WEBVTT 1 00:00:00.640 --> 00:00:04.280 You're listenings KFI AM six forty the bill Handle Show 2 00:00:04.480 --> 00:00:07.919 on demand on the iHeartRadio a F Good morning, everybody. 3 00:00:07.919 --> 00:00:12.759 Bill Handle. Here on a Monday morning, November twenty five, we. 4 00:00:12.679 --> 00:00:13.839 Are officially in. 5 00:00:15.759 --> 00:00:19.480 The Pastathon mode and I would like you to donate 6 00:00:19.519 --> 00:00:24.839 and help us donate to Pastathon helping Chef Bruno Caterina's 7 00:00:24.879 --> 00:00:28.559 Club feed five thousand kids a night, I mean something 8 00:00:28.600 --> 00:00:32.439 completely crazy, and so we've been doing this for fourteen years. 9 00:00:32.479 --> 00:00:35.679 So we're going to be broadcasting all of us, all 10 00:00:35.719 --> 00:00:40.000 the day parts on December thirtieth or December third, I'm sorry, 11 00:00:40.079 --> 00:00:44.479 which is Tuesday, and we're going to be accepting donations pasta, 12 00:00:44.679 --> 00:00:48.200 sauce money, and please show up there at the Anaheim 13 00:00:48.240 --> 00:00:51.000 white House on the third, and I'd love to have 14 00:00:51.079 --> 00:00:54.640 you there also there in the morning, just in the morning, 15 00:00:55.119 --> 00:00:58.280 I'm going to feed you. They'll be pastries and they'll 16 00:00:58.320 --> 00:01:00.960 be coffee and juice and arting at six o'clock, real 17 00:01:01.039 --> 00:01:03.880 jew bagels and shmear and cream cheese. 18 00:01:03.920 --> 00:01:05.959 So come on down. Love to have you at the 19 00:01:05.959 --> 00:01:06.760 Anaheim white House. 20 00:01:06.799 --> 00:01:08.879 You can go to Pasta, you can go to KFIAM 21 00:01:08.879 --> 00:01:11.599 six to forty dot com, slash pasta fon for all 22 00:01:11.680 --> 00:01:17.000 kinds of information. Okay, something rather rather interesting that I'll 23 00:01:17.000 --> 00:01:21.640 bet you didn't know, and how counterintuitive this is. California 24 00:01:22.439 --> 00:01:27.200 is making so much solar energy that the large commercial 25 00:01:27.359 --> 00:01:33.239 operators and farms are forced to stop production many days 26 00:01:33.319 --> 00:01:37.959 during the year, raising all kinds of questions. Because we, 27 00:01:38.159 --> 00:01:40.959 the state of California, have a plan to shift entirely 28 00:01:41.040 --> 00:01:45.959 to carbon free sources of electricity, and what's the number one. 29 00:01:45.799 --> 00:01:48.200 Of carbon free source solar energy? 30 00:01:48.640 --> 00:01:51.840 But wait a minute, we have so much solar energy 31 00:01:52.640 --> 00:01:57.079 that on well, according to study out of Berkeley, half 32 00:01:57.159 --> 00:02:01.959 the days, we've got too much power in estate from 33 00:02:02.000 --> 00:02:05.480 solar energy. So what's that about? Well, let me give 34 00:02:05.480 --> 00:02:08.159 you some facts and figures. In the last twelve months, 35 00:02:08.719 --> 00:02:12.319 the solar farms have curtail production of more than three 36 00:02:12.360 --> 00:02:16.400 million megawatts hours of solar energy, basically enough to power 37 00:02:16.800 --> 00:02:18.240 half a million homes for a year. 38 00:02:18.360 --> 00:02:21.319 More than that, and what do they do with it all? 39 00:02:21.800 --> 00:02:25.120 And by the way, this amount has doubled since twenty 40 00:02:25.159 --> 00:02:28.000 twenty one, eight times from twenty seventeen. I mean, we're 41 00:02:28.000 --> 00:02:33.560 building solar like crazy, especially solar panels. I bought my house, right, 42 00:02:34.280 --> 00:02:36.159 you know, my new place. After I got rid of 43 00:02:36.159 --> 00:02:38.159 the Persian Palace. One of the first things I did 44 00:02:38.199 --> 00:02:39.599 to put in a solar system, and I had one 45 00:02:39.639 --> 00:02:42.560 at the Persian Palace because I have the joys now 46 00:02:42.680 --> 00:02:48.280 of living in the most expensive utility in the United States. 