The Terrifying Signs that confirms Real Economy Is Crashing

Rashad Bilal (0:00)

How do you know, what's some signs to know that the economy is bad?

Troy Millings (0:07)

One, crime rates are going up. In light of everything that's going on, we talked about the Q50 thing last week. But if you look, cities, in major cities, the crime rates are going up. And I talked to somebody yesterday, they're like, even in juvenile detentions, more kids are stealing.

Not out of joy, but out of necessity.

Rashad Bilal (0:30)

Well, New York crime rates are down.

Troy Millings (0:33)

Shout out to my diamond. Shout out to my diamond. But in other cities, crime is going up, robberies are going up, burglaries are going up. That's a sign. Also for me, I keep saying that the work ethic of the elite and billionaires, it's scary. I keep talking to one or two people maybe every other week in the NFL or NBA who keep telling me they're not making enough money, and they're at 35 and 36 and 39 These aren't journeymen. These are the second player on the team, or they're going to be first this year and not making enough money. They're in deals, they're investing, they are not under-invested, and they're saying, well, I'm not making enough. Scary as hell to see.

And lastly, I would talk about it Monday, but to see McDonald's down, Lowes down, Netflix is down. Like the retail sector is getting smacked, and everyone acting like everything is okay and it's not, and there's no recovery period being given. It