TIME BOMB: 32% Of Households Missed July Payments

Transcript

00:00
another terrifying economic
00:03
fact for everybody about the kovid
00:05
depression here
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this is in cnbc as the economic fallout
00:10
from the coronavirus pandemic continues
00:12
almost one-third of u.s households
00:16
32 percent have not made their full
00:18
housing payments
00:20
for july yet according to a survey by
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apartment list
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and online rental platform about 19
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percent of americans
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made no housing payment at all during
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the first week of the month
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and 13 only paid a portion of their rent
00:33
or mortgage
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that’s the fourth month in a row that a
00:37
quote
00:37
historically high number of households
00:40
were unable to pay their housing bill
00:41
on time and in full up from 30 percent
00:46
in june and 31 in may
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renters low income and younger
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households were most
00:52
likely to miss their payments apartment
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list found
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so listen to this many households
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have already spent their one-time
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stimulus check
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the one-time 1200 check and the extra
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600
01:08
per week in unemployment insurance
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used by many to cover essentials like
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housing
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runs out at the end of july
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that means even more households could
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potentially miss
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their rent or mortgage payments in the
01:26
coming months
01:30
we’re already at 32 percent
01:34
we’re already at 32 percent
what’s that going to go up to when you
get rid of the 600
per week unemployment insurance increase
01:44
and again it goes away at the end of
01:46
this month
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what’s that going to get up to over 50
01:51
percent
over 50 percent of people unable to pay
their rent or their mortgage
01:57
over half the country is that what’s
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gonna happen over half the country
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can’t pay their rent and can’t pay their
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mortgage
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i’m at a loss for words we’ve never seen
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anything like this before
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i don’t know how many times i could tell
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you that
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when you look at the subprime mortgage
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crisis in the great recession
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in 2009 guys
02:22
even before covid we were kicking two
million people
out of their house i believe per month
which is higher
than the height of the great recession
that was pre-coveted
02:35
pre-covet what’s gonna happen
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when we’re totally done with covid no
02:41
more cases which it’ll be a while by the
02:42
way before we get there
02:44
what’s gonna happen to all these people
who can’t make their payments what’s
02:50
going to happen
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over 50 percent of the country perhaps
is not going to be able to make their
02:55
payments
02:59
you think we’re seeing social unrest
with this george floyd situation
just wait just wait
03:07
there will be social unrest the likes of
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which we maybe haven’t seen in this
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country before
when you have real unemployment over 20
percent when you have a situation where
maybe half the country or
more can’t pay the bills
i mean that’s a recipe for revolution i
don’t want to sound hyperbolic about it
03:26
but like all the distractions in the
world
cannot save us from the inevitable
i get it you know we live in the modern
era we got computers
we got netflix we’re like plugged in in
a way that can distract us from
all the problems of everyday life but if
over half the country can’t
keep a roof over their head what do you
think is going to happen
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and just so everybody understands i’m an
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idiot loudmouth youtuber and i’m talking
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about this
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do you think that mitch mcconnell do you
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think that nancy pelosi or chuck schumer
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do you think that trump or his merry
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band of idiot advisors like larry kudlow
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you think that they know that this is on
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the way and that
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this is the dire situation that we’re in
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you think they know they have literally
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no idea
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trump goes out there every day now and
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brags about the v-shaped recovery
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it’s unbelievable the stock market is
04:23
bouncing back
the stock market 92 of the stock market
is owned by the top
10 of income earners
so you’re bragging about the stock
market you’re bragging about how the
rich you’re doing you’re bragging about
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how the corporations are doing
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guys we had a full corporate bailout we
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had full
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corporate socialism at the beginning of
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this crisis it was naomi klein shock
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doctrine 101.
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they looked at kovid they looked at the
04:54
impact
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the federal reserve the central bank
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stepped in and said we will do anything
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to prop the market up a trillion dollars
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in liquidity per day
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fine then you had the cares act
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the coveted bailout it was crumbs to the
05:06
people but really the point of that was
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the five trillion dollars to corporate
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america
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to let them know hey we got your back
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so we fully socialized corporate america
propped them up and then now
regular people are the ones who are
getting screwed why didn’t we just not
bail them out and bail
just do a bailout from the bottom up
instead of the top down this is the same
thing we didn’t know eight we did a
top-down
bailout not a bottom-up same thing now
we did a top-down bailout not a
bottom-up
well when you don’t bail out from the
bottom up this is what happens
you’re gonna have 50 of the country who
can’t live who can’t put a roof over
their head
we’ve never seen anything like this and
