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Kurds Prepare to Fight | Workers Raiding Their 401k · The Bill Handel Show

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  Speaker 1: You're listening to Bill Handle on demand from KFI AM
• 0:04
  Speaker 1: six forty.
• 0:07
  Speaker 2: I am six forty Bill Handle here, good morning on
• 0:10
  Speaker 2: a Thursday, March fifth, and just got some news, no
• 0:15
  Speaker 2: news about Nancy Guthrie.
• 0:17
  Speaker 1: I think it came down yesterday.
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  Speaker 2: There was some DNA found on a glove a couple
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  Speaker 2: of miles away and there's nothing there belonged to a
• 0:26
  Speaker 2: restaurant worker a few miles away. A couple things that
• 0:29
  Speaker 2: are going on right now in terms of the war,
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  Speaker 2: and that is one aspect that is now starting to
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  Speaker 2: be covered is Trump is calling on the Kurds to
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  Speaker 2: aid US efforts in Iran. The Kurds are a distinct
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  Speaker 2: minority group that are in Iraq and Syria as well
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  Speaker 2: as Iran, and they are separateity, and they are very
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  Speaker 2: different and very anti Tehran, and they couldn't do much
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  Speaker 2: because of the strength of what the Irani has had
• 1:04
  Speaker 2: the regime. Now the President is calling on them and
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  Speaker 2: we think giving them arms to basically have a second
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  Speaker 2: front against Iran. Don't know if it's needed or not,
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  Speaker 2: but I think it's mainly to be part of the
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  Speaker 2: group that is post war, in which this regime is
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  Speaker 2: clearly going to lose. I mean, there's no question about that.
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  Speaker 2: They've effectively lost the war. And now it's the question
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  Speaker 2: of setting up what happens next. And I want to
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  Speaker 2: spend a couple of minutes talking about the controversy that's
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  Speaker 2: going on, and that is what the Democrats are saying,
• 1:39
  Speaker 2: is that the attack shouldn't have happened at all because
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  Speaker 2: there was no eminent threat to the United States and
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  Speaker 2: the only reason we should attack a foreign power is
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  Speaker 2: a quote eminent threat. It has to be right on
• 1:54
  Speaker 2: top of it. It has to happen. Now, I have
• 1:56
  Speaker 2: him to agree with what the President has done. I
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  Speaker 2: think he is what should be done. He is going
• 2:02
  Speaker 2: about it in a very hamhanded way, because if you
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  Speaker 2: look at what happened in June, the United States quote
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  Speaker 2: obliterated the nuclear programs, the weapons programs completely obliterated. And
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  Speaker 2: a couple of days ago he said, well, they were
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  Speaker 2: on the verge within days of creating a nuclear weapon.
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  Speaker 2: Wait a minute, on the verge after obliterating it. There
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  Speaker 2: seems to be somewhat of a contradiction. Did you ever
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  Speaker 2: read nineteen eighty four George Orwell, or saw the movie
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  Speaker 2: Remember Eurasia and East Asia?
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  Speaker 1: That were being fought by.
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  Speaker 2: I forget the name of of the group themselves, the
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  Speaker 2: nineteen eighty four regime that did he was under. And
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  Speaker 2: what happened is overnight they switched enemies. Came in they
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  Speaker 2: were fighting, Eurasia, came in one days out East Asia
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  Speaker 2: that we're fighting, and just completely switched gears. And everybody
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  Speaker 2: has to go, yep, it's now Eastasia case. In point
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  Speaker 2: two months ago, we obliterated Iran's nuclear weapons production and
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  Speaker 2: their program, completely obliterated it. And you have everybody backing.
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  Speaker 2: The President goes, yes, we obliterated, Yes, we obliterated. Yes, yes, yah, yay.
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  Speaker 2: Now it's they're on the verge of attacking us. Yes,
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  Speaker 2: they're on the verge of attacking us. Yes, we're gonna go.
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  Speaker 2: Come on, guys. You know Carolyn Levitt, who I can't stand,
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  Speaker 2: Press Secretary to the President, laid it out and as
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  Speaker 2: did Marco Rubio. Here are the reasons we're doing this.
