 How are you going to afford it in a year if it if they lower the interest rates to go to three four five percent? Some of these realtors that are being irresponsible. Just tell everybody what's up. I hope you're doing super well I was listening to a recent podcast a patch of bad David, you know We did I went down and interviewed him in person at his office I'll link that interview below if you didn't see it I confronted him on his prediction last year that the real estate market was going to crash worse than 2008 which up to this point it has not a lot of people are still calling for that I feel like in this podcast he gives he kind of like Nonchalantly give some advice here to real estate agents and I found it very interesting what he said and You know I'm gonna play this clip for you. I want to watch this clip with you because the whole thing is very interesting how he lays the whole thing out and he He's talking about this divide between, you know, middle-class and upper-class and the top 1% and it's a hundred million percent true And this is what you know, a lot of the great economists were really fearing, you know, I just interviewed Logan From housing wire. I'm gonna put up that interview in the next 24 hours or so Guy is just a wealth of knowledge on the housing market and he actually looked at it back in, you know, 2011 1213 and said that between 2020 and 2025 That there was gonna be this major Divide and that we were gonna see and this was based on the profile of home buyers And he knew there was gonna be this massive generation of Gen Z and millennials coming up who want to own homes Everybody says Gen Z don't want to own homes, you know, millennials don't want to own homes No, that's not true. Every single survey that comes out shows that close to 90% of Millennials and Gen Z do want to own homes. They feel like Homes are too expensive and that is the problem and how do you solve that problem? No one that you can't solve this problem. That's that is the problem You know what we're in this situation Where inventory is so low? How do you get out of that hole? They said the Airbnb was gonna happen and was gonna have a crash They said that the You know the the second home market There's 14 million second homes or vacant homes in the country if those start selling that that didn't work Now it's foreclosures up ticking foreclosures up 34 percent. It's up 34 percent We're not even halfway back to where we were pre-pandemic And pre-pandemic mind you was a healthy market, you know, of course zero foreclosures is the healthiest of markets, right? Where no one's getting foreclosed on but That's unrealistic Where we were pre-pandemic was a good place to be where it's realistic and we're not seeing it We're not seeing that why well number one 45 percent of all homes are owned free and clear in the in America The ones that are left the other 55 percent you got 90 percent of them under 6 percent rates You got I believe it's 60 something percent under 5 percent All the way down to 30 percent of mortgages are below 3 percent So the people sitting in these homes their payments right now their current payments that are locked in for 30 years are Extremely cheap extremely cheap and they're not going anywhere and we're not going to run into a problem if we ran into a You know job loss recession where everybody's losing their jobs we could see some Foreselling there even with people that have you know a lot of equity built up and stuff like that But we're not even close to that kind of conversation when it comes to the job market. We're not it's not even close The data is not even to where we can even open up that dialogue and say okay. This is something that might happen So we're in a predicament when it comes to home prices now if you lower rates, what's going to happen? Inventory is going to go down Why because trade-up sellers going to add a listing to the market and take one off and first time home buyers are going To flood the market taking the rest of the inventory off the market We're going to hit a new all-time low which right now. We're in an all-time low when it comes to home Inventory all-time low And if interest rates come down, we're going to hit another all-time low But transactions are going to skyrocket because you're going to have all this turnover happening And prices will increase they won't increase like double digits, you know, we could see 10% But they're not going to increase by the 15 20% we saw in 2021 and you know 2000 the end of 2020 it was rising at that rate We're not going to see that But we will see increases which means what then prices aren't going to go down and prices are really high and so You know, we're just in this new normal Where there's this divide of people that can't afford which is very small amount of people Considering the population and then the amount of people who want to buy but can't because they've been priced out Just purely on the the the mortgage payment All right, just the mortgage payment and so there's the problem. But anyway, I digress on all that stuff You look at foreign markets. You look at, you know, Australia Canada and some of these markets They don't have 