47 00:02:50.280 --> 00:02:53.759 You bet you, I have solar. It's gotten now. You 48 00:02:53.840 --> 00:02:55.639 used to be able to sell solar back. 49 00:02:57.400 --> 00:03:01.080 That was the tear system that has been establish the 50 00:03:01.159 --> 00:03:04.080 net revenue system, which you can't deal with anymore, because 51 00:03:04.280 --> 00:03:07.439 it used the utilities used to pay for excess power 52 00:03:07.439 --> 00:03:10.080 that was generated during the day. During the day, if 53 00:03:10.120 --> 00:03:10.319 you have. 54 00:03:10.319 --> 00:03:13.360 A solar panel, if you have solar panels. 55 00:03:12.639 --> 00:03:15.840 You're generating generally more than you use. I certainly have. 56 00:03:16.319 --> 00:03:18.039 So what I used to do is sell it back. 57 00:03:18.599 --> 00:03:21.319 They took it back and I didn't actually do anything. 58 00:03:21.400 --> 00:03:24.360 I mean, the system does that, and now that's done 59 00:03:24.639 --> 00:03:29.199 because there's too much solar energy. And at night when 60 00:03:29.199 --> 00:03:33.159 there is no solar energy, now we have battery power 61 00:03:33.159 --> 00:03:34.840 which only lasts four to five hours. 62 00:03:34.879 --> 00:03:39.280 But I'm on the grid at night. Well, it's so expensive. 63 00:03:39.319 --> 00:03:43.000 I'm putting in batteries and so is everybody else with 64 00:03:43.039 --> 00:03:45.800 a new system. So we just have more power than 65 00:03:46.039 --> 00:03:50.319 we know what to do with and the waste that 66 00:03:50.360 --> 00:03:54.080 we have, the amount of energy that we don't use. 67 00:03:55.879 --> 00:03:59.039 The waste would be even larger if California did not 68 00:03:59.240 --> 00:04:03.319 pay other utilities to pick up their ex solar power. Now, 69 00:04:03.319 --> 00:04:07.199 we used to sell power to other utilities, and now 70 00:04:07.240 --> 00:04:10.280 the cost is so low and we are producing so 71 00:04:10.439 --> 00:04:13.680 much power based on these solar systems that we are 72 00:04:13.719 --> 00:04:19.279 actually paying other utilities to take the power. I mean, 73 00:04:19.480 --> 00:04:23.600 that is completely crazy. By the way the grid officials 74 00:04:23.600 --> 00:04:28.360 worn back in twenty seventeen, when curtailments were still happening, 75 00:04:29.360 --> 00:04:32.439 when power operators saying we can't take any more power, 76 00:04:32.480 --> 00:04:36.720 we can't produce any more power, especially on hot days. 77 00:04:37.879 --> 00:04:41.000 You know, out of UC Berkeley, I said on Sundays, 78 00:04:41.000 --> 00:04:43.240 more than half of the power goes to waste. They 79 00:04:43.279 --> 00:04:45.800 just throw it away, they give it away, they take, 80 00:04:45.839 --> 00:04:48.759 give it to other power companies and pay them to 81 00:04:48.800 --> 00:04:53.160 do it. And that also means that it's costing us 82 00:04:53.199 --> 00:04:55.800 more because we are producing more. I mean, there is 83 00:04:55.959 --> 00:04:59.399 cost in terms of putting in a solar system, commercial 84 00:04:59.480 --> 00:05:05.240 solar s systems, and that is what is that's the 85 00:05:05.279 --> 00:05:08.480 basis of them going to the PUC and saying we 86 00:05:08.519 --> 00:05:12.399 need more money from the consumer. That's why we are 87 00:05:12.439 --> 00:05:14.920 paying so much, and we have so much energy that's 88 00:05:14.959 --> 00:05:18.199 going to waste, that's being sold to other utilities or 89 00:05:18.279 --> 00:05:20.800 being or paying other utilities to take the power. 90 00:05:20.839 --> 00:05:22.600 I mean, it is cray z. 91 00:05:24.079 --> 00:05:29.720 And according to Gavin Newsom, and we're going way back, 92 00:05:30.240 --> 00:05:36.279 California has to be nett net energy, no more emissions, 93 00:05:36.399 --> 00:05:39.319 fossil fuel emissions by twenty thirty five. And you know what, 94 00:05:39.360 --> 00:05:43.519 the number one way we can do this, the easiest, 95 00:05:43.839 --> 00:05:48.639 the cheapest way to produce zero emissions. 96 00:05:48.920 --> 00:05:50.639 Is through solar power. 97 00:05:50.720 --> 00:05:53.240 So using solar power, we're going to be able to 98 00:05:53.319 --> 00:05:56.279 hit by twenty thirty five. We're going to be able 99 00:05:56.279 --> 00:05:59.759 to hit that level no fossil fuel emissions producing power. 