0:00 [Music] just you guys know who blackrock is yes are we gonna talk about that ████ calling entitled millennial i'm sorry i just burnt it out okay all right let's take a look what's black rock blackrock is a oh is it an investment firm basically it's like a conglomerate blackstone right because there's black stone too yeah they're different than barcelona they're not the same there's also black they're different right but they're different companies but they're all associated because i know that blackrock was um buying up a ton of ████ listing and you know like even in like vegas and like california so like they're the guys also that's coming in and buying out homes cash over asking so like this thing has been going around right and then when i looked into it i'm like
0:51 who's all these rich people coming in um like is it for it's for like development like they're just like buying a gentrifying area so they just want like all the real estate or like is it some ████ that they want to ████ us over i don't know what the details of their strategy is but they're buying up a lot of ████ land and a lot of ████ real estate real estate a lot and i have it i think it has something to do with the low interest rates and and and and the knowing that the fiat is going down in value that they're just trying to uh hedge it like everyone else is trying to do everyone i mean like ████ bill gates he's the number one private owner of like farm real estate right now so even like zillow and like redfern was doing that yeah they'll just come out and straight up yeah they got trouble for them they'll just buy it and they'll just own massive amounts of land but um i found out also that blackrock was
1:43 giving uh they said basically for each home they're offering an extra 100k on top cash so then like it just beat out everybody out of the market so like let's say like you know young families in la right average home here is still 700k well now it's probably like eight or nine but this was two years ago two years ago average home here 700k right so imagine like just like i mean like you and you nick like you you and tiff like you're married like you know maybe starting a family soon or whatever like how possible is it for anyone to ████ own a home here even with decent jobs so even if you got the 700 000 house now you have to pay property taxes you have to pay increasing gas prices like there's so much cost we know so many people that have been looking for a home to buy in
2:33 this past like two year span and same issues keep happening somebody comes in uh is giving an offer hundred thousand dollars way over and then they lose it every single time and then same thing happening in honolulu san francisco san jose like all the major cities right so what i found out is there's a couple of things right so there's already a lot of rich people in la california is what like the fifth biggest economy worldwide like just right behind like china japan germany like it's like a nation just california it was its own country so we so like locals are trying to compete against foreign investors rich people already in california who wants to like i have all this extra money now i got to buy real estate because my dollar if i leave it in the bank account is going to go down
3:23 ████ companies like you know blackrock and other investment groups not only that contract groups so like let's say all of us we you know we're just small time contractors we build homes together what a perfect time like right now when the interest rate is low let's just go buy up some homes you put in a hundred thousand dollars each we buy a cash and then we fix it up and then we flip it and we keep doing this over and over loans are so cheap right now right why wouldn't you do it and then you have old la families that's just been around and you know like the longer you're here typically the more wealth you have right because you've been here for so long it's like grandma great grandpa bought a house and then you know grandpa bought a house and then dad bought a house so now you have three homes in your family you know and then like you can buy another one so i think like all that ████ combined to like
4:15 being able to like being you know it's just difficult for people like us to just get money and and people like us it's not even like we you we actually have a little bit more money than the average population but we still it's still ████ crazy well especially because the interest rates are so low right now it's kind of a rush to towards the exit because they've already announced they're going to raise a quarter like every quarter like a quarter percent like six times this year or something yeah they just they just raised it up by half yeah you so you've been saving for a house and maybe this was your time oh my god now everyone's running towards the door trying to get their ████ loan approved so they can buy their house before this thing spikes yeah if annie doesn't move to vegas by this year it's not gonna happen ever so what's ████ up is this this son of a ████ clock's ticking yeah so this is blackrock's president right his name is rob capito he says that
5:05 inflation's having dramatic effects in the economy with an entire generation now learning now learning what it means to suffer from from shortages he says for the first time this generation is going to go to the store not be able to get what they want and we have a very entitled generation that has never had to sacrifice what a ████ load of ████ huh he's out here this is what i don't understand he's out here ████ buying up all the goddamn houses and then so out pricing everybody and saying well you're entitled they are the world's largest asset manager with about 10 trillion in client assets and investments he's he's putting his finger on the garden hose and he's going yeah everybody you can't not everybody gets a drink [Laughter] we have limited resources what a cool guy so out of touch
5:55 and also what i don't get too is um so gas prices right the price of uh barrel for oil right now is actually cheaper than it was like seven years ago or something so it doesn't i saw a chart of it people were like why why is it why is this happening where like let's say seven years ago the price of barrel i'm just gonna throw this number out there it's not the actual number but just for example 10 bucks right so if it's 10 bucks and then the gas prices are actually cheaper back then why is the gas uh barrel like eight bucks but it's more expensive now so it's like the wholesale price of gas is cheaper but we're charging higher and i'm like what the ████ is going on is that inflation is that just because they want to charge more they're gonna do it
