NO MORE.
CA is evill
I live in Calif, can't find a decent place because of theft and squatters!! Even though the landlord Evicts them, THEY DON'T LEAVE!!!
All of the insanity is a plan that has been in the making for decades to take America down so that we are not in the way of the new world order.
I had a neighbor show up in 2018 or something, not the neighbor I recognized, this guy was in van and haggard. I asked if he was the handyman, he said he was the landlord and that he and his friend s were all getting out of CA because 'the socialists came and want our property for 'those more deserving.' He was mad about the pending statewide rent control. He left, it came. The local ride on their 20x returns continuously citing right wing conspiracies, while others flee (we're losing House seats!). Rents will ultimately go down as private property rights are on the way out, taxes are on the way up and high density rentals are going up everywhere (and the rents stay high and go higher)...
@girohead All these years later you are still there whining
83,000 evictions last year in Az. It’s true look it up
Had one tenant, a Mexican lady, didn't pay rent for 6 months, left trash, stole the washing machine, green pool. This was in Phoenix.
Great guest! Learned so much and enjoyed the conversation style between you two guys
Rates are not the issue , it's cost . Homes doubled or in some cases such as parts of Florida they even tripled in price in 4 years . The Median price of an Existing Home is very close to $400,000.00 . Worse , the prices for everything including Homes are still rising . Worse yet , a great number of people are out Doom Spending . Knowing that at some point the music will stop and they will just declare Bankruptcy when it happens .
Florida is one worse places to own properties. Just walk in Miami doing high tide. Several beach sides street floods... once CAT 4 hits it will be game over. It is not matter when but mostly in which year and how many CAT 4 will hit.
It’s rates and cost. Tripled and quadrupled rates is insanity. Doubled costs is greed.
It’s going to be the auto market, mainly auto lending, that completely implodes this time. Giving loans on vehicles 250% higher than the vehicle is worth is just asking for disaster. There will be one trigger event that causes a domino of layoffs, then car loans will go bad resulting in millions of cars being repossessed all at the same time. Car prices will fall through the floor as the market is flooded with these repossessions and people will walk away from $1200 payments to buy much cheaper cars. This is how it will play out this time.
@barnabusdoyle4930 Who gave you a loan 250% more than the vehicle was worth . I want to do a deal with them
@eduardomendes5220 Miami is just a small portion of real-estate.
That was an amazing interview. Really enjoy listening and learning from Jack. Thank you!
Todd and Jack. Nothing better to start my Friday! Excellent discussion!
prices of used cars have NOT come down
Like my old economics professor said "there is no such thing as a free lunch". Thanks for the information and resources!
Really entertaining and I enjoyed Watching!! Thank you both!
Big pain coming now
It ain't today, so when?
Or the pain might be the new normal live in world with everything cost more 🤔 we are always gonna go through a crisis but remember that every crisis is not the same as the previous one it’s always different
It's awesome that Jack can come in studio. We love you guys. God Bless
Yes! that was awesome and very entertaining!!
This was great content. I appreciate it, and thank you!
Thanks guys!!
Great discussion!
We’d bleed out paying credit card bills even if rates were zero.
Mortgage rates are not high. Yet
Have paid off an extra $11,000 of credit card debt this year. Interest rates don’t matter to me because I no longer take out loans or use credit cards.
They can’t raise rates any further without collapsing the economy. Inflation has not been addressed, prices are 40% higher than they were 3 years ago. The economy is not going to hold this for that much longer. Credit limits will be reached and you will start seeing defaults explode collapsing lending altogether.
The problem is housing affordability. The price of homes are overpriced for the average American household 😢🙏🏾
Not high? What lol
😂😂😂😂 are you retarded?
Interest rates are not high!! They are normal. Prices are too high and must come back down to reality. QE is not part of a healthy functioning economy, which drove prices to unsustainable levels in the first place!
QE was one of many factors that gave us higher prices. Most of the other causes came from the White House. As long as we have sanctions on major oil producers, chip manufacturing countries and huge tariffs on imports coming in from China, we will never see prices come back down.
If prices were too high, houses would not be selling.
@@waynemiller6070They aren’t…the only ones buying houses are real estate renting mega corporations who turn SINGLE-FAMILY homes that a family could buy and live in into a RENTAL unit. It’s so sad. A home can change a families life. Give them peace and purpose of living and freedom. These corporations just view it as money. Also real estate millionaires and billionaires are buying them as well and using them as once again…investment properties. It needs to stop…
@waynemiller6070 mhm. And guess what bud? Houses aren't selling to actual families, just corporations
@@jonathanmack6285 ALL Real Estate should have to be Owner Occupied by law. That would eliminate investors from buying up huge amounts of inventory for a tax write off profit.
