PBD Podcast - Covid-19 Chinese Lab Leak EXPOSED | Episode 241 | Part 1

Episode Date: March 1, 2023

In this episode, Patrick Bet-David and home team will discuss: Shocking house price reduction  The scary math behind car payments  The covid-19 Chinese lab leak  FaceTime or Ask Patrick any questions on https://minnect.com/ Want to get clear on your next 5 business moves? https://valuetainment.com/academy/ Join the channel to get exclusive access to perks: https://bit.ly/3Q9rSQL Download the podcasts on all your favorite platforms https://bit.ly/3sFAW4N Text: PODCAST to 310.340.1132 to get added to the distribution list --- Support this podcast: https://podcasters.spotify.com/pod/show/pbdpodcast/support

I What I've become. I'm the one. You're actually being serious. I'm being being serious. I'm being serious. First of all, I would love to see the conversation with you and Ludicrous for four hours of live play. What was that about?

Oh my god. You know what it was? We had built an app at GoTV called Hip Hop Official. And are you joking or you're being serious? No, I'm being very serious. And I told them about it and I connected them to the producer of it. And we used to do reviews of new drops because you don't call it an album. Don't call it a CD, maybe three or four songs. Did he tell you about his Cadillac grills?

Yeah. Did he check out his... He was actually very cool. He was excited about some of his songs were going to movies. Yeah. And he wanted to do that. He get that soundtrack stuff and you make money on it. Yeah, well like I say all the time, Tom,

nobody's more hip hop than the business. No, no, no, no, but actually it was hitting me. It was just a guy that comes to the office listening to hit him up every morning. Hit him up. Very unique. It pays for anyways, okay folks, if you just joined in, welcome to the podcast.

This is home team today. We got a lot of topics. I got a javelins I want to talk about. The amount of missiles, javelin missiles were given to US and were given to Ukraine. And if you see a couple of the numbers, I saw I couldn't believe it by the way on how many contractors US dealt with. Just 30 years ago, 1990 to how many we today, and where the CEO of Raytheon, and North of Grumman, these guys are telling America to say, listen, all this javelin, you're sending to Ukraine,

you don't even know how long it's gonna take us to rebuild them. You're running out. So by the way, the supply shortage on that will cover that cars. I'm gonna show you a video, same dealership, just eight months ago. What it looked like versus what that dealership looks like today, okay? Today in February, we'll see that clip as well. Obviously, we got to talk about the article that came out from Wall Street Journal, talking about lab leak, most likely origin of COVID-19 pandemic.

Energy department now says, and mainstream media says they don't know what they're talking about. Apparently, they've lost their minds. Larry Summers discusses the interest rates as well as the Yellen Times got some thoughts on that. Two actors, both great actors Woody Harrison from his best movie, Haroldson, the best movie ever played in which was obviously white man can't get in the guy. And he called out everybody on SNL. It was so quiet. you can tell everybody was awkward yes talking about the biggest drug lord in the war in the world then brine cranes then does the complete opposite talking about trumps america make make america great again slogan is racist a democrat

marion williamson a close friend of atoms is going against Biden. I'm sure you got some thoughts on that. The Santa says ex-Disney CEO complained of pressure over school bills, and he signs a bill placing Disney's district under state control. Couple articles, Tom's got commentary on home prices. We'll sink in these cities that were once red hot as supply starts to overwhelm demand. And another article that says is now a good time to sell your house that were once red hot as supply starts to overwhelm demand and another article that says is now a good time to sell your house. The on Sanders set a couple of things

about recruiting quarterbacks versus defensive ends which some people laughed about it. Some people say, well, that may be a little bit crazy and Tom Brady may go into comedy by the way. But before we get into it, let me give a quick shout out to our sponsor. Or this is very important for you to be listening to this part.

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are used on the dark web. Couple of our guys tested. If you've not done it, go ahead and do it. Start your 14-day trial at aura.com forward slash pbd once again Aura.com forward slash pbd. Rob put that link in chat in description for people to find it. Having said that, let's get right into home prices, we'll sink in these cities that were once red hot as supply starts to overwhelm demand. So let's take a look at these cities and then Tom, I think you got a couple thoughts about what's going on with real estate. And he said there's a couple things that came out this morning.

Goldman Sachs predicts that home prices will sink 19% in Austin, 12% in Seattle, 16 in Phoenix, 15 in San Francisco by late 2024, compared to late 2022 levels, while the housing market overall remains tight, those four cities have seen big increases in inventory and supplies overwhelming demand. Goldman sees a 6.1% decline in home prices nationwide for 2023, as mortgage rates head back to 6.5%, which could be attributed to Federal Reserve's aggressive rate-hiking cycle housing affordability is currently at historic lows. And median existing home prices for all housing types in January was $359, which is 1.3% increase

from the same month in 2022. Sales of existing homes have dropped 12 straight months and buyers are starting to gain more purchasing power and potentially benefit from lower home prices. Tom? Well, what we're getting is what's called a rollback. And a rollback is when maybe something spikes up and then it rolls back immediately because the maybe the spike wasn't what it should be. All those cities, Austin, Seattle, Phoenix, and San Francisco had real big spikes between July of 21 and the end of 22. And so now that's kind of coming back down a little bit.

And those people right now are panicking because realtor Knox on your door and says, hello, sir, your home was worth 450 a year ago now your homes worth seven They're looking at that and they're like I should harvest this profit and so They're putting them on the market But they're putting them on a market at a time where the prices are shifting and so it was so much on the market if you can Stomach the interest rates like six and a half right now, those markets are good place to start looking around the buy.

