U.S Banking Crisis: Todd Sachs Interviews WaFed Bank's CEO, Brent Beardall
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- Опубліковано 9 чер 2024
- Are we headed into a U.S. banking crisis? Todd interviews WaFed Bank's CEO, Brent Beardall.
#bankingcrisis #useconomy #realestatenews
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Breaking next week: we ask telemarketer if we can trust automobile extended warranties.
lol
Lmao... not gonna matter if the dealer goes under.
I think the banker is wrong. Workers are getting less hours. People are working multiple jobs .
According to him, we have 'nothing to worry about'. Not even a bit 😃
@@missfromsunshinestate Lesson number1: never trust a banker
He’s pro banker what do you think he is going to say? Obviously from his high horse and returns things look great.
Thanks for the constant reassurance that I shouldn’t get myself into an overpriced home. For the past year, listening to your channel has kept me grounded and avoiding the FOMO. 🙏🏼 Gratitude to you both. ❤
My old dump was built early '60's! Like to go somewhere cheaper.! You think your prices are dear; have a look at ours in AUS.
Agreed 👍
Pretending we're not in a recession doesn't make it so. Changing the metrics is the same as lying. We're really heading into a depression. Most just don't see it yet. Prepare for the worst and hope for the best.
I went through 08 disaster as a young builder and it ruined me. It's funny how the rich always pull through.
The people actually doing the work and creating the wealth. We got shafted. Nothing ever changes, and there is nothing new under the sun.
Nobody else seeing the irony in a bank taking out a billion dollar loan? I mean, that’s where the money is, why would banks need loans out of all places? What’s next, we go ask car manufacturers if they need to import cars into their own factories?
This system is so screwed up, it’s amazing what people accept as truth with a straight face.
Yet the economy is great. 🤷♂️
Don’t car manufacturers already import half-made cars into their factories?
All we need are more "bankers" tells us about the economy lol
yep you nailed it
Agreed
Never trust a banker
There should never be a cashless society, ever! When a country becomes a cashless society, the people have lost their freedom!
The Bible tells us there will be a cashless society worldwide it's coming
@@WHATSUP7049Where? & was there fiat currency or cash in the Bible’s time? Do you mean barter?
That’s what DeSantis says.
Capitalism always turns into socialism. So don't worry we still have to go through that before we go cashless.
You never know what people have gone through until they are willing to tell you. I think more people should talk about their lives to inspire others to persevere. Thank you.
The economy is great even though people are living partly on credit cards? Credit card debt is at $1.3 Trillion....TRILLION.
And the reason why home prices haven't crashed is because there is no inventory and people who bought in the last 4 yrs have very low interest rates.
We're in a huge bubble that's going to burst eventually.
Your guests optimism is refreshing!! However, he is not blind and places great weight on integrity. I, like him, acknowledge we don’t know the future, so this is a time for guarded optimism. Kudos to you, Todd for a great guest!!
Yes good interview. Todd reminds me of some SYD rugby footballer; why, who don't know. Did he ever play Rugby League?
Isn't it funny how the most well off in the U. S. seem to be the most optimistic and happy about this economy?
Mommy told me , when I was Young : Son do this for me ; Never "TRUST" the BANKS, & you will be a simple Man , & be satisfied .
Play Free Bird!
my momma told me about the chocolates in the box......in 1989
@@timlanger6330 1989!!
Freebird next!!!
I'm keeping this interview on file....for some reason, I feel the optimism will be something to laugh at. I hope not but, seen this song and dance before.
What a great interview Bruce here from Australia
Incredible how you guys report the huge risks inherent in this economy. When 99.9% of other real estate professionals only parrot one line "It's a GREAT time to BUY a home."
Thank you very much for bringing Brent to us Todd. Thoroughly enjoyed this discussion.
Brilliant interview!!
Thank you guys!!
Economy is all about jobs, and banks need people that do have jobs, and just because we have low unemployment, THAT can change very quickly. Coupled that with fact that 50% of new jobs have been created BY Government, that spells a disaster coming soon.
You sound more in touch to what's happening than the bankster
Your guest commented: “If you abolish the Federal Reserve, what is there to replace it?”
Answer: The free market will replace the Federal Reserve, by the Lender and the Borrower negotiating between themselves.
Thank you, another great learning opportunity.
An absolute GEM 💎 f an interview. Learned so much, thanks bunches for the insight into a subject many Americans are clueless about.
1:13:01 Two gentlemen having a respectful conversation that was insightful and reflective. Thank you, Todd and Brent.
Thank you for interviewing a knowledgeable individual with a perspective differing from many of your guests. Great to have successful people like you willing to be open to others' opinions when they differ.
I'm going to use this video for a final I'm working on this weekend.
He should run for political office. Very talented
This was an awesome interview, as always. Thank you!!
Great story and very informative thank you so much!
I love the video. He seems like a caring banker. He acts like a normal human being. Thanks 🙏
I totally enjoyed your entire interview and conversation.