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  Speaker 2: Number one, we want to make sure they never have
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  Speaker 2: a nuclear program period done. We want to stop Iran
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  Speaker 2: because it's a state sponsor. Every major terrorist group in
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  Speaker 2: the world is sponsored by Tehran, training, weapons, money, a
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  Speaker 2: threat to the entire Western world. They're screaming death to America,
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  Speaker 2: Death to America. That is legitimate. And then the question
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  Speaker 2: I ask if, if not now, when when do I
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  Speaker 2: tell or does the president tell the detractors which he'd
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  Speaker 2: gone in that direction instead of eminent threat within days
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  Speaker 2: or weeks, because that has no credibility. You can't obliterate
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  Speaker 2: a program and two months later it's on the verge
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  Speaker 2: of now going into effect. But you know, hey, these
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  Speaker 2: guys are a threat to the Western world. They pay
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  Speaker 2: for terrorists to kill Americans and have for decades. It
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  Speaker 2: is time to end that crap. And the President is
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  Speaker 2: doing exactly that, to the credit and to people who
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  Speaker 2: support him, saying no other president had the balls to
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  Speaker 2: do this. It took a Donald Trump to simply say, Okay,
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  Speaker 2: you guys are done ballistic missile programs. They had the
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  Speaker 2: three thousand ballistic missiles. They're still sitting on a bunch
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  Speaker 2: of ballistic missiles. So do you wait until they have
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  Speaker 2: five thousand they have ten thousand, because they're going balls
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  Speaker 2: to the wall. I mean, these are all good reasons
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  Speaker 2: for attacking Iran and doing this without saying the nuclear
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  Speaker 2: program is eminent, The threat is eminent.
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  Speaker 1: It's not. But so what I think that's besides the point.
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  Speaker 2: I truly believe that at some point we have to
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  Speaker 2: stop these people. We have to stop this regime when
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  Speaker 2: you have a regime that cares more about helping terrorists,
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  Speaker 2: committing terrorists, paying for terrorism, than even helping their own people. Now,
• 5:47
  Speaker 2: as far as nation building, I think regime change would
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  Speaker 2: be great. And the President calling on the Iranian people
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  Speaker 2: to swell up, on up and overtake this government, I
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  Speaker 2: think that's great. Should we go in because of that? Uh?
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  Speaker 1: You know, that's I'm sort.
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  Speaker 2: Of mixed on that, I really am, Because it's not
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  Speaker 2: a question of the people coming up and overtaking the revolution,
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  Speaker 2: overtaking the revolution. It's a question of if a new regime,
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  Speaker 2: a new government comes in, a pro democracy government comes in,
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  Speaker 2: or a democratic government comes in, then all the rest
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  Speaker 2: of it falls into place, I'm assuming.
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  Speaker 1: So, you know, forget it quits, you know.
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  Speaker 2: And then since I'm telling you, the Republicans quit talking
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  Speaker 2: about eminent threat, and I think the President should quit
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  Speaker 2: talking about eminent threat because there's no credibility there. The
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  Speaker 2: credibility of all the other reasons is astounding terrorist threat,
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  Speaker 2: ballistic missile program, nuclear program, all of that absolutely paying for,
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  Speaker 2: paying for and sponsoring terrorism all over the world. Yeah,
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  Speaker 2: it's all legitimate, and I think it's fine. Okay, let's
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  Speaker 2: move to what's going on in the United States and
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  Speaker 2: your four to oh one K savings, And there is
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  Speaker 2: a story I want to share with you. Okay, Now
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  Speaker 2: moving on to our national story here. What's going on
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  Speaker 2: with us? And this isn't immediate, but it's been crawling
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  Speaker 2: and creeping up, and it's that more Americans are digging
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  Speaker 2: into their retirement savings four one K plans specifically because
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  Speaker 2: of financial emergencies. And there's a couple of layers I
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  Speaker 2: want to dig into. First of all, some figures four
• 7:38
  Speaker 2: one K plans. Last year administered by Vanguard Group, one
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  Speaker 2: of the huge groups, a record six percent of workers
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  Speaker 2: actually took a hardship withdrawal. Now, that doesn't seem like
• 7:51
  Speaker 2: very much of six percent. Pre pandemic, it was two percent,
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  Speaker 2: in twenty four it was four point eight, and now
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  Speaker 2: last year it went to six percent of taking money out.
