Barry Habib, joins Jason Hartman to discuss the money creation and the mortgage market collapse. What truths about the mortgage market aren’t being told? The middle class has been taken under attack, and here are the tools to stay on top, and lose the least.
Investor Testimonial 00:00
What I’ve learned is you like to mention be area agnostic is one of your commandments and that I love that I like to look at this is also be when it comes to real estate investing, be age agnostic, who cares what age you are, you can start doing this. It 19 like you did, you could start doing this 20s you can start doing in your 50s I started my 50s
Introduction speaker 00:24
Welcome to the creating wealth show with Jason Hartman. You’re about to learn a new slant on investing some exciting techniques and fresh new approaches to the world’s most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine self made multi millionaire who’s actually been there and done it. He’s a successful investor, lender, developer and entrepreneur who’s owned properties in 11 states had hundreds of tenants and been involved in thousands of real estate transactions. This program will help you follow Jason’s footsteps on the road to your financial independence day. You really can do it on Now, here’s your host, Jason Hartman with the complete solution for real estate investors.
Jason Hartman 01:14
Welcome to Episode 1437 1437. Thank you for joining me today, as we witness the further destruction of the global economy, you know, it’d be a big stretch to say I’m an optimist. Oh, boy, these are amazing times we’re living in. It’s an amazing time to be alive. As I always say, it really is an amazing time to be alive. And we’re going to help position you so that you can benefit from this. You know, we are in a situation where once again, just like in the 2008, Great Recession, financial crisis, whatever you want to call it, the elites have always figured out a way for them to enrich themselves. I don’t know what show was on but maybe it was I Love Lucy or Popeye the cartoon or something. Where was a Daffy Duck? I don’t know. help me figure that out. Jason Hartman, calm slash ask for any feedback at all or, or questions you have. But the way they would count as here’s one for you two for me, one for you two for me, one for you two for me. And that’s the way the elites are using this crisis. The concentration of wealth is going to get even more significant, more concentrated. The middle class has been under attack for decades, and it is shrinking. Now that the statistical stuff is complicated, okay. It’s not a simple thing to say that, just like looking at these statistics for the Coronavirus. It’s complicated. You know, it’s the way you speak the statistics the way they’re presented. What does this really mean? This is why we have people who major in this stuff, they get doctorates in this kind of thing. It’s complicated, okay? So that doesn’t mean that the middle class is getting poorer compared to where they used to be. It just means that relative to the overall pie, their numbers are shrinking. Sadly, most of them are moving down through various sorts of economic repression, financial repression, and a small number are moving up. My goal is for you to be in that number moving up, moving up to the upper middle class if you’re in the middle class. Now, if you’re already in the upper middle class, then hopefully, with what we do on this show and what we do at my company, we can help you get into the upper strata of the upper middle class or the wealthy class and the ultra wealthy, the oldest Rich, in so many ways through this crisis are just enriching themselves. It’s absolutely unbelievable. And there’s just too much news to cover on it. So hey, take my word for it. We’ll cover more of this as time goes by, but we just have, we just have too much to cover. So today, our guest will be a returning guest from the mortgage industry with kind of a bird’s eye view as to what’s going on in the mortgage industry. And, you know, I gotta say, I thought he was rather reluctant to speak about what’s really going on in the mortgage industry. You know, maybe I read that wrong, but I expected him to talk about how the servicers are in major panic and the mortgage market is really in a state of semi collapse. Now, I do believe that ship will be righted and righted pretty quickly, but right now, the mortgage market in so many ways you is it’s a bit of a fiasco, for sure. Even one small component of it appraisals. You know, appraisals are really problematic right now, with appraisers being scared to enter homes, and everybody socially distancing. And it’s just a very, very weird time. And then, of course, people are doing strategic defaults, as you know, as they should really, you know, many times that’s the right thing to do. It’s the smartest thing to do, you know, and