30 year fixed rates and some of the gurus on the internet say well, that's the problem with America That's why prices are going up so high and there's no inventory because people are locked in Do these low rates would you rather have that scenario because no system is perfect Would you rather have a scenario where people are locked in and they're good and they have a place to stay and they have confidence and You know, they're they're locked in and they're happy Or would you want an environment like these other countries that have short-term rates where their payment could literally double in five years? And now you have to move and it's carnage It's carnage everywhere people are foreclosing, you know losing their house and everything else. No, you don't want that Okay, and and keep in mind in these other countries prices are really high So it's not like the 30 year fixed rate made prices go really high and these other countries don't have that yes They do they're actually higher than we are in a lot of these countries That have these short-term rates. Anyway Just going on and on and on here. It's just a lot of things that run through my mind all day long I want to dig into this this what Pat's saying here And his advice to real estate agents and I believe this is kind of like a you know an advice to agents and homebuyers Right, he's kind of throwing it out there. All right, let's let's dig in Well, that's both you guys so top is there going to be a breaking point. No, um, John Michael Burry pad his he's predicted He's bet against it do you guys feel that it's it's something that's inevitably going to happen and this Administration page is hanging on for as long as they can so it doesn't happen during their Please, you know I'm having this conversation with Brandon and you know Brandon is biz-doc on unusual suspects steroids because he's like one the smartest guy. I'm sorry. I forgot about his biceps Yeah, he's got to do double bound an X one and then I love the shirt He wore on the last episode, but let me let me kind of talk about this whole thing you're talking about with with marky crash, okay with Whether it's gonna eventually backfire something got you. You know, what's worse than a market crash? What a Market crashing up You know what happens when the market crashes up like Venezuela did no, here's what it means. Okay. Do you know? You know where I'm going with this so these guys printed trillions of dollars into the economy that money's in the economy Appreciate Pat. You said printed. No, no that money's in the economy They fed the economy trillions of dollars. Okay, so that money goes where whoever has the most value to be shown That's where the money flows. Okay, the money doesn't stay with a person that doesn't know how to manage them If you don't have value the money goes away to somebody else. Okay a Reverse market crash what happened? Do you know what would happen if right now Jerome Powell decreased rates to? 6% 5% 4% 3% do you know what would happen today? You think that house that's nine hundred thousand dollars that the value hasn't moved even when they raised the rates to 8% That nine hundred thousand dollar house is gonna be one point four million dollars So right there. Okay, right there. He's talking about the fact that if rates come down Okay, these prices that haven't moved when rates go up He's talking about when rates come down that nine hundred thousand dollar house is gonna be one point four million All right interesting coming from the guy who said it's gonna crash worse in 2008 Let's listen in if it goes to one point four million dollars and Dow Jones all of a sudden goes to 48,000 You know what just happened this whole concept of rich getting richer poor getting poor It became rich getting richer poor getting poor on steroids The separation between the two gets wider and wider the gap take the poor middle America's always been like this Then you have the rich top 1% whatever the percentages you're gonna see the gap go like boom boom boom Did you understand what I mean like the rate that this is gonna get bigger The top rich is gonna get bigger the middle is gonna come lower But the poor is gonna get bigger. How the hell are you gonna if you can't afford a 900,000 dollar house right now How are you gonna afford it in a year if it if they lower the interest rates to go to three four five percent some of these Realtors that are being irresponsible just telling everybody while wait till the rates come down if the rates come down It's reverse market crash Right there right there if the rates come down reverse market crash agents are Irresponsible Irresponsible telling buyers to wait till rates come down. Okay now help. I'm just gonna sit on this for a second Listen to what he's saying. It's irresponsible for agents To tell people to wait on rates to come down. So what is he saying? When should you buy Pat? He's saying that you should buy right now because when rates come down prices are gonna go up You would rather own a home at today's prices if you could afford it by all means if you can't afford a house Then we're not talking about you if you can't afford a house Then you're at a stage