Latest / The Ben Ferguson Podcast / Another Communist Move: Unrealized Capital Gains Tax which would Destroy Our Nation

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Another Communist Move: Unrealized Capital Gains Tax which would Destroy Our Nation · The Ben Ferguson Podcast

0:01
Speaker 1: So in the past twenty four hours, the Dems have
0:05
Speaker 1: forced RFK Junior to stay on the ballot because they
0:09
Speaker 1: think that's going to help them win the election if
0:11
Speaker 1: people are able to still vote for him instead of
0:14
Speaker 1: having to choose between Kamala Harris and Donald Trump. They
0:18
Speaker 1: also remove Cornell Wess off the ballot because they think
0:22
Speaker 1: that's going to take.
0:22
Speaker 2: Away votes from Kamala Harris.
0:26
Speaker 1: The Department of Justice has filed an upgraded Trump indictment,
0:31
Speaker 1: and Facebook came out and admitted they censored post in
0:35
Speaker 1: compliance with the Biden Harris demands. I love how Democrats
0:42
Speaker 1: say they're the ones that are saving democracy. I guess
0:45
Speaker 1: they mean that they're saving democracy by ending it all together,
0:49
Speaker 1: because every one of the things I just mentioned to
0:51
Speaker 1: you is completely and utterly against what a democracy actually is. Now,
0:57
Speaker 1: I bring all that up to go back to something
1:00
Speaker 1: else that has to be brought up, and that is
1:04
Speaker 1: now the attack on Americans and their retirement accounts. It
1:11
Speaker 1: is truly shocking at this moment in time to see
1:16
Speaker 1: what the Democrats are doing and team Kamala right a
1:20
Speaker 1: as a you know, a comrade Kamala is all in
1:25
Speaker 1: on quote unrealized capital gains tax that would destroy this country.
1:31
Speaker 1: Experts are now coming out on TV and saying that
1:34
Speaker 1: this would not just be an economically destructive but they
1:37
Speaker 1: also believe it may actually be unconstitutional. What she is
1:42
Speaker 1: saying that she wants to do. Now, she doesn't care
1:45
Speaker 1: because she's a communist. So let me explain a little
1:49
Speaker 1: bit to just understand how a complex issue can be simplified.
1:55
Speaker 1: Tax experts are saying that that what Harris wants to
1:58
Speaker 1: do with these unreal liifed capital gains tax proposal is
2:02
Speaker 1: number one unworkable, constitutionally suspect, and economically completely destructive. The
2:11
Speaker 1: nominee Harris and her proposal is to tax unrealized capital gains,
2:18
Speaker 1: and she says that will give her more money to
2:21
Speaker 1: do what she wants to do. Harris's tax policy proposal
2:25
Speaker 1: would increase taxes by.
2:27
Speaker 2: Five trillion dollars.
2:30
Speaker 1: I'm going to say that again, by five trillion dollars
2:36
Speaker 1: the tax increase over ten years, just on this issue alone.
2:42
Speaker 1: Kamala Harris also sent out her economic advisor and he
2:46
Speaker 1: affirmed that their plan is to tax unrealized gains. Now,
2:51
Speaker 1: you may be asking this question, is what is an
2:54
Speaker 1: unrealized gain? It's a it's a fair question, and I
2:59
Speaker 1: think far too many times in life people aren't willing
3:03
Speaker 1: to ask the questions that are so important to be asked,
3:08
Speaker 1: and because they're afraid of looking dumb, especially on issues
3:13
Speaker 1: when it comes to money. If you understand what unrealized
3:17
Speaker 1: capital gains is and what it means, it's simply put
3:22
Speaker 1: this way. You have money that has made money that
3:25
Speaker 1: you invested after you paid taxes on it, right, and
3:30
Speaker 1: then that money can use to grow. Now, that money
3:32
Speaker 1: can also go down. It could it could disappear because
3:35
Speaker 1: you have it invested. So, unrealized capital gains occur when
3:40
Speaker 1: the value of an asset increases over its cost basis.
3:44
Speaker 1: So let's say you bought a stock at one hundred
3:47
Speaker 1: dollars a share and I'm just using simple numbers here,
3:51
Speaker 1: then is held unsold and that number goes to let's
3:55
Speaker 1: say one hundred and twenty two dollars, what she wants
3:59
Speaker 1: to do is tax you on that twenty two dollars
4:02
Speaker 1: even though you haven't cashed out. Right, it's unrealized gains
4:06
Speaker 1: because you're still in the market. That number day fucuates
4:10
Speaker 1: every day that the market is open, and so there's
4:14
Speaker 1: another way of describing it as this is.