we, depending on the situation recommended that in the Great Recession, and they’re depending on circumstances don’t take that as a blanket recommendation, because it’s not, did you hear me? I did not make that a blanket recommendation. You got to really be careful with that kind of thing. Again, it’s the return policy for real estate. It’s the nuclear option. It’s not without a restocking fee, and that restocking fee can be fairly significant, so be careful. But certainly the forbearance issue in and of itself is a fiasco. You know, I, I found that our guest today Really? I don’t know he, I tried to draw that out a little bit. You’ll probably notice it in the interview. And I mentioned that in our very short discussion before we started recording that for the show. And I don’t know why he didn’t want to say that or talk more about it. It was maybe just a different agenda. I don’t know. But, you know, suffice it to say, the economy is just it’s a crazy time. It’s an absolutely crazy time. And I gotta tell you, it is really sad, really pathetic. Pathetic is the best word for it, that these big companies major institutions, did not really have any savings for a rainy day. I mean, the insiders paid themselves huge bonuses, raise their hands salaries, gave big salaries and bonuses to their boards of directors to the C suite executives, to the CEOs, of course, the you know, the biggest crooks of the mall mostly. And they bought their stock back to artificially inflate the price of it. And now, they don’t have any money. So they got to get it from us, the taxpayers, the government, and maybe we won’t pay for it directly in taxes, we’ll pay for it through inflation, we’ll pay for it through unequal wealth redistribution. And it’s it’s just happening everywhere. So look at the only thing you can do is align your interests with the powers that be and in addition to that, do the right thing for yourself and your family and your loved ones. And that’s what we’re here to help you do. Okay. That’s the purpose of this show to enrich you. And if the very worst, remember that in a recession In a depression, the person who wins is the person who loses the least. Let me say that again, the person who wins is the person who loses the least, there are times when maybe everybody’s just going to lose. Now, I don’t think that’s the case here, because I think there’s some really good profit opportunities, pandemic investing, calm for a little more on that. But again, we have an upcoming webinar on that. I’m giving that webinar tonight to a mastermind group, but every time I do it, it just keeps changing so much, but we’ll be announcing that for you too. And congratulations to all of you that got our business credit funding. I think that was really a score for you use it carefully. Okay, use it so that you are getting the free term of interest, that teaser rate and you’re not paying on the back end, then you win, then it’s a great deal to borrow money like that. It’s a really phenomenal deal. So more on that as we go Of course, if you need us Check out Jason hartman.com or Jason Hartman comm slash ask feedback, comments, questions on the show or anything else under the sun, anything you’d like us to cover, a guest suggestion, whatever we always love to hear from you. And our investment counselors are available at one 800 Hartman or through the website as well. Without further ado, let’s get to our guest and hear a little bit about the mortgage market and the broader economy of course. It’s my pleasure to welcome Barry Habib back to the show. You’ve heard him on before. He is one of the top forecasters in the real estate industry expert on very deep economic topics and the marketplace. We want to ask him about the mortgage market, about the money creation issue that’s happening, so many places around the world. And let’s go ahead and dive in. Barry, welcome back.
Barry Habib 09:51
Thanks. Good to be here. It’s good to have you.
Jason Hartman 09:53
So you were mentioning off air or something that was particularly interesting and that is about the money printing in the US. UK why the UK, specifically,
Barry Habib 10:02
the United Kingdom, which is not a insignificant country decided to actually print money, which is very different than what’s been done with quantitative easing. It’s been very different than what’s been done with increasing indebtedness. Because there’s a corresponding ledger, when you print money. It’s pretty intoxicating. You know, it’s kind of like if I said to you, here’s a credit card, go out and spend all you want pay off all the debt you want on it, and you don’t have to make payments and you don’t owe any money. It’s pretty darn intoxicating. But that’s really putting a lot more money into the system. And if you look through history, which I I look very carefully at history.
Jason Hartman 10:40
Sure, right.