before being able to buy a house Which means you're trying to put together a plan a financial plan to go out and buy a house Whatever that means for you, but understanding that the finances and the numbers behind what it takes to buy a house And then putting a plan in place to hit those numbers so that you can go buy a house That's not in this conversation That's for another conversation if you're not to that level yet And if you've been priced out of the market that sucks But it's reality and it's not gonna change That's not gonna change just because you can't afford a house Doesn't mean that prices are going to fall. Okay, that's not what that means now If every single person out there could not afford a house, then yes prices could fall But that's not the case. There's a large group of people that can't afford it But then there's a big group that still can't afford Okay, and then you've got all the homeowners who have all of this equity that's been building up over the last two Three four years who bought me need I need to look at the data and see how many homes in America were bought before You know say 2020 before the pandemic how many homes were bought and are still owned by those owners Who bought pre-pandemic whether it be from 2010 to 20 2000 to 2010 90 to 2000 How many homes in America are currently owned by someone who bought them pre-pandemic that number is enormous And you know how much equity they have Okay, so They can afford to go out and buy a home a lot of these people too have really high incomes So the median mortgage payment right now is around $3,000. I hate to say it But for a lot of people that is nothing. Okay, that's a lot of people for it That's a lot for a lot of people a lot of people can't afford that I get it But it's not a lot for a lot of people as well So you just have to understand this if you're in the boat where you can't afford it Okay, don't stereotype everyone in the country that they also can't afford it because they can That's why prices continue to go up because somebody is buying these homes Okay, so what i'm saying for the people that can afford can afford to buy a home If you're sitting on the sidelines waiting on interest rates to come down big mistake because you could own it today at today's prices And then renegotiate the the rate later Why wouldn't you do that because when rates come down? Guess what you've got the trade-up seller who puts their home on the market And now they're in the market to upgrade to a new home. So you're fighting over houses with them You got first-time home buyers that are going to flood the market when rates come down You're going to be fighting over houses with them You still got 40 of homes selling in less than two weeks right now When they hit the market We have we're still nowhere near we're half We're half of the inventory that we were pre pandemic, which was already really low Now if you don't think the market's going to pick up when rates get into that under seven range Look at home builders a new construction home builder sales are up 22 And why is that? Well, it's because they are offering buy downs and they're getting people into those sub six and even Even below six mortgage rates And so when you look at that market you realize there's a lot of buyers buying at you know 6.5 5.5 to 6.5 a lot of buyers 22 Percent up year over year on new construction. You think yeah Well, those buyers are going to be eating up the existing homes not new construction Existing homes if if if they can get it for the same rate Yeah, you'll have some people buy a new construction But new construction normally takes up 15 to 20 of the market right now It's about 33 percent of the market as well as cash buyers 33 percent of Home sales right now are cash deals. They don't even need a mortgage. They're not even worried about rates. They're just paying cash So, you know, I we could go we could go on and on and on here Let's dive back in because a lot of there's a lot more interesting things that he says here that I just found interesting And I figured you would want to to hear this. I'm going to link this video in the description You want that to happen to Venezuela? What happened to Venezuela to happen? Oh, it never happened You're just fear porn all this stuff really people can't afford to buy a house right now There's a reason why they're renting you're not going to have a customer qualifying for the 1.3 million out of home Yes, you have equity in your house But even if you got equity in your house, you've got to find a buyer buyer can't afford it There's a reason why we have so many strikes going on in america right now people are saying I can't afford my life I can't afford a 900,000 dollar loan how the hell am I supposed to buy 900,000 600,000 dollar house So to me when you're saying is shitty well, if you can't afford a 900,000 house Then you rent You rent and you put together a plan to be able to afford that house that you want because things aren't going to change and He's talking about you know, yeah, your house is worth 1.3. You'll have some equity built up You know, that's great. But where you're going to find a buyer There are plenty of