Transcription
So look at this. Consider this our economy. You have 50% of white collars are going to vanish over the next 5 years. Gone.
Which means that those people are going to have to liquidate their stocks, stocks to pay for their homes, which will eventually run out, and mortgages will go unpaid, forcing them to sell their homes. And what are the jobs being lost? They're white collar, high-end jobs that in the eyes of the bank, they were like, "Hey, this is a guaranteed guy to pay his mortgage. We call them AAA." And guess what? They're gone.
Those, those AAA's are supposed to be secure investments for pensions and fixed income and low-risk solid returns. And every time you take out one of these blocks, it becomes a liability and adding to the top of the tower. So what does government do? What did they do last time? They printed money. Quantitative easing. Just like after 2008, the government bailed out the banks. They pushed trillions of dollars into the economy to hedge off a total and complete collapse, like something like the Great Depression or something like that.
But when government prints money, it causes inflation and they take on a little bit of debt. I just told you there's $14 trillion of mortgages out there. If the high credit score people that the banks base their security on to make good on those mortgages, if the AAA's stop making payments because they were replaced by AI, the housing market now is three times the size it was in 2008 with double the debt. The government would have to print so much money that just the payments on the debt would consume 100% of the federal tax revenue.