to think about the fact
that in the midst of this crisis with a
pandemic
they’re like no we will not do medicare
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for all you’re not going to get health
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care
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there’s a pandemic bro people can’t pay
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the bills they can’t even put a roof
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over there do you think they can afford
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medical bills if they get sick
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are you kidding me even the idea even
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the concept
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of medical bills makes me sick just
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hearing it
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somehow other countries have figured out
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how to make sure everything’s covered
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when it comes to your health
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this country nope you might have to go
bankrupt you have to go bankrupt because
you got sick
that’s the way it works we’ve covered
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stories what was it forty thousand
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dollar bill because somebody had coveted
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and they needed a lot of care
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they’re denying you universal health
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care in a pandemic
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they’re denying you universal basic
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income
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when you can’t work because of the
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pandemic
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they give you a one-time 1 200 payment
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that you went through in probably a week
if they don’t make real concessions i
shudder thinking about what happens
in the future if they don’t do real
concessions if they don’t do medicare
for all
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if they don’t do universal basic income
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i
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shudder at what’s going to happen this
country is coming apart at the seams it
could come
apart a lot worse than it already has
because there’s no way you can keep the
facade going
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when probably over half the people will
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not be able to put a roof over their
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head
what do you want to do you want to you
want to evict all of them or foreclose
on all of them you want to keep them all
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out of their
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their place where they live is that what
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you want to do
you want millions and millions and
millions and millions of
new homeless people is that what you
want to do
you know i knew our government was
totally corrupt and terrible
but i think i was naive in the sense
that
on some level i thought well they won’t
let it get
beyond a certain point like it won’t
get so bad that it threatens the fabric
of the system
period no it will and they’re totally
08:09
unaware
08:09
it absolutely will they’ll let it get as
bad as possible because these guys are
not there to represent you
they’re not they’re given money to get
elected
by corporations and billionaires so when
they get in there they represent
corporations and billionaires they don’t
care about you
and this is the result this is the
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result
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we have the solutions that’s the thing
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that’s probably the most frustrating
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is that we know what would work we know
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how to fix these problems
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we know how to make our country better
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and they just they’re not doing any of
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those ideas they’re not doing medicare
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for all
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they’re not doing free college they’re
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not doing a great new deal they’re not
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doing a living wage
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they’re not ending right to work laws
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and having stronger
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union laws they’re not doing universal
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basic income
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there are really clear ways they’re not
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getting money out of politics
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they’re really clear ways to fix all
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this stuff they don’t want to do it
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they want to do it and we’re about to
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see unrest
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that again will make the george floyd
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protest look like cakewalk because
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this may surpass the great depression if
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these numbers
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come to fruition
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think about how the history books are
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going to look at this point in time
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think about how they’re going to look
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back on this
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kind things are not going to be said
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about this era about this generation
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and i haven’t even touched climate
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change yet which is ecological disaster
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which is
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civilization threatening haven’t even
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touched that yet
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oh that is a nihilistic laugh i just had
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if i’ve ever heard of one

Violent Social Unrest Ahead? History Suggests So (Podcast w/ Neil Howe)

We’re entering the era when the new violently replaces the old.

Neil Howe, demographer and co-authour of the book The Fourth Turning, returns to the podcast this week. In our prior interviews with him, we’ve explored his study of generational cycles (“turnings”) in America which reveal predictable social trends that recur throughout history and invariably result in transformational crisis (a “fourth turning”).

Fourth turnings are characterized by a growing demand for social order, yet supply of it remains weak. The emergence of the surveillance state, a perpetual war machine, increased intervention in failing markets by the central planners, greater government control of critical systems like health care and the Internet — all of these are classic fourth turning signs of the desperation authorities exert as they lose control.

History shows time and time again that such overreach ends in rejection of the current order, usually via violent revolution.

Now that we’re roughly halfway through the current Fourth Turning and things have really started to unravel here in 2020, we’ve asked Neil back on the program to update us on what to expect next.