CW 1079 - Booms & Busts, Mortgage Update, Bank Mergers & Glass-Steagall with Scott A Shay

Jason Hartman starts today's episode from the beaches of Hawaii, discussing booms and busts throughout history, the definition of an investment, while also recapping this past weekend's Profits in Paradise event. Then producer Adam has the November Mortgage Minutes with one of Jason's lenders, as the two discuss what impact the market pullback has had and where rates are going. Then Jason talks with Scott A Shay, co-founder of Signature Bank and author of In Good Faith: Questioning Religion and Atheism, in Part 1, about the dangers of our society becoming more cash averse, the degradation of ethics and character, and Glass-Steagall. Key Takeaways: [3:32] Take care of the money thing, get the money thing otu of the way in your life, because money will ALWAYS be an issue [6:41] There have been booms and busts all throughout history; the best way to prepare is to follow Jason's 10 Commandments [9:19] How to tell if something is an investment Adam's Mortgage Minutes: [14:41] The pullback in the market hasn't impacted the mortgage market like you'd expect [18:51] The people who got foreclosured on in the great recession are now able to borrow again, but the great rates have vanished so they're not in position to borrow again Scott A Shay Interview: [22:54] Even after everything we went through in the Great Recession, the banking industry is more consolidated now than it's ever been [25:45] 60% of bank mergers result in a destruction of bank value [29:54] The history and purpose of Glass-Steagall [32:40] Our society is becoming more and more cash averse; what does this mean for us moving forward? Website: www.JasonHartman.com/Hawaii www.InGoodFaith.com