Barry Habib 10:40
Yeah, it can potentially lead to not just inflation, but some of the dangers every place where we’ve seen hyperinflation, which is defined by an inflation rate of greater than 50% per year. This was the first step and typically it’s in wartime situation where, you know, for the safety of the general public, you know, you have to build up your, your war machine. And that puts the country in a great deal of debt. But then that becomes so great that they just begin printing money. And that can later on if it’s not met with corresponding demand caused significant inflation. And it’s very troublesome. It’s very worrisome because if the UK does it, then Who’s next? I don’t know. Maybe Japan says, well, the UK is doing it, maybe maybe we should do it. Well, we haven’t done it yet here in the US. You can see what our debt levels are astronomically soaring too. You can see what the Fed’s balance sheet is astronomically soaring too. And you just wonder, Is this a precursor to say okay, well, it’s okay to do it because other central banks are doing it. And I’m just very troubled by this because I think that this is something that is a road that we do not want to cross so currently in the UK has crossed the Rubicon right now. And, and it is a very hard thing to reel back
Jason Hartman 11:53
right in the UK is in an interesting position based on Brexit and you know, that’s that’s been going on in the news. For years, but finally happened, of course, we see this kind of massive amount of QE of debt creation. And we haven’t seen the last event. Maybe we’ve just seen the beginning. Will we see, I mean, you know, when you said, mostly done during wartime, this is a sort of a war. And in as you were saying that it brought me back to thinking of what happened in the y Mar Republic. And, you know, I’m a big student of monetary history and fiscal history.
Barry Habib 12:27
Exactly what it’s exactly what I put into why my Republic, Germany had to pay reparations from World War One that were just too much. And then they went into enormous debt. And then eventually, in order to keep up, they began just essentially printing money, literally printing, in fact, history as a very interesting component to what they had done. They had to print money so fast that Deutsche Marks had to be printed with just one side because they couldn’t print them fast enough. And a loaf of bread wound up costing you know, 2020 billion. marks for a loaf of bread. So the stories are crazy. And what what happens in those times is, you know, you ride on the bus in the morning. And it’s one fare on the way home, it’s much higher fare. There’s stories of people going to get a cup of coffee, and it was at one price. Yeah. And that when you came in, but by the time you left, it was a higher price. So
Jason Hartman 13:18
it’s a major disincentive for capital formation. Because when the price of things are is rising so quickly, you want to just spend your money to get the goods to widgets, before the value of the currency is debased further. And what’s interesting is even the Zimbabwe story, and I’m sure you know about this, but just for the listeners, literally, the currency was debasing so quickly, that they instituted price fixing, and the merchants who were selling literally, you know, before and after lunch, things were different price. And they said to the merchants Look, if you raise prices, we’re going to arrest you. And so of course the merchant stopped selling stuff because, you know, a banana you could not have money on it. Yeah,
Barry Habib 13:58
yeah. Big underground. They’re
Jason Hartman 14:00
so it leads to shortages and all sorts of problems. But given the situation that we’re in where you see oil price crashing now, maybe that’ll change with the new agreement that just happened. But, you know, how long is it? Before we see inflation? I mean, it has to happen, you know, freebo sadness just
Barry Habib 14:18
doesn’t, it doesn’t have to happen. Okay? No. And actually, that’s that’s the bus, the fork in the road here, because if the US continues down this path, which is one of embeddedness, it’s very repressive towards inflation, the greater your debt, without money printing, the lower inflation remains and the lower interest rates remain. And the reason for that is because if you look at it is like a family who has so much debt that the monthly payments the debt service on that doesn’t give them any discretionary money to spend the same here. And what that does is it dramatically reduces what’s called the velocity of money and it’s something that people hear but it’s difficult most the vast majority people don’t don’t really have a good a good handle. What does that mean? Well, right? The velocity of money before this crisis in the US, was years ago is 2.2. Now it’s 1.4 times. So what does that mean? The velocity money’s how quickly it changes hands, but it has to happen in a productive way. So let’s just say if you go out, you borrow $30,000 from the bank. Now that comes along with a monthly payment. So that’s your debt service on that, right? If you just take the car and you drive it on Sunday afternoons, well, you’ve consumed that now Sure, when you purchase the car did create some economic activity. But essentially, you’re taking money out every month with that debt service that you’re paying, that’s less money to fund things. But what if you took that same investment, and now you took that monthly payment, and instead of driving the car on Sundays, you took it and you became an Uber driver or Lyft driver, and now you’re generating income, so that $500 that you’re spending is generating $1,000 or $2,000 a month? Well, that’s the velocity of money multiple. So that’s what’s what we’re seeing not happen and the more debt we have the more repressed It is, the less philosophy we have, which keeps interest rates low. That’s why this this bridge of, you know, D print money or not is so important. And I would have not thought even though with the debt levels this high that this could occur. But with the UK now being the first major country to say, Hey, we’re going to go down this path. It is a tricky one, it’s a potentially dangerous one, because it can turn low rates, low inflation, into a high rate, high inflation environment that really wipes out Savers, not saying this is going to happen. I just find it’s very interesting that the UK took the first step and I find it troubling.