I know that it didn't help you Vinnie here in South Florida. We were talking about you looking for a condo. South Florida and out the place to be doing that right now. It hasn't shifted that much, but Pat, what we're seeing is a rollback in the super spike, and now there's so much on the market. Buyers have choices, so buyers with with good credit they can get that and stomach a 6% 6.5% mortgage have an opportunity here and by the way if the rates go down in a year and you refi it 375 or 4 but that's what we're seeing in these markets it's not the same

in the rest of the United States so is this a good time to buy yourself well if you're in a market where the rollbacks coming back and there's some opportunities there, and I would compare the price that you're looking out on the rollback to January, February, March, Q1 of 21, compare it. If it's coming back there, now you're coming back in reality. And so I would say make sure you make it. It's not just that the price is dropping from where it was yesterday.

It's where the price was dropping from where it was at the beginning of 21. And Tom, so those places, you just had San Francisco, I mean, Austin, it's growing, but like Seattle and San Francisco, why is all this inventory coming on? People just leaving because the... People are trying to be stuck.

What I read this morning and went to Nerd Wallet, they have a really great writer there who is very moderated and steady in his analysis. And they were pointing out that these were the areas that had super spikes and the tenor from sellers is, hey, prices are trying to go down. You know what, I want to harvest the equity that I got in here.

I want to harvest the profit and then Go figure something out. Well, let me let me read this article. I'm going to go to you So it's now a good time to sell your home WS chairman to put these two stories together in today's housing market It's important for sellers to price their homes appropriately as buyers are more price sensitive due to high mortgage rates and over price and could Lead to fewer offers sellers and middle and lower priced segments of the housing market are far, far, faring better. While those in a higher price market are experiencing price drops, according to Rob Barber's CEO of Adam Data Solutions, it is also essential to avoid overpricing which can backfire as buyers

are often working with smaller budgets and don't want to spend time negotiating with a seller. Interesting. Overpricing could backfire on the seller. Lastly, sellers may want to wait until later in the selling season to list their homes as the five days in which sellers received the best premium over their asking price. We're during the third and fourth weeks of May. Interesting. So the best time to sell your house a third or fourth week of May, May 23rd was found to be the most profitable date with a 18.3% premium above market price. May 23rd, Adam Thoughts.

Well, I was chucked on a little bit because both of you guys, before even Vinnie asked, they're like, no Vinnie now is not the time to buy right now. Because Vinnie every episode, there's like, there's so, so, so is now the time. Yeah, and South Florida. And South Florida. In South Florida. Well, here's how I'm processing all this real estate wild swings. It's the same thing that we've seen with everything we've seen with the US savings rates and with credit card debt.

Since basically COVID started, we've seen these wild swings in how much money people are saving. And how much debt they have, these stimulus checks, the printing of the money, at the end of the day, even with inflation rates and interest rates, COVID, lockdowns, everything, we're still, you know, on our path to this return to normalcy, right? So that's, I think, what's happening here now, specifically those cities, we've all seen what's happened in the stock market and now that's that over the last 12 months, they've been deflated. So you're talking Seattle, you're talking San Francisco, you're talking Austin, very tech, heavy cities.

Meanwhile you have cities that are big in lifestyle like South Florida, Miami, Boca, West Palm, Fort Lauderdale, they're increasing. So ultimately what does this come down to? It's supply and demand basic rule of economics. So I too would look into a place in South Florida relatively soon if possible, but I don't think that's on the horizon right now. Oh great. Yeah, I have to tell you like if there is a market where there will be desperate sellers. That's all I'm gonna ask you. No, there will be desperate sellers because people have a ten history has proven based on a lot of studies done on 113 billion people that

have lived. People have a tendency of making bad decisions. Really? And when they make bad decisions, they become desperate. This is proven by the way, by many scientists on both sides. So, meaning when bad decisions are made, things go for sale, which means there's a lot of things that's going to be on sale, whether it's in a great market, bad market, terrible market, but some markets are going to get hit harder than others. There's no question about that. I'll start asking last question, that's a good off-tumb. Just you three, please, just one day comes, because I'm not asking no-one.

If you promise to stop asking, I'll tell everybody that's watching. I will never ask again, just one day, when it is right, walk any go, you don't know. Now, okay. That's it, because my mom is, I have to point. Handshake agreement. We'll probably be six months too late

because no one can predict that. But what you just need to know is, it's a hidden miss. You know, you, you, you have the yesterday I got interviewed by a guy, he calls me, he says, yes, we'd like to interview you because we saw that you sold your Wayne Gretzky card

for record breaking number, the 2 PSA tens for 2.2 million. So I'm like, okay, this guy's calling from Canada, it's a big paper, they're interviewing, I wanna go to this year's nationals, the big card, the convention that they do, where I got, I don't know, a couple hundred thousand people go to it.

So how does it feel when you bought this card for $540,000 and you sold it for $2.2 million? I felt great. I said, but it didn't feel good six months later when one of my cards sold for $3.75 billion. Oh, wow. Wow. What's not the market point now?

You don't know what you said. But that's going to be a $20 million card in an X-10, 20 year. Okay, it's going to, that card, you're not going to get your hands on that card. You may never see that card for the rest of your life ever again. It's not a card in an X 10, 20 years. Okay, it's going to, that card, you're not going to get your hands on that card. You may never see that card for the rest of your life ever again. It's not a unique card. Here's a point.

To time everything, you have to be very lucky to time and there's people that are going to time it and get lucky with it. You want to make the right decision based on what's going on. Right now to me in my opinion, there's still a lot of uncertainties. There's uncertainties with investigations. There's uncertainties with investigations. There's uncertainties with interest rates.