buyers. There are plenty of buyers and also historic Historic pent up demand. We have more pent up demand right now in america It's about for people who want to buy homes than we've ever seen we we don't even real We have no earthly clue of how many people are out there sellers who need extra bedroom But can't because they're locked into a rate First time home buyers the the gen z's and the millennials who are coming into their home buying years Which is the largest group mean there's more gen z's and millennials than there are of the population of japan Okay Let's keep going eventually going to hit the fan. Essentially is what you're asking for The the the amount the heart the amount of hate and pressure Jerome Powell has right now For taking the rates where he's at He would have taken it higher You're going to give an update on the rate here that he would have gone up another quarter of a point of whatever that is By the way, do we have is this uh, okay? Check this out. Here's the venezuela's uh reverse market crash No one in the right mind thinks That rob I just texted it to you. No one in the right mind. Does anybody think That venezuela has a great economy. Does anybody think venezuela has a great economy Does anybody say oh venezuela their market is freaking amazing stock market Pull this up real quick and show show what happened to venezuela's market right there Okay, stock market. This is what you call a reverse market crash Where the market just goes bingo boom straight to the roof, okay? And it looks like hey guys, look how great the economy is doing. Look how fantastic. No, no, it's ally It's a lie the top 1% is killing it. The rest are getting destroyed watch this year. Okay You know who would want some like that? Guess who would want some like that the top 1% Yeah, the the top 0.1% like yeah, let's do it. I got my money in the market. I'm gonna be fine overnight billionaires The level by the way, look at the months. Just go look at the months Actually, look do you do you guys really see this chart on or do you see what this chart is one week 10 month? Guys, it's only a one-year chart A year ago. Where was their stock venezuela's stock market all the way at the at the top was at ibbc It was at 10,000 a year ago It's at 63,000 the market's gone up 630 percent In less than a time. Do you see this chart in yep in less than a year? so I pray and every american person and realtors and loan officers Should be praying for rates to stay the way they are for a little longer They should at least another year or two it needs to stay at this rate Then maybe we level off at six fyi if unemployment Now now I want to ask you guys in the comments. Do you agree with that? Do you think the rates should stay Higher longer, you know around 8% should they stay at 8% for another year or two? Do you do you agree with what he's saying there? Because I'll just get my two cents before we start it back up. Um, I I kind of agree with them there I think it should stay a little bit higher longer um To to allow everyone to be acclimated to these higher rates and then slowly come down I think that's the best case scenario, but again, I Neither one of us here control it things don't start moving You know what pal's gonna do? He has to go up another quarter. He has to go up another quarter until that moves So there's a bigger crisis that's brewing right now that most people are not talking about. It's called a reverse market crash That's a scary side. Let me let me paint a simple picture for you. Okay Step one the u.s. Government gave out like 1.4 trillion dollars in stimulus checks Over the next six months and we've talked about it on the show Credit card balances dropped to under half a trillion dollars like 400 Okay, then they went all the way back up to 900 at the same time the stock market Started running. You want to know why you know where all that you know where all that credit card debt is Stuff People bought stuff Stuff that was sold by companies on the stock market When they remember they were saying well, you know, we were getting out of covet and they know the markets way up So I guess things are okay. No, no, no We printed 1.4 trillion dollars people paid down their credit cards temporarily But went back to their spending habits Restaurants were open able to travel and they spent all the way up now to the credit cards are at an all-time high Right at a trillion dollars right now and all that money it went to the stock market How to go stock market the profits of the companies that sold them all the stuff You see it. So it runs to the top. That's part one and part two of which we could find it Rob this this is this is an issue that no one's talked. Do you guys follow how that works? Yeah, the money runs to the bottom line of companies and the pockets of the top 1% that own those companies, right? Now watch this You remember the you you just saw the chart venus went chart So go to zolo and find me any house in fort lauderdale over $2 million and then pal while he's looking So that's going to separate like the poverty like there's robber very bad in the series. Yeah, it's not a So and you're saying that that might happen here if