Jason Hartman 16:35
Yeah, I agree. I definitely find it troubling to. So Barry, if we can make a comparison. Would that put us in the kind of like this anemic economy that Japan has had with the last two and a half decades? Or is it more like 1970s style stagflation? What’s the likelihood in terms of outcome here? If we were to resort to money printing
Barry Habib 16:57
where we are just where we are, it would be Where we
Barry Habib 17:00
are just where we are. So currently where we will call this the lockdown stage. And the lockdown stages is awful, as you know, I mean step stating there will be an interim phase and that will be the unlock down phase, which will probably be may 1 to the end of the year. So you probably have about seven months of this unlock down phase now, you will see a big drop in the rate of the virus cases because of seasonality. Just because the the rays of the sun and I am not a scientist, so I don’t know exactly how this works. But there is significant evidence that show you start we know this that as the warmer months come to the northern hemisphere, viruses subside. Yeah. And they wind up popping up in the southern hemisphere and this is due to the tilt of the earth as it goes around. So this much we know and we will get Cardwell and we’ll get a reprieve. In conjunction with that, I believe we’re very close to some of the therapeutic treatments that are there. So we’ll have at least a therapeutic response to this virus causing a little bit more free movement and a little bit more confidence. But I think we’ll still be reluctant to sit in the restaurant or in a theater or other crowded place like a bar, or certainly in schools, because that’s just you know, that’s that’s the way a lot of things get passed around from kids that play home concerts. I mean, it’s changed, everything’s changed. Jason. So all of these things, we’ll have a difficult time until and the reason why I said at the end of this year, is because that’s what it is. Now. It is now let’s just say promising and a lot of evidence, I speak to a lot of people who speak to the Cleveland Clinic every day. And it is very promising that by the end of this year, we could have a vaccine. Now, of course, we’d have to get it ramped up and get a significant portion of the population. But Jason that’s what it looks like to get a vaccine. So I’m gonna be hugging each other again, as we feel comfortable doing things right. Now, businesses don’t just turn on like a flip of a switch. So I guess if you’re going to be an investor in this or how do I look at the opportunities that are created? Well, first of all, I think the gold is a good place to be number one. Just because of all the things are going debt money printing central bank activity curious,
Jason Hartman 19:04
I’m curious about that. Are you usually like before this crisis? Would you have considered yourself a gold bug at all? Or is that
Barry Habib 19:12
odd? But I do think that a small percentage insurance,
Jason Hartman 19:14
right,
Barry Habib 19:15
it’s just just a very small percentage. But now that should, in my humble opinion, for me, it’s moved up to a larger percentage, okay. So I can only tell you what I’m doing personally. The other thing is, is that I feel that real estate makes for a very good investment because that does hold up in both environments, both inflationary and different deflationary environments. Real Estate would hold up well, and I think Jason at this period in time that we’re about to go through will definitely take a hit the real estate prices, no commercial, I wouldn’t go near commercial. I agree, discovering that, perhaps that don’t need that overhead. So I think that the commercial markets will suffer a little bit more. Yeah, I think the residential market will have a transition where we will see now a dip in pricing, I am estimating between five and 7%. I’ve got some great and brilliant colleagues that something gets a little bit less than that something a little bit more, but I think it’ll be about between five and 7% decline. But I think it’s very temporary. As we head into 2021 is about as the virus you know, is hopefully combated with a vaccine, you should see a big resurgence in real estate. Now, it depends on how long all of the jobs come back. And I don’t think all of them will. But if we get a significant recovery in the job market, well, you will have a very good housing market and remember, residential real estate is typically purchased for the long haul. So I think you’ll do very well and you could look at the next seven months as a good buying opportunity. Because look, just whatever, you know, 45 days ago when we all still thought Corona was a beer. You know, you would be looking at real estate in a difficult competitive way. You know, like it frustrated not a lot of properties
Jason Hartman 20:56
multiple offers will be yours. Yeah.