There's uncertainties with war. There's uncertainties with debt. There's uncertainties with leaders at the White House. There's uncertainties with election. There's a lot of different uncertainties. This is a good season to look for some opportunities. I think when unemployment, if unemployment to me hits the 5%, if there's a marker I would use to buy and make aggressive offers, would be if unemployment gets to 5%.

That would be my marker. So forget about what I'm saying, forget about what anybody else is saying. If unemployment's hitting 5%, that is a good time for you to say, I think this is a good time for me to go and make some offers because there's probably going to be some desperate sellers that here's just what happens to life. And it's a very ugly part of life. I was a kid, my parents went through a divorce. When divorce has happened, one of the two is going to say, I don't care what you do, sell the house, I want my equity out of the house.

So one has to sell. So, but wait, babe, if we sell today, why are you being so dumb and greedy? Did you call me dumb? I'm gonna call the lawyers. Sell the house right now. It's worth 1.2 million. If we wait for six months, we can get 1.2. I don't care.

Sell it today. You sell it for 9.50. Well, the buyer may 250. I don't know if you're on someone on the face. So the buyer may 250. Divorces are about to go up. If unemployment goes up, these things, these life things are going to happen.

It's just, it's what's gonna happen when people get fired. Life is hard. Finances are hard. Meeting your expenses is difficult. And the first thing that takes the biggest hit is what? Marriage, when marriage takes a hit, people make bad decisions financially.

Most people are not ready financially. Most people are not ready to get married financially. Let alone when they get married and a big crisis takes place, then they make some desperate decisions which is selling things that they should probably be sitting on. They sell it for pennies on a dollar. Go ahead, Adam.

I fully agree that the hardest thing to do is time the market, you know, they say that the one thing you need to know about investing is not timing the market, it's time in the market. We've all heard this before. I've learned this in real estate, you know I'm more of a real estate guy all heard this before. I've learned this in real estate. You know I'm more of a real estate guy. I'm sorry, I've learned this in the stock market

and more stock market than a real estate guy, but what do you think is harder to time? Wouldn't it be probably more appropriate to say it's harder to time the stock market because there's less, there's more things going on that you gotta pay attention to be paying attention to Versus in the real estate market. It interest rates right the job markets and Obviously dealing with people's equities in their homes, but as far as timing goes because That's a very good question you're asking. I think it's a lot easier time real estate than it is to time stock market

You're 100% right last week was a weird thing the stock market. You guys see the stock market everyday, bam, bam, bam, bam, bam, bam, bam, bam, bam. What the hell is going on? Bam, bam, bam, Walmart, Target. Oh, it's because of this. Oh, it's because of interest rates because of that. But you know, real estate, you know, it's not a as faster of a process.

I want to go into car sales to show you something, but before I do time, I'm going to give you the last word on real estate before we move to the next topic. I was just going to say on a employment rate, Seattle's unemployment rate is almost 4%, it's been hovering around 3.2 to 3.4, but we heard about layoffs at who, Microsoft, Amazon, so we've seen a lot of tech layoffs. So you've got the Seattle going on and to Pat's point, the unemployment rate may not be a national figure you're looking at,

it may be a local figure. That's a very good point. And so what you see here, Seattle is flagged, they were at 3.4, 3.5, the end of the year. And with the things up there, one thing that I read is that the next announcement is probably gonna be 4%, 4.1 in Seattle, and what Pat just said said is keep your eyes out when it hits 5% in your market. And if you're in a steady industry, you've got something else going, you have an

opportunity. Rob, pull up what I just sent you right there. Tom, you just made me a Google unemployment rates by state. You'd be amazed who's the highest before you show it, before you show it, don't show it. Don't show it. I don't even want them to see it. What state do you think has a highest unemployment right now?

What state has the lowest? Highest, I just texted a link. Which one has the highest? Very interesting, because this is where I was going, because the national unemployment rate is what, three and a half percent? 3435 right now. Okay, what do you think is the highest? I don't think you're going to get it as your first.

Just take one guess, you're not going to get it. I'm going to guess, I'm going to guess, I'm going to guess, I'm going to guess, you're saying California, so it's not guess. I'm gonna guess. Lesson guess is not, you're saying California. So it's not California. So it's not California. The lovely state of Los Angeles. I love the lovely state. What state would you say? What state would you say?

I'm saying an obscure state that has lost a lot of many facts in the New York City. No, it is a big state. City or state? It's a big state. I guess West Virginia already. Okay, what we're gonna say? I'm gonna go to Texas.

Okay, go for it. Click on it, zoom in. It's Nevada. Nevada. Oh, damn. Nevada's 5% go up. No, no, go up in the bottom. No, no, the other way, the other way, the other way, the other way, the other way, the other way, the other way, the other way, right there, zoom in right there. Wow.

Nevada's at 5.2% guys. DC's 4.7 Illinois 4.7 Oregon 4.5 Delaware 4.4. And by the way, go up to Washington. It's probably a bad one guy. If you can go back there, you go. It's Delaware, that one place where that guy lost his job who got a hold of that laptop, you like, that's Delaware right? It's probably affecting that, but keep going down, go. But it's risen laptop repair.

But it's dad's taking care of him, you caused the lowest, the quotas are the next, then it's Florida. Yeah, let's go, baby. It's a round of applause. Let's go. They get a of a, by the way, this is the kind of stuff that Governor Ron DeSantis can use when he's running to say out of the, we are the number for lowest unemployment rate in America.

