Half of all Restaurants will close - Economy is falling apart

and welcome back you're watching i allegedly and uh behind me uh is the beautiful san diego convention center so we've got day two of san diego for you guys uh we're gonna cover national news uh the economy and uh more of the downtown area that is just getting utterly destroyed right now as a result of our economy that is booming right now don't forget it's fantastic so before i get into it please take a second to hit the like button please share this video with all your friends enemies and colleagues and please don't forget to subscribe let's get into it i'm outside the hilton gas lamp and you've got to see this because it's kind of shocking this is directly across the street from the convention center you've got fleming's directly across the street there but take a look at this you've got every restaurant with this hotel completely closed all the adjoining restaurants that are attached to it are done also so look at this beautiful property i mean this is done imagine you fly in from wherever and you go to the hilton and there's no restaurant to eat at so that's terrible you've got this corner location right next door to it as well that's finished look at this guys look at that that place is completely closed and then steakhouse on the end this place this huge awning out front i mean this place i've been by here when this place was just jumping and it is absolutely dead right now so nobody here place is closed completely down for the count but our economy is doing fantastic guys don't forget that you've got the flemings and then directly across the street you've got this location completely finished there's so many units down here for lease and as you get further and further away from the main drag you see more and more problems down here it's pretty crazy people sleeping in doorways our friend from yesterday look at this corner location i mean great outdoor patio look at this huge location on 4th and j street but guys that's whole building is done and then you go across the street and you see this and the downstairs unit is done the one next door is finished you know brand new apartments come down here live here i'm telling you these live work units is going to be the kiss of death for a lot of these cities especially when you've got homeless people sleeping in the doorway out front now one thing that we're starting to see with the eviction moratorium it's supposed to end at the end of this month in 90 of the states the interesting thing about this is that you are starting to see huge cracks with the landlords they cannot afford to support these buildings they have not gotten any help from the government and people's water is getting shut off there is just problems galore with these places the other thing that you're starting to see is that the people are buying houses so desperate to get in this real estate market and overpay that they don't care if somebody's living in the unit that's not paying rent um perfect example another guy in washington dc mr winn bought a house and has a guy living in it refuses to leave okay hasn't paid rent in 15 months now so that guy's not leaving you've got to evict him and again these people are protected they can't get out i mean it's an absolutely uh huge problem and uh i think that if you think that the real estate market is as good as it is right now and that people are fighting look at this box office for the playhouse here completely done uh if you think that this is going to continue and the real estate market's going to uh continue to shoot up wait until there are no more uh there's no more rent moratorium there's going to be such a glut of properties on the market and you're going to see these things drop to the floor the thing that we don't know is we don't know how many people are not paying the rent what about the private citizen that's the landlord you know some of these people are not reporting this one in seven number that we've heard so much about plus the number that the millions of people in forbearance right now uh a lot of banks are saying hey time to pay up or refinance your house but how do you refinance your house without a job so crazy okay here you go across the street and now four lease you know i got a lot of comments yesterday in regards to the inflationary numbers there is a guide called the 10-year break-even point it's an analysis they do for inflationary numbers that investors use and they're trying to say that this is hitting a peak right now okay and this is a cause for concern again guys yes it's a cause for concern because inflation is out of control the job numbers that came out today were supposed to celebrate that because it wasn't as bad as they said it was supposed to be which is preposterous i really think that inflation's not inflation but the unemployment number is well over 26 percent uh the shadow stats and all those different sites that you can look at you know you can think that it's at six percent it's ridiculous how many people do you know that don't have full-time jobs come on i could list 20 right now on this video as we walk through this place but again everything is getting destroyed right now guys right before our eyes here's a story out of yahoo finance and it states that the economy is going to overheat this summer now i think it's overheating down here with all these close businesses i mean guys there is just mountains of empty retail down here it is unbelievable the number of places that are absolutely out of business closed down for the count the craziest thing is some of these people built these outdoor eating areas and then still couldn't survive so guys this is a real problem but the economy is going to overheat this summer jobs are going to come back employment's going to come back retail's going to come back shopping oh you guys have to see this wow this was a huge retail store i don't want to say the name of it because i don't want to get it wrong but you guys have to see this look at this behind me guys it's a whole city block completely finished you guys see that done done done done but hey don't worry the economy is going to overheat and check out this place too right here another corner location finished guys you know i really am sick of these reporters and these economists quote that are talking about the economy now here's the thing that i can't stand okay i've had you know economists speak at my events and i i hate that they act like they have a crystal ball and they talk about what could happen and it's and it's always if this happens this will happen if this happens that will happen and they never make predictions in advance we can't do that down we tell you what happens afterwards well that's an absolutely worthless uh amount of insight for us you know you know if your wife cheats on you you will leave her you know what it's stupid it doesn't do a bit of good really that's that's good news to know well if people don't get jobs there will be no money it's ridiculous that these economists are out um not making the predictions on where the stuff is going they don't want to be real with you as far as where this economy is at and you know where it's at because you see your purchasing power is less you see buying power less you see all the problems that are out there right now well the shout house is done out of business um you can see it all boarded up behind me so one of those dueling piano places that is done plus they built all this out here up front and the interesting thing about this is that the ppp loan program is finished the sba announced that they will not take new applications so you cannot get a new application if you or anybody you know has already applied for a ppp loan they will process ppp loans through the end of the month so through the end of june if you've already applied for a ppp loan you can still get the money demand that you get the money lean on them and get the money because i'm telling you this right now mark my words there there's never going to be another program like that ever in the history of our lives and uh if you borrow under 150 000 it is forgivable with a one-page document and again look at this they're building this high-rise down here but right here you've got all this retail done finished