pal doesn't lower rates. It's not going to happen So the key is for him to hold ground And not fall for any You know phone calls that he's going to get in the next nine months about changing and lowering the rates So the market moved because election election coming around the corner to scroll the box I don't know what pal's going to do But we will know to give him proper credit by january of 2025 It's going to be a very hard next 15 months for pal Now, what do you think about that? What do you think about an election year because I was talking to log in with housing wire And uh, you know, we were talking about the history of different election years and you know What normally happens during election years concerning this kind of thing and he says something very interesting He was like, you know, when the fed is fighting inflation, they don't care if it's an election year They're going to continue to fight inflation Right now the timing is that you know, they're they're they're still fighting the inflation war Um, but it's getting better and the more time that goes by it's a little stubborn It's staying there between three and four. They're going to continue fighting. Maybe they're going to I would think they're going to raise it a little more before they, you know, level off and come back down at some point But they still got a little way to go Everybody feels pretty certain that rates are going to drop a little In 2024 it just happens to be this is what logan said. It just happens to be an election year Okay, it's not the fact that it's an election year and rates are definitely going to come down because they always come down during election year It's just kind of a coincidence is the way he put it. What do you think? Let me know and as well a screw then right? From what they just did their future does not look right Do you think venezuela finally maduro agreed to come and negotiate with Biden to say we're willing to sell oil to you and we're willing to do a real public election fair Even if I lose why would maduro agree for something like this because his people are getting crushed Public embarrassment on what's going on with maduro and venezuela right now the things absolute public embarrassment Zillow is taking the charts off pat. You know the one i'm talking about they used to have the charts in here scroll down Yeah, they show it at the bottom usually the pricing history and it goes up there. Go take a look Does this look like the venezuelan stock chart? Do you do you notice something that happened normal bro? Oh, but by the way, okay, if you guys want to talk about my house, let's talk about my house print money Okay, tom, let's talk about my house. You know, there was a record breaking sale in for lauderdale last week My realtor sold it. You know what the house sold for? 40 million dollars in for lauderdale. You know how big is the land point for acres No, our house is one in 1.2 1.3 acres On the water 810 feet of water frontage one the biggest in all of for lauderdale We bought the house for 20.4 million dollars two years. That's the house right there zoom in That right there one is the date on this can you zoom in so I can actually give the real date beach run home Just that that October 13th that square right about point for acres sold for 40 million dollars What record breaking by the way? Our house that we bought for 20.4 million dollars two years ago. We closed on june of 2021 That house today Is a 40 million dollar house Some say more Okay, now I may sit there and say look at me. I made this money. Totally get it. But guess what? I want people living close to my community to have economic growth Because if people around you are having economic growth your kids are in a safer community You're doing better You're not worried about going shopping. You're not worried about what your wife is doing You're not worried about what your employees are doing. You feel safer You want the people in your community to be doing better? This is not good. Okay. This is very good money wise. Yeah, we made a quick, you know 20 million dollars say on the house Yes, but if if this continues Yeah, it's going to be a very very catastrophic issue when you see numbers like this and one your goal like this Not good. It's not real. It's fake now. You hear what he said. He said if this continues But when they showed the zillow chart you saw the nump you saw the line it went up But then what it went like this it leveled out and that leveled out Just as it did I mean, this isn't the first time we've seen like double digit appreciation over a couple of years This really wasn't anything crazy, honestly We saw four or five years back in the 40s We saw six years of double digit appreciation for home prices in the late 70s And everybody thought oh what goes up must come down. This is crazy prices won't so high unaffordability the same stuff But guess what appreciation still continue to happen from those points It's normal three to five percent two to four percent six percent It got back to normal Okay, and that ladies and gentlemen is what I believe is going to happen here I believe that we're going to be in a position where yes, we've