4:16
Speaker 2: A theoretical profit. I'll give you a great example.
4:19
Speaker 1: When the markets are booming, there are a lot of
4:22
Speaker 1: Americans that had a lot of money right and they
4:24
Speaker 1: are like, oh, you've got you know, let's call it
4:26
Speaker 1: a million dollars in the market. Well, you only have
4:29
Speaker 1: that million if you actually cash it out that moment
4:32
Speaker 1: in time, and then you'll see a market go in
4:34
Speaker 1: a downward spiral two thousand and eight, two and nine
4:37
Speaker 1: and one hundred. That one million in retirement may have
4:40
Speaker 1: dropped down to seven hundred thousand. What she wants to
4:43
Speaker 1: do is tax you as soon as you win, and
4:48
Speaker 1: no matter if, even if you lose later on. I'll
4:52
Speaker 1: give you an even more simple example. Say that you
4:55
Speaker 1: purchase a stock for ten dollars a share. The next day,
4:58
Speaker 1: the price increases the twelve dollars, but you do not
5:00
Speaker 1: sell it. That two dollars difference is what they describe
5:04
Speaker 1: as an unrealized capital gain. While your net worth may
5:09
Speaker 1: increase by two dollars, it remains at risk to change
5:13
Speaker 1: it further unless you sell that stock. Now, we've made
5:17
Speaker 1: incentives for you to stay in the market and not
5:20
Speaker 1: pull your money out all the time, right, that's part
5:23
Speaker 1: of retirements and for it one ks like you go
5:26
Speaker 1: through ups and downs.
5:27
Speaker 2: I have had drastic swings in the markets, just.
5:30
Speaker 1: Like many others have in unrealized gains because I didn't
5:34
Speaker 1: actually sell the stock at the high and it came
5:36
Speaker 1: back down. The economy multiple things can change that. Realize
5:41
Speaker 1: capital gains occur when an asset is sold right for
5:45
Speaker 1: more than what you paid for it when you bought it,
5:48
Speaker 1: resulting in profits from the sale, and those are considered
5:53
Speaker 1: realized gains. So let's say you invested fifty thousand dollars
5:57
Speaker 1: and you sold it for fifty one thousand. You would
6:00
Speaker 1: then pay taxes on the one thousand dollars in gains.
6:06
Speaker 1: Realize gains. Capital gains have a final known value. That's
6:10
Speaker 1: how you can do it. They're the recorded amount of
6:14
Speaker 1: a fixed transaction. So when unrealized capital gains fluctuate every day,
6:20
Speaker 1: they reflect the state of an asset at any given
6:23
Speaker 1: time when it's being held unsold. So in this example,
6:28
Speaker 1: all right, say let's say your equity is now we're
6:31
Speaker 1: twelve dollars a share on July one, and then you
6:34
Speaker 1: sell it for fourteen dollars a share on August one,
6:37
Speaker 1: You would have a two dollars unrealized capital gain on
6:40
Speaker 1: July one and a four dollars realized capital gain on
6:44
Speaker 1: August one.
6:45
Speaker 2: Right, you notice how this is fluctuating.
6:48
Speaker 1: So what they are trying to do is she's saying,
6:51
Speaker 1: anytime you make money, we want to take the money
6:55
Speaker 1: from you, Which brings me back to the conversation with CNBC,
7:00
Speaker 1: and I want you to listen to this. This is
7:03
Speaker 1: Comway Harris's advisor being asked about this on CNBC, and
7:10
Speaker 1: they're basically saying, you guys are communists.
7:13
Speaker 3: Listen how that has changed over time. Unrealized gains. Taxing
7:17
Speaker 3: unrealized games just doesn't seem fair in any sense of
7:20
Speaker 3: the word. In a difference, in the very best sense.
7:23
Speaker 3: If you are taxing unrealized gains, all you're doing is
7:26
Speaker 3: pulling forward the taxes that would be paid later when
7:28
Speaker 3: someone actually sells the stock.
7:30
Speaker 4: I think that this reaction to unrealized gains is a
7:33
Speaker 4: little funny given that I bet that the majority of
7:35
Speaker 4: people watching right now are already paying a tax on
7:38
Speaker 4: unrealized gains.
7:38
Speaker 2: It's called a property tax when the value of your.
7:43
Speaker 4: Use the value of your home, you pay higher tires,
7:46
Speaker 4: even if you can tell your home.
7:47
Speaker 3: Your value of your home never moves the way stock moves.
7:50
Speaker 2: The way something is always the go to answer.