100 00:05:59.800 --> 00:06:02.920 But wait a minute, right now, we have too much 101 00:06:03.639 --> 00:06:07.839 and we haven't hit we haven't hit that level yet, 102 00:06:08.240 --> 00:06:11.800 So how are we going to get there using more 103 00:06:11.839 --> 00:06:16.439 solar power? When we have too much solar power that 104 00:06:16.560 --> 00:06:19.560 has to be given away or paid for. 105 00:06:19.959 --> 00:06:21.279 To have other utilities do this? 106 00:06:21.360 --> 00:06:25.079 Arizona, they get sixty nine million dollars a year in 107 00:06:25.160 --> 00:06:26.279 savings or we pay them. 108 00:06:26.959 --> 00:06:28.879 I mean, it is completely crazy. 109 00:06:30.560 --> 00:06:33.560 We have too much solar. Other states are getting the 110 00:06:33.560 --> 00:06:39.839 benefit I'm still paying insane rates for power, which is 111 00:06:39.839 --> 00:06:42.040 why I have solar, so therefore I'm not using it. 112 00:06:42.519 --> 00:06:44.480 And then I found something. As you know, I have 113 00:06:44.519 --> 00:06:48.879 an EV I have an electric vehicle. And so here's 114 00:06:48.959 --> 00:06:52.399 what I learned, especially now that I'm living in high 115 00:06:52.480 --> 00:06:56.480 end utility land, is I charge it during the day. 116 00:06:56.639 --> 00:06:57.000 That's it. 117 00:06:57.279 --> 00:07:00.560 I don't try to use anything at night because all 118 00:07:00.600 --> 00:07:03.160 of us are on the grid at night. So it 119 00:07:03.199 --> 00:07:06.920 has it has been reversed. Now, remember when you were 120 00:07:06.920 --> 00:07:12.040 told use run your appliances at night, not during the day. 121 00:07:12.199 --> 00:07:15.439 Now it's run your appliances during the day and not 122 00:07:15.600 --> 00:07:19.480 at night because energy costs are so expensive and we 123 00:07:19.560 --> 00:07:25.480 have too much of it and you're paying a fortune. 124 00:07:26.639 --> 00:07:28.720 I looked at my bill before I switched over to 125 00:07:28.800 --> 00:07:29.639 daytime charging. 126 00:07:29.720 --> 00:07:33.839 I go, how is this possible? This is crazy? This 127 00:07:33.879 --> 00:07:38.040 is half a mortgage payment. It's a weird Where do 128 00:07:38.120 --> 00:07:41.560 we live in? I want to move over to earthquakes 129 00:07:42.079 --> 00:07:43.000 Southern California. 130 00:07:43.040 --> 00:07:47.040 We're hitting a seismically active this year, more so than 131 00:07:47.120 --> 00:07:51.680 in decades. And we still have a ton of those 132 00:07:52.120 --> 00:07:57.399 buildings that are called soft story apartment buildings, a ton 133 00:07:57.439 --> 00:08:00.680 of those, and those are the ones that have carports 134 00:08:00.879 --> 00:08:04.959 underneath them, and they have those poles that hold up 135 00:08:05.000 --> 00:08:08.040 the building where the car ports where you part the car. 136 00:08:08.120 --> 00:08:10.720 And you know, they're old, really old, and they're. 137 00:08:10.560 --> 00:08:13.759 Not particularly safe. And guess what happens in a major earthquake, Well, 138 00:08:14.079 --> 00:08:17.439 they can collapse because they're not really strong. Have you 139 00:08:17.480 --> 00:08:20.959 seen on the Hollywood Hills where you see those houses 140 00:08:21.040 --> 00:08:25.920 where the poles go down thirty feet and it's maybe 141 00:08:25.959 --> 00:08:30.959 a pole six inches in diameter and it's holding up 142 00:08:31.000 --> 00:08:34.440 the house. You know, look at that, you go, earthquake comes, 143 00:08:34.480 --> 00:08:37.600 they snap. Well, they haven't snapped, but there are some 144 00:08:37.720 --> 00:08:44.960 that have. Nineteen ninety four earthquake, the on oh my god, 145 00:08:45.240 --> 00:08:48.120 Northridge quake, and my parents lived right on Partheni in 146 00:08:48.120 --> 00:08:51.039 the middle of it at the time, and there was 147 00:08:51.080 --> 00:08:55.320 a building I think in receieda a soft a soft building, 148 00:08:56.840 --> 00:09:01.799 soft story apartment building that pancaked. Sixteen people died, literally 149 00:09:01.840 --> 00:09:04.399 the whole it all came right down. 150 00:09:04.279 --> 00:09:06.480 And sixteen people in there were crushed. 