If if I made 400 grand a year, I would be embarrassed with
myself as a husband, a father, basically, as a human being.
Big boy, right over here popping out, what you would you make last year?
[MUSIC]
What's your gross last year?
[MUSIC]
2.7, how does anybody live on $2.7 million a year?
[MUSIC]
>> [LAUGH] >> You need to make it impossible, dude,
I cannot.
I can't, my plane eats $2.7 million a year.
>> That's Grant Cardone.
He's a finance influencer, and he is insufferable, to say the least.
Apparently, making $400,000 a year would embarrass him.
He wouldn't feel adequate as a father, husband.
He'd be embarrassed.
Let's take a look at some of his other videos in just a moment and see whether or
not this guy knows what he's talking about.
Spoiler alert he doesn't.
Before we do, though, Jenk, do you feel inspired?
>> Yeah, look, I don't know what it is about the right wing that enjoys guys like
this, because no one on the left wing likes guys like this.
But right wing likes being yelled at and saying and
being dominated in some weird way, like, you're not good enough.
You're not man enough, because you don't make for.
And guys, think about it this way.
I've made as little as 15,000 a year and sometimes less, okay?
And when I was at MSNBC, I made more than what he was mentioning, okay?
More than 400,000.
>> Wow! >> Okay, so was I not a man when I was
poor, but I became a man when I became rich?
And then when I left MSNBC, did I lose my man card again?
That is insanity, okay?
Only dumbasses like this think that way.
>> So let's talk briefly about who Cardone is.
Just give you a little more context about him.
So, per his author bio on Amazon, he owns and operates seven
privately held companies and a private equity real estate firm.
Cardone Capital is the name,
with a multifamily portfolio of assets worth over $5 billion.
So Cardone is also an author and public speaker.
And as for his social media presence, he has 4.3 million followers on Instagram.
And look, Jenk,
I actually think this isn't something that just appeals to right wingers.
I think that this appeals to a lot of, like, I don't know.
I think mostly young men who want to be inspired, who believe in the hustle and
think that, like, if I just apply myself, I can be fabulously wealthy.
He's got 2.4 million YouTube subscribers,
1.8 million followers on TikTok, and 1 million followers on Twitter.
So let's talk a little more about his content.
First, let's listen to his advice about home ownership.
And remember that he's made a fortune in real estate.
>> No one should buy home.
>> Homes were not built for people.
Homes were built for banks.
The bank created that product to sell money.
The bank can't lend money for just money.
You need a reason to borrow money.
You're starting a business.
That's a reason but it's really risky for the bank.
What if a bunch of bankers sitting around drinking bourbon we got to lend
money out, man.
That's how we make money.
We get people to give us a dollar, we lend it out nine times.
We need something to lend the money on.
So back in the 50s, they're like, everybody should have a home.
We should call it something like the American dream.
They got the politicians buying it.
Those homes were built for banks because who made all the money on the homes?
It was always the banks.
>> Okay, at first I thought I was going to hate him, and
I did make all sorts of facial expressions.
But, no, there is a point to what he's saying there,
to be honest with you, right?
Because when you consider the interest that's attached to a 30 year
fixed mortgage, even when we had super low interest rates.
If you don't make extra principal payments on that home,
you actually end up spending double the amount of what the value of that home was
by the time you're finished paying off that loan in 30 years.
Assuming you can finish paying it off in 30 years.
>> Yeah, but so what, if your home value goes up, which has happened for
the great majority of Americans, and we've been lucky in that regard.
It doesn't always happen, but generally it has.
And certainly over through all these decades,
you wind up winning huge on buying.
>> That is very true.
He left that part out of the equation.
>> He leaves that part of that out of the equation.
But he speaks with such confidence, it makes it seem like,
only a sucker would buy a home because he only told you half the story.
>> Exactly 100%.
Okay, so he's actually addressed his glaringly obvious conflict of interest.
Remember, he's a real estate mogul.
He's an influencer who's giving people advice on home buying.
And so let's see what he has to say for himself on that issue.
>> You said that buying your home is a dumb idea.
People think the reason you're saying that is because you own a bunch of rental
property.
You're trying to trick people into not owning anything so
they can come rent with you.
>> Yeah, that's what I'm doing.
Why not? I'm not trying to sell anybody anything.
I'm trying to help people create financial freedom for themselves.
There's not one report in the history of the world of anyone creating
financial freedom because they bought a house.
Jamie Dimon, he's on CNBC talking about how great the economy is.
He's not thinking about people buying a house when he says that stuff.
He's thinking about his rich friends.
These people don't even talk about the house they bought.
Donald Trump down the street, he don't buy one house.
He buys the whole building and lives in.
>> That is insane.
No, that argument is insane.
A ton of people have built equity.
Well, it was one of the last remaining investment vehicles for
ordinary people, working class people, to build wealth.
And that has been snatched away from them by private equity firms,
by foreign investors looking to launder their money in US real estate.
Like, what is he talking about?
>> Yeah, he's full of crap when he says, I'm not trying to sell anyone anything,
really?
Right, but then why are you doing the shows online?
Because think about it, guys.
These guys remind me of psychics, right?
I can tell the future.
Here's how I know you can't, otherwise you'd be a billionaire.
Go tell the future on the stock market and
you'll have more money than you know what to do with, right?