7:53
Speaker 3: It's also property tax is a use tax. You're paying
7:55
Speaker 3: for school for the schools, you're paying for emergency services.
7:59
Speaker 3: Those are things that make absolute sense.
8:01
Speaker 4: And sure and all the all the revenue that comes
8:03
Speaker 4: in from these unrealized gains taxes and the other taxes
8:05
Speaker 4: and the tax in the Harris Plan are going to
8:08
Speaker 4: go to what creating what she calls more opportunity.
8:10
Speaker 2: It's to make sure that.
8:11
Speaker 4: That's not every new in this country actually gets six.
8:13
Speaker 2: Thousand dollars in the services.
8:15
Speaker 4: Well, look, you're you're arguing that this is some sort
8:17
Speaker 4: of foreign concept that's completely unknown, it's.
8:21
Speaker 5: Topically unconstitutional, it's probably and it was never in anyone's intent.
8:26
Speaker 3: To It's not an income tax, and it's never going
8:29
Speaker 3: to happen.
8:30
Speaker 2: Probably not.
8:33
Speaker 6: Well, I'm not gonna say my life, I would not
8:35
Speaker 6: in Becky's life.
8:38
Speaker 4: Look, I want to just step back and say that
8:40
Speaker 4: the Harris tax plan overall is about providing money for
8:44
Speaker 4: investments that go into middle class family uses, to affordable housing.
8:49
Speaker 4: To this child tax credit to make sure that every
8:51
Speaker 4: newborn starts with six thousand dollars in the account, something
8:53
Speaker 4: that they can use to get off to a healthy
8:55
Speaker 4: and nutritious start. To making sure that we can address
8:59
Speaker 4: the cost of care things that middle class families are
9:01
Speaker 4: really struggling with for the past few decades.
9:04
Speaker 3: And so said that something needs to be done for
9:06
Speaker 3: middle class families. I think the question becomes, how, yeah,
9:09
Speaker 3: you go about doing it.
9:11
Speaker 2: These are straight up communists. This is a communist idea.
9:15
Speaker 1: It's something that is probably unconstitutional, but again, they don't
9:19
Speaker 1: care if it's unconstitutional.
9:21
Speaker 2: That's the part about this that should scare everyone.
9:25
Speaker 1: They're just saying, we don't care about law, we don't
9:28
Speaker 1: care about the constitution. We don't care that we're going
9:31
Speaker 1: to punish you every time you make a dollar after
9:34
Speaker 1: you've already been taxed on the money that you've then
9:37
Speaker 1: used to invest. Like this is the part about our
9:40
Speaker 1: tax system that at some point Americans are going to
9:44
Speaker 1: have to wake up and realize you're spending half of
9:47
Speaker 1: your life working for a government that then screws you.
9:52
Speaker 1: Everything is tax now. Everything you do is tax hotels,
9:57
Speaker 1: rental cars, taxes on everything that you buy taxes on
10:01
Speaker 1: the on sales tax. Right, I mean the list of
10:04
Speaker 1: taxes on in everything that I do is tax My
10:06
Speaker 1: investments are taxed like there's nothing. They don't have their
10:10
Speaker 1: hand in saying give me more. It's disgusting. But now
10:14
Speaker 1: they're saying that's not enough. We want communism. Let me
10:18
Speaker 1: also explain to you why these communists want to do this.
10:23
Speaker 1: It actually gives them more power, not just through taking
10:27
Speaker 1: your money, but it d incentivises you significantly to be
10:32
Speaker 1: an investments. So you end up having what I refer
10:36
Speaker 1: to as high school mentality, like whatever you get, you spend,
10:41
Speaker 1: and then you're reliant on the government. Right, same way
10:44
Speaker 1: in high school, you're reliant than on your parents to
10:47
Speaker 1: take care of all of your needs. So your parents
10:51
Speaker 1: have a lot of power because they're the ones that
10:53
Speaker 1: have the roof over your head and pay the car
10:55
Speaker 1: insurance and give you your car.
10:57
Speaker 2: Right.
10:58
Speaker 1: There's a lot of things like this that your co
11:00
Speaker 1: dependent on your parents. And this is how they actually
11:05
Speaker 1: gain even more control over the American people. And they're
11:09
Speaker 1: they're they're incentivizing you to not take control of your future,
11:15
Speaker 1: and they're incentivizing you to be irresponsible because at some
11:19
Speaker 1: point you just throw your hands up and you're like, well,
11:21
Speaker 1: screw it. Why would I even invest Because even if
11:23
Speaker 1: I do invest in, the stock goes up and then
11:26
Speaker 1: I got to pay all this money out.