151 00:09:07.879 --> 00:09:12.279 And since then cities have said, Okay, we have to retrofit, 152 00:09:13.399 --> 00:09:17.159 we have to make these buildings safer. Now. 153 00:09:17.679 --> 00:09:18.720 Is it easy to do. 154 00:09:18.759 --> 00:09:22.440 Well, it's expensive to do because you put in a 155 00:09:22.600 --> 00:09:26.279 much more robust in terms of the posts that hold 156 00:09:26.320 --> 00:09:29.080 the building up. And then the walls have to be 157 00:09:29.240 --> 00:09:33.320 retrofitted and they have to be stronger. I mean I 158 00:09:33.360 --> 00:09:36.320 did that when I bought a house in Hancock Park 159 00:09:36.360 --> 00:09:39.960 adjacent I had a duplex there and I had to 160 00:09:40.000 --> 00:09:44.399 retrofit the whole thing. I had to pull, I had 161 00:09:44.440 --> 00:09:47.639 to put new, I had to put. What did I do? 162 00:09:47.679 --> 00:09:50.960 I'm trying to remember what I did. Bolts into the 163 00:09:51.000 --> 00:09:54.919 foundation and shore up the walls, and it cost me 164 00:09:54.960 --> 00:09:59.200 a fortune. And therein lies the problem, and that is 165 00:09:59.320 --> 00:10:01.879 what does a build building owner do? Because some cities 166 00:10:01.879 --> 00:10:04.559 are said, you have to do it. There's laws on 167 00:10:04.639 --> 00:10:07.279 the books. La has a law on the book. San 168 00:10:07.279 --> 00:10:09.840 Francisco has a law on the books that you have 169 00:10:10.080 --> 00:10:13.360 X number of years and that time is here that 170 00:10:13.720 --> 00:10:17.399 those soft story buildings have to be retrofitted because in 171 00:10:17.440 --> 00:10:21.200 a big quake they go down and people die. 172 00:10:23.840 --> 00:10:25.559 Loma Prieta quake. 173 00:10:25.320 --> 00:10:27.919 If I'm not remembering, if I'm remembering what it was called, Yeah, 174 00:10:27.919 --> 00:10:32.919 Loma Prieta nineteen eighty nine, the ground four floor of 175 00:10:32.919 --> 00:10:34.679 several apartment buildings. 176 00:10:34.200 --> 00:10:37.840 In San Francisco crumbled and people died. 177 00:10:40.559 --> 00:10:43.559 So there are cities where they say no, thank you, 178 00:10:44.200 --> 00:10:48.159 We're not going to deal with it at all. Alhambra, 179 00:10:48.840 --> 00:10:53.799 Monterey Park, South Pasadena no plans to retrofit those apartment buildings. 180 00:10:55.360 --> 00:11:02.919 Los Angeles, plenty of plans. Beverly Hill, big plans. Matter 181 00:11:02.960 --> 00:11:05.840 of fact, Beverly Hills has two hundred and twenty nine 182 00:11:05.879 --> 00:11:09.840 of these soft story buildings and only forty two of them. 183 00:11:09.799 --> 00:11:12.120 Have not been retrofitted. I mean, they're going balls to 184 00:11:12.159 --> 00:11:13.960 the walls. LA. 185 00:11:14.120 --> 00:11:16.799 We made big progress in the city of Los Angeles, 186 00:11:16.840 --> 00:11:21.840 where I don't live anymore, and LA has more than 187 00:11:21.960 --> 00:11:26.000 nine thousand out of twelve thousand of these apartment buildings 188 00:11:26.120 --> 00:11:32.200 have been retrofitted, and officials experts have known for generations 189 00:11:32.200 --> 00:11:36.720 about this structural flaw. I mean they know it, they 190 00:11:36.759 --> 00:11:40.080 see it. You know, we know a fair amount about earthquakes. 191 00:11:40.080 --> 00:11:43.519 The big issue about earthquakes is figure out when they're happening. 192 00:11:45.200 --> 00:11:47.360 They can figure out how deep they are, they can 193 00:11:47.399 --> 00:11:50.600 figure out how long they last was fairly easy. They 194 00:11:50.639 --> 00:11:54.960 can figure out how much the earth moves, and it's 195 00:11:55.000 --> 00:11:57.480 not hard than to extrapolate how much damage there is 196 00:11:57.559 --> 00:12:01.679 going to be. I mean, the information is there, So 197 00:12:02.639 --> 00:12:04.759 what are they going to do? Well? 198 00:12:04.799 --> 00:12:06.240 Here's the big problem. 199 00:12:06.720 --> 00:12:10.360 I don't think anybody's against retro fitting. You want a 200 00:12:10.399 --> 00:12:15.559 safe apartment building, and these apartment buildings are among the 201 00:12:15.600 --> 00:12:19.759 least expensive to rent. These are very old, and they're 202 00:12:19.799 --> 00:12:22.559 on these posts with the car ports. They're not garages. 