Say something. Say something. In America. Interesting to see this data. How are you processing Nevada almost double where and it's I miss it's entertainment. I think about population. I mean, North Dakota South Dakota and Utah. I mean, probably my sister was stationed and there's a bunch of military bases there. I'm wondering if that because you know, if there's a base I will tell you this about Nevada though, like we just signed. We're doing our next MGM event in August,

right? And we get the whole MGM Grand Arena. Here's what happened. We just, we aren't right now negotiating for the next couple years, two or three years to sign with them. And by the way, they're booked for four years. Did you hear what I said? MGM Grand Arena Convention Center is booked for four years. So, meaning, I convention business is back.

So it's interesting, you're saying, why is Nevada's unemployment rate the highest? Why is Nevada's unemployment rate the highest? What would it be? And so, Pa, they do an event, like some MGM does an event every weekend? Oh, is that what they're doing? Oh, so they're booked for a guy, that's insane.

Why is Nevada's unemployment rate jumps 4.9? The state's also saw the large million. Las Vegas's housing market has cooled and militarizing hydrographs. So what does that have to do with unemployment zoom in? Now what's unemployment? The state also has the largest increase from October 0.3% along with Oregon,

Department of Labor, Nevada's economy is still recovering from a step down turn in massive job loss during the first ever pandemic. The key hotel and their term in industry in Las Vegas has bounced back as GALLAW's only returning. Okay, great. But the city's real estate market is as cool along with other hot spots.

Amide sharp increase and interest rates. Property manners in Las Vegas are seen more available rentals. I have a theory as you're reading this because you talked about the convention. Let's go the chart. Keep calm down. Okay, they're just recovering is what it is. So it's not up to four nine. They were actually precisely down there.

They're at the, so they're like, we're happy to be at the normal. We are. Well, I think that as you're telling me about the convention business, there's a difference between like corporations and people, just the average working person, corporations, big events, everything that we do,

now all massive events, that they're doing okay. They're back to business. That's business is normal. But the average person out there isn't exactly balling out in Vegas these days with inflation and interest rates right now. So they're a little bit more struggling versus what all the free money was being printed. That's how I'm processing numbers. And for people at home, Nalba is? Yeah, it's a great conference. Nalba is a, for them though, Nalba is an insurance conference. Nalba is like one, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, now for them, for them, now for them, now for them, now for them, now for them, now for 5% unemployment number. That's the number I would be looking at in my market to look at whether it's time to buy a house or not.

Rob, do we go to the next sponsor or do we do the car first? I say we do cars because it has to be in the first six minutes, 30 minutes, right? Or is it 25 minutes? First 30, but we're 924. I'm just gonna do it right now for the sake of it. So watch this.

You guys heard me earlier when I talked about that collectible card Wayne Gretsky card that we bought for 540 and sold it for 2.2 million I'll never forget it's 11th or it's midnight Jens Lane next to me and I said babe Is she's babe. I'm sleeping. I said babe. Do you remember that those cards I bought for 540? She says yeah, what about it? I said just sold it for 2.2 million and she says what did you just say? I said 2.2 million. And she says, what did you just say? That's a 2.2 million. In 18 months, from 5.42 to 2.2 million.

That same card six months later, sold for 3.75 million. Do you know why? Because cards and art people didn't trust cards and art. It's been said that art, 80% of it has been what? Has been fraught. And card, there's been a lot of fraud because it would cut the sides and all this stuff.

What change collectible cards, as well as art, is companies like Masterworks, like PSA. Masterworks, who we decided to team up with to make our sponsors, has become an alternative investment for people to consider. When you look at art, I can give you a lot of different data when it comes on to art.

Goldman Sachs and BlackRock say the days of, there's no alternative investment are over. RIA reports 88% of surveyed advisors intend to increase allocations to alternatives over the next two years, but over half, which is 53% raising allocations all the way to 15% of your allocations going in alternative investments. So if you may be watching the same thing,

St. Pat, I can't afford a bank see. I can't afford a Picasso. I don't know if they're right or wrong. Don't worry about that. Don't worry about that. What Masterworks does is, they go do all the verification. They deal directly with the SEC.

Every single thing you buy with them, it's qualified with the SEC, and it's broken into shares. So if a bank see pieces $2 million, and you can't afford to buy it for $2 million, but you can invest $20,000, you can own a share of Banksy Art now or a piece of Pablo Picasso Art now. And we see the numbers when you see what's going on with art. So masterworks, last three exits have delivered 17, 21 and 33% of net returns, net returns.

So having said that they have nearly 600,000 members and paintings have sold out in minutes, but you can get priority access to be part of a master works as long as you're part of IITA, and it's by invitation only. There's gonna be a link below. If you do wanna participate in art as an alternative investment,

you may wanna look into masterworks. Rob, let's make sure to put their links below for them to request an invitation to be part of the other 600,000 members. So having said that, let's go into cars. I want to talk about cars. I saw some data this morning, and it was really interesting. Folks, if I can tell you to subscribe to anything today, go subscribe to Wall Street Journal. We don't make money off of it.

Go subscribe to what they're saying with their tweet, their newspaper, I still get newspaper. I go to this restaurant, this lady told me, I can't see the thing about the last time I saw a man reading a newspaper, and I think she was trying to say, I'm getting older. Is that like newspapers? Exactly what you said.

Subscribe to their article, subscribe to their newspapers, the content they're making right now is so center, which is what we need. They're not facts, they'll call out Trump, they'll call out the Sanctus, they're not CNN, they'll call out Biden, they'll call out the administration. They're who you want to talk to, they're doing a phenomenal job today, Wall Street Journalist.

I saw this video, if you can pull up this video by the way that I sent you. And on Wall Street Journal, this video shows a guy who owns a dealership, what it looked like just a few months ago versus today. Watch how he describes this. Turn on, there you go. Go ahead. And you look, everything you see is new. That's 10 rows, each with about 15 cars. It's probably 150, 175 cars. It's what you'd expect to see at a car dealership, like Adam Lees, but let's rewind eight months.