11:27
Speaker 2: So what's the point?
11:29
Speaker 1: Right, Which then gives them, in a weird way, if
11:32
Speaker 1: you think about it, more power over you, because you
11:35
Speaker 1: need them more for the bare necessities of retirement later
11:38
Speaker 1: in life, beyond even social security. That's how communists expand
11:45
Speaker 1: their power. They need a group of people that is
11:48
Speaker 1: significant in size to depend on them, and then that
11:53
Speaker 1: group of people becomes a voting block that then votes
11:56
Speaker 1: for their king maker. Right, They're they're king who they're
12:01
Speaker 1: dependent on to keep their life going.
12:06
Speaker 2: Let's also take this.
12:08
Speaker 1: And connect it back to what she wants to do
12:10
Speaker 1: with price controls in the grocer. A first term House
12:14
Speaker 1: Republican who actually runs a small chain of grocery stores
12:18
Speaker 1: in Ohio is worried now and speaking out that Vice
12:22
Speaker 1: President Harrison's grocery price control proposal would hurt family owned
12:26
Speaker 1: businesses like him, shutting them down.
12:29
Speaker 2: Quote, we're dealing with a lot.
12:31
Speaker 1: The net profit in grocery stores is about one and
12:34
Speaker 1: a half percent so you think grocery stores.
12:37
Speaker 2: Are making a lot of money off of you, You're wrong.
12:40
Speaker 1: The net profit after everything's been paid out in a
12:43
Speaker 1: grocery store is about one and a half percent. So
12:46
Speaker 1: how the next question asked Uff, is well, then why
12:49
Speaker 1: would anybody be in the grocery business.
12:50
Speaker 2: It's a good point. Why do you think there's been
12:53
Speaker 2: so much consolidation.
12:55
Speaker 1: The way you make your money is by just churning mass,
13:00
Speaker 1: mass amounts of goods to the people, so that one
13:03
Speaker 1: and a half percent turns into something that is a living,
13:08
Speaker 1: you know, a way to live, a way to make
13:10
Speaker 1: a living if you're doing really well, he said, one
13:15
Speaker 1: in three quarters.
13:15
Speaker 2: So let's say you're killing at a grocery store.
13:18
Speaker 1: It's not like your margin's got to five percent, he says,
13:20
Speaker 1: it goes it to one in three quarters. He said,
13:23
Speaker 1: justin layman's terms, it's about a dollar fifty for every
13:26
Speaker 1: one hundred dollars that you go through the registers. Is
13:29
Speaker 1: what a grocer makes off you. He said, quote, and
13:33
Speaker 1: what we've seen in the last three to four years
13:35
Speaker 1: has been pretty horrific. That is what represented Michael Rooley,
13:39
Speaker 1: a Republican from Ohio, said in this interview he did.
13:43
Speaker 1: He said, this will be a nail in the coffin
13:45
Speaker 1: of the industry that no one can imagine if you
13:50
Speaker 1: start doing price controls now. It really won a special
13:54
Speaker 1: election June to succeed a retiring representat Bill Johnson, a Republican.
14:00
Speaker 1: Before that, he was a Republican state senator and helped
14:02
Speaker 1: to run Rulio Brothers, the mid sized grocery chain that
14:07
Speaker 1: his father started in nineteen seventeen. So he's seen the
14:12
Speaker 1: ups and downs in this business. To explain to what
14:15
Speaker 1: effect he argues price controls will have on his business,
14:19
Speaker 1: really held up a bottle of Tide laundry detergent made
14:22
Speaker 1: by Procter and Gamble. He said, quote, if the Harrison
14:25
Speaker 1: Administration tells Procter and Gamble, which is based in Cincinnati,
14:29
Speaker 1: that this Tide right here that I'm selling today for
14:31
Speaker 1: four ninety nine has to stay four nine for the
14:34
Speaker 1: next four years, what will happen is that Procter and
14:37
Speaker 1: Gamble will just simply choose not to make this product.
14:40
Speaker 1: And so that's going to happen a lot. In other words,
14:43
Speaker 1: all of your choices, which is exactly what we've seen
14:46
Speaker 1: in places like Russia and Venezuela, where they do price controls.
14:51
Speaker 1: Everything disappears from the shelves because you're not allowed to
14:55
Speaker 1: make a profit. So anything that doesn't make a profit,
14:59
Speaker 1: the manifest just stops manufacturing instantly. He then pointed to
15:04
Speaker 1: the bar code known as the stockkeeping unit or the SKEW,
15:09
Speaker 1: he said, denoting the individual product and set his store.
