What is going on my people welcome back to another video today is friday august 7th 2020, and today's video we got a good bit of bad news. I'm gon na share with you guys it was actually pretty frustrating scripting out today's video and looking at all the research. It is just pathetic what our political leaders are doing, and i would say today today is d-day today is deadline day for most of our political leaders, and today is doomsday for most of the families that are struggling and reliant on help from our government. So without a doubt i think it's safe to say it is d-day, it is d-day, it is dooky day whatever you want to call it.

Yesterday evening, nancy pelosi, chuck schumer, steve, mnuchin and mark meadows had a meeting talking about the details of what should be involved in the next stimulus package. Within that meeting, not much went down and they're actually funny reports that they went ahead and slammed their hand on the ground, which one party it's just childish. At this point like when i actually do research like reading some of the news articles and what like new york times is reporting, i just can't even believe it like. I feel like i'm just watching like a high school debate.

I don't even know what else to say anymore: it's just it's the most annoying thing in the world. Apparently, the biggest lesson that they got out of this meeting was the fact that they realized how much farther apart they were on disagreements. What still blows my mind to this day is how different they can be about the commonality of just helping the people. I understand that when we're talking about bills and packages in the billions to trillions of dollars, there's a lot that goes into it.

But like i've been saying since the beginning, let us focus on the simple things: getting money to the people: stimulus checks, federal unemployment, boosts eviction, moratoriums, rent assistance. Let's just do that, so people aren't going out on the streets turning into zombies, not knowing what is going to happen tomorrow and then, let's get into the other things that they want in their stimulus packages. But right now how about? If we just focus on the simple things, it is so easy, so i think they're beginning to pick up on this, but i don't know if it's an ego battle, i don't know what's actually going on if it's a gender thing, if it's strictly republicans and democrats, But there has been constant beef that really hasn't been going anywhere since the start of this week. I don't care how many times they want to say this is a productive meeting.

It doesn't matter if it's a productive meeting, if nothing gets done, do they understand that so yesterday today we also had more details on that jobless report that we've all been waiting on for the past few weeks. This gives us the best detail and the best idea on what is actually going on with our economy. Whew there's a lot we can learn from this meantime. Initial jobless claims just out right now we want to get to rick santelli who's standing by the cme in chicago with those numbers rick.

Well andrew. We broke our streak. We are not going to be able to say 16 weeks in a row of lower initial claims, because this week is higher one point: four one: six million, so one million four hundred and sixteen thousand. That is definitely a bit higher than a slightly revised.

One million three hundred and seven thousand from last week, so our streak of fifteen. Well, that's where it ends not 16, but continuing claims did post an eighth week of drops uh the number. There is 1.6, i'm sorry, 16.197 million, so 60 million one hundred and ninety seven thousand, and that follows a slightly revised. Seventeen million three hundred and four thousand so eight weeks in a row lower on continuing claims.

Now we could debate as to how much the initial claims rise will mean, but many have expected it. Certain areas of the country that reopened had to settle back down due to the spikes, and some of that is making the waters a little muddy. So these initial claims may be a little bit more sticky, but there is not a huge response in the market, although stocks of course are pre-opening and many are going to see how much is translated into that. But various parts of the world continue to feel the covet effects.

South korea officially moved into recession with its second negative gdp, and we will continue to monitor all the data in the states to see how our gdp is faring through these 12 to 18 week. Resurgence into the openings that seem to have run into some obstacles, andrew back to you jobless claims still remain at an all-time high, and this is the 20th straight week that at least 1 million people have still sought jobless aid. This is still more than the great recession that we had back in 2007 and 2009, so we are not going anywhere. It doesn't matter what anyone says if they think that jobs are improving just because of a small little blip, you guys got to think about it.

Kind of like stocks, if we look at the one day, trent and it just happens to be a good day, it's going to throw off the whole course whenever you're looking at stocks, you're looking at graphs you're looking at analytics, you look at the one day. The one week, the one month or even the three month, you get a better idea of what the full picture actually is. Instead of what the picture that people want to paint. So this is often what the media is going to.