Look, it's on the walk down here in a while. This is, they don't have any cars. Wow. Last year, new car sales fell to their lowest level in over a decade, as shoppers saw more asphalt than cars on dealer lots. There is no cars selling your cars. Now, as we're to today, dealers like Adam Lee finally have more cars to sell, but rising interest rates are making those cars harder to afford.

Okay, you can pause it right here. So there's a couple of things when I saw this video and a couple of charts that I wanted to share with you. So first of all, we all know a year ago, I'm trying to buy a car for my family, for my, you can't get a car, you can't get chips, the prices are ridiculous. Then you see some of these numbers. Go to the next chart that they're showing

based on auto sales. Okay, so this is inventory, okay, inventory. For about two years, America for the first time ever, we're talking to, since decades, our inventory was less than a million. Prior to COVID, look at 2020, if you look at 2020, you see that number three million. Prior to 2020, American dealerships,

dealerships in America for decades were always above 3 million. We always had 3 million cars in inventory for decades. It dropped to less than a million. You see that number right there, 788, which was July of 2022. It's come up to 1.172 million. It still hasn't come up. We got a lot of room to come up to what he do you call it, the average of 3 million plus. Can you go to the next chart,

which was kind of interesting to think about? This is the number of day supplies automakers have. Jeep has enough supply for 125 days, Jeep. Can you zoom in a little closely to see us second, third, if we can see it, okay, number two, is that Buick? Buick, Volvo, Chrysler, well, Buick should have enough supply for years. Volvo, Chrysler Dodge, Jaguar, Ram, it, okay number two is that Buick? Buick? Buick, Volvo, Chrysler, well Buick should have enough to supply for years.

Volvo, Chrysler Dodge, Jaguar, Ram, Infinity, okay, go to the bottom now, go to the bottom. All the way at the bottom is Toyota. Can you go to the next slide so we know what Toyota's days are? So that's 152 Toyota only has 27.7 days of supply. Wow. Which means Toyota, Kia, Honda, Lexus is selling, even Land Rover, BMW's selling.

So, Porsche's selling, that's a Mercedes is selling, fast and enbue. So go to the next slide, go to the next slide that we have here, average new vehicle transaction price, go through years ago, $32,000. The average car today, Vinius, $47,000. Honestly Tom, how the hell are people making these car payments? By the way, here's how I want you to look at this. This is the thought that was scary for me. Can

you go do me a favor, pull up a calculator, just pull up a calculator, a car auto payment calculator, type in auto car payment calculator. I see where you're going. I'd also like to know how many months the average number of months people are on those car loans. They used to be 60, five years. I'm wondering if they're going longer because the car's more expensive. Why don't we do this together? Let's just do this together. Go to auto and calculator, zoom in a little bit, put $32,000 price, $32,000.

Stay on six months, go to what were the rates three years ago in 2019? One percent, two percent? What do you want to put it on? You can get three. Let's just use three, average credit, 3%. Okay, put 3% down payment. Let's put zero. We're putting zero down payment.

Okay, and then pick state, I don't know, go to Florida. Let's just do Florida to Florida. Okay, or matter of fact, go to California. Go to California. Go to California. Okay, go to California. Whatever is fine, calculate.

Calculate. What's the payment? 575. What do you see it? 575 is the payment. Okay, so that's what? That's at the average price of a car three years ago which was 32K, okay, and we're using

3% interest rate, payment is 575. No money down. Which is, no money down, fine. No money done. Which is no money done. Fine. Now go to take that, take that $32,000, make it $47,000. Leave the time. What do you want to put it at? 7% or 6.5%.

Let's just use 6.5. Go to 6.5. Everything stays the same calculate. 9.19. Jesus Christ. So let me get this straight. It's like two cars. You went from 5.75 to 919 the income hasn't increased

You're income has an increase. What is the number on that 575 on 919 if we do the math? Is that an increase of a 70% 919 minus 575 345 divided by 575 that's sixty percent increase in car payments in three years Vinnie in three years we're not in four years we're not talking about an increase by the way meanwhile all those money that they spent to people that spent okay so so when people are like well America's gonna be fine real estate's gonna be fine economy's gonna be fine really the only way this is gonna be fine, real estate's gonna be fine, economy's gonna be fine, really? The only way this is gonna be fine is what's the average income in America in 2019?

Pull up average income in America in 2019. What is the median income? Whatever you wanna? Not households, individual. Individual income in 2019. Individual income is probably closer to 40 grand. What's sold in 2008? Fine, no problem, let's use household.

Go household income in 2019 at 68. What's household income today? What's household income in 2023? What is the show? 60. How much? 74, 75, okay, so let's do the math here. Here's why I want you to know,

problem is coming because the American family is gonna feel this. So that's an increase of $7,000. $7,000. $7,000. So their income has increased 10%, but the average car payment has increased 60%. You explained to me how American families are gonna make up that 50% like this.

There's only a couple of things that happens. Layoffs or a big ass increases of 50%. Companies cannot pay 50% increase today. So what's gonna happen next? Auto-auto selling of cars prices of cars are gonna go down, okay? You're gonna see people who are trying to sell their homes. It's gonna go down This is bigger than people think as much as we talk about home prices What do you think people buy more of? Cars or homes?

Cars. The first way to judge if people can afford to buy houses, if they can afford to buy what? A car. Yeah, so if they can't afford to buy a car today, how in the hell are they going to buy a house today? And then what is the seller going to do? Doesn't the seller need more qualified buyers?