Todd you mentioned how empty Home Depot was... I see the same here in South Jersey, but at Lowes. Walk in on a weekday or even a Saturday afternoon and compared to two years ago, it's eerily quiet. No manned checkouts, just a few self-checkouts, and no long lines. In the far reaches of the store it's even more desolate. What's weird is Lowes and Home Depot stock appears to be way up looking at a six month timeline. Don't know why.
Used to live in NJ, now down in FL. Same thing here. Just crickets.
Great video guys, a lot of good information
I live in a small town in northern Arizona and so far I don't see signs anywhere I go that any one is hurting. The stores are packed, restaurants, theaters and sports venues are filled to capacity, the roads are filled with new cars and trucks, on weekends the woods are full of RV's and everyone with their new toys. Even local business owners that usually close down for the tourist season Nov.-Feb., have stayed open year round with the best business they've had in two years. I don't know where every one is hurting and living pay check to pay check because it certainly isn't around here.
Why do you think that is?
Everyone I know is living off of credit cards. Refuse to cut back on there spending
@@foryou-ft8vf Because the economy isn't as bad as they say for most?
@mikehenry4743 ok, this time let's actually think for a second instead of just being a moron. It's because they're all 𝒊𝒏 𝒅𝒆𝒃𝒕
Wait, you live in a TOURIST town and you think that shit applies everywhere else? Dude you're an ACTUAL fucking moron
Forget the used cars, there are somewhere near 2-3 thousand new Fords parked on the site of an old steel mill in Trenton, MI.
Jack, aka/from 'nobody special', is a 10 out of 10 guest! Thanks!
I had enjoyed the info and stories between you too 👍
Can you talk about current people filling bankruptcy?
We've been in a recession! Changing the definition doesn't change the fact!
The Left is always changing meanings of words and inventing new words. They also revise history. I’ve noticed these facts over 60 plus years.
Exactly Right On !! Excellent episode !!
Good segment with Jack from 'nobody special'. He's very sharp and always on point because hes a real numbers guy. Sach and this crew always have good current info. Thanx
Todd, I'm impressed with the caliber of your guests.
Very informative contents. Thank you 🙏
Interest rates are not “high”. They were kept artificially low for too long. Americans must learn to live within their means. Time to tighten our belts and get our financial houses in order.
Jack is great! I love his straight forward truth telling.
thanks so much for speaking the truth.
lol of course rates won’t drop. Probably not till next year at the earliest. Inflation sure ain’t under control.
Of course not ,the few treasuries that were auctioned went for about 500 basis points above the fed funds rate ,rates will go up, the days of cheap money is over,especially with the banks insolvent and bankrupt and can no longer make loans
Rates will not drop this is the new norm. The moment you drop rates. It will be a run for properties. There is a lot of individual with CASH waiting in the sideline... what you think will hapen ?
@@eduardomendes5220Rates MUST drop or the spiral into the abyss will occur.
Great interview!
Thank your show I have gain knowledge and god bless you both.
What GREAT INFO. tHANKS.
Seems like this will cause a bit of pain maybe... finally.
23:32 The state, almost with out exception, never improves a situation.
❤ Jack 💪🏽👍🏽
Great show!
Jack is such a great guy, I love his work 🤩
Great discussion 🙏
Excellent information.
It’s revolting and pathetic in Oregon and I am definitely moving. Thank goodness I did not buy a house here recently.
Thanks
This is good information
Great video and discussion!
The Feds are not concerned about citizens, economy, or anything. Just interested in pushing things to the limit. It’s time for change & time to put new ppl in charge! Now!
Excellent commentary
I agree with everything you said ✨ thann you for spreadong this valuable information.
Round tripping interesting NVDA analysis thanks.
Love the content
A fellow co-broker associate of mine, who had about 27 rentals, told me how he would get non-payers out of his properties... he would just remove the exterior doors and within days they would be gone. 😏
Being a landlord is a horrible "job" that makes sense only with real estate appreciating and a cap rate close to 10 percent.
Jack blows my mind, great work guys.
Excellent
Enjoying real talk
Great guest.
❤wonderful interview.. thank you! As a landlord.. I can totally relate! Squatters!
Thank you for helping keep us sane. Speaking the truth is sadly uncommon these days
The story he told at 19:18 reminded me of the 90's movie "Pacific Heights" with Michael Keaton and Mathew Modine.
Interest rates are historically LOW.
Because Biden doesn't want to stop inflation.
PE ratio is historically HIGH
This is what happens when you keep interest rates artificially low for 15 years.
@@mrscassandrasolano happens during high inflation
Thats why you can't get a used car for under 10% right? Because they've never been lower?