203 00:12:22.600 --> 00:12:26.559 I mean, you've seen these all over town and they 204 00:12:26.559 --> 00:12:31.240 are the least about there. And this is where people 205 00:12:31.240 --> 00:12:35.840 who don't have a lot of money live. So what 206 00:12:35.879 --> 00:12:39.120 does the building owner do? Well, the law says that 207 00:12:39.200 --> 00:12:42.000 the owner has to retro fit. What does it cost 208 00:12:42.039 --> 00:12:45.120 to retro fit a typical building, a soft story building, 209 00:12:46.000 --> 00:12:47.919 well from a low of eighty thousand to one hundred 210 00:12:47.919 --> 00:12:54.279 and sixty thousand dollars. How does a mom and pop organization, 211 00:12:55.559 --> 00:12:59.919 small company, a couple that have two or three or 212 00:13:00.120 --> 00:13:02.919 one up our small apartment building and they rely on 213 00:13:02.960 --> 00:13:05.759 that for their income, how do they come up with 214 00:13:05.879 --> 00:13:11.120 eighty thousand dollars? And that's exactly what the Apartment Association 215 00:13:11.159 --> 00:13:15.360 of Greater Los Angeles says. These mandatory retrofits are brutally 216 00:13:15.440 --> 00:13:18.200 expensive and they get forced mom and pop owners to 217 00:13:18.360 --> 00:13:21.240 sell their properties. Now, on the other side of it 218 00:13:21.240 --> 00:13:24.519 is saying, hey, you're responsible for putting on new roofs 219 00:13:24.519 --> 00:13:27.480 when you need to. If there's a leak, you have 220 00:13:27.559 --> 00:13:30.639 to repair it. If there's an issue as to heating, 221 00:13:30.799 --> 00:13:33.759 you have to repair it. If there is an issue 222 00:13:33.799 --> 00:13:37.440 as to plumbing problems and pipes bursting, you have to 223 00:13:37.480 --> 00:13:41.279 repair it. It's the cost of doing business as an owner. 224 00:13:41.320 --> 00:13:45.960 And so is this, well, there's a contradiction. How do 225 00:13:46.000 --> 00:13:51.279 you deal with this? Right, it's either a worse or 226 00:13:51.320 --> 00:13:54.519 worser situation. You're damned if you do, You're damned if 227 00:13:54.519 --> 00:13:54.960 you don't. 228 00:13:56.600 --> 00:13:57.639 So does that mean. 229 00:13:57.639 --> 00:14:00.600 That the only owners of these buildings have to be 230 00:14:00.639 --> 00:14:03.919 the big players who then have the money to retro fit, 231 00:14:05.039 --> 00:14:08.559 who then have the money and they jack up prices 232 00:14:08.679 --> 00:14:11.039 like crazy after a retro fit because they put X 233 00:14:11.120 --> 00:14:15.039 number of dollars in and the law actually allows the 234 00:14:15.120 --> 00:14:18.600 owners to take money out to charge extra for that. 235 00:14:19.720 --> 00:14:22.159 I mean, there's no easy answer here. There really isn't. 236 00:14:23.080 --> 00:14:25.240 But I will tell you that retro fitting, and I've 237 00:14:25.279 --> 00:14:28.200 done this is no fun. You know, the house that 238 00:14:28.240 --> 00:14:30.759 I had, the duplex that I had when they built 239 00:14:30.759 --> 00:14:33.399 that place nineteen twenty seven, is when the place was 240 00:14:33.440 --> 00:14:38.919 built beautiful. The home was not even attached to the foundation. 241 00:14:39.720 --> 00:14:43.759 It literally just sat on the foundation. These were raised foundations, 242 00:14:43.799 --> 00:14:48.600 they weren't slab, and if there was an earthquake where 243 00:14:48.840 --> 00:14:54.639 it just slipped the foot, property's gone, totally gone. 244 00:14:55.720 --> 00:15:00.120 It's totaled. Can't live in it, which is why I 245 00:15:00.159 --> 00:15:00.639 had to. 246 00:15:01.159 --> 00:15:04.799 Bolt down, and I mean put in bolts that were 247 00:15:04.919 --> 00:15:07.559 a foot and a half by an inch a foot 248 00:15:07.559 --> 00:15:09.159 and a half tall by an inch and a half 249 00:15:09.360 --> 00:15:13.240 in diameter, straight down through the foundations and really bolt 250 00:15:13.279 --> 00:15:17.159 this down and had to fix and shore up all 251 00:15:17.159 --> 00:15:20.000 these cripple walls by adding a ton more shoring. 