Barry Habib 20:58
Yes. So and While forbearance has its host of problems and issues and was done very irresponsibly by making it a free for all, and it’s very misunderstood because there are negative consequences, there is a positive effect for the real estate market because people don’t have to rush to put their home on the market, they’re not going to head into foreclosure. So there is a there is a stabilizing effect of this. However, the way that it was done, now, the FHA transactions have been rectified, but the way that it has been constructed, has really pretty much disabled the non qm market. It’s disabled the jumbo market for now. And it’s also made it for servicers, a game of Russian Roulette to close a loan for Fannie and Freddie. So I hope that we get some clarification and and get this resolved because this is this is an overhang right now that’s on the overall mortgage and real estate market was nice to see Fed Chairman Powell who’s brilliant man, by the way, and, you know, he took he took action when when people Look at my letter that said to not buy as much mortgage backed because you’re creating all these margin calls and destabilization the mortgage market. So there he really wants to help. But he gave a nod to that Mortgage and Housing market saying how critical was I think he wanted the head of the FHFA, Calabria and the head of the Treasury Secretary minuchin to kind of get the message that, guys we need to protect the Mortgage and Housing sector. Oh, yeah, we come back. So let’s hope that the message gets heard. Right. So
Jason Hartman 22:27
right now, it seems like things are seizing up, which is a pretty big concern. I mean, Chase, you know, has increased their their mortgage requirements, making it tougher to qualify for mortgages. It’s kind of interesting because the Fed is trying to loosen the money supply. Yet lenders and servicers are very concerned. I mean, are we right around the corner from some relief there probably are. But
Barry Habib 22:51
what do you what do you have it? We have it from HUD on FHA transactions because they have created a facility for servicers who have to advance payments Because of first payment default, which people could do with forbearance makes the loan non saleable. It’s really created a major problem. And when you go outside of FHA, which is resolve that with a facility to bridge the gap, conventional loans, which represent about 50% of the transactions out there do not yet have a fix in place in collaborate has been, who has both Fannie and Freddie, he has the FHFA. He has been a bit Cavalier and saying, Wow, I don’t think it’s gonna be that bad. And we’ll see what happens. I, you know, you know, what it’s it can be analogous to it’s a terrible analogy, but, you know, when there’s a street corner, and unfortunately, you see a couple of accidents that have to occur before they spend the money to put a try, like, yeah, yeah, I worry that that is what might happen here. We might see some some, you know, unfortunate circumstance take place before FHFA says, Oh, yeah, but that could have been avoided. And really, they could take measures right now to just say, listen, let’s dramatically mitigate this by asking that you show proof of hardship, like show that you lost your job, right, right to doing this because people are double dipping. And people are just taking advantage of a thing. It’s a free for all. And what people need to understand is, first of all, morally, it’s bad. But it’s also going to have some negative consequences for you, when you go to make a purchase. Many lenders are saying, we’re not going to touch somebody who’s gone through forbearance, and it is visible to see that
Jason Hartman 24:26
so that’s a good point. I’m so glad you mentioned that, Barry, because, you know, many of our investors are thinking well, I’m going to ask for forbearance, even though my tenants are still paying now, we’ve only had one month test of that so far. So it’s not exactly enough to go off of, but, you know, they want to buy more properties this year. If you if you want to go get agency loans. You know, the lenders have to report every month they have to say whether or not you’re making your payments. Now, they say there’s not going to be any negative credit reporting, but does that put the lender in a position where the servicer may be on where they
Barry Habib 24:57
