THIS Is The Biggest Financial Fraud In America! - Dave Ramsey Rant
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- Опубліковано 8 тра 2022
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It's really sad that so much fraud happened because I know there were some small businesses that actually needed/could use PPP. I myself stayed away from it. Something just didn't feel right and now hearing about all of this I'm glad I did.
Taking the PPP plan was stupid. I tried to talk a business owner out of it, but to no avail.
@@jimroscovius Nothing stupid about it. It was a great option that kept a lot of small business from going out of business.
@@ClaxtonBay123 Anyone who took it stole taxpayer funds., and millions of others, were ripped off. Those people shoukd have to pay it back immediately!!
@@ClaxtonBay123 I already filed my paperwork and got it forgiven, I agree it was a great option if used correctly. I got less than 5g.
@@jimroscovius I've had both of my PPP forgiveness. No it's not stupid when your business is closed.
This makes me sick! My business was shut down during the pandemic and I went and got a job at a grocery store to get by, I did not use the programs in place because my business did not qualify...meanwhile people were scamming the system...I hope there is a such thing as "financial Karma"...
I'm very sorry to hear about your situation! It's soo ridiculous, soo many people like you dumped they businesses!
Sorry to hear that and there definitely is financial karma. They will all eventually get caught and they have to pay it back plus fees ( which look like almost double if they took out 20k end up owing 40k)
I certainly hope so, because now we're all paying dearly for their greed. Hold your head high because at least your integrity is intact.
And I know a few small businesses that truly needed help and were told they didn't qualify
or the money ran out...
And this is not a blue and red thing, all of these people need to be held accountable. This is disgusting
But most of them were Red where I'm from . Which left me flabbergasted
@s c move to a blue state and see how much better it's not
@@SamuelClemente7718 so fire all of them? Sounds good.
It’s the politicians and it’s the people who keep putting them in power
@@highbrass3749 they owned the business. And some were family members
And yet my neighbor was denied when she applied. And she’s not the only one I know of that was denied. Guess if she’d been a criminal instead of an actual business owner she would have gotten the money.
Exactly. They need to audit the people that gave out these PPP loans.
They are, a couple people got jailed for fraud already.
They haven't prosecuted enough of them.
Agreed, but it would just be the fox guarding the henhouse.
Tom Brady got money for TB12...
@@rachelanderson4509 he needs to be prosecuted.
It’s been a crazy two years filled with panic for so many. You and your team are the voice that keeps people focused on what they can change regarding work and finances when crazy happens. I have some great examples in my family who went through Spanish Flu, WW1, Great Depression, WW2, personal loss of family members and still enjoyed a fruitful financial life. So when you say, “God’s and Grandma’s principles” I think of her, my Gram!!
Cap
What did they do to get by financially?
OF COURSE they will do it again Dave. It’s “free money” that “they owe us”
NOTHING will change. Look at 2008. Who will turn down “free money?”
This is the correct answer
Can’t be worse than the billion’s of dollar in aid in tax payer money that we give countries overseas 🤷♂️
Pretty sure that's a planned portion of the budget. They didn't budget for PPP fraud, though.
That has at least some strategic benefit in theory. Giving a UA-camr a Lamborghini is not exactly a societal benefit.
Giving the ukraine tax payers money
Biden's 85 billion dollar going away gift for Taliban was amazing
Israel.
Despite Dave's rambling intro, I am very happy he is talking about this subject.
I knew a dude who was telling me how he was going to get a business license to so he could apply for a ppp loan. He was trying to act like it was a good idea and there was nothing wrong with it because there was plenty of money. I told him it was fraud and despicable behavior. He decided not to follow through with his plans shortly after that conversation.
Well, aren't you a hack
have you googled Phoenix Mosheh im mind blown and i just found out about it today
You probably kept him out of jail.
Good for you!!!
@@edwardhoward4708 hopefully I did.