Try and portray they're going to try to look at things and through one little glass when in reality, the farther picture is that people are still not employed. People are still out of jobs, and this may actually continue to increase. As we begin to see the weather change, so we are still approaching and it's kind of crazy we're at the end of august right now, as we approach the end of summer, we start to get into fall and winter where people start getting colds and flus. In addition to all the normal viruses and diseases, you'll normally get it's gon na be a very confusing time during that year.

So not much has changed. If anything, i feel, like things have progressively gotten worse over a long period of time. Although cases are now on a decline, i still don't want to argue that, because it is too early to tell whether or not things are going in decline. Now i also mentioned in yesterday's video that grocery prices were going up in my area.

I asked the people if that was the same for you guys, and i got a lot of responses of people telling me yeah, like grocery prices are still going up as well, and i mentioned this because supply chain, and also import is also going up. Everything is out of whack right now, because of this pandemic. Workers do not want to go to work. Some workers are sick.

Some some factories actually had to shut down as well, too, and import has slowed down significantly since the start of this pandemic. So so, with things like grocery items, we may actually continue to see that increase over time. Hopefully, it doesn't because i don't like paying six dollars and fifty cents for my organic eggs that were like four dollars before this pandemic started. But i guess this is the price of what we have to pay when we're all suffering and uh, literally going through a worldwide global pandemic.

Now here's what's happening within our politicians, uh hold on to your chair because it is pretty annoying. Most of them have actually gone back on recess, so whether they're gon na go on their little tea parties or they're gon na go on their picnics or their yacht parties. I don't even know what they're gon na do on their recess, but most of them have already left. We have a couple of them staying behind, saying that they're gon na keep working until something gets passed, but in reality, if we don't have the full party here, it's still gon na take a lot more effort in getting something passed unilaterally.

So now we took a look at the numbers of what the progress has been with our leaders. It's just disappointing. So since the beginning of this they've been back into office for about three weeks now and within those three weeks, they've had 11 meetings that have only totaled over 19 hours 19 working hours. I know people in real life that are working 12-hour shifts every day just to provide meals for their family, so over three weeks, 11 meetings, 19 hours - something just doesn't add up - anyways i'll.

Let you guys have your own opinion on that. But let's just talk about what is actually going to happen. Next, the discussion of eviction moratoriums and federal unemployment boost claims are still on the table, but what they're also adding now is rental assistance. Here's the argument, president trump, is still talking about enacting that executive order and there is still a lot of talk that he may actually follow up with this.

So, first of all, he has authority in being able to do this, but he does not have the authority of being able to pass a larger budget. So if you're someone who's really interested in getting stimulus, checks or you're, really interested in getting additional stimulus packages passed to the people, something like this may be fairly low. He may actually be able to pass something like eviction moratoriums, where people can't get kicked out of their home, but when we're talking about large sums of money, this is often going to involve a lot more than just our president. Now hypothetically say he was able to use his executive order.

Another thing that would have happened if he does go ahead and do this is the fact that it's gon na have to go through court. There's gon na be a lot of litigation, and what this means is it's just gon na take a lot longer and less people may receive the full benefit compared to if this was getting passed through. Something like the cares act like we've seen or a full stimulus package where we've had everyone vote on it and it gets passed in that direction, so the senate will officially be in recess until september 8th. There are going to be a couple representatives still holding back trying to work on something but we'll see if that actually gets passed.

I hope during their recess and their vacation they have a good time. I hope that uh, i don't even know anyways hope you guys enjoyed this video, don't forget to drop a like if you did enjoy this video and uh stay safe out here and hopefully get some better news. Coming up. Anyways have a great weekend.

You guys. I love you all. Thank you all. So much for the support and uh see you guys in the next one.

I hate our leaders.