Guess what? Qualified buyers are decreasing. Qualified buyers are decreasing. Qualified buyers are decreasing. So this is a very interesting season we're gonna go into in the next six, 12 months. If you own your car today, good for you. If you're about to go buy a car today,

brace for impact, you're gonna see it in the payments if you haven't already. If you haven't already, Tom, you're doing some math or some curious thing. I was trick thinking. I did average length of a car loan 2019, 59.5 months, six years, right? 60 average length today, 69.7 months, almost 70. Ladies and gentlemen, 72 is one more year.

So the how is Americans dealing with it? If Rob could go back there and plug, 72 is one more year. So how is Americans dealing with it? If Rob could go back there and plug in 72 months, just plug in 72 on the 47th. And I'm all happy, Adam, because Adam does not have a car. You're this whole time. It's still, it's still, it's still, it's still, it's still,

it's still 790. Do me a favor, matter of fact, let's play this game. Go to 84, which is seven years, go to 84. That's, by the way, the longer you go, the higher they increase the rates, but it's fine. Go to 84, let's play this game go to 84, which is seven years go to 84 By the way, the longer you go the higher they increase the rates, but it's fine go to 84. It's what 697 go to 96 To get to the same payment go to 108

Oh my god, we're gonna play this game go to 108 What was the number 575? Your fish me at it. Instead of 60 payments of 575 to afford today's car, you have to make an additional 48 payments. Yeah, but how much is the cost going up? How much more interest are you paying? That's the number. It doesn't matter. The average family doesn't think about interest. They think what they can afford on a monthly payment. Yeah, but that's the exact opposite. Well, you should be thinking. It's not about what you should be at them. We're not sitting here talking about

what people should be doing. The average family sitting there saying, I need a freaking SUV. I need something. I can only afford 575. They don't care about interest rates. When I bought my first Mitsubishi Clips when I was in the army,

you know what my interest rate was? F Mac, if you're listening, F U, 33%. Yeah. 33% F Mac out of Kentucky, Clarksville, if you're out there, I don't know if you're still in business, they gave this 18 year old kid a Mitsubishi clips, 33% of my interest rate.

I paid it. Jesus. I forget it, it was a $5,300 loan, but it took me, you know, I'm still paying it yesterday, it was your last time in the league. I come to work with it. That's right. She wanted the tires as missing, you know, we'm still paying. I'm still paying it yesterday was your last pay now. I'm sorry, I come forward with it. That's right.

She wanted the tires is missing. You know, we push it every morning when we come here. You can't say that people can't care about the interest rates. I didn't tell you, I didn't tell you that, no, Adam, you okay, you care, I care. Yes. We care. Yes.

People care more about the payment than the interest rate. And that's why they're idiots. That's why most people most people are living paycheck paycheck and they can't I didn't tell you whether they're idiots or not They listen to this content because they want to change yeah They listen to sauce because they want to change the people that are listening to you They're saying I agree with you. I want to learn from you But the average person today who is the majority is only looking at payment and guess how they're gonna be financing You know what John? Can you buy any, make it a hundred and eight months? Can you buy any chance, make it a hundred and eight months?

The salesperson doesn't say, well, Mr. Jones, do you really realize how much more interest you're going to pay? The salesperson, like, I don't care what we make it. Sell us so I can make my commission. Yeah. So this car salesman's going to be doing. We all know that the big money in cars just as you're seeing this is not unbuying the car. It's the financing That's how they can go for making two three five grand to 20 grand off a cost because of a customer's like I just want to be at a four hundred dollar payment. It's like we're getting ready to make those four hundred other payments for the next

30 years buddy Let me read a couple quick super chats here one is god red reggae How so yes, by the way, I think by the end of March, starting April, we're only gonna have members be able to comment. A lot of people are becoming members. If you haven't yet become a member, you may want to.

Starting April, we will only be reading. Members will only be able to see their comments. Everybody else, you won't be seen in April, but you got a month to become a member. Scott said, and I'm gonna say this in the friendliest way. Good morning home team. The live show was amazing. By the way, we had a sick event last week.

Live it was phenomenal. I had a great time. Tip take a take away from the live show. P.B.D. is a stallion. I don't know what that means. BizDoc is an OG. Vinnie is one hand some stud. And Adam definitely looks as age.

Which is why is everybody always talking shit that? Like not even one good compliment not cool, man But hey Scott I enjoyed talking to you an absolute start of a guy Jesse just comment gave a super chat I've been selling CDJR for six years now sales have a lot to do with your team and the industry is filter Not the layman average salesman that got in these last three years and didn't sharpen their skills and relationship Jesse I agree the same is in many different industries. These are different times, relationship matters a lot in industry today.

So Tom, before we go into the next story, any final thoughts on the cards, or can we go to the next one? No, let's go to the next story. I think we've run that one now. Adam, lap, leak, lap, leak. Oh, I know. Lab, lab.

You okay? He's so thinking Adam certain people yeah, yeah, he comes sexier as the age trust me during that category. You got nothing to worry All right, when I tell you I'm not lab. I'm not worried By the way, just so you guys know he was worried cam. I we texted the camera to go off his eye because he was crying So it's okay. It's gonna be all right. I'll split it up. Yeah, it was very quick. So lab leak, lab leaked, most like the origin of COVID-19 pandemic, energy department now says, this is a Wall Street Journal story.