A lawyer I know got a loan. It was already forgiven. He never lost a penny due to the pandemic. I had to shut down my business. I never was able to get a ppp loan.
How? When courts was closed.
Not to mention that billion dollar companies recieved billions that they didn't need! I'm talking to you Boeing!
You mean a bunch of these businesses gave out massive bonuses to top executives? Ridiculous
Doesn’t matter if they “needed” it. Their rights were violated just like everyone else. You don’t get less rights because you’re successful. That violates the constitutional right to equal protection under the law. It also helped their shareholders save for retirement.
Disgusting how many UA-camrs received PPP loans - their business is all online! They didn’t suffer any losses - in fact they probably saw an increase because more people were stuck at home watching shows/UA-cam videos for entertainment. And many only employ themselves so what exactly did they need the money for? I have a long list of UA-camrs who received PPP loans and I’d love for them to be audited.
@@saulgoodman2018 Bossiness helps no one.
Like who?
Some people couldn't get the supplies they needed due to lockdowns... Also just because they are UA-camrs doesn't mean that they didn't take a loss.
Abby, are you a business owner?
@@roolyfe alot of them. I know some i follow have clothing lines, sell makeup, candles.
Unfortunately there was a lot of fraud, however for someone like myself it saved me from going out of business. I've been in business since 2011 and have ALWAYS worked hard. However my business depends on real people coming in to be serviced and the pandemic brought that to a halt. I paid business related bills and debt, ultimately I was able to have it forgiven and I'm forever grateful. AND I file/pay my taxes regularly. Fraud was not the case for everyone who received PPP money.
Good to see honest business owners doing the right thing. Corrupt politicians and the globalists caused the whole mess and we never should have been in this position in the first place.
I’m happy for you !! Hearts and hugs keep it going!!
I'm glad it worked out for you. I know several other legitimate businesses that were helped as well.
@@cocoe4967 Thank you, I plan to expand next!! 💛🤗
@@WellDoneTaxBizServices Thank you! Me too, a business buddy helped me to understand how to apply initially. I was so confused at first, so much paperwork 🤣 In the end it was worth it.
So many people around me were so arrogant and outspoken about scamming the relief funds and handouts , especially ppp and unemployment. Gave me a real insight into how so many people really think.
Thank god my mom gave me morals.
Yup. The even more messed up part is that this is something that crosses party lines. But backers of either party will ignore their party's hand in this and blame the other side. In other words, business as usual.
Fraud and theft , they should all be charged and ordered to repay!
I Agree 100% . My husband and I became debt free Feb. 2020 and we didn’t see a dollar of stimulus money for a year and a half due to a no longer existing company that filed our taxes in 2019. And we were fine. And when we got that money 100% went into our 3-6 month emergency fund. But we had so many friends for a year and a half talking about nothing but waiting on their stimulus money. Or spending their stimulus on XYZ. Etc. Friends bought clothes instead of paying their car payments. One friend spent the money toward a friends funeral with good intentions. And the family received over 30K for that funeral. Unable to help the lost family member with the money when the funeral was overpaid for on go-fund me, they used it to renovate their house.
Paycheck protection plan was a nightmare as a banker. So many demanding, unappreciative “business owners” even with forgiveness - just evil. 80 billion is on 10 percent - those are pretty good odds 🙄
It was a ton of work on retail bankers and underwriting. The banks made a very nice margin for processing all the tax-payer funded loans. I remember bank earnings across the board were record highs and banks were slapping high fives as if to feel good about tax payer funded inflated EPS numbers.
@@TheTradesFoundation574 Correct. Banks and “business owners” were very happy. As a frontline business banker, I felt like a punching bag.
Actually fraud in everything tends to be a lot higher for example … healthcare both patient and doctors commit over 30% every year … 10% is great numbers …. I wouldn’t be surprised if it is higher than that
A Banker calling small businesses evil? That's LAUGHABLE 🤣
@@ClaxtonBay123 no kidding..