went up really high But we've set a new floor just like we did in the 40s Just like we did in the 70s when inflation went up and and mortgage rates went up and inventory went down and Oh, it's the same story over and over and over again now 2008 was completely different That's a completely different ball game. This is nothing and i'm sure that we can all agree that this is nothing compared to 2008 When you look at all the economic data and how everything's laid out. It's completely different Um, it's more comparable to like 70s and even back in the 40s so on and so forth Um, but the fact remains if this continues Yes, if we continue to see double-digit increases and things, you know skyrocket to the moon. Yeah, that's going to be bad But I don't think that's going to happen and when you see rates come down They're not going to come down to the three percent to the four percent, you know somewhere in that six range If you see something with a a six and a half That's going to spur the market on and in a six and a half would be a good point where We see that three to five percent appreciation We see more inventory entering the market not flooding the market, but entering into the market It would be a very healthy market So there's a there's a mortgage rate that that creates this balance in the market where things would be healthy But we're not going to see anything crash and burn I can't wait for you guys to see my my interview with logan from housing wire Like I say, I'll get that out on the next day or so This guy's uh, he he is the lead analyst for housing wire. So he he knows this stuff So that's going to be a real interesting one, but I don't see this continuing. Let's continue on here It's purely temporary by the way if this continues your kids are going to live with you forever and vini and i'm going to move in Let's figure something out. Your garage is bigger than my apartment Let's figure something out to do something like that But no, I mean to be to be serious as as much as you know We're having these types of conversations kind of like what's going to happen here I just hope Jerome Powell And the establishment doesn't have dirt on him from his past with a girl Or with a man or anything else or with money or with his kids or anything To come to him saying we have this on you. You better lower the rates. I hope that knock Doesn't happen to Jerome Powell because if it does it'll be temporary market going up celebration sugar It'll be catastrophic for the next four years and what speaking of 25 through 29 will be catastrophic If he lowers the rates speaking of Powell, it sounds like he's doing something what I think is is sensible right now He's come out and saying we were expecting a halloween Quarter point and then nothing to the end of first quarter That was all the fed board of governors were all talking about the same thing They look at economic factors Well, they don't want to spook the market another quarter point will spook the excuse me the equity markets the stock markets They don't want to do that and they also feel that right now inflation has not gone down to the two percent target They wanted it to go down to it's it's it's fighting hard to stay at like four percent give or take So but what pal has said with the war with uncertainty with a lot of things on there I'm going to have a rate increase pause and everyone on the fed board seems to say They're going to go through fourth quarter. We're one month in the fourth quarter now almost almost november And through first quarter So we're going to get to the end of first quarter because the end of first quarter is when you see how good christmas was How good was spending how good it was all that and take a look at how it's going So what they're saying is I have given you the remedy for your food poisoning Now you just have to kind of wait it out. You know what I mean? You have to wait and Talking about waiting to the end of the first quarter I think that's sensible because I don't want volatility. What pat is talking about is Volatility and it runs in two directions crash crash. Ha ha on the rich. You lost everything. Yeah Well, so did your 401k so did other things that are going on and now it's near impossible for you by that You don't want it. No, you know, it's easy to laugh at the risk whether you're going to do print another 1.4 trillion Get ready for $16 at trust me. Trust me. I'm telling you like even right You know how many people are coming right now to impact I can get you 45 I can get you you know how many strange phone calls we're not selling a house, bro But the right the the the the way to capitalize right now would be to sell Sit on cash rent two years later come back buy kind of like play that game. We But so and then the when you're talking to your investment bankers we're talking to your money managers It's like, okay Do you go equity? Do you not go equity? You're talking to your peers. Okay, if you go equity rates stay high Unemployment takes a hit recession comes next year Equities could get destroyed the next 12 months could get destroyed the next 12 months But if you're not in equities Jerome Powell lowers the rates and it