252 00:15:20.480 --> 00:15:22.519 And it was thousands and thousands of. 253 00:15:22.480 --> 00:15:26.080 Dollars, and there were people in my neighborhood that couldn't 254 00:15:26.080 --> 00:15:26.519 afford it. 255 00:15:27.080 --> 00:15:32.039 They had to sell the property. No easy answer here, 256 00:15:32.639 --> 00:15:35.559 none at all. I just want to make you feel better. 257 00:15:36.240 --> 00:15:39.639 You know, either you're gonna lose your property, or you're 258 00:15:39.679 --> 00:15:43.080 gonna go bankrupt, or you're gonna die, or maybe all 259 00:15:43.120 --> 00:15:48.600 three that works too. A story I want to share 260 00:15:48.639 --> 00:15:50.879 with you, and this comes out of Wall Street Journal, 261 00:15:51.000 --> 00:15:53.000 and this is right up my alley. Because first of all, 262 00:15:53.039 --> 00:15:55.159 you know, you know, I loved talking about money, and 263 00:15:55.200 --> 00:15:59.519 I love talking about economics, and I love talking about 264 00:16:00.000 --> 00:16:02.200 and just how we live and how it's changed. So 265 00:16:03.440 --> 00:16:05.360 one of the milestones of being adult. 266 00:16:05.799 --> 00:16:08.200 An adult is, if you're lucky, you. 267 00:16:08.120 --> 00:16:10.480 Can buy a house, although those days are much more 268 00:16:10.519 --> 00:16:13.240 limited than they used to be. And getting married, well, 269 00:16:13.320 --> 00:16:16.039 what's new now, Well, couples decide not to marry at all. 270 00:16:16.120 --> 00:16:19.559 A lot of those others say they're willing to delay 271 00:16:19.679 --> 00:16:20.159 a wedding. 272 00:16:21.399 --> 00:16:22.600 That happened to me. 273 00:16:22.639 --> 00:16:26.720 I didn't get married till I was thirty six, mainly 274 00:16:26.759 --> 00:16:28.320 because it took me a very long time to get 275 00:16:28.360 --> 00:16:32.320 anybody who say yes to me. And in reality, buying 276 00:16:32.360 --> 00:16:36.240 a home is actually more of a commitment than getting married. 277 00:16:38.279 --> 00:16:43.279 Getting married is fairly easy. And we talk about commitment. 278 00:16:43.519 --> 00:16:45.559 You know, I love you, I love you forever, you know, 279 00:16:45.600 --> 00:16:48.360 the saying, you know, all the vows that people come up. 280 00:16:48.320 --> 00:16:49.279 With, you know, the crap you do. 281 00:16:49.360 --> 00:16:50.799 You know, I found you know, you know, I love 282 00:16:50.879 --> 00:16:53.759 your my soulmate. Okay, yeah, day yeah, y dah. Now 283 00:16:53.879 --> 00:16:59.159 let's go eat. That's your typical marriage, sitting down and 284 00:16:59.200 --> 00:17:05.640 buying a house. Yes, that's serious stuff. And that is 285 00:17:05.680 --> 00:17:08.920 what's going on right now. People are waiting a lot 286 00:17:08.920 --> 00:17:11.200 of it because they're just waiting. Because you get married older, 287 00:17:11.200 --> 00:17:13.279 you just don't want to deal with it. And how 288 00:17:13.279 --> 00:17:17.119 about this, you can't afford it when you're younger. Unmarried couples, 289 00:17:17.200 --> 00:17:20.359 let's start with marriage. In general, unmarried couples amount to 290 00:17:20.359 --> 00:17:22.799 more than eleven percent of all US home sales. Over 291 00:17:22.839 --> 00:17:25.000 fifty percent of kids that are born today are born 292 00:17:25.079 --> 00:17:29.799 to unmarried parents. I mean, I'm such I grew up 293 00:17:29.839 --> 00:17:32.880 such a conservative. The thought of having a kid outside 294 00:17:32.880 --> 00:17:35.240 of wedlock was anethma. 295 00:17:35.319 --> 00:17:36.079 How do you do that? 296 00:17:37.039 --> 00:17:39.160 It never even occurred to me that those are only 297 00:17:39.319 --> 00:17:43.000 bad people that did that. Today there are more of 298 00:17:43.359 --> 00:17:46.880 bad people than there are of what I perceived as 299 00:17:47.160 --> 00:17:50.160 good people getting married or having kids. 300 00:17:50.000 --> 00:17:50.720 Out of wedlock. 