I met a couple of bankers on vacation a couple of years ago and they basically confirmed everything Dave is saying.
After us taxpayers ponied up over $2 trillion in Iraq looking for WMD and countless dead, these PPP loan waste doesnt seem so bad. Shouldnt be too hard to give jail time to those who abused the program.
@N B yep I personally handled some of those contracts. We spent an obscene amount of money rebuilding Iraq's infrastructure
Abuse the program is not considered illegal and no one who "abused" the program will go to jail. Fraud is another story. But so many people got free money it is ridiculous.
@@johnSmith-uz8nl you don't know how auditing works
@@jaredfrazier2216 i understand that the word "abuse" means differently for different people. Unless there is fraud, nothing will happen. You have companies who made even more money during the down turn and still applied for PPE loans and got them while many small companies got nothing. Canada did it so much better, you had to prove that you were infected and they gave most money to the people. The abuse was so much smaller in percentage and the abuse was a single person who lied about their income... not a company that got millions in free money.
Good way to start the week with a dave rant! Hope he does some more on vehicles people are getting crazy!
80K for a truck 🛻! 90k suv 🚙! 😜
I wish I could say this surprises me but, the truth is, anybody with ANY understanding of finances would have seen this coming from a light year away. Just another example of politics getting in the way of fundamentals.
You also had UA-camr encouraging folks to take out these loans, Meet Kevin comes to mind…
Thank you Dave and team 🙏🏽 God bless you for your amazing work and courage 🙏🏽🙏🏽🙏🏽🙏🏽❤️
And the people and businesses that actually needed it had a hard time getting it or didn’t get it at all.
nah... I know people that made nothing on their businesses until PPP kicked in. They gave themselves a really nice raise.
I use debit cards, and I always donated to non beggars to help themselves.I keep a little cash, and I keep preps. I do not deal with coins. Thank you. Cash can be counterfeit, so be careful, and you can be robbed of your cash.
Thank you for sharing your EXCELLENT videos.
I started traveling from age 20-73, and now at 79, I have retired to Queretaro, Mexico, because USA became too deadly and expensive. Stay blessed and safe always. It is nice to be nice.
"The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics."
-Thomas Sowell
I’m the Son of an Administrative Law Judge . (My mom) This means that it’s her job to decide unemployment claims. In Indiana when Covid hit, they didn’t hire more judges like any normal organization did when they knew demand would increase. They tripled the minimum speed they expected judges to finish their case within. That’s why things like this slipped through the cracks. My mom was working over 100 hours a week. She often had to pull all nighters to get ready for hearings in the morning.
Thanks Brandon.
There were honest & hard working businesses that used it & it helped a great deal.
Exactly. I’m tired of people talking about people they don’t know and have never seen getting PPP loans and then buying Ferraris. I worked in a business during the lockdown that worked with small Mom & Pops all over the country. I spoke to so many small business owners who tried to get a PPP loan the first day they were available & they were told there was no more money left.
Those people who got the PPP fraudulently will pay it ultimately.
God is not asleep. What goes around, comes around.
Dave, inflation is because of the money printing. Why don't you call that out?
💯
Dave still doesn't know what causes inflation.
@@CMDDK Yes, he does. He is right. Money printing is just part of inflation.
He has on previous rants.
You obviously haven’t been listening to some of the rants lately
Glad you guys exposed this evil!!!
What this did financially to people who operated with honor and integrity (us people who didn't take any money and just kept living within their means and working hard) while everyone else was thieving everything they could get their hands on without any repercussions is HORRIFIC! They need to get back this money from those people ! They need to get paid PPP Loans back from people who DIDN'T NEED THE MONEY, its Ridiculous to have these loans FORGIVEN to boot when they didn't even need them and in most cases made higher earnings then ever. And this is just the loans, how about all the mortgage/rent moratoriums that didn't need it...people collecting unemployment and working off the books and on and on!