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  Speaker 2: When you talk about the literally probably north of one
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  Speaker 2: hundred million people that have a four to oh one
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  Speaker 2: K plan, or maybe eighty million, I don't even know
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  Speaker 2: what the figure is. You're talking about some pretty massive numbers,
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  Speaker 2: and so what that does is paint financial picture of
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  Speaker 2: American workers finances very divergent. Most people are doing okay,
• 8:27
  Speaker 2: but a lot are experiencing much heightened financial stress. Now,
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  Speaker 2: the good news is more workers have been saving in
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  Speaker 2: four to oh one K plans than ever before. Balances
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  Speaker 2: have soared to an all time high with rising markets,
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  Speaker 2: which is great. You do great four oh one K plan,
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  Speaker 2: especially matching plans of the If the business gives you
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  Speaker 2: a match for osay up to three percent, that's one
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  Speaker 2: hundred percent return. If no inflation, or if it makes zero,
• 8:56
  Speaker 2: if it increases zero percent, it's one hundred percent return.
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  Speaker 1: So you're crazy enough to put in a four to
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  Speaker 1: one K plan.
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  Speaker 2: And it's much easier because there's automatic enrollment now in
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  Speaker 2: many companies you have to opt out. So guess what,
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  Speaker 2: More and more people are in the four to oh
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  Speaker 2: one K plans, which are wonderful. Now the uptick in
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  Speaker 2: these hardship withdrawals. This is a six straight year of
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  Speaker 2: increases since twenty eighteen. Why is that, Well, first of all,
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  Speaker 2: it's a lot easier to pull a hardship distribution because
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  Speaker 2: the old requirements you had to take out a four
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  Speaker 2: oh one K loan and pay it back with I
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  Speaker 2: think within three years, and you had to pay interest
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  Speaker 2: back to it. That's all gone. Now you can just
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  Speaker 2: take money out as long as it's for a hardship
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  Speaker 2: withdrawal four oh one K plans of course are they
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  Speaker 2: go in this That money is tax free and you
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  Speaker 2: only pay tax when you withdraw it upon retirement. So
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  Speaker 2: the top reasons for taking these hardship withdrawals last year
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  Speaker 2: avoiding four klow you're and evictions naturally, paying medical expenses naturally.
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  Speaker 2: And the problem is, and this is another another episode,
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  Speaker 2: another chapter in those that are wealthy are doing much
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  Speaker 2: better and those that are not are falling much farther behind.
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  Speaker 1: It's tough, It is really tough.
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  Speaker 2: So what ends up happening is you have people that
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  Speaker 2: are making a lot of money. As a matter of fact,
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  Speaker 2: if you kept your four oh one K plan intact
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  Speaker 2: and didn't withdraw any money, you look at what it
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  Speaker 2: is this year, and man, it is a healthy increase.
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  Speaker 2: You've got to be feeling pretty happy about what's going
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  Speaker 2: on now.
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  Speaker 1: That's because because the.
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  Speaker 2: Vast majority of the four oh one k money is
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  Speaker 2: in stocks run by the major groups Fidelity, Vanguard, et cetera.
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  Speaker 2: So stocks are going to go down, Yeah, of course
• 10:56
  Speaker 2: they are. I mean, economies go up and down. But
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  Speaker 2: right now we're talking about it really good increase for
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  Speaker 2: people that have money and are working. Even though there's
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  Speaker 2: a lot of employment out there, it's just much tougher
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  Speaker 2: to live. Inflation, the cost of mortgages. We're going to
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  Speaker 2: talk a little bit about that coming up at seven fifty.