When this was said, people lost their minds. How dare you tell me, racist, I made the wrong decision, follow and foul chain science. How dare you do something like that? Well, the US energy department has concluded with low confidence that the COVID pandemic most likely rose from a laboratory leak. The conclusion is the result of new intelligence

and a significant because the agency has considerable scientific expertise and oversees a network of US national laboratories, some of which conduct advanced biological research, the FBI previously came to the conclusion that the pandemic was likely the result of a lab leak in 2021 with moderate confidence and it still holds this view. The energy department now joins the FBI and saying the virus likely spread via a mishap at a Chinese laboratory China, which has placed limits on investigations by the World Health Organization, has disputed that the virus could have a leak

from one of its labs and has suggested it emerged outside of China. You've been in it. Do you hear what you're saying? The low confidence, moderate confidence. And I hate when people say stuff like, man, I hate to say I told you so, I don't. Like, I don't know if I'm a psychic or what's going on

with me, Pat. I'm pretty sure you're in the same camp. We were all right. We were right about the lab leak. We were right about natural immunity. We were right about the mask. We were right about lockdowns. We were right about the vaccines.

The boosters, Ivermectin, Dr. Fauci being a little rat. The who, like, how am I just so right about all this? Like, do I have a crystal ball? Like, how do we know, but all these people didn't? And the fact that they're still coming up, I think it was John Kirby yesterday, Pat. He comes out and he was like, because somebody from, I'm shocked that they asked him,

they're like, how do you guys feel about the gain of function research? Are you guys doing it? He said it's necessary for us to now they're saying that yes, we do gain a function, but we have to figure out this next step. And I sent Rob this link, Rob on Slack. I'm worried Pat because Joe Biden said eight months ago,

or I think it was over a year ago, he goes, hey guys, we need the money for all this and all that because a second pandemic is coming. Joe Biden said that, verbatim. And it scares me Pat, because we had people like, leaning Dr. Yeman, young, she was on Tucker Carlson last night.

She worked for the Chinese government. She said, this was, she's, this is a Dr. Pat. This is not just a regular citizen that just came. I had her on, I had her on a two and a half years ago. Okay, so you know what did she say? She goes, the government leaked this to destroy the economy. We got a strike for that, and they took it down within 48 hours.

You remember that virologist? Yep. You got a strike and they took it out within 48 hours. So, and going to my next point, doesn't that scare? I should scare the average American that this all came out. China is so protected by our media, by our government. And it just goes to me to ask the question. By the end of the day.

Why? Hold on, Tom, why? Why? Is it because we hold them all this money? Is it because they know certain things about it? Like, can you make sense to me? How? Why? You know what I think is needed, Tom.

Do you know that movie, Aaron Brockovich? Is that the movie Aaron Brockovich? Yeah, the story. I mean, obviously, Julia Roberts, but what is the story about? The story is about Chromium, which is a, there is a Chromium chemical that was used to help lubricate pumps at water treatment and water pumps that was in desert desert community in California that chromium at a certain percentage caused tremendous cancers and Storility as and uterine problems in the people and Aaron Brockovich and another attorney went out there and discovered that They had covered up the spills into the spills of the chromium. Yeah, and so Aaron Brockovich brought it to light and who was Aaron Brockovich? Aaron Brockovich was basically a paralegal that

Had the guts to go out and do the research and she partnered with a law firm and you can read the true story of her well covered by the LA Times I don't usually give them credit But they've written a lot of stories about the real Aaron Brockovich and the real story. She was a whistleblower So she was what she ended up doing, right? She went up against the most powerful people, a case against Pacific gas and electric company, right? Which is basically a government entity in California. And involving groundwater contamination in Hinkley, California.

And did she end up winning? Did she end up exposing them? Did lobbyists lose their minds? Did they have to settle for $333 million? The largest settlement ever paid in a direct action lawsuit in the United States history to that date? Yes, she did that. You know what's needed today? What's needed today is one of these relentless lawyers who is not going to give up until they get to the bottom of it. I don't want to say the follow-in line

that many of us have said including myself. You think they're ever gonna be held accountable? No, they're not, that, that, that. I don't wanna say that. I'm convinced somebody lost a relative of family based on the decision that was made. It's going to spend and dedicate the rest of their lives to proving all the stupid things that they did.

Force manipulate and that person's gonna dedicate their life to it until we find that about it. I think the market today, just think about this was a niche market in California. We're not talking about a huge, yeah. We're talking about, and this ended up becoming a national thing, right? We're talking COVID that came from China that the president said the China virus and the lady says, you can't call a China virus. Why do you call

a China virus? And he said, because it came from China, the flu, called the Spanish flu. It's not offensive when they say the Spanish flu because that's where it came from so moving forward everybody has to start calling it the China virus. This is it somebody I believe that's a true believer is going to go investigate this and then all of a sudden They're gonna say holy shit. If a true believer if the true believers rise up and go out there and do this It's gonna be a scary side for a lot of people. Yeah, I feel like we're living in reality programming and this is a Netflix special called COVID Confessions and we're in the middle of season one, episode six. Mass don't really work. The virus did come from a lab in China.

You know, the vaccine will not prevent you from getting it. The vaccine has side effects. My goodness, I just feel like we're in COVID Conventions. Season one, episode six, and it just keeps going. But it really makes me nervous about because we know why do we get flu shots back in the day each year? Because the flu runs around the globe, the normal annual flu runs around the globe. And because you have winter in the southern hemisphere, winter

in northern hemisphere, starts Australia comes up to us. They know what the strains are going to be and you're going to get your simple little $15 flu shot. These things influence and flu like viruses. And I'm not an epidemiologist or anything. But the next version of it, you know, is usually tougher. And so I just this part of it is usually tougher. And so, this part of it makes me nervous, but the front part of it makes me disgusted, because I think every week there's some sort of a discussion or a heel.