I used my $1200 stimulus check to buy an AR-15.
Now that's a good investment!
Probably the only person to spend the money the right way 😊
At least Tom Brady got his money, maybe one day he can afford to retire.
Why do we even have a Small Business Administration?
Business owner. Employ 36 people in rural area. If The PPP hadn’t happened I would be out of business. Be angry about abuse. But don’t be so delusional to think it didn’t help.
Exactly!
That's why I love Dave's mind. Thank you, both.
Why are people complaining about inflation when most were very happy and embraced PPP and the stimulus. My former boss got PPP money but we were still furloughed. Glad to say I no longer work there.
Yup no one complained about the free money
I didn't get my share of the free money(didn't get any of the final $1400.) but have lost many many times that much from my "downpayment or house" savings
I made Beef Strogenoff today. Purchased the items I didn't have. Stew meat, mushrooms and Philly cream cheese. Cost 25 bucks. My Mother used to make it for $ 1.99 back in the day.
Get a PPP loan to recoup the cost.
Hamburger and Campbell's soup like my mom would have been cheaper
In what world did that cost 25 dollars? I would like to know what each item cost.
Each of us could choose a cause to address, and join with others to focus on that chosen issue, sticking to the facts, remaining calm, and we could be like Hercules battling the Hydra.
It's one piece of the inflation puzzle. Throw money at a problem, not only will people figure out to commit fraud to get it, prices will get raised- especially when the same thing that caused the money to be thrown causes a limit on the products people want to buy.
According to the ppp public records my small town has more record producers, hairdressers and nail salons than anything else.
I used it for my repair business that I run myself, since seeing people and working on their equipment wasn't possible. Some people really needed it but it would be hard to prove.
I didn’t take any money even though I could. I kept com. Open and used my own money for a year until I ran out and had to close shop. But I sleep better at night and no one can knock on my door.
This is the same conversation that has been happening for thousands of years. Just a different way to spend your money. Companies in Montana took the PPP loan, a state where people were flocking to. Nobody here needed that money.
My previous employer scammed the PPP, he is proud of it too.
Duh what did they think people would do. No checks and balances.
that's why we call them sheeple
Dave is spot on here
Very Nice speech thanks
Politicians in this country are useless. We need new parties without corrupt ties to big businesses
Yeah how about politicians who actually do what’s best for us and the country! What a novel idea!
How about 90 percent fewer politicians?
Had someone apply for $100k in a PPP under my name. Thankfully it was caught but would hate to know how many people that happened to and it wasn’t caught.
It's not about bad leadership it was about people's greed. This happens in all crisis along as you have people.
PPP was an American Tragedy story.
I blame Fauci for the whole mess.
In Canada we used the honor system and are just forcing to repay the small percentage of people that applied fraudulently.
I said a week after PPP came out in 2020 that it was the worst idea American politicians ever passed. It took years for most Americans to realize that.
My husband runs a karate dojo, it was closed. He could have opened back up after a couple of months but decided to wait until kids were back in school. Closed for at least a year and he did not apply for the PPP.
Same in the UK, truly shocking.
The more I listen to Dave, the more I’m glad he’s not in charge of anything important lol. Yikes!
Better option than YOU would be.
@@dwighta8215 Brilliant response Dwight! You nailed it!
It's worse than that. Billions went to scammers overseas! People who are not even U.S. citizens! And officials say there is very little chance of getting that money back.
Speak the truth Ramsey!!!
And are these huge fraudsters being held accountable for the theft of taxpayer money????
If they supposedly exist then there would be federal charges, arrests.
The answer to your question is NO
We’re a small biz. We wouldn’t take a DIME of that money, nor would we. Pathetic.
