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hey everybody it's wednesday february 10 2020. today we're going to talk about how the stimulus checks are going to make the bubbles bigger yes believe it or not and we're going to talk about why that is but first let's talk about who's getting the stimulus checks who qualifies and what you're going to find out is it's a lot of people that don't necessarily need the money a lot of people that are making fifty thousand to a hundred thousand are still going to get this um check so for example if you're making 75 000 or 150 000 for a couple a married couple you will still qualify for the check and a lot of those people may not have debt to pay off so they're going to go out and the speculation is they're going to go out and put this in the crypto market the stock market and because of that you're going to see the bubbles get even bigger so first let's talk about who's getting the checks and for this let's go to an interview and this was a recent interview that was put out on cnbc.com let's take a listen included by some democrats is to phase out checks for individuals making more than fifty thousand dollars a year uh you called that proposal unbelievable and said quote in other words working-class people who got checks from trump would not get them from biden brilliant obviously you're being sarcastic there it's clear you don't support it you heard janet yellen earlier in the show she said obviously she thinks that somebody makes sixty thousand dollars a year uh should be getting these relief checks but she wasn't willing to commit to seventy five thousand uh where do you think the cutoff should be well i think what we have done in the past and what we have promised the american people we've said two things uh in the last month we said we're gonna get you two thousand dollars at six hundred dollars plus fourteen hundred dollars and what we're gonna do is say that everybody a single person individual 75 000 or lower and a couple of a hundred and fifty thousand dollars or lower will be eligible for that full two thousand dollars six hundred plus fourteen hundred now when people said we don't want rich people to get uh that benefit i understand that i agree and what we need to do is have a strong cliff so it doesn't kind of spill over to people making three hundred thousand dollars and that's what i support and that's what i think most people understand but to say to a worker in vermont or california or anyplace else that if you're making you know fifty two thousand dollars a year you are too rich to uh get this help the full benefit i think that that's absurd and it's also from a political point of view a little bit absurd that you would have under trump these folks getting the benefit but the biden who is fighting hard for the working class of this country they would not get that full benefit so i think from a policy point of view we've got to do the right thing in that 75 and 150 000 for a couple from a political point of view it is absurd to be telling working class people somebody has a decent union job they're making 55 60 000 sorry you're not eligible for the program makes no sense to me at all nor do i think it makes sense to the american people all right so there you have it that was obviously bernie sanders now i know a lot of people you may love you may hate the certain people that are controlling uh the votes here who gets the money uh but the sad truth is people now millions of people are dependent on lawmakers to send out these checks all right now again my stance i always want to make it clear i know that these stimulus checks are not going to be the solution right it's a band-aid on a broken leg um until you stop the money printing in the background and the inflation the rising price is created from the money printing stimulus checks are never going to fix the problem they may delay the inevitable bust and they may delay a few people becoming homeless or a few people getting their electricity shut off for a while but it's not going to be a long-term solution so this time next year unless the money printing stops this time next year we're going to be talking about three thousand dollars stimulus checks and there after that six thousand dollar stimulus checks you see where we're going here so as long as the bubbles keep inflating as long as the inflation keeps being pumped out there it's going to be more bigger stimulus checks and pretty soon it's going to be ubi every month payouts so essentially monthly stimulus checks aka ubi all right so this is where at doesn't mean that i think it's the solution but it's what's happening so we need to talk about it but here's the big issue in my concern in my opinion here and you heard that couples making up to 150 000 are still likely going to get this check unless something changes well a lot of people are out of debt especially when you look at that income category and guess what they're probably going to go put this money into investments because most people are realizing you put it into a checking account you're hardly going to get anything what's the um ap why now annual percentage yield for a checking account it's less than one percent right so most people are saying hey i'm not going to just leave my money in the bank i'm going to put it in stocks i'm going to put it in cryptos because people just expect that this is the new normal that markets are always going to rise so they're going to put their money into these markets and try to get a bigger return and i've seen several economists out there saying the same thing a legendary investor jerry grantham says biden's 1.9 trillion stimulus package plan would make the stock market bubble even worse right what do we see with a lot of these day traders uh people on robin hood they went out and they put their checks into the stock market and in some cases in some cases they created a short squeeze in certain stocks that we talked about and it's pretty insane because people think that this is going to last forever and that there's not going to be a change in direction right endless money creation endless rising prices endless asset bubbles no pullback no correction right no more boom and bust cycles i don't think that's true but a lot of people are just going all in and when they get some extra money they're gonna go ahead and put it into these markets because they feel that there's going to be never-ending inflation in rising prices now jeremy grantham says that's not true he says this is going to make the inevitable bust even worse worse than anything we've ever seen just type in the title here that you're seeing and you'll find this article and grantham said in this article quote if it's as big as they talk about this would be a very good making of a top for that market just of the kind of the history books would enjoy and it continues quote we will have a few weeks of extra money and a few weeks of putting your last desperate chips into the game and then an even more spectacular bust unquote and when you think about it it may not just be the people that are in the upper income brackets that are going to be using these checks to put into the markets it may be people that are living paycheck to paycheck that don't have to pay their rent right now because they're getting free rent they're not there's the eviction moratorium and when you get several months behind on rent you feel like there's no extra options or there's no options besides just gambling the money to try to make up because you're so far behind you're so far in debt and you know that a checking account and a savings account with one half of a percent of a return is not going to get you out of that hole then you're going to be likely to go with the hail mary right the hail mary the uh the desperate last ditch effort to try to make a huge return on your money by putting it in the markets right so how many of these people that are several months behind on rents and it's tens of millions of people how many of those people feel so desperate now they're just gonna gamble their money put it in the markets put into this crypto put it into that crypto uh maybe try to catch one of these uh short squeezes in the stock market to try to dig themselves out of this massive hole right it's possible uh we're living in unprecedented times i know some of these things sound extra extraordinary but uh this is the reality and a lot of people agree with what's going to be happening here the stimulus checks and then bust i will have to see how it plays out everybody stay well stay safe stay prepared let me know what you think down this about this down the comments uh what will you be doing with your stimulus check i hear from a lot of people they're just going to pay off debt a lot of people are going to go spend it at the multinational corporations therefore it's just going to go to uh the countries that manufacture most of the goods in these stores like asian countries maybe you're listening maybe you're going to go put this into the markets and try to do that hail mary pass let me know thanks everybody stay well stay safe stay prepared bye for now peace
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