this place across the street is finished i mean this is an absolute nightmare down here but the ppp program was originally designed for uh business with with employees if you are self-employed one-man band one-woman show uh you can get up to a hundred thousand dollars of payroll cover which equates to a little over twenty thousand dollar loan that can be forgiven again look into it take advantage of it if you can if your application's already out there make sure they get it approved okay give them whatever they want because they're gonna run out of money during this month if you've already applied make sure you get the money if friends or anybody you know because it's over johnny it's done it's done it's done okay these places across straight completely finished hey guys this was so fantastic down here could walk there'd be businesses all this stuff up and down the street absolutely crazy i'm walking through the gaslamp district and uh i met carlos and he was nice enough to go on camera talking about the area first things first carlos is i love this area i've been down here coming down here for about 15 years and uh it's so you know it's like a romantic spot man my girlfriend would come down here bring my kids down here eat hang out and it's just changed man since the last time i was here it's utterly devastating and it's sad to see all these places go out like like i am legend yeah exactly nah yeah we're closing down our restaurant ourselves yeah you know tropical support but we are going to do catering that's it but we're just shutting down the downtown physical location it's just not enough people down here right no it's not even as busy as it used to be wow like i've seen on the new that said that uh you know three times the people four times the people went out flying this year but it wasn't they're not buying they're not spending the money not spending the money you know and that's the thing is you guys spent all this money on this you know and it's sad and it's sad too because like you spent all the money but the homeless comes and tears them up too you know and the homeless man i you know before they built petco park yeah this was a really bad neighborhood the whole area was horrible and they cleaned it up they did a giuliani here and and made it like times square yeah and made it really nice and now man it's the homeless is really coming back it's all over the place and i'm really sorry man you know i'm sorry to see a family business go down and and uh you know god bless you guys i hope you guys get through this and i hope that uh you guys uh find a way but uh good luck carlos okay yo thank you um shout out to tropical supporters all day they are doing online catering uh it's puerto rican and dominican food cool for whoever like does want online catering um you know they're good family they put the heart and dedication to it and i appreciate this man right here uh stopping by and even interviewing me so i appreciate everything thank you carlos have a great day okay all right bye-bye lima peruvian food and cocktails down for the count you guys heard it from carlos these businesses cannot make it on 25 occupancy it's just not going to happen and then when they reopen it they see the writing on the wall when they reopen they're not going to make it down for the count place next door to it finish two you know i i regret that jeremiah babe is not with me because i talk about this next part and that is uh you know i've had a couple scary situations out and about while filming in the last week and uh it's time it's time for me to take my security a little more seriously and uh i'm gonna go under a very strict training regimen with jeremiah i'm going to get some home protection i think i can say that on here and i'm going to take his recommendation on what i need to get i'm going to get trained on how to use it okay it's just it's time it's time it's too it's too important right now uh not to have it you guys need to take care of your families you need to take care of your loved ones and trouble is getting worse this areas are getting worse right now and the violence is getting worse modern organic mexican food done queensborough is finished the corner unit here completely finished down here so you know it's just guys this i mean this would be this i'm telling you this was the coolest place to come down to as i walk through this destroyed real estate down here uh reminds me of a story out of the eu where they're talking about a digital identity wallet uh that will be able to have payment capabilities on it so the thing that's gonna happen is if you don't think that the government's gonna look at this guys blocks of dead space okay um if you don't think that the government's going to regulate crypto currencies and have a digital currency you are delusional to say the least so it's it is absolutely sad that you're seeing so much down here destroyed uh but again cryptocurrencies will be regulated you will see it sooner than you think oh you're crazy dan it's it's it's it's great okay whatever you can you're gonna definitely see a problem with it uh elon musk sends out a tweet uh or you know about baby shark and the stock goes up okay it's ridiculous that he can manipulate stock market it's ridiculous he can manipulate uh dogecoin bitcoin or anything else so again i don't see it as a hedge against inflation things are bad right now guys things are not good there's no more stimulus money out there for anybody it's it's finished if you are in the pipeline to get anything whether it be pandemic unemployment uh any of the eidl money the eidl loan still has uh just under uh 200 billion dollars of funding because the sba is dragging their feet on it go out and get that 3.75 loan for your business you'll never get that money again and these programs are done forever good luck to you guys if you guys are trying to get that funding really really punching up the market uh one thing that's crazy another one is bed bath and beyond bed bath and beyond is a retail stock nice store you know they got gadgets and bed bath and beyond stuff anyways they um their stock is shooting up because there is a short interest in it quite a bit and it's getting people interested in uh investing in that so crazy adam aaron the ceo of bed bath excuse me ceo of amc he saw his uh wealth shoot up by 200 million dollars because of that guys look at this across the street whole block finished finished finish finished it's so sad to see this area this was i'm telling you you would come down here you would park your car and you would walk from place to place to place live music drinks have an appetizer someplace and off to the next and man this is just absolutely tragic guys absolutely tragic it is nice to see some places down here that are doing well you know it just it just is um but i'm gonna finish this with two quick stories and first thing is mcdonald's mcdonald's uh is going to start testing in the chicago area new york los angeles uh automated ordering through the drive-through where you will not speak to a human being okay so that's coming to a city near you which means less employees guys they estimate that they will need uh four or five less employees per store which again i thought you talked to one person but they estimate it could be saving them as many as four employees which is just gonna save the money and the next thing is apple apple had a company do a research study for them in 2020 and they determined that they earned 600 billion dollars in total sales for through the app store so again automation apps app purchases app advertisers all the commerce that was done through automation through the app was 600 billion dollars in 2020. absolutely crazy if you guys are thinking about developing anything like that that's the future guys it's not retail if you i that like that the you know carlos today and seeing that that restaurant closed it's very sad so again guys please don't forget to like the video hit the subscribe button share this with all your friends and colleagues and uh i will see you guys very soon if you guys want to join the patreon group don't forget to join the patreon group and uh my emails below join the email list and thanks for being here hope you like this san diego tour over the last two days