15:14
Speaker 1: For example, we carry items with thirty eight thousand different
15:20
Speaker 1: bar codes, whereas larger grocery chains carry even more than
15:24
Speaker 1: that thirty eight thousand. He said, well, why would that
15:27
Speaker 1: matter to your viewers in this interview. It's going to
15:32
Speaker 1: matter to your viewers because this is the luxury of
15:34
Speaker 1: living in the United States of America, where the average
15:37
Speaker 1: blue collar worker Joe bag of donuts would have an
15:41
Speaker 1: opportunity to buy some nice things in life. What will
15:45
Speaker 1: happen in four years of a Harris administration is those
15:49
Speaker 1: thirty eight thousand skews will go all the way down
15:52
Speaker 1: to maybe five thousand, and you'll be living in Cuba Venezuela. Now,
15:58
Speaker 1: all of this comes as Harrison rolling out this plan
16:03
Speaker 1: with three months left until the election, saying I'm going
16:06
Speaker 1: to hold the prices on everything, and you guys are
16:09
Speaker 1: going to have an amazing life because I'm going to
16:12
Speaker 1: mandate prices. Now, you can mandate a price, but you
16:15
Speaker 1: can't mandate they keep producing the product at a loss
16:18
Speaker 1: and go under. So part of this pledge is, she says,
16:22
Speaker 1: to an act the first ever ban on food price
16:25
Speaker 1: gouging quote unquote, which critics on the right have argued
16:28
Speaker 1: would stifle economic growth in the same style as authoritarian
16:33
Speaker 1: governments like the Soviet Union in Venezuela. Harris allies to
16:36
Speaker 1: point out that the large food manufacturing companies have made
16:40
Speaker 1: record profits in recent years. For example, they say Hershey
16:43
Speaker 1: has seen a sixty percent jump in net profits between
16:46
Speaker 1: nineteen and twenty twenty three, while companies like General Mills
16:50
Speaker 1: and Craft and Hines both saw forty eight percent growth
16:52
Speaker 1: according to The Wall Street Journal. But groups like the
16:56
Speaker 1: National Grocers Association have called the plan a solution in
17:00
Speaker 1: search of a problem, saying, quote, our independent grocers, already
17:06
Speaker 1: operating on extremely thin margins, are hurting from the same
17:10
Speaker 1: inflationary pressure that points that our customers are dealing with
17:15
Speaker 1: every month as well. Now, when Harris had this plan,
17:19
Speaker 1: and she said here it is in North Carolina, she
17:22
Speaker 1: pledged to make clear that big corporations can't unfairly exploit customers. Now,
17:29
Speaker 1: this grocer argued it would hurt small and mid sized
17:32
Speaker 1: grocers as well, saying this, many of these smaller and independent.
17:36
Speaker 2: Grocery stores will go out of business.
17:39
Speaker 1: We've already seen it happening gradually over the last twenty
17:42
Speaker 1: or thirty years. But I would say just recently, within
17:45
Speaker 1: the within the eighty miles circumference I'm sitting in right here,
17:48
Speaker 1: right now, there's been five grocery stores that have gone out
17:52
Speaker 1: of business in the last two years because they're already
17:56
Speaker 1: getting squeezed out by the big box stores because they
17:59
Speaker 1: can buy at better discounts. I look at this, and
18:04
Speaker 1: what I see in all the information is exactly what
18:09
Speaker 1: I've been telling you and what I've been warning you about.
18:13
Speaker 1: I told you, and I warned you that the Democratic
18:17
Speaker 1: Party is dead. I told you, and I warned you
18:20
Speaker 1: the Democratic Party is now filled with Marxists, socialists, and communists,
18:27
Speaker 1: and those Marxists and those socialists and those communists are
18:33
Speaker 1: changing the party completely. The Democratic Party is no longer.