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  Speaker 2: The Great American Mortgage and what's happening to that. You
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  Speaker 2: have supply chain issues, the tariffs are affecting people, especially
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  Speaker 2: those in the lower rungs of the socioeconomic market. All
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  Speaker 2: the factors, if you look at all the financial numbers,
• 11:35
  Speaker 2: you look at all the indicators, it points out and
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  Speaker 2: this is universal.
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  Speaker 1: It points out to one set of facts.
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  Speaker 2: Those that are wealthy are getting wealthier, those that are
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  Speaker 2: poor are getting poorer. Now, the very bottom rung they
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  Speaker 2: do okay, because that hasn't changed very much. Well, actually
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  Speaker 2: it has because you have the Trump administration that has
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  Speaker 2: undone menus number of these social programs. But the bottom
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  Speaker 2: line is, you know, I guess it's good to have money.
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  Speaker 1: I mean I joke as to what is the.
• 12:13
  Speaker 2: Best method of fighting poverty, get rich, make more money? Okay, well,
• 12:20
  Speaker 2: pretty simplistic and pretty stupid, isn't it, because there are
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  Speaker 2: plenty of people that simply don't have the wherewithal I
• 12:25
  Speaker 2: talk to people all the time. Well, you push yourself out,
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  Speaker 2: you pull yourself up by the bootstraps. What if there
• 12:29
  Speaker 2: are no bootstraps? What if you don't have the jobs
• 12:34
  Speaker 2: that are available. I had dinner last night with Lindsay
• 12:39
  Speaker 2: and her nieces and one of them has a boyfriend
• 12:42
  Speaker 2: who's kind of a neat guy, and he was, is it.
• 12:45
  Speaker 1: Is it your wife Da has a boyfriend? Yes, okay,
• 12:50
  Speaker 1: both both were.
• 12:51
  Speaker 2: There were two boyfriends there, one Lindsay's boyfriend and one
• 12:55
  Speaker 2: one of our niece's boyfriends. Anyway, he so he's looking
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  Speaker 2: for job. He's fifteen years old or sixteen now, and
• 13:01
  Speaker 2: he's looking for a job and talking about how difficult
• 13:05
  Speaker 2: it is. I mean he is sending resume after resume,
• 13:08
  Speaker 2: out calling follow up letters, and I mean he does
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  Speaker 2: this all day and it's very, very tough.
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  Speaker 1: It's hard to get a job. It's just hard to
• 13:18
  Speaker 1: get a job.
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  Speaker 2: And so for those of you that want to be
• 13:21
  Speaker 2: in radio, there's a very good chance that I won't
• 13:23
  Speaker 2: be here in the next couple of weeks, based on
• 13:26
  Speaker 2: how rude are obnoxious? They Oh, no, it's not that
• 13:30
  Speaker 2: I won't be here for the next couple of weeks.
• 13:33
  Speaker 2: It'll be a meal and that won't be here.
• 13:39
  Speaker 1: Okay, we're Thomis.
• 13:41
  Speaker 2: Yeah, all right. Oh, here's some good news. If you're
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  Speaker 2: in the wine industry in California.
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  Speaker 1: It's dead.
• 13:50
  Speaker 2: And this happens to be about the wine industry in
• 13:53
  Speaker 2: California that is being crushed. There is a story about this.
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  Speaker 2: One owner, a guy, Stuart Spencer, left about fifty tons
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  Speaker 2: of grapes to rot on the vine that last year
• 14:10
  Speaker 2: and he said, you know what, harvesting these grapes is
• 14:14
  Speaker 2: going to cost more than they're even worth. And we're
• 14:17
  Speaker 2: doing our best to keep our head above water. Bottom line,
• 14:20
  Speaker 2: California wineries are in deep, deep trouble. And here's why
• 14:23
  Speaker 2: you got to mix the factors. Going on weak demand,
• 14:26
  Speaker 2: I'll tell you about that in a minute, a worsening
• 14:28
  Speaker 2: grape overspy crisis, too many grapes, I'll explain that in
• 14:32
  Speaker 2: a minute. And cheap bulk imports flooding the market, all
• 14:38
  Speaker 2: collapsing the bulk wine prices.