goes to whatever 4 percent 5 percent That was going to go to 41,000 42,000 potentially within 12 to 18 months. Yes or no it'll go like this Yes skyrocketing. Okay, so then your risk is Do I stay in the market? Do I not stay in the market both ways? It's risky today. There is no Like path to look at because we've never experienced printing the kind of money that we did going through A pandemic that we did going through working from home shit that we did going through Two wars that we got going on one of them being so unstable. This is like There is no financial analyst that knows the right investments to make today To whether whatever is possible capable of happening in the next 36 12 What do you do? You put a little everywhere and you just have to do that You have to do that. You have to own a little bit of gold. Okay. This is not a sponsorship I just tell you the best sponsorship is when I'm not doing a sponsorship You have to own a little bit of gold. You have to look at what bitcoin. Do you know what bitcoin hit? Have you guys seen what bitcoin just hit it's right back up go to bitcoin. Where's bitcoin at right now? Yeah, look at bitcoin like people like bitcoin just hit what 35,000 36 35,000 Bitcoin was like go go go six months or so go you go last year go last year. Yeah, exactly. Yeah, look at that hit 15,000 So 35,000 now and look how it's going up. You know, it look black rock just bought I think black rock just introduced bitcoin ETFs It's it's so unpredictable today on what's going on the danger Sorry, sorry. Sorry. Go ahead. You got all I want to say is I'll put it give it back You just got to make sure you're you know the concept of diversification You know normally It's not something I would say all the time Today if you can predict the future and you're willing to go fully risk which I'm comfortable with Then do that you're taking a risk because you could have a massive this or a massive this But if you don't have that risk tolerance your solution right now is diversification Yep, and printing money is dangerous and Pat and I talked about and actually I talked about I'll take credit for this I thought the interest rates were going to go all the way to 10. I said so and they've made it to 8% 8 and 8th is a matter of fact last week. They were actually 8 and 8th Even if you had 670 credit right at right now, they're about seven and a half seven through quarter But there's something Pat said that people don't remember And you you may not remember and I'm not trying to insult the audience But you go back a year ago when Pat said he was really reacting We printed what percent of the total money we had ever printed in six months Do you remember what the number 40 percent 40 percent of the total money ever printed in these united states now? I say print a lot of people get upset. It's issued because it's digital now, too. It's not paper It's not all paper, but we call that money supply 40 percent That you did it in six months and and look what you did to those housing prices You did a venezuela Right now 10% is now and so I I They say now people say do you understand now? You know, it's like the I just but I'm telling you tom I hope howl doesn't break I hope he doesn't break because he needs to stay it needs to stay like this And and it's going to be painful guys Look, you know Not to do a plug for my book, but I'm talking to chris williamson Last week on his podcast. What a freaking start of a guy by the way this guy Can you pull up his picture chris williamson? He's doing this podcast And I pull up to this place. I'm like sam. What are we doing a podcast? He rented out this entire place that filled with bookshelves absolutely sick Sick A set that he had and we start talking and we had a nice two and a half hour conversation One of the biggest podcasters in the world. He's a stud and We're talking about the book that's coming out choose your enemies wisely business planning for the auditions for you By the way, uh, it comes out december 5th, but I'm about to we're about to release The introduction and chapter one of the book if you want to get a copy the introduction and chapter one way before everybody else gets it Text the word book to three one zero three four zero one one three two text the word book To three one zero three four zero one one three two In the next few days if you purchase a copy or the audible and the book We're gonna send you to a chapter one and introduction But just hang tight you can place the order and then you show me the receipt We'll send it to you but text the word book to three one zero three four zero one one three two Let me continue A year and a half ago. I'm consulting for these real estate guys mortgage guys Different companies not necessarily companies in this mortgage guys, but guys that are in the mortgage industry And I'm telling them listen You have one too many Rolls Royce You have one too many Ferraris You have one too many Chanel purses You have one too many of these things You're not doing the right thing is too risky Okay, settle down a little bit. You're too loud. You're too arrogant right now. You're too cocky You think you know it all You think you're untouchable