Channel: I Allegedly

Views: 79,869

Rating: 4.9306359 out of 5

Keywords: San Diego Real Estate, Gaslamp District, Downton San Diego, San Diego Economy, Real Estate, Live Work Units, Silver, Business, Jeremiah Babe, Stimulus update, bitcoin, eidl grant, small business grant, stimulus, grants, iallegedly, Dan iallegedly, EIDL Targeted Grant, EIDL Reconsideration, Small Business News, Retail News, Economy Coillapse, worst economy, Business News you can use, state grant, New Stimulus Check, Economic Bubble, New Cryptos, inflation, AMC Stock, Job Numbers

Id: ETii_w3qQD4

Length: 20min 3sec (1203 seconds)

Published: Thu Jun 03 2021

Reddit Comments

[u/[deleted]]

Thankfully I can't afford to eat in restaurants very often.

I exchange my spare FIAT for shiny :D

[u/T455H77_me]

That's sad, since Americans don't know how to cook.

With restaurants closing, they will be starving. Actually this might be a good and very healthy thing to shed off some extra pounds.

[u/Mothersilverape]

Some areas are worse than other areas. California is doing very poorly.

[u/Yolosilver-id19]

It will be to expensive for most people pretty soon. Check prices on steak and seafood. No inflation, move along, nothing to see here.

[u/Super_Silver_Man]

It’s hit or miss atm ... but when people run out of fiat. They’ll stop going out to eat and drink that’s 💯.

[u/Real_Pizza]

I think restaurants will be dead for several years. Some may come back but not as many as we were used to... People that owned their food business are going to think twice to open up another business again in the future.

[u/snowy3x3s]

That's a lot of unemployment and bankruptcy.....all good though, printer goes brrrrr!