There is another one BIGGER than PPP , it’s our welfare system that has been in place for many many years . Illegals do receive full benefits as well as way to many of our own that have the father into home that has a job or his own business / contractor ect. I could go on and on because of my job I’m previed to info that most of the public isn’t and see things and it puts a birds eye view on things . The vast majority of people getting benefits don’t qualify and some that do can’t get it . Shameful .
Only 10 percent? Why are we getting all bent, for 10 percent? Most give that to the church or waitress every week. Let's keep it in perspective.
It's not taxpayers' money, it's your grandchildren's money.
Politicians, CDC, WHO, “the experts”, fauci, bill gates, the media- need to be accountable.
They own the world. Who will make them accountable? It would take millions of armed protesters to get something like that done.
I can’t even get a person to pick up a phone…
@@TheMopar97 I'd go but they wouldn't be alive when I am done
The people who really need taken out is the Rothschilds, Rockefellers, all of those families I can't remember all the names but you catch my drift
Bill gates and fauci! You’re right on it!!
no. they need to be eliminated!!!!!!!!!
Random audits of people who got a PPP check.
Dave is speaking the truth!!!!!
“500 million. Nearly half a trillion” think you forgot the word billion in there 😂
Exactly!! You beat me to it!
It's not taxpayer dollars, they printed all of it from nothing.
I work for a small bakery. My boss chose not to use the PPP. And we made out ok.
In the state of Washington you still have to be vaccinated if you want to work in any health related field or if the company gets funding from the state.
Governor inslee is doing it for the good of the people
Excellent.
I know several people who were essential workers got terminated by King Inslee despite their religious exemptions.
@@itsablessingbeinganamerica1401 I got terminated from Habitat for Humanity because I refused to be vaccinated. I also had an official religious exemption.
@@irishchocolate3872 I am sorry. It is absolutely morally and ethically wrong that workers in Washington was terminated despite their religious exemptions.
Anyone who had a business on record was eligible for PPP. I got some of this money and I used it to pay off debt in the business and buy tools and equipment. I believe I used the money appropriately. I was offered opportunities to get more however I declined.
Was it a loan or free money you don't have to repay?
@@Veronica-tk9rl PPP was forgiven and I don't have to pay back the 5g. Eild is a 30 year loan at 3.75% . I have to pay that back. It's a loan from SBA. The local state gave me a 15 g grant.
I LEGITIMATELY applied for a PPP loan with Chase bank and didn’t qualify.
If you live 31.69 years that means you lived your first BILLION seconds, let that sink in compared with the Billions of dollars that got us in to inflation.
Dave for treasurer!
I came here to see the Illegitimate Commander In Thief’s picture 😂😡
So the money is gone and no way can there be any justice done for this.
And on top of the scammers. Free anything make people lazy!!
this is by design...
Preach, fellas!
Glad to hear people around the world still keep calling out the covid bs ❤
We love you, Dave. ❤️ Scream it!!!! 👏👏👏👏👏👏👏👏👏👏👏👏👏
I have not met or spoken to a business that was truly saved by PPP.
They should have given tax cuts instead of pumping money en mass....so much faster. Just collect less! Its like giving people reimbursement immediately for those who have been contributing.
@7:24 Dave Ramsey said that 500 Millions Dollars is the same as one half of a Trillion 😁. Good point on this video but had to point it out 😹
My brother just had his Tesla delivered. Phoenix AZ. His job has been great all his life. But I don't know if it can survive this depression.
Sheep he says! Dead on Dave. Dead on, the sheepishness is scarier than anything!
I agree 100 %they should’ve just done nothing , and act like it doesn’t exist.
All that money should be audited!
Indian media Wion reported the same issue a couple of months ago.. I can relate to how American people are kept blind..
This just sickens me and it probably isn't over. Printing money like there's no tomorrow.
You know what, the next emergency they will do the exact same thing.
Right? Politicians and stupid people never learn!
Congressman Thomas Massie (R -Kentucky) was against that and almost everyone...both sides...was blindly condemning him for holding it up without evening understanding his why.