18:37
Speaker 1: The only reason why they say the word democrats is
18:40
Speaker 1: because it's more palatable to older voters. That's what it
18:44
Speaker 1: really boils down to, and that's a part that I
18:46
Speaker 1: think people need to truly understand. So this is a
18:51
Speaker 1: very clear plan to make a very big next step
18:55
Speaker 1: and say we're no longer communist or Democrats. We're communists,
19:02
Speaker 1: we're no longer democrats, we're socialists, we're no longer democrats
19:06
Speaker 1: were Marxists, and we're gonna do all the things that
19:09
Speaker 1: they do. We're gonna do every single one of them,
19:12
Speaker 1: and we're gonna do it, and we're gonna smile, and
19:14
Speaker 1: we're gonna grin while we do it. And it's gonna
19:17
Speaker 1: hurt some of those people that own the stores, and
19:20
Speaker 1: they're gonna disappear, but we don't care because we got
19:22
Speaker 1: to win an election right now. And again, if you
19:26
Speaker 1: shut down more grocery stores and the grocery stores start
19:30
Speaker 1: to disappear, then the question you should be asking right
19:32
Speaker 1: now is this, Okay, what happens next? You have more
19:37
Speaker 1: government control, which is ultimately what they want. Right You
19:42
Speaker 1: disincentivize people, You de incentivize them from investing because you
19:47
Speaker 1: tax every time they win.
19:49
Speaker 2: So what does that do? Well? It makes people say screw.
19:53
Speaker 1: It, I'm not gonna invest, and then they become reliant
19:55
Speaker 1: and dependent on you the government, which gives them more
19:59
Speaker 1: power and more control. You take away all their grocery stores.
20:03
Speaker 1: What happens next the same thing. Now, there's a third
20:08
Speaker 1: aspect of what we're talking about right now with her plan,
20:12
Speaker 1: because you've got to control all of the market with
20:17
Speaker 1: socialism or you won't win. So you control the groceries,
20:21
Speaker 1: and people desperately need the food and the food supply chain.
20:25
Speaker 1: You control the people, you control their money, and you
20:29
Speaker 1: do what she's willing to do on unrealized capital games,
20:31
Speaker 1: which by the way, may be unconstitutional, not that they care.
20:35
Speaker 1: And then you control them in retirement. You control them
20:39
Speaker 1: in every aspect of their life. But there's a third
20:42
Speaker 1: aspect of this, and that is your home. Now you
20:45
Speaker 1: may have noticed that Kama Harris is saying all these
20:48
Speaker 1: crazy things like I'm going to give you twenty five thousand, no, no, no,
20:50
Speaker 1: thirty thousand, no, thirty five thousand for first time home
20:54
Speaker 1: buyers because I want you to own a home. The
20:57
Speaker 1: reality is that money will immediately just go into the
21:01
Speaker 1: price of the house, and everybody will raise the price
21:03
Speaker 1: their house twenty five or thirty five thousand dollars. And
21:07
Speaker 1: there is a problem right now when it comes to housing,
21:10
Speaker 1: and Democrats understand it, and they're willing to exploit it
21:13
Speaker 1: to their advantage by promising you the American dream, knowing
21:18
Speaker 1: that there's a very good chance you're never gonna get it,
21:21
Speaker 1: because if they can control the housing, then they can
21:24
Speaker 1: also control you. Now, in most zip codes, the typical earner,
21:29
Speaker 1: so we're not talking about rich, we're talking about the
21:31
Speaker 1: typical earner cannot afford the typical home any longer in America.
21:38
Speaker 1: This is the first time in my life under Harris
21:41
Speaker 1: and Biden that this has ever happened.
21:44
Speaker 2: And I want you to listen to this.
21:45
Speaker 1: And this is sad because this is actually on MSNBC
21:49
Speaker 1: where they admitted this is how bad it's become.
21:52
Speaker 2: It's a quote real problem.
21:53
Speaker 6: In their words, anticipated that rates will be cut in September,
21:57
Speaker 6: but of course we don't exactly know how much or
21:59
Speaker 6: precise who went You mentioned mortgage rates falling. Yeah, let's
22:03
Speaker 6: talk about housing, which for so many Americans, priticularly Americans
22:05
Speaker 6: just starting off trying to buy their first house, it's
22:08
Speaker 6: become impossible because it's so expensive and because they're simply
22:10
Speaker 6: not enough stock. Vice President Harris has put forth a
22:13
Speaker 6: new housing plan.
22:14
Speaker 2: Give us your analysis.
22:16
Speaker 5: So the housing market has really been where the bulk
22:19
Speaker 5: of those rate increases has just frozen it. Also, you
22:22
Speaker 5: just don't have enough supply, so young people, first time
22:25
Speaker 5: home buyers, really just don't have a leg in here.
22:28
Speaker 5: In most zip codes, the typical earner can't afford the
22:33
Speaker 5: typically priced home.
22:34
Speaker 2: That's a real problem.
22:36
Speaker 5: You heard from the Biden administrator from the Kamala Harris
22:38
Speaker 5: campaign what she would like to do incentivize building more homes,
22:42
Speaker 5: moderately priced homes, also incentivizing people to help pay for them.