You think you're not going to be hit. You're not paranoid enough. You're not concerned enough. You're not prepared enough You're not anticipating what could happen the x5 1015 was the crisis. You're drinking too much Okay, the the CEO of the company the oldest company in america. That's 1500 years old from japan They said what is the key to success and for you guys to be around? He says don't drink too much What he was talking about is don't drink your own success too much don't get too Do you see what i'm yeah consume with your own success too much right? So today People are not prepared for what's about to come You know so for some people that have been preparing for this Their wealth is going to go up 5 10 20 40 times Because they've been preparing for this But those that are not they're going to get destroyed for the people that are In the community. I said, how could you say this mortgage? We need rates to get down. I'm getting destroyed No, you thought 3 was going to be around for 20 years and your business model is a failed model You rely too much on 3 interest rates, which is fake We can't have it at a rate like that So we have to go back to being responsible But I think the next 6 12 18 months the whole concept of team spood spood spood How much could you mention the election pat and paul and pressure and who knows what they're saying? How much of this situation which is a volatile situation is going to affect voting for the for the election All those people in the middle This this is a this is a very very volatile times. We're living it dude when jamie diamond says This is the most dangerous times. We've lived in in the last few decades. Not good. Why would he say that you you're bank That you are the co to transact 7 trillion dollars. It circulates every single day Why would you say this may be the most dangerous time the world has seen in decades? He you know what you know what a job of a co jp more? Let me just kind of give you an idea what his job is every day. He wakes up. You know what his job is this job What can I say or do to calm my customers nerves? Wow? Guess what you don't say something like this This may be the most dangerous time the world has seen in decades. You're jamie diamond Then then you got Warren Buffett and Charlie monger coming out talking about what they think's going to happen in real estate next year Or you got Ray Dalio saying world war three likely it is now 50% Michael burry. All right. Why would they say that? Why would they say that they don't want to mark you crash their money's tied to all of this We were warned that trump was going to cause all this stuff Yeah, it didn't happen under trump and now it's all happening and they're just finding other excuses why and all that And by the way, it's so interesting. You're saying that this is why billionaires like shamanth are saying I voted for hillary I voted for biden But now i'm kind of starting to ask myself. Maybe what trump did was a b plus Maybe we need him back The approval rating you're saying with biden all 30 percent 30 or 31 percent 30 from democrats in some areas It's like this is so for people. There's only so much You got a love pad. I'll tell you what man. He makes a lot of sense when he's talking about all this and And what what really struck me there because I went through 2008. I lost everything I was bankrupt homeless sleeping in my car all that stuff I'm sleeping on people's couches eating out of people's refrigerators Uh, you know, I worked two jobs roofing houses serving tables worked on an oil rig I went through all that Um, and I came back and so if you've never been through one of those moments exactly what he's talking about The people that have been preparing for this moment your net worth is going to 10 20 30 40 x Over the next five years. Yes. I am one of those people why because I went through the last one I learned that you need to prepare before that. I was only thinking about today I wasn't thinking about this year. I wasn't thinking about next year I wasn't thinking about three to five to ten years out and if you've never been through a moment like this You might get caught you might get caught Blindsided and not see this coming and you might be one of the ones that gets crushed during this moment And guess what that's going to be your learning experience So that you can get up dust yourself off and start preparing for the next one that's going to happen In the next 10 12 years Whatever the case may be and you're going to say you're going to look at all the people like myself That took advantage of the situation and was ready and you're going to see how they got ready and you'd be like, okay That's how the game is played That's how I'm going to play the game and you're going to start building your different your life your your business and your life differently from that point Again, I'm going to link the uh interview. I did with pat down in fort lauderdale at his office had a lot of fun Great guy. I'm enjoyed uh meeting with them in Doing the interview and everything else. So check that out And uh outside of that. I hope you guys enjoyed the video. I'll see you on the next one. Let's go