301 00:17:51.799 --> 00:17:55.160 And people that are out of wedlock having kids, they're 302 00:17:55.200 --> 00:17:57.920 out of wedlock, they're not married. And so the number 303 00:17:57.920 --> 00:18:04.000 of people that are buying together and not married has skyrocketed. 304 00:18:05.640 --> 00:18:08.480 So here's what couples have to look at the risk 305 00:18:08.599 --> 00:18:11.920 the running relationship could blow up, something could happen to 306 00:18:11.960 --> 00:18:15.960 one partner, and without that marriage certificate, living situations and 307 00:18:16.039 --> 00:18:18.599 finances are more likely to fall into limbo. One of 308 00:18:18.640 --> 00:18:21.759 the things, people that are married stay together more often 309 00:18:21.759 --> 00:18:26.160 than people just live together, and it's more complicated when 310 00:18:26.160 --> 00:18:29.079 you buy a house, because if you're looking at two 311 00:18:29.079 --> 00:18:30.799 incomes and all of a sudden you break up, it 312 00:18:30.839 --> 00:18:36.200 gets to be a mess. So couples are looking at 313 00:18:36.400 --> 00:18:39.799 the purchase of a house much more. 314 00:18:39.680 --> 00:18:43.039 Seriously than even getting married. Getting married doesn't mean anything anymore. 315 00:18:43.039 --> 00:18:43.799 We're very little. 316 00:18:46.240 --> 00:18:49.640 So couples that even are getting married first look at 317 00:18:49.680 --> 00:18:52.839 the house, and a lot of these couples ask for 318 00:18:52.920 --> 00:18:59.480 down payments for help financially in lieu of traditional wedding gifts. Now, 319 00:18:59.599 --> 00:19:02.279 I always told my daughters that I would help them 320 00:19:02.279 --> 00:19:04.519 with their down payment on their. 321 00:19:04.400 --> 00:19:06.599 House when they wanted to buy something. 322 00:19:08.319 --> 00:19:12.839 The cost of housing is so expensive, mortgages are so expensive. 323 00:19:14.359 --> 00:19:17.599 I'm getting the credit for helping them, and I never 324 00:19:17.680 --> 00:19:22.680 will have to help them. This is the elevator philosophy 325 00:19:22.720 --> 00:19:24.920 of life that I have told you many times. 326 00:19:26.160 --> 00:19:27.880 You're in an elevator by yourself. 327 00:19:28.359 --> 00:19:32.519 Someone is running to you as the doors close, and 328 00:19:32.599 --> 00:19:36.960 you start pounding on the panel with your finger so 329 00:19:37.000 --> 00:19:39.720 they can see that. And of course you don't actually 330 00:19:39.720 --> 00:19:41.160 press the elevator door open. 331 00:19:41.160 --> 00:19:43.599 Of course that's out of the question. So here's what happens. 332 00:19:43.960 --> 00:19:48.279 The door closes and you get credit for trying to 333 00:19:48.400 --> 00:19:51.759 keep the door open, which you never have, so you 334 00:19:51.839 --> 00:19:54.079 get all the benefits and not only closing the door 335 00:19:54.119 --> 00:19:57.039 in their faces, but getting credit for being a good guy. 336 00:19:57.640 --> 00:20:00.000 That is what I'm doing with a mortgage with my children. 337 00:20:00.519 --> 00:20:03.039 Of course I will help you. I have the money 338 00:20:03.079 --> 00:20:06.319 set aside, knowing there is no chance they will ever 339 00:20:06.400 --> 00:20:10.640 qualify for a mortgage, so I'll never have to worry 340 00:20:10.680 --> 00:20:15.359 about coughing up the money, which means that the money 341 00:20:15.359 --> 00:20:17.359 that I have saved is going for. 342 00:20:17.400 --> 00:20:19.960 Vacations for me. Thank you. 343 00:20:23.480 --> 00:20:28.839 It is a real thing with people looking at their finances. Also, 344 00:20:28.920 --> 00:20:35.000 the cost of weddings have gotten insane. I just threw 345 00:20:35.039 --> 00:20:39.559 a little wedding for my daughter who wanted a wedding 346 00:20:40.519 --> 00:20:43.920 and she wanted the traditional going down the aisle dance 347 00:20:44.000 --> 00:20:48.799 with their dad, you know, get dressed up with it 348 00:20:48.839 --> 00:20:52.720 at the Anaheim White House, which is spectacular, and Bruno 349 00:20:52.799 --> 00:20:56.880 put that together, actually Silvano the general manager there, and 350 00:20:57.319 --> 00:21:03.240 it was absolutely lovely. I told my daughter, this is it. 351 00:21:03.640 --> 00:21:06.480 You will never have a birthday present again. You will 352 00:21:06.480 --> 00:21:10.200 never have an anniversary adversary present, you will never have 353 00:21:10.279 --> 00:21:13.599 a holiday president that present. This just did it for 354 00:21:13.680 --> 00:21:20.559 the rest of your life. I mean, it is completely insane. 