22:45
Speaker 5: I think when mortgage rates start to decline, we'll get
22:48
Speaker 5: a better sense of how things.
22:49
Speaker 2: Are going to thaw a little bit here.
22:51
Speaker 5: We've already seen mortgage refinancing improving among people who bought
22:54
Speaker 5: homes in the last couple of years as they're trying
22:55
Speaker 5: to refinance. But will there be a better chance to
22:58
Speaker 5: get into this housing market. Record high home prices yesterday,
23:00
Speaker 5: the case Shiller number. I mean some neighborhoods, especially around here,
23:04
Speaker 5: you know, in Connecticut, on the West coast, around Chicago,
23:07
Speaker 5: I mean just unattainable home crisis. That's great if you're
23:10
Speaker 5: living in that house, and you may be a baby
23:11
Speaker 5: boomer who's got an awful lot of equity in that house, but.
23:14
Speaker 2: It's locked up for now. Extraordinar alexpensive.
23:16
Speaker 5: Yeah.
23:17
Speaker 6: Nbciors senior Business correspondent Christine Romans. Christine, thank you so
23:20
Speaker 6: much for being with us this morning. Here on Morning Joe.
23:23
Speaker 2: I mean, they're telling you the truth.
23:25
Speaker 1: In most zip codes, the typical earner can't afford the
23:28
Speaker 1: typical home price. So that brings me back to the
23:32
Speaker 1: third part of this pie. Harris and Biden have created
23:36
Speaker 1: the most unaffordable housing market in history.
23:40
Speaker 2: MSNBC just said it. In history.
23:43
Speaker 1: Home prices and therefore the American dream are the most
23:47
Speaker 1: unaffordable in history, according the latest data, so not just
23:50
Speaker 1: my lifetime in history. Home prices hit a new record
23:54
Speaker 1: in June amid an ongoing housing shortage.
23:57
Speaker 2: Now why is there housing shortage?
23:58
Speaker 1: Well, when you bring in ony million legal immigrants, they
24:01
Speaker 1: have to live somewhere too, and that has caused a
24:05
Speaker 1: major problem. Even as high mortgage rates continue to push
24:11
Speaker 1: affordability out of reach for millions of Americans, a new
24:16
Speaker 1: economic report has declared. The report adds prices increase five
24:23
Speaker 1: point four percent nationally in June alone when compared with
24:27
Speaker 1: the previous year, which is only downe slightly from the
24:30
Speaker 1: five point nine percent pace recorded the previous month, So
24:35
Speaker 1: it's out of control. The upward pressure on home prices
24:39
Speaker 1: is making this the most unaffordable housing market in history
24:44
Speaker 1: first time in moderate income home buyers in particular, increasingly
24:49
Speaker 1: are being left out of the housing market. The policies
24:52
Speaker 1: of the Bidenhirris administration and Democrats in general are the
24:57
Speaker 1: sole cause of the disaster. The report's dates. Democrats are
25:02
Speaker 1: against building new homes, especially single family homes. What Democrats
25:06
Speaker 1: really want is what they call density, which is focusing
25:10
Speaker 1: and forcing all of us into studio apartments in their cities.
25:16
Speaker 1: This makes us easier to control. Look at communist countries
25:21
Speaker 1: and look at their housing. Look at China, look at Russia.
25:25
Speaker 1: When I was in Hungary, they would point to buildings
25:29
Speaker 1: and they would say that's communism and that's freedom. And
25:34
Speaker 1: you could tell the difference just in the beauty of
25:37
Speaker 1: what was being built, the beauty of the apartment building
25:41
Speaker 1: built under freedom next to the building that was built
25:45
Speaker 1: under communism. And Russia was in control and When you
25:49
Speaker 1: see it that way, it makes sense.
25:51
Speaker 2: It makes us easier to control.
25:54
Speaker 1: And they make no secret about this, by the way,
25:56
Speaker 1: either Their reason is based on these ideas that you,
26:00
Speaker 1: you and your life are not your own, that cities
26:03
Speaker 1: are better for the environment when everybody's packed on top
26:06
Speaker 1: of each other like sardines.
26:09
Speaker 2: That is what they want to do.
26:10
Speaker 1: They want to force you into a certain style of living,
26:15
Speaker 1: regardless of the filth, regardless of the grime, regardless of
26:18
Speaker 1: the trash, regardless of the of the lousy air and water.
26:22
Speaker 1: They want you in these cities. If you want to
26:25
Speaker 1: see clean streets, clean water, clean air, where do you
26:28
Speaker 1: have to go? You got to go to rural America,
26:31
Speaker 1: by the way, that's where Trump voters are. Oddly enough,
26:34
Speaker 1: and housing in these big cities is a disaster.