6:46 i don't know buy that one probably that one it's like the second the oil barrels uh cost more suddenly it's like you have to make everybody the natural consumer pay more and then the second second you realize that wait a minute consumers can pay this much even though the oil prices go down you're kind of like well they can pay this much but it's a cartel it's a controlled it's a controlled supply it's a fixed supply by the saudis right so we all know it it's like opec is controlling the supply so they get to really determine how much is released and how much they they constrict so that's directly correlated it's it's them no but what he's saying is even though the oil barrels are going down in price yeah and that's what we're paying for them the gas stations down the corner is still charging retail is higher than this yeah yeah but that's why it's the same price right so it's like the same it's the same price um as like you're saying a couple years ago and all that stuff but then by the time that you know they get to factor in all the war stuff
7:37 mm-hmm by the time they're shipping oil over here well plus dude what's going on with the with the petrol dollars crazy right now like basically saudi arabia and or russia are pressuring all these countries to say hey we're not going to take u.s dollars anymore for oil you're going to have to pay us in ruble wow and so and and that's happening right now russia just did that to germany they're like hey you want to oh you want oil guess what you pay us in rubles now whoa and so then now germany's like okay well we were using us dollars before so now it's like okay we're not going to use the dollar we have to buy more rubles which is strengthening russia's economy is going with uh india india and russia too because india wants to keep their business open with russia so they have to like go around the sanctions which is really just going to perpetuate the u.s dollar value you know china and russia just did this like last week they say the new world order why do people keep saying that new world order comes from saying it bite and saying new
8:28 world it's different new world order like i'm pretty sure china russia is talking about something else different from ████ biden we're talking about old new world order i know right yeah man plus the state of california they tax the ████ out of the pump right so so you know maybe in vegas it's like a dollar less yeah it's a dollar less because they're charging the tax so you know what's crazy so hawaii which is a ████ island in the middle of the ocean has cheaper gas than la how the ████ is that possible it's direct from uh you get the volcano gas well dude did you guys ever know people with gas stations uh oh mike songs dead yeah so there's a lot of money that goes into the maintenance and they it's like really required to do these weird maintenance things and pay these other companies to come in and do these inspections that's the wreck and and then if those go up then so does the gas price and i heard
9:18 they only make like a center to ten cents yeah so it's the gift shops it's like the the gas is what gets you in there and if you buy like it's like a movie theater type of thing you know like burrito get the food yeah that was actually exactly something that happened at my son's dad's gas station i remember when uh mike was helping his dad to add all the ████ convenience stuff like the the sodas the drinks the snacks pretty much the concessions yeah and then that was what ends up changing the business model wow it's pretty crazy though but it blows my mind that he would be so out of touch just thinking that millennials and gen z are so um entitled i don't think he's out of touch i think he's perfectly in touch you know what i mean like he's talking
10:09 about scarcity inflation but then he's purchasing all the real estate creating scarcity inflation i think he's ████ fully in touch but i think that's just the difference is that also i guess like the purest definition of like free market capitalism where it's like you versus me and yes you're entitled so i'm gonna rush forward it's up to you if you're gonna earn money to buy that house if not i'm gonna crush your ass a little bit this is the game that we're playing a little bit right yeah but it's almost like talking ████ to the person who can't afford normal goods and services punching down by saying by saying like huh it's not new either like this is what they always do yeah remember when they blamed all the poor people for freddie may and freddie mac and they're like all these stupid ████ got loans that couldn't afford well no ████ you stupid idiots you can't pay your bills hey guess what you got to pay
10:59 your bills okay poor people that's what they remember basically and they were doing predatory loans and they're defaulting yeah making money off of every sign up and they don't give a ████ if they can pay for the loan or not they're just approving a proven approval ridiculous high-risk loans and then they're going well you're supposed to pay you ████ dumbass i like that voice model with anything where you where someone's getting in commish for the dotted line any business where that's what you get that dude is gonna move papers i did that ████ with some ████ cell phones in 2001 people couldn't afford it their credit i would pull it up go oh ████ well hey just sign here man i was like the ████ man fargo scams right yeah you had to just sign dead people up for credit cards ensued you see it happen all the time in every business yeah it's like an encouraged behavior which is ████ crazy it's down to the bottom line yeah
11:49 and then at the top of it like it's like the quote that he said is it's just inciting like blame all directions and that's how you get people to like there's still people out here really believing that gas station owners are ████ filthy rich just because it's six dollars now you really think these people are rich they're not ████ rich man yeah so um what joe's wealthy the record yeah for oil was 140 per barrel in june 2008 but gas prices have gone way past where they were in 2008 i like 2008 prices i'm right remember we were complaining about that university southern california professor believes that the it's because the taxes are higher than they were back in 2008 so that the price of fuel you see at retail it's not just the price of oil which is the foundation but also includes all the additional taxes oh so that's what's racking up same ████ 7 gas stations like 7.95
12:41 actual cost of oil is the same from 2008 right cheaper it's cheaper it's actually cheaper than them 100 or 100 it was 140 per barrel in 2008 now it's like right now it's like 98. so the the thing is taxes the red tape all these extra like bureaucratic things and wealthy gas stations and wow very wealthy gas stations greedy gas station orders [Music]
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