• 14:40
  Speaker 1: And this, for the most part, is the bulk wine.
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  Speaker 2: We're not talking about the high end three hundred dollars bottle,
• 14:45
  Speaker 2: three hundred dollars a bottle kind of wine, but the
• 14:48
  Speaker 2: vast majority of wine is the bulk wine, which they
• 14:52
  Speaker 2: sell in jerry cans, you know, the big tubs of wine,
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  Speaker 2: five ten, twenty five, fifty gallons at a time. That's
• 15:01
  Speaker 2: not true, but it's you could actually buy this kind
• 15:04
  Speaker 2: of wine in the boxes. There's nothing like a box
• 15:06
  Speaker 2: of wine that really sets off a dinner. And what's
• 15:10
  Speaker 2: happening is, oh, and then let's not forget. You've got Canada,
• 15:14
  Speaker 2: the biggest importer of the US wines.
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  Speaker 1: No thank you.
• 15:18
  Speaker 2: The boycott, so winers of all wineries of all sizes
• 15:22
  Speaker 2: across California has started laying off workers and shutting down
• 15:26
  Speaker 2: production lines. Gallo Constellation Brands two of the biggest companies.
• 15:33
  Speaker 2: They have announced layoffs. Now, the numbers are not huge,
• 15:37
  Speaker 2: but the trend looks really problematic, and so the heart
• 15:42
  Speaker 2: of it the basic supply and demand problem. There's just
• 15:45
  Speaker 2: too many grapes and they're not enough buyers. The other
• 15:49
  Speaker 2: thing is the consumer demand to shrinking because boomers my
• 15:53
  Speaker 2: generation are aging out of the wine market and the
• 15:58
  Speaker 2: younger generation, a lot of you guys or your children
• 16:01
  Speaker 2: drink less alcohol in general and don't choose wine. Premium
• 16:06
  Speaker 2: beers and spirits seems to be their choice. So here
• 16:11
  Speaker 2: is why the big wine makers they're paying attention to
• 16:15
  Speaker 2: Because under California law, if a winery has more than
• 16:18
  Speaker 2: seventy five employees, they have to give notice of impending layoffs,
• 16:22
  Speaker 2: has to tell the state. Under seventy five they can
• 16:25
  Speaker 2: do whatever they want. Okay, Now, a little bit of
• 16:28
  Speaker 2: handle history I want to get through that. California wine
• 16:33
  Speaker 2: traces its roots back to the days of Spanish missions,
• 16:38
  Speaker 2: particularly San Juan Capistrano. Have you ever been to the
• 16:41
  Speaker 2: Mission of San Juan Capistrano. Is a bunch of ruins.
• 16:43
  Speaker 2: There's nothing there. It's just a bunch of blocks that
• 16:46
  Speaker 2: are standing there. But that's where it all started. Father
• 16:49
  Speaker 2: Hugh Nippero Sara cultivated European grapes for communion and for
• 16:54
  Speaker 2: barter at Mission San Juan Capistrano. And the mission system
• 17:00
  Speaker 2: was dismantled completely eighteen thirty. And what happens European immigrants
• 17:06
  Speaker 2: bought large pieces of land across the state, particularly in
• 17:09
  Speaker 2: southern California, and began producing wines commercially, and the state's
• 17:14
  Speaker 2: wine business really prosper during the Gold Rush. So it
• 17:18
  Speaker 2: comes nineteen twenty and the Volstead Act is passed prohibition,
• 17:25
  Speaker 2: and that imposed a nationwide ban on producing, transporting selling
• 17:29
  Speaker 2: alcoholic beverages, and that of course decimated the American wine
• 17:33
  Speaker 2: industry completely. There were a few wineries, and I didn't
• 17:37
  Speaker 2: know this, including San Antonio Winery in Los Angeles, survived
• 17:42
  Speaker 2: prohibition by producing sacramental wines for the Catholic Church. Also,
• 17:48
  Speaker 2: the folks who make cheese whiz survive because they sold
• 17:53
  Speaker 2: cheese whiz to the Catholic Church to put on the
• 17:56
  Speaker 2: communion wafers.