26:39
Speaker 2: Try building a new home in a.
26:43
Speaker 1: Great area of town in one of these Democrat run cities.
26:47
Speaker 2: You can't afford it.
26:49
Speaker 1: And on top of scarce housing, democrats like Harris have
26:52
Speaker 1: imported new numbers are saying maybe upwards of thirty million
26:57
Speaker 1: illegal immigrants that are directly competing with American citizens for
27:01
Speaker 1: housing each and every day.
27:03
Speaker 2: What does that do?
27:04
Speaker 1: It drastically drives up the cost of pricing on homes
27:07
Speaker 1: and rental apartments or rental homes. The other problem is
27:12
Speaker 1: that Harris and Biden have also set up what I
27:15
Speaker 1: would describe as a plague upon all of us to
27:18
Speaker 1: make our dollar even weaker. We mentioned this earlier, inflation
27:23
Speaker 1: the worst most of us have seen in our lifetime.
27:26
Speaker 1: So you have the highest housing costs in our lifetime,
27:29
Speaker 1: with the worst inflation and most of us seen in
27:32
Speaker 1: our lifetime. You have a president and Harris who have
27:36
Speaker 1: slashed domestic energy production, which has exploded energy prices and
27:41
Speaker 1: raised the cost of literally everything. Wow, the government is
27:47
Speaker 1: spending like drunken sailors. We're talking trillions of dollars that
27:52
Speaker 1: we are spending that we don't have in our government.
27:54
Speaker 2: So what does that do?
27:55
Speaker 1: It cheapens the dollar and it explodes prices even more.
28:01
Speaker 1: It makes even more expensive to build a home, more
28:04
Speaker 1: expensive now to buy a car than we've ever seen.
28:06
Speaker 2: Or insurance.
28:07
Speaker 1: I mean, you've seen that list of where prices are
28:10
Speaker 1: right now and how much it costs you just to survive.
28:15
Speaker 1: So you look at all this and are they trying
28:17
Speaker 1: to tamp down this record inflation?
28:19
Speaker 2: No, they're not.
28:21
Speaker 1: Because interest rates went up, and that gives them, honestly
28:24
Speaker 1: more control.
28:26
Speaker 2: This is a traffic jam in the housing market.
28:29
Speaker 1: And then all of this you can compare to what
28:34
Speaker 1: happened with Donald Trump. It was the first time that
28:38
Speaker 1: I've ever seen, and most Americans ever seen, an interest
28:42
Speaker 1: rate at under three percent. A thirty year mortgage rate
28:45
Speaker 1: during the Trump years has more than doubled now under
28:49
Speaker 1: Biden and Harris seven and a half percent, seven to
28:52
Speaker 1: three quarters. Right, these are the numbers now. They now
28:56
Speaker 1: sit around six and a half to seven still more
29:00
Speaker 1: than double where it was when Trump left office. When
29:04
Speaker 1: you look at what that means, go look at a
29:07
Speaker 1: four hundred thousand dollars house, put in three and a
29:09
Speaker 1: half percent interest, and then put in six and a
29:11
Speaker 1: half and see the difference every month on top of
29:13
Speaker 1: all the inflation. Right, I mean, this is insane. I mean,
29:19
Speaker 1: believe it or not. A jump in a thirty year
29:21
Speaker 1: mortgage rate from just under three percent to six point
29:23
Speaker 1: five percent almost doubles what you will end up paying
29:26
Speaker 1: for the house over the thirty year period, meaning that
29:29
Speaker 1: all of that money that you have going into your
29:32
Speaker 1: house right now could have been saved for your retirement
29:37
Speaker 1: it almost doubles your mortgage payment. Go look at it.
29:41
Speaker 1: And additionally, these high mortgage rates that have decreased the
29:46
Speaker 1: number of homes available on the market. Most people sell
29:49
Speaker 1: their homes are looking at buying another home. So yeah,
29:52
Speaker 1: you may make some money on that first home, but
29:55
Speaker 1: you're immediately that money disappears when you're having to buy
29:58
Speaker 1: the second one. But this is all being done by design, folks,
30:03
Speaker 1: That's what I want you to understand.
30:05
Speaker 2: It's all being done by design. They want you to
30:10
Speaker 2: be dependent on them for everything. Make sure you share
30:15
Speaker 2: this podcast with your family and your friends. Please share
30:17
Speaker 2: it on social media so that others will hear what
30:20
Speaker 2: I'm exposing. And I'll see it back here tomorrow