Can you pull over to San Chou, by the way? Can you pull over to San Chou? I think this highlights exactly what we stand for here is the concept of open discussion and debate. So, for years, if you had an opinion, nobody knew for sure, like, I agree, no matter what you say, you didn't know for sure, you had an opinion,

but you're entitled to your opinion. The problem is what happened with Big Tech and collusion with the government is that they shut down opinions, they shut down discourse, they shut down discourse, you were shadow band, you were flagged, you were censored, you were striked, you were potentially canceled for expressing an opinion.

Okay, and I'm highlighting that opinion here. I love that. And that is exactly what we stand for here is like you tried to set up a debate with two different types of doctors, and one wouldn't come on pretty prominent doctor because he didn't want to go against the narrative of the

Basically the bat versus the lab situation. Yeah one which doctor Mike was a famous YouTuber The other one was Dr. Paula of a doctor Mike agreed to come three times. He said yes, yes, yes Dr. Pauloff, Dr. Mike agreed to come three times. He said, yes, yes, yes. Then he said he's busy. And then he made 50 other videos two weeks later. And as busy as he was, he was not busy. He was frightened. Yes. He was afraid is what he was.

And every other week, Fauci would be on his YouTube channel. So God forbid if he was disloyal to Fauci and the CDC. Dr. Mike is not somebody who was willing to sit down and have a real educated debate with another qualified doctor with a nice resume of Stanford, Harvard educated. No, because anybody that disagreed with Fauci was not really, they really didn't trust science.

That's what they were. You've given a platform to a lot of people on those things, including Robert Kennedy. I mean, so the invitation's been open to come have PBD moderate, you know, productive debate between people. And you've spoken, you've had interviews of Robert Kennedy and others.

Yeah. But here's my question too about why, and I'm gonna keep saying why? Why is the government so low moderate, they don't wanna point that at China, and why does the government and Fauci still have that stance? They got skin in the game.

That lab, we were sending money our government with Fauci, right? With the EcoHealth Alliance, I guess, to do gain a function and it leaked. They have skin in the game. They have to be like, well, we kind of, it's not gonna be a definite point, but we're not stupid.

We get it, you know what I mean? But like you said, Pat, you're going to take one person hope to God to be like, okay, listen, enough is enough. Point the finger. Still to the day you mean three years later, I can't say it came from China. Do they own us that much that I can't say that a lot? I think without being racist or conspiracy theorists, because on the way here Pat, I watched like eight videos of just MSNBC and everybody going, Trump,

whatever, what a racist, divisive, and if we let him say China and call it the China virus, I don't give a shit, maybe we be closer to finding out, hey, who leaked it? Who's the person? That lab doesn't have hundreds of thousands of people. How many of you people were in there? Which one of you did it? And why? Who the hell are you? Do you have ties to anybody? If we don't get to that point,

it's gonna happen again, just like Joe Biden said it's gonna happen again. And Rob at one point could play that video. The President of the United States said eight months ago, another pandemic is coming. Can you play, Pat, this is Joe Biden eight months ago saying he needs more money, and this is what he said about another pandemic is coming. Can you play Pat? This is Joe Biden eight months ago saying he needs more money and this is what he said about another pandemic. Watch. We do need more money. Is it?

But we don't just need more money for vaccines for children eventually. We need more money to fan for the second pandemic. There's going to be another pandemic. We have to think ahead. And that's not something that I'm thinking about. Is he a psychic? How do you know a second pandemic is coming?

He can barely well. That's what we're talking about. How does he know? How do you know a second pandemic has come? Well, that's what you can stop it up. How does he know? How do you know? I don't I mean because we've had Ebola and SARS. These things occur. So it's not I'm not they're not back to back. I'm not gonna go conspiracy theory that he's planning the next panel. I didn't say he's planning. How does he know? All I'm don't I hate when you do this conspiracy. Shit. And in a conspiracy he pandemics don't I hate when you do this conspiracy shit and in a conspiracy he Pandemics don't happen every year Adam. They happen in 10 years in 20 when's the last pandemic was it Global 100 years ago, but if you're talking about SARS and he both 10 year 2001

Obama, but how does how do you how can you say what's your point my point is he's there if we don't get to the root of it and say okay This is what happened because we're scared about offending of country that I don't give a shit about who gives a shot Well then now I agree with you. Okay, if you want to get to the point. Let's get to the point. Thank you. The point is this Yes, China needs to be held account of period. Okay, seven million dead. That's where I'm going with this I'm not going to yeah, I got you to you know all different sorts of places So the problem with China pat it the nail on the head with the air and Brockovich thing China has denied denied denied denied they've cover up they've been Not not cooperating with any of the organizations. They're not letting people in there to

to basically find out exactly What happened here and in any Unsolved mystery you want to know what the hell happened? Who did it? What's the reason why? Now, intelligence agencies, committees have, with confidence, have basically said that it is a lab mishap, not an active aggression or a bio weapon purposely put out there. But why would China want to basically promote more of the bat theory than the lab theory? Because if it is the lab theory, they are 100% accountable because that's a government agency within China, part of the government. If it is the bat theory, bats fucking fly,

it could have come from anywhere Mongolia, Korea, whatever. One of those things. You're one of those things that happened to be here. Some hungry Chinese guys saw the bat that flew in, took a bite out of its head in a wet market. It's an easier to kind of maneuver your way out of that. So that's China's premise. But at the end of the day, I'm not going wild conspiratorial thing here.

What I do want to find out much like you is what exactly happened with China and get some answers Yeah, because the end of the day and then here's the biggest thing is How much money was printed how many lives were lost how many potential lawsuits Global lawsuits could be held liable against China