• 17:58
  Speaker 1: So they were able to survive some of the downturns
• 18:02
  Speaker 1: in the market.
• 18:03
  Speaker 2: And then nineteen seventy six, boy, that was the big one,
• 18:06
  Speaker 2: and we talked about that to this day. There was
• 18:09
  Speaker 2: a blind tasting test and an international exposition in France,
• 18:13
  Speaker 2: and the French experts blind tasted the wine and chose California.
• 18:18
  Speaker 1: Wines as the best wines out there in the world. Man,
• 18:21
  Speaker 1: that changed everything.
• 18:23
  Speaker 2: And so wines became a really important part of California
• 18:28
  Speaker 2: history to this day. You go to the wine areas Napa,
• 18:32
  Speaker 2: Sonoma and other places, just a fabulous trip. It's a
• 18:37
  Speaker 2: shame what's happening in the wine industry. You put it
• 18:40
  Speaker 2: all together.
• 18:41
  Speaker 1: Nobody wants wines. Too many grapes.
• 18:44
  Speaker 2: Oh, and they're buying too much bulk wines from Australia
• 18:47
  Speaker 2: and Chili. They're selling those places. Those farms are selling
• 18:54
  Speaker 2: wines much cheaper, or grapes much cheaper. You could have
• 18:58
  Speaker 2: up to twenty five percent foreign grapes in an American
• 19:02
  Speaker 2: wine and still call it American.
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  Speaker 1: So put it all.
• 19:06
  Speaker 2: Together, wine is going downhill, and unfortunately the wineries are
• 19:12
  Speaker 2: not doing well. Okay, so I put that one to bed.
• 19:17
  Speaker 2: Let me put another one to bed. This is a
• 19:18
  Speaker 2: great day to the disappearing American mortgage. The great American mortgage,
• 19:24
  Speaker 2: which is the cornerstone of home ownership and what makes
• 19:28
  Speaker 2: one of the reasons that makes America great legitimately makes
• 19:32
  Speaker 2: America great. Well, it is vanishing. The mortgage is going south.
• 19:38
  Speaker 2: Data from the Mortgage Bankers Association, which is the big one,
• 19:42
  Speaker 2: show that Americans are applying for fewer mortgages than they
• 19:46
  Speaker 2: have at any point in the past quarter century. This
• 19:51
  Speaker 2: is the worst that it has been in the last
• 19:53
  Speaker 2: twenty five years in terms of applications, including.
• 19:58
  Speaker 1: The worst of the Great rept.
• 20:01
  Speaker 2: Jobless rates were twice as high, and there were more
• 20:06
  Speaker 2: applications for mortgages. Why well, the entire real estate market
• 20:12
  Speaker 2: is frozen completely. Mortgage rates have just fallen below six
• 20:16
  Speaker 2: percent for the first time since twenty twenty two. Therefore,
• 20:19
  Speaker 2: we should have an explosion of applications, right, No way, Jose.
• 20:25
  Speaker 2: Even people who aren't named Jose aren't applying for mortgages.
• 20:31
  Speaker 2: Few families are putting their homes up for sale, fewer
• 20:35
  Speaker 2: families are buying.
• 20:36
  Speaker 1: No new stock or little new stock is being created.
• 20:40
  Speaker 2: High prices, really high prices, high interest costs because compared
• 20:46
  Speaker 2: to three percent money, even six percent or five point
• 20:49
  Speaker 2: nine is high, although less than a year ago it
• 20:53
  Speaker 2: was I think seven point five percent, and you have
• 20:58
  Speaker 2: wealthy individuals are making up a larger share of the transactions.
• 21:02
  Speaker 2: The bottom line, young people are going to be perpetual renters,
• 21:08
  Speaker 2: and they're going to end up poorer in retirement than
• 21:11
  Speaker 2: their parents were. And that was one of the things
• 21:14
  Speaker 2: about the future of our kids. I remember with my
• 21:20
  Speaker 2: parents and probably their parents and your parents telling you
• 21:23
  Speaker 2: you're going to do better than I am because there
• 21:27
  Speaker 2: are opportunities, and we know you're going to succeed admirably.