have? Yeah, you won’t be able to bring the score but it’s evident that the payments not made. Okay, so Oh, an underwriter will see it, although so this may impact you less if you’re going for a credit card for example, potentially right, but you’re going for another mortgage, which is really a big step because what if you wanted to buy a home? What if it was an opportunity? What if rates declined to significant levels? Because they should, yeah, you should have an opportunity to take advantage of a lower rate once capacity issues are taking care of once we get through this, and we will, you know, if you think in the long term, but if a year from now, two years from now, you’d like to take advantage of a much lower rate or real estate, you’re going to be handicapped to some extent. Yeah, definitely. Yeah. And you know, another thing that that’s that’s one of the one of the things that people are looking at is the effect in the stock market. I get that all the time. People are asking me, you know, is this a is this an opportunity? Should I stay away? Should I sell so people are worried right now? Oh, yeah. And I think while it’s always difficult to handicap for me personally I thought that the action on Thursday was quite interesting. And that you have, you know, you had the peak that you saw 3393 on the s&p on February 19. And then, if a couple of weeks back, we had the big decline, we reached the bottom level of roughly 2192. So when you take the top and the bottom of the range that gives you what’s called the Fibonacci range. And then the move up has been to almost precisely 50% of that where we slightly breached on Thursday and then pulled back Of course, the markets were closed on Friday, right. And then what I was looking for, and when I had thought, you know, I tell you, it’s just just full disclosure, you know, I went short on the market and you know, so far this morning, it looks that way, that it was a good move, but if we get a confirmed move down in the market today where we closed, okay, so there you go, there’s, we got to confirm move lower today and we closed lower, that will create a pattern that would would strongly suggest that they’d be additional follow through to the downside. So I think that there may be an opportunity to take advantage of that. But I do think we will maybe come close to testing those lows, who knows depends on lots of factors that are out there. But I don’t know if I’m ready to be long on the stock market just yet. I’d like to see some hopes of maybe a therapeutic that comes out that’s really solid. It Listen, we’re going to be in a better position than the economy. But I don’t know if we’re totally contemplating how difficult a full recovery might be. So, again, if we are a little patient, there might be some opportunities that are presented for the long term to take advantage of, but I think at this level, there might be some pullback here. We’ll see. I think they’re probably My bet is that there will be but no one knows for sure.
Jason Hartman 27:45
Yeah. Right. No one knows for sure. So I guess the final question is, you know, how bad is this going to get? You know, it This could be sort of this temporary blip? We might look back and think, Wow, this was a massive overreaction. Or maybe not. Or maybe this is the catalyst. You know, look at we were in in terms of looking at the business cycle, this boom was long in the tooth Anyway, what is it what is very faint, we really weren’t,
Barry Habib 28:11
we were really we’re not in a boom, okay, we weren’t in a boom because when you look at earnings, they were not really supportive of a boom. We had this massive climax. We have this massive tax cut that we saw. And yet corporations were not really seeing an earnings increase. Stock prices were going up. But that was due to financial engineering. One of those things is the buybacks and then you have so I’m not a big fan of buybacks because that really, I think that helps you make your stock price look prettier, and CEOs and board members more pay right but means that investors have to now chase those higher prices. It also means that you’re at more risk for a downside move like we’ve had. And it also means there’s less money to go back to those investors in the form of dividend or into product development or research which just kind of builds For the future, right. So I think it’s it probably needs to be examined a bit. I think that that’s, and it really bothers me that some of those financially engineered stock prices now taking a hit are the same companies asking for
Jason Hartman 29:13
bailouts. Yeah.