So in his case, if you're such a billionaire for or whatever you are, or
incredibly rich from real estate, why don't you just keep doing that?
I'm here to help you.
Are you?
My guess is you actually didn't make that much money from real estate.
You're making most of your money through this scam where you tell people
what to buy.
By the way, commercial real estate.
Look, man, guys buy or beware of,
especially guys talking super confident online, okay?
So commercial real estate is in a world of trouble.
Post COVID people are not going into work as much.
People are renting commercial spaces a lot less,
let alone Amazon, et cetera, cleaning out the retail stores.
>> Some cities have even started to transition commercial real estate for
office space and businesses to housing.
Which I think is a positive development rather than just letting
these buildings sit empty.
It takes a lot to change the features of the buildings to turn it into apartments,
but that's definitely a better direction than just,
like letting them sit there empty.
>> Yeah, no, I'm not buying any of this, okay?
So should you be careful when you're buying a property?
Of course you should be careful.
And prices don't always go up.
I mean, we should make sure your credit score is okay enough to be able to
withstand the mortgage that you're going to have to pay.
You should be responsible about all that stuff.
But overall, if it's such a bad investment to buy a house,
why is private equity doing it?
Because right now, private equity companies, some of the savviest
people in finance, are buying residential property all across the country.
If it was a bad investment, they would be very unlikely to do that.
So sorry, but I don't believe a word this guy is saying.
>> Totally agree with you.
I want to go to one final video where he talks about inflation and
how it's our fault.
It's the worker's fault.
>> Let me tell you why inflation was caused.
I'm going to break it down for you very simply.
A bunch of you people went out and spent money that you shouldn't have spent.
You went from being salespeople to influencers,
spent more time spending money than making money.
The government gave you some money during COVID and what'd you do?
You went and bought a goddamn Gucci bag with it.
That's why you got inflation.
That's why you're in trouble right now.
So what do you do to get out of the trouble?
Just confront the situation.
You did stupid judge you with your money.
You didn't invest it.
You left in the bank.
You didn't get great at what you were doing.
You didn't keep producing money.
As long as you're good at what you do, you wouldn't save money.
Get your money out of the banks.
It's not because the bank's no good, it's because your money should be
working some other place, and a bank can't make you safe.
>> No, an FDIC insured bank would make you safe up to about
$250,000 more if you have a joint bank account with a spouse.
But nonetheless, I mean, I'm curious where he would want that money to be invested,
which would be much more risky than having it in an FDIC insured bank.
Nonetheless, his whole argument of how inflation got so bad to begin with is BS.
So let's just give you some important details on what's really transpiring in
the economy.
So this is from April of 2022.
So since the trough of the COVID-19 recession in the second quarter of 2020,
overall prices in the non financial corporate sector have risen at
an annualized rate of 6.1%.
A pronounced acceleration of the 1.8% price growth that
characterized the pre pandemic business cycle of 2007 to 2019.
Now, what actually caused the inflation?
That's right.
Price gouging. Corporate profits strikingly over half of
this increase 53.9% can be attributed to fatter profit margins,
with labor costs contributing less than 8% of this increase.
This is not normal.
From 1979 to 2019, profits only contributed
about 11% to price growth and labor costs over 60%.
>> Yeah, so unsurprisingly, he's full of crap on that, too.
Guys, this is part of what leads to depression for people, because
they believe guys like this, they think that everybody's making over $400,000.
Because a really loud guy online said it, right, and they're like, my God,
I don't make anywhere near $400,000.
I guess I must not be a man.
Come on, do you know what the median household income is in America?
This is misleadingly high, because so many people live at far less than this.
But it's 70,000, so what?
That's 50% of the country is not anywhere near being a man.
Well, actually, that's true, because 50% of the country is female.
But you see my point.
Okay, [LAUGH] So no,
he's trying to trick you into doing whatever scam that he wants you to do.
And he's gonna pretend, and
he's pretending you'll easily make millions of dollars.
Total under horse crap.
The only thing he's good for is John Bernthal could play him in a show one day.
He was in the first season of The Walking Dead.
>> So the other thing I wanted to say has nothing to do with economic data.
It has everything to do with what your worth or your value is as a person.
If you base your self worth on how much money you make,
that is a recipe for disaster.
You're going to be a sad and miserable person.
Guys like that man who just completely discount character,
integrity, being loving and kind to people.
We've got enough of that.
[LAUGH] We've got enough of that in society.
We've got enough of that on these social media platforms.
Your worth is not based on how much money you're bringing to the table, period.
>> And unfortunately, he aids and abetts establishment media.
That gives you the impression that the powerful and the rich have merited it.
And they are really important people who are amazing and
they are the real great men of society.
>> Exactly.
Well, guys, look here here's an interesting example.
Me, since I worked in cable news, I've been in all three categories.
I've been poor, I've been middle class, and for a while I was rich, okay?
For a tiny amount of while.
And then I left voluntarily from NBC, okay?
But since I've seen it all, wait a minute, I'm the same guy that was poor and
that was a middle class and that was in all of those categories.
So how does that mean?
Did my character fluctuate?
No, of course not.
It's actually really gross to say that only rich people can be men or
have character or be great.
It's super gross.
Martin Luther King Jr.
was never rich, and he's a thousand times the man that any of these guys are.