Yall are true artists. Everything about the interview and scene is beautifully done. Great value and work 👏
Great interview!
People used to put 40% + down on homes in the 1920's. The Great Depression didnt care about equity... The Great Depression said hold my beer, and brought home values down 35%+.
Why would equity dictate what a home is worth?
A $400,000 home is worth $400,000 if someone is willing to pay that. It doesn't matter if previous owner owed 95% , or had it paid off
#Inflation is #LaborTheft
suckerz work for money, winners print it 😂
@@CoyoteOfSC and bitcoiners?
Very impressed guys. Life is a do it to yourself commodity and it is refreshing to hear that there is options for us that are supportive based on common sense not emotion. Profit not greed. Good luck to you both in these troubled times.
Banks have very little .cash .the terror..is ..Bank runs..folks running to the banks .to draw out cash ..that is technically .not theirs
401k and pensions are holding them up. Also deep deep debtors are holding then u p
@@frankme9862 I'm talking .physical .dollars .not. Blips .on a screen..only 3%. Actual..cash
thank you for sharing
We need more interviews like this! I've been thinking of moving my money from WaFD to a credit union but after this interview I feel much more secure. I'll still diversify, but I'll keep my accounts with WaFD as well. Thanks!!
Bring an appetite cause lunch is on WaFd
You should listen to the other video with his partner. I would never go with this bank.
Is that Will Ferrel?? Lol great interview guys.
Good interview and the alternative view.
No!
This second interview with Brent is much better than the first one. Love it! What’s going to happen with real estate and the economy depends what levers the Wizards of Oz are pulling on. Knowing how the machine works is crucial.
Powerful words from this CEO👍🏿
I love Brent’s near death experience story. None of this economic madness matters more than life. These are man made economies and man made games. As long as we have our health, we can survive it all.
A smarter man than I once told me, "The hell of tragedy either melts you or it reforges you". The words have served me well over the years & now I hope they will serve you after reading this.
Seems like a really good dude. Thanks, Todd.
I am bearish too- I just do the numbers going forward and it just does not add up - to much stimulus , borrowed money on top of borrowed money-It is simple math.
These government stimulus packages go to businesses. So, mostly to the top 20% of society, although they will support jobs some too. But overall, it increases inequality.
The lower 50%, who have suffered most, will suffer more. Government stimulus has negative long-term returns for the economy. All that money is borrowed and it never gets paid off. Interest must be paid on the that debt. It is paid from tax receipts. Forever.
This Banker is living the American Dream. The homeless, not so much. 😂😂😂
Super interview
We have a similar system in AUS with our old 'building societies' similar to your 'thrifts', but they have morphed and some taken over by our only four, yes 4, national banks.! Still a few 'societies' continuing.
Props to this banker getting on camera and even doing this.
With all due respect, you're asking a BANKER about the security of banks! I particularly like that he uses the word REALITY when talking about banking.. what a joke. My friends and I actually watched and laughed the whole time! Its IMPOSSIBLE for him to tell the truth about the system and where it is. Thanks for the entertaining interview, keep them coming
That's a hell of a story about surviving a plane crash. That would make you appreciate life more.
The bank isn’t in trouble that we are acquiring. They were just in a pinch because they aren’t doing well. But they aren’t doing bad, they just aren’t doing good enough, to not be forced to sell.
Mr Sunshine meets Mr. Doom & Gloom...
If the economy is doing so well, why would Fed consider rate cut?
“First offer is best offer,” is being found out in the car industry as cars are going to auction multiple times over now.
If a bank is not a 100 percent reserve bank, then it is a risky bank!
Brent is not prepared for the systemic rehypothecation risk of commercial real estate. It's all going down!
insightful guest and good discussion
Brent is a class act. Uncertain times 🙏
Last year, I thought of the saying, "the US was the least dirty shirt in the hamper," to explain the current US economic strength.
😂 Then I find out this is just a version of a similar statement used for a few years.
I doubt that means the US is on sound financial grounds. Like an atol like Devil's mountain. We can't grow and we're susceptible to falling over.
When he said we all like to talk about ourselves to me that is a red flag an some of his other speech raises concerns in trust with what he sayng. You Todd had some good questions asked. I love your reporting on so many videos. One can tell of your compassion/ truth in your videos.
Thank you 🙏
Brent is out of touch with relativity. CRE is in trouble across the nation
Yeah, did you hear him word play that 😂
When asking the question concerning recessions, one has to remember that we are in a very defined two tier economy. Those at the top are doing well however the opposite is true for the lower tier and they represent the masses....The lower tier is certainly headed into the imminent recession, if they in fact, aren't already there...This will ultimately drag everyone down with them. The upper tier can't maintain the isulatory factor for all that long....They prey on the masses and they will go hungry....
The question is, would the one torn tire bring down the whole vehicle? Lol
Great Video and Content as Always Todd! Your guest today looks eerily similar to Mitt "The Rhino" Romney" lolol🤪Threw me off for a min!
Good eye! Brent is also LDS, same as Romney; same demeanor and mannerisms.