Barry Habib 29:14
So I don’t I’m not a big fan of that. Jason. I agree. But but with respect to how bad is it going to get and where were we we weren’t in a boom. And if that’s why you want to try and run surpluses, we were running huge deficits. And listen, I was not a fan of this tax cut. I thought the tax cut was a mistake. And the tax cut that we went through, increased the deficit where we, you know, in good times, we should have been taking other measures and listen, the Fed had opportunities to hike rates, so they had more of a response that was was there. You know, I think we are dangerously playing that things are always going to be perfect and not trying to plan for the future. And I think that’s a dangerous game. And here’s the consequence, we’ve now run into a black swan event that No one forced saw it. Who would have thought that this would have happened, right? Nope. Yep. And in order to this extent, yeah. And now we’re just not we’re ill prepared for it. And we’re going to remember all this stimulus and all this stuff that’s being put out there has to be paid back. And the Fed is first in line. Yeah, you know, you want them to be first in line, but they’re first in line. So this is something we’re going to be paying for that will be a tremendous drag on growth for a long, long time.
Jason Hartman 30:26
Yeah. I couldn’t agree more, you know, that the companies and the governments should have been saving during the good times. Instead, the companies were doing stock buybacks. Look at American Airlines. I mean, it’s just pathetic. And now, we got to give them a
Barry Habib 30:40
bailout. You know, ya know, it’s like, it’s like children that want to live on candy, right? There’s no parent that is saying, Hey, listen, I’ll give you a little candy once in a while, but if you eat just candy, it is not good for you have to eat vegetables, you have to eat good, solid protein, you know, and, and while that is not as good Tasty, yeah, it’s good for long term growth, we have a fundamental problem here. And that election cycles cause people to just want to prop just do. Let me kick down the road, the painful stuff. And let me give out candy. And by the way, you can’t just blame the elected officials. But you have to blame us. Because we we don’t want the pain either. We keep voting for me, I always vote for the person who promises the least painted the most benefit. In the short term. No one would get elected. If they say, Look, I’m gonna put you through a tough time here. But your children and grandchildren will thank us for doing this. Who wants to be that person? Ron Paul
Jason Hartman 31:33
never got elected. Exactly. Yeah,
Barry Habib 31:35
very good point. Very good point, Barry, give out your website MBs highway.com. And the letter that the Fed took action on to change things is right on the front page. And that’s what everybody is saying is the letter that you know, even Steve liesman said your hero in the mortgage is so many people have said that but right. That’s the letter that saved the mortgage industry, at least for now. Yeah, we’ll see where it goes with this forbearance issue. But you notice that I pray every day and it doesn’t hurt to do that, certainly. And, you know, I believe in the fact that we will have such great intelligence and perseverance in this country that we will manage and figure out a way to get through this. But I do think that it will be a bit of a bumpy road, maybe a pretty bumpy road to get there. And I just pray that we don’t go down the road of money printing and because that’s while intoxicating, is really really dangerous. Yeah,
Jason Hartman 32:27
absolutely. Totally agree with you, Barry Habib, thanks so much, and appreciate you joining us keep up the good work. Thank you, Jason. Thank you so much for listening. Please be sure to subscribe so that you don’t miss any episodes. Be sure to check out the show’s specific website and our general website heart and Mediacom for appropriate disclaimers and Terms of Service. Remember that guest opinions are their own. And if you require specific legal or tax advice or advice and any other specialized Please consult an appropriate professional. And we also very much appreciate you reviewing the show. Please go to iTunes or Stitcher Radio or whatever platform you’re using and write a review for the show we would very much appreciate that. And be sure to make it official and subscribe so you do not miss any episodes. We look forward to seeing you on the next episode.