• 21:32
  Speaker 1: And now you're not going to have.
• 21:35
  Speaker 2: As good You're not going to do able to be
• 21:39
  Speaker 2: as comfortable, have a better retirement than me.
• 21:41
  Speaker 1: For the first time parents are saying that. I take
• 21:44
  Speaker 1: it a little further.
• 21:45
  Speaker 2: I sit down with my kids and say, you two
• 21:49
  Speaker 2: are losers. It's just that simple. You are going to rent.
• 21:55
  Speaker 2: As a matter of fact, I don't even know if
• 21:57
  Speaker 2: you're going to be able to rent that tent under
• 22:00
  Speaker 2: that bridge, have a good life. And are they going
• 22:06
  Speaker 2: to do better than I am? No, I have a house,
• 22:08
  Speaker 2: they're going to have a tent. The bottom line, the
• 22:12
  Speaker 2: reality is that our kids are not going to do
• 22:17
  Speaker 2: as well as us, and that changes the American landscape completely.
• 22:24
  Speaker 1: So there are a few obvious causes.
• 22:28
  Speaker 2: One of them and that's happened after the Great Recession, when,
• 22:31
  Speaker 2: of course mortgages blew up. There was something called the
• 22:34
  Speaker 2: Dodd Frank Act Federal Act that titaned lending and underwriting standards.
• 22:40
  Speaker 1: So what mortgage lenders did in order to sort of deal.
• 22:43
  Speaker 2: With it is increase the amount of credit to wealthy
• 22:47
  Speaker 2: households because they were going to meet all new standards anyway,
• 22:51
  Speaker 2: whatever minimum standards that are necessary for credit, which is
• 22:55
  Speaker 2: of course what you need to buy a mortgage or
• 22:58
  Speaker 2: to purchase a home with a mortgage.
• 23:00
  Speaker 1: Wealthy people are going to make it no matter what. Now,
• 23:03
  Speaker 1: the problem.
• 23:04
  Speaker 2: Is is that the middle class income earners that hit
• 23:11
  Speaker 2: them hard because the banks weren't offering them the same rates,
• 23:19
  Speaker 2: were not offering them the same services, weren't offering them
• 23:22
  Speaker 2: the same opportunities. Again, the wealthy people had no problem,
• 23:26
  Speaker 2: and the banks went to the wealthy people because services.
• 23:29
  Speaker 2: They made more money on services extending credit, brokerage accounts
• 23:36
  Speaker 2: the middle class. When a banks end up loaning or
• 23:40
  Speaker 2: getting a credit card to the middle class or issuing
• 23:42
  Speaker 2: a mortgage, that's bread and butter wealthy people. If a
• 23:46
  Speaker 2: bank can land a fairly wealthy person who has more
• 23:50
  Speaker 2: has a brokerage account as well as spending big money
• 23:53
  Speaker 2: on credit cards, that makes more money for the banks.
• 23:56
  Speaker 2: So guess where they went. They went for the people
• 23:59
  Speaker 2: that make money. You know what, let me take a break.
• 24:02
  Speaker 2: I want to come back and I want to continue
• 24:05
  Speaker 2: on with this and finish it up. And that is
• 24:08
  Speaker 2: the disappearing American mortgage. I'll be right back with that.
• 24:11
  Speaker 2: In the meantime. This Fi, that's what we're talking about,
• 24:15
  Speaker 2: the KFI, the sounder. You want to do that again.
• 24:18
  Speaker 2: In the meantime, hold on, let's do this right, okay
• 24:21
  Speaker 2: and cute.
• 24:22
  Speaker 1: In the meantime, it's I wait. Sorry. You've been listening
• 24:29
  Speaker 1: to the Bill Handle Show.
• 24:30
  Speaker 2: Catch My Show Monday through Friday, six am to nine am,
• 24:33
  Speaker 2: and anytime on demand on the iHeartRadio app.