(Yes I know everyone in the comment section has an 850 credit score so their cars are all at .2%. Cool, we know that's not who I'm talking about)
Jack is an excellent analyst! ❤❤❤
Very insightful for a non-money/investor. I was interested how the next big down turn will impact middle America. Not the big companies, but the tax paying average American. Thank you.
Be interesting to see what happens to assets people have liens on when the US dollar fails and we go to a new financial system. Maybe Blackrock and the others know somthing we don't
Nobody Special is a great way to start your morning and get financial news.
Private equity often skips the line for evictions
It’s sad where making a 100K is barely getting by. Here in Los Angeles, CA. You have to make 200-300K to be getting by. This is with the assumption of a $4600 mortgage payment, utilities, groceries, gas, high taxes etc.
200-300K a year salary is getting by today and this is with no car payment. Inflation really needs to come down.
Gavin Newsome has it figured out...
Is there a podcast version of this?
Hey Todd, great video, been watching you for a few months now.
I know you are in MD, we are in NoVA and the housing market looks like it’s about to take off like a rocket this year. Any insights for Northern Virginia?
I appreciate your perspective... its a regional thing. There's a mass exodus of wealth from California, among other blue states/cities. In rural Georgia... those exodus migrants are buying smaller plots of land (
When should we invest in Nvidia shorts?
Can you talk about ground lease programs for affordable workforce housing? Pros and cons. Our town is proposing a subdivision of houses which will be ground leased.
Laws... this thing still referred to as America has no laws. And no legal system.
Just codes and code violators
It never did.
How do you think 100 million Native Americans died in a short period of time ....when the English speaking European settlers arrived?
Jack is my favorite guest.
If a 1st mortgage forecloses, they must NOTIFY the junior mortgage holders, but they don't need to make deals. But if a 2nd mortgage forecloses, they must make the 1st whole. Which means FINDING the holder, and the holder finding all of their paperwork. And yes, LOADS of banks lost documentation, especially with bank mergers and mortgagees filing for bankruptcy (which could delay the foreclosure cases for years). I know of several banks that lost well over 100k (probably 200k+ in today's money) because they couldn't put their hands on the promissory note that went with a duly recorded deed of trust. The money went into the 'surplus' bucket, held by the state's treasurer, until a valid claim is filed. Since that bank was next in line, the later lien holders must wait until that 'lost' lien expires statutorily, generally measured in decades. But hey, the state funds scholarships with the interest on that pot of money!
In other words it will be impossible to clear the title.
I took my 20% profit in NVDA and haven't looked back. Let someone else hold the bag when the inevitable happens.
I got it, increase your price tags on everything by $1,000 but offer a purchase discount at the checkout. That way someone comes in and steals anything they are automatically over the $999 safety limit.
Jack didn't address the idea of people driving around with expired registration or car repossession. Are both of those as big of an issue as the're being made out to be?
Thanks gpr millikn vommeticials
Dr. Zhivago is a movie from a Tolstoy book. The Bolsheviks squatted into the homes of the wealthy. Could happen again.
Boris Pasternak was the author of Doctor Zhivago (1957)
War and Peace
@@innaziol6835
I went to that movie when it came out in the theatre. That’s how old I am 😂
If the government is not going to pay its bills why would the public?
Agreed... its the plantation mind set.
Went to large box store and it looked like Xmas no parking. Resession?
Seems to be a regional thing. There's a mass wealth exodus from blue cities/states (like CA) getting away from taxes and crime. That drives up the cost of land/houses in more rural areas (and red I might add). It's like there's an exodus 'belt' between 50, and 70 miles around the bigger cities from folk fleeing those big cities, and migrating from elsewhere.
I have seen buy now pay later ads on Airbnb and motel, hotel rooms.
Downward pressures in the commercial zones. The residential properties may be OK this time. Which is quite surprising, if that happens that way. It could go that way.
What do you think about gold IRA to protect my 403?
Wait for Jobs goes Bad, Retail and Food price goes crazy high and more!
Todd, what are your thoughts on this new announcement that baltimore city residents have first dibs on the abandoned row Houses for $1 dollar, with stipulation you have to fix up in certain time frame?
Good its about time its become a buyers market for cars and trucks
I remember Country Wide.
It is called an “Imbalance or Inequality “ of the distribution of Resources in the country.
We haven't had really hard times here for a while. Always live within your means.
Spirit Card has gotten to 34% so much of my Pmt even if I double goes to interest vim considering cutting it out if they do not negotiate the rate down. It’s insane!
Why is there not a movement to limit the MAX interest rate a credit card company can charge? Cap it is 5% over prime for example. Why are 21%+ rates allowed?