355 00:21:22.079 --> 00:21:24.119 I'm not a big fan of weddings. I'm hoping my 356 00:21:24.200 --> 00:21:27.359 other daughter. What I'm going to offer her is tell 357 00:21:27.359 --> 00:21:30.640 you what the money that I spent for your sister, 358 00:21:32.039 --> 00:21:35.240 I'll cut that in half and write you the check. 359 00:21:37.160 --> 00:21:40.160 Okay, I'll start negotiating with her. Now do you. 360 00:21:40.160 --> 00:21:42.599 Want the money or do you want the marriage? Which 361 00:21:42.640 --> 00:21:45.200 door do you want? Door number one? Door number two? 362 00:21:45.720 --> 00:21:48.039 And I think she's smart enough to say, you know what, Dad, 363 00:21:49.000 --> 00:21:51.240 I'm going to get married in law. I'm going to Elope, 364 00:21:51.279 --> 00:21:54.680 go to Las Vegas and have an Elvis impersonator marry me. 365 00:21:55.480 --> 00:21:58.039 Now there's a problem there, and you know what that 366 00:21:58.079 --> 00:21:58.680 problem is. 367 00:21:59.480 --> 00:22:03.559 There are no more Elvis impersonators in Las Vegas marrying 368 00:22:03.559 --> 00:22:05.920 people because the Elvis estate has put a stop to 369 00:22:05.960 --> 00:22:10.680 all of that. Has destroyed the Las Vegas marriage business. 370 00:22:10.680 --> 00:22:11.240 It really has. 371 00:22:11.279 --> 00:22:14.519 By the way, that's just an aside, which you know, 372 00:22:14.680 --> 00:22:15.960 what does that have to do with the story? 373 00:22:16.000 --> 00:22:19.920 Absolutely nothing. But then again, hey, welcome to the Handle 374 00:22:19.960 --> 00:22:22.240 show in the morning. Okay, we're done. I think we're 375 00:22:22.240 --> 00:22:23.880 done with that one. Okay. 376 00:22:24.200 --> 00:22:29.400 Now I love talking about this so security because so 377 00:22:29.640 --> 00:22:33.799 security is one of those issues that when it first 378 00:22:33.839 --> 00:22:37.519 came out in the middle of the depression and FDR 379 00:22:38.000 --> 00:22:43.119 puts social security into effect. The fight over social security 380 00:22:43.319 --> 00:22:49.799 was extraordinary. The conservatives, the Republicans in Congress went nuts. 381 00:22:50.359 --> 00:22:54.079 This is socialism and it is how do we do that? 382 00:22:54.759 --> 00:22:54.960 Well? 383 00:22:55.039 --> 00:22:56.039 Today it's the third rail. 384 00:22:56.079 --> 00:23:00.240 Can you imagine can you imagine a politician running we 385 00:23:00.319 --> 00:23:03.559 have to get rid of of social security? Try that 386 00:23:03.599 --> 00:23:09.200 one on for size and so security and it's a 387 00:23:09.200 --> 00:23:12.319 different way of looking at it. People that are our age, 388 00:23:12.359 --> 00:23:15.960 baby boomers and millennials, security is a given. 389 00:23:16.000 --> 00:23:17.279 We're gonna get our social security. 390 00:23:18.599 --> 00:23:21.319 We're a little upset that instead of sixty five, we 391 00:23:21.400 --> 00:23:24.519 now retire at sixty seven. All right, that's no fun 392 00:23:24.920 --> 00:23:28.880 working two years longer before retirement kicks in full retirement. 393 00:23:29.839 --> 00:23:31.559 But we know we're gonna get it. 394 00:23:31.599 --> 00:23:35.920 We know we're going to get our adjusted so security 395 00:23:36.000 --> 00:23:37.319 check every year for inflation. 396 00:23:38.480 --> 00:23:42.400 Except that the Social Security. 397 00:23:41.960 --> 00:23:45.480 Fund is running out of money and they figure it's 398 00:23:45.480 --> 00:23:47.079 going to go broke by twenty thirty five. 399 00:23:47.119 --> 00:23:49.440 We've done this before, Well it's going to go broke. 400 00:23:49.839 --> 00:23:51.920 So they are only three ways of dealing with SoC 401 00:23:51.960 --> 00:23:53.279