This interview was great. He seems to keep abreast of the law, government programs and great accounting practices. His long term planning, diversification on the bank accounts, and keeping track of his competitors seems to identify the market tracking. Most crashes take years to go through a cycle and they way he explained about the government programs going through a possible 5 years program, once that money runs out we will more likely be at the end of the crash cycle.
Sadly, it appears WaFd only allows account holders to be located in 8 western states. I am curious, is this a Federal law or a WaFd rule?
FDIC insurance can take YEARS to pay back depositors...just saying.
We have the Middle East oil embargo sitting in the White House as President. Has any President of the United States ever attack, his countries energy supply, and production? This shall pass, but I certainly hope it taught in college. Economic policies that changed the World.
A big bank like JPM, just a 10-15% run to get money out of accts could collapse the whole banking system
The fed will print(making inflation )money and bail them out
FDIC can cover 1% of its exposure
so coherent and smart...make him the new president
29:11 no, thats incorrect. The politicians, lobbyists, and bureaucrats arent going to pay a dime. We The People will be the ones forced to pay for their mistakes meanwhile they take a vacation outside of the US.
Great Todd and Brent!🌞
Why don’t you use timestamps?
What a lovely man
I just had lunch at Taco Bell and like the Banks now, I've got the runs. 😂
Banks are franchises?
Thanks, this is getting it straight from the horses mouth.
Is there still a need for banks, in the future, if currencies moves to a completely digital format?
Digital banks?
This was so much better without Maxfield. Brent seemed ruffled once CRE was brought up.
I got an idea that this guy doesn't have much first hand knowledge of the bottom 80%. When your clients are flying you to the Rose Bowl, you probably don't have a lot of experience living paycheck to paycheck. I doubt that he's had to walk thru a grocery store with a calculator, knowing how much he can spend and still make a rent payment. I would suspect that life looks a lot different from up there.
I agree. Bankers and politicians don’t know and don’t want to know true reality of working people facing these days.
I agree 💯 The banker (with all due respect) is serving up the typical sunshine and rainbows talking points of the top .01, especially during a presidential election year
But hotels, airports, and theaters are packed, Disney as well, those are regular people who go there, right. They want us to get used to new 'normal' pay 40% more than 3 years ago for same goods and services and buy overpriced houses and borrow from them at 8% as well.
True, a great many of these folks are regular folks. Unfortunately, in this day and age, there are a great many people who are confused as to what they can afford, and how many credit cards they have left that aren't maxed out. Just because you have a way to pay for that trip, or even a night out, doesn't necessarily mean you can afford it. We are in a "live for today" world. I can't imagine that, eventually, the piper will get paid.
as a person i might like this banker guy.....thank god he survived......but, as always he is back in business and much of what he had to say is banker script....you know, like the stuff realtors use.
"We aren't doing a lot of construction lending right now because of what's happened to costs, and because of what has happened to bank balance sheet's." Correct. Costs of materials, insurance, and property taxes have all priced the first time buyers out of the market. Which clearly is not sustainable. And, even if that was not the case, bank balance sheets are dismal. Which Black Swan event will collapse the market? There are any number of them out there. Prices continue to rise because of the world wide shipping challenges.
He said there is a new class of buyers emerging now that will replace previous first-time buyers. The rest will rent forever. Problem solved, Lol
Real time payments. No thanks, I will stick to cash and checking accounts. Too many scammers here and abroad !
Around March 10, everyone is going to need cash. Something smells in the bank industry.
What is this based on? Why march 10th?
Your comment is missing supporting information.👎
@@kylecollins1287Fed is going to end the bank term funding program. (The bank bail out… which is being utilized at a high rate)Last day is March 10th.
@@kylecollins1287 the Fed ends the bank funding program on March 10th (the bank bail out program which is still being heavily utilized)
@@kylecollins1287the Fed is ending the bank funding program on March 10th ( the bail out program which is still being heavily utilized)
Too much optimism.
Great interview. Why say "as we wind down and land the plane"? The man nearly died in a horrible plane crash. Just curious..enjoy the Sachs reality interviews
You can’t undo Zelle transfer from what I understand
Yellen as Head of Treasury is an unmitigated disaster
Please interview him in near future once the Fed has gone byby & money no longer a too of manipulation
WaFed just bought my bank, Luther Burbank Savings.
@42:38 :O
what a cheer leader 😂
A blind persons first wish is to see....be grateful...help someone out not expecting it returned
You have to have community.
Lehman was fine.... until it wasn’t
The titanic is sinking, but if we just keep the music going the party will continue
I think comparing the management of the US to the management of economies on a global scale is quite flawed. Just saying "our central planners are doing less poorly than others" doesn't mean much and largely ignores that it's probably more due to benefits of having the global reserve currency than any of their efforts. It also likely ignores just the timing of these sorts of cycles. The economy with the reserve currency is just the last to fall. Except for in cases where we are the CAUSE of the fall and then yes everyone else is brought down with us.