>>> PEOPLE ARE VERY SCARED.
THEY’RE SCARED OF BEING EVICTED.
THEY’RE CARED OF LOSINGSCARED OF
UNEMPLOYMENT.
AND THE PRESIDENT AND SENATE HAS
SAID NOTHING.
MAY 15th THE HOUSE PASSED THE
HEROES ACT.
AND THEY, RIGHT NOW, ALL OF THIS
RUNS OUT.
>> FORMER SENATOR AL FRANKEN IS
RIGHT, AMERICANS ARE SCARED.
MILLIONS HAVE BEEN LEFT WORRIED
ABOUT HOW THEY’RE GOING TO PAY
FOR GROCERIES, BILLS, AND THEIR
RENT AS CONGRESS LETS THE $600 A
WEEK ENHANCED UNEMPLOYMENT
LAPSE.
THEY HAVE BEEN UNABLE TO COME TO
A BIPARTISAN DEAL AND NOW AS WE
SEE A RISE IN CORONAVIRUS CASES
AND THE POTENTIAL FOR A SECOND
LOCKDOWN, IT’S MORE IMPORTANT
THAN EVER TO KEEP BOTH AMERICANS
AND OUR ECONOMY AFLOAT.
MY NEXT GUEST PAINTS A GRIM
PICTURE OF WHAT COULD HAPPEN IF
CONGRESS FAILS TO ACT.
SHE WRITES ONCE THE DOWN WOORD
SPIRAL STARTS, MORE JOB LOSSES
LEAD TO LESS CONSUMER SPENDING,
LEAD TO MORE BUSINESS CLOSURES
AND JOB LOSSES.
IT COULD LEAD TO A DEALERSHIP
DOWNTURN THAT PERMANENTLY
DAMAGES THE ECONOMY FOR YEARS TO
COME.
ECONOMISTS SAY THE UNITED STATES
IS NOT IN THAT SPIRAL YET BUT
THE NATION IS AT AN INFLECTION
POINT.
I HAVE HEALTHER LONGTHER LONG HE
I WANT TO TALK ABOUT THE FIRST
ONE ABOUT INKWALT. EQUALITY.
THE BIGGEST ASSET PEOPLE HAVE IS
THEIR HOME.
AND IF YOU DON’T HAVE A HOME,
THE BIGGEST COST IS HOUSING.
IF YOU WENT INTO THIS AT A SLOW
JOG, YOU’RE GOING TO COME OUT
RUNNING.
IF YOU WENT INTO IT STUMBLING
YOU’RE GOING TO COME OUT FLAT.
>> I THINK YOU’RE RIGHT.
I REMEMBER BACK TO THE GREAT
RECESSION IN 2008/’0 NINE, WE
WERE DRIVING AROUND LOOKINGAL AT
ALL OF THE EMPTY HOMES AS PEOPLE
WERE KICKED OUT AND FORECLOSED
ON.
WHAT I’M WORRIED ABOUT THIS
SUMMER AND AS WE HEAD INTO THE
FALL IS AN EVICTION CRISIS.
THIS PANDEMIC IS HITTING RENTERS
MUCH HARDER.
AND THE FEDERAL MORATORIUM ON
EVICTIONS HAS NOW EXPIRED.
CONGRESS HAS LET THAT LAPSE.
WHAT THAT MEANS IS LANDLORDS CAN
NOW SEND A LETTER TO THE RENTERS
AND SAY, LOOK, IF YOU’RE NOT
PAYING THE RENT, I CAN START
KICKING YOU OUT AT THE END OF
AUGUST.
THERE ARE EVICTION COURTS THAT
ARE OPEN AROUND THE COUNTRY THAT
ARE HAVING THESE HEARINGS RIGHT
NOW AS WE SPEAK.
AND THE REALITY IS, WE COULD
EASILY SEE 12 MILLION EVICTIONS
BY OCTOBER.
>> I WANT TO POINT OUT YET
SOMETHING ELSE IN THIS ARTICLE
THAT YOU WROTE.
IT’S NOT THAT RECESSIONS ARE BAD
FOR EVERYONE.
THEY’RE GOOD FOR ABOUT 7% OF THE
PEOPLE.
ACCORDING TO SEASONALLY ADJUSTED
DATA RELEASED LAST WEEK BY THE
COMMERCE DEPARTMENT AND NATIONAL
ASSOCIATION OF REALTORS.
MEANWHILE, 12.6 MILLION RENTERS
WERE UNABLE TO PAY RENT
ACCORDING TO THE LATEST
HOUSEHOLD PULSE SURVEY FROM THE
U.S. CENSUS.
IF YOU HAVE MONEY AND CREDIT,
YOU CAN GET A 30-YEAR FIXED
MORTGAGE FOR 3% OR LESS TODAY IN
THE IS A GREAT TIME TO BE
WEALTHY.
THIS IS A GREAT TIME TO BE -- TO
BE RICH.
AT THE VERY TIME SAME THAT YOU
ARE -- THAT MILLIONS OF
AMERICANS, AS YOU POINT OUT, ARE
LOSING THEIR WEALTH.
>> IT’S AN UNPRECEDENTED TIME
FOR HOUSING INEQUALITY MANY THIS
COUNTRY.
AND A REMINDER THAT THIS
PANDEMIC IS HITTING PEOPLE SO
DIFFERENTLY THAT BASICALLY
WHAT’S HAPPENING IS PEOPLE WHO
STILL HAVE A JOB, PEOPLE WHO
CAME INTO THIS -- THIS SITUATION
WITH SOME SAVINGS, THIS IS LIKE
A BARGAIN HUNTING HOUSING
SITUATION FOR THEM.
YOU KNOW, THEY’RE ABLE TO TAKE
ADVANTAGE OF THESE HISTORIC LOWS
IN THE MORTGAGE RATE, 30-YEAR
MORTGAGE FELL BELOW 3% FOR THE
FIRST TIME EVER IN JULY.
AND SO BASICALLY THE WEALTHIER
ARE GOING OUT AND THEY’RE BUYING
BIGGER HOMES RIGHT NOW.
I MEAN, HOMES WITH YARDS, HOMES
WITH AN EXTRA OFFICE WHERE THEY
CAN WORK FROM HOME.
AND AT THE FLIP SIDE, WE HAVE 12
MILLION AMERICANS WHO WEREN’T
ABLE TO PAY THEIR RENT IN JUNE
AND NOW WE HAVE THAT EVICTION
MORATORIUM THAT HAS EXPIRED.
AND ON TOP OF THAT, THIS
WEEKEND, AS YOU’VE REPORTED,
THAT $600 EXTRA UNEMPLOYMENT
BENEFIT THAT THE FEDERAL
GOVERNMENT HAS BEEN GIVING OUT,
THAT IS NOW GONE AS WELL.
SO WE HAVE FAMILIES THAT ARE
GOING FROM HAVING ABOUT $900 A
WEEK IN UNEMPLOYMENT TO DROPPING
TO $300 OR LESS A WEEK IN
UNEMPLOYMENT.
BASIC MATH, YOU CAN’T PAY YOUR
RENT.
MOST PEOPLE CAN’T MANY THIS
COUNTRY IF THEY’RE ONLY GETTING
$300 OR LESS A WEEK.
>> HEATHER, THANK YOU FOR YOUR
REMARKABLE REPORTING ON THIS.
I DO ENCOURAGE OUR VIEWERS TO