>> Brian: THE 30-YEAR FIXED
LOAN, SEPTEMBER 2021 IT WAS
2.86, NOW 6.02.
WE DON’T KNOW HOW THE BANKS ARE
GOING TO REACT.
IT IS PAIN WE HAVE TO ENDURE
BECAUSE ALL THE PANDEMIC
SPENDING FROM SUPPLY CHAIN TO
PRESIDENT’S POLICIES.
IN TERMS OF NUTS AND BOLTS.
WINTER HEATING COSTS 17.2%.
VERY SIGNIFICANT DEPENDING ON
HOW BIG OR SMALL YOUR BILL IS.
ALREADY JACKED UP.
WHAT I THOUGHT WAS SO FOLLY IF
YOU LOOK AT OUR CONVERSATION
PRACTICAL FAMILY MACRO ECONOMIC
POLICIES.
LAST THING YOU WOULD WANT TO DO IS MAKE IT MORE COSTLY TO
IS MAKE IT MORE COSTLY TO
PURCHASE BIRL BARRELS OF OIL.
LAST THING WE WANT TO REFINE
LESS AND PRODUCE LESS EXCEPT FOR
A CERTAIN MEMBER OF THE SQUAD:
LISTEN TO HER QUESTION TO THE
MAJOR BANKERS WHEN IT COMES TO
FINANCING FOSSIL FUELS, JAMIE
DIAMOND ON THE RECEIVING END.
>> YOU HAVE ALL COMMITTED AS YOU
ALL KNOW TO TRANSITION EMISSIONS
FROM LENDING AND INVESTMENT
ACTIVITY TO LINE WITH PATHWAYS
TO NET 0 IN 2050.
NO NEW FOSSIL FUEL PRODUCTION
STARTING TODAY THAT IS 0?
I WOULD LIKE TO ASK ALL OF YOU
AND GO DOWN THE LIST, YOU HAVE
AGREED TO DOING THIS.
ANSWER SIMPLE YES OR NO, DOES
YOUR BANK HAVE --
>> ABSOLUTELY NOT.
THAT IS THE ROAD TO AMERICA.
>> SIR, EVERYBODY THAT GOT
RELIEF FROM STUDENT LOANS HAS A
BANK ACCOUNT SHOULD TAKE OUT
THEIR ACCOUNT AND CLOSE THEIR
ACCOUNT.
YOU DON’T CARE ABOUT WORKING
CLASS COMMUNITIES FACING HUGE
AMOUNTS OF ASTHMA RATES AND
CANCER RATES.
>> Ainsley: WOW, SHE ASKED HIM A
QUESTION.
HE TOLD HER THE TRUTH.
SHE IS SAYING YOU SHOULD PULL
YOUR MONEY OUT OF JP MORGAN IF
YOU ARE BANKING.
YOU HAVE HIGH HEATING BILLS,
HIGH GAS PRICES.
STILL HIGH.
FOOD COSTS AT THE GROCERY STORE.
HEATING BILLS UP 17%.
THAT IS A HUGE CHUNK OF CHANG.
THEN IRA.
401K HAMMERED.
HOUSING MARKET WILL GET HIT WITH
HIGH INTEREST RATES.
IF YOU HAD A 30-YEAR FIX AT 3%.
WHY WOULD YOU SELL YOUR HOUSE
AND SIGN UP FOR 6.5% INTEREST
RATE?
ECONOMY SLOWING DOWN BECAUSE OF
HIGH INTEREST RATES WHICH MEANS
UNEMPLOYMENT IS GOING TO CHANGE,
GO UP.
THEY ARE EXPECTING 4.4% BY END
OF NEXT YEAR.
ON TOP OF THAT, FEDS FORECAST
THEM TO RAISE THE RATES BY THE
END OF THE YEAR AND AGAIN NEXT
YEAR.
INTEREST RATES GO UP.
THEN SUPPLY CHAIN ISSUE.
LEASE RAN OUT ON YOUR CAR.
CALLED YOUR DEALERSHIP, MY LEASE
IS UP, CAN’T GET A LOAN, CAN YOU
EXTEND SIX MONTHS AFTER THAT YOU
ARE IN A PICKLE.
CAN’T GET A CAR.
THEY ARE TELLING MANY PEOPLE
CALLING DEALERSHIPS YOU HAVE TWO
MORE YEARS TO WAIT FOR ANOTHER
CAR.
YOU HAVE TO BUY YOUR CAR IF YOU
CAN EVEN AFFORD BUY OUT THAT
LEASE.
>> Steve: ONE OF THE THINGS,
AINSLEY, TENS OF THOUSANDS OF
CARS BUILT THEY JUST NEED PARTS
BECAUSE OF THE SUPPLY CHAIN
THING.
>> Brian: CHIPS.
>> Steve: I WAS READING ONE
VARIETY OF CAR IN THE UNITED
STATES DOESN’T HAVE HEATED
SEATS.
COULD NOT GET THE CHIPS TO HEAT
THE SEATS.
SPEAKING OF HEAT, COST MORE TO
HEAT YOUR HOME IN THE WINTER.
AVERAGE PRICE FOR THE HOUSE
$1,200 ADDITIONAL COST KILL
PEOPLE ON A FIXED INCOME.
WE ARE DOWN HERE AT THE
VILLAGES.
I MENTIONED THEY SELL 300 HOUSES
A MONTH.
PROBLEM IS, NOT SELLING HOUSES
HERE AT THE VILLAGES.
SAY THEY LIVE IN MICHIGAN.
THEY NEED TO SELL THEIR HOUSE IN
MICHIGAN TO COME DOWN HERE.
THE PROBLEM IS, PEOPLE WHO BUY
THE HOUSE IN MICHIGAN ARE GOING
TO BE LOOKING AT THE HIGHER
INTEREST RATES.
I DON’T KNOW IF I SHOULD DO THAT
RIGHT NOW BECAUSE I CAN’T AFFORD
IT ALL BECAUSE OF THE HIGHER
RATES OF INFLATION AND FEDERAL
RESERVE JAMMING ON THE BRAKES.
WE HEARD FROM JEROME POWELL AND
OTHERS, WHAT THEY HAVE DONE
HASN’T WORKED.
THEY CHANGED THE TARGET RATE OF
INFLATION.
THEY WERE TRYING TO HIT 2%.
NOW JACKED IT UP, WE ARE GOING
TO TRY TO HIT 3 OR 3 AND A
QUARTER, BRIAN.
>> Brian: COMBINATION OF
GREENSPAN, CUT SPENDING RAISE
RATES DEAL WITH PAIN.
PROBLEM WITH PRESIDENT’S
FORMULA, INCREASE SPENDING RAISE
RATES, NO ONE HAS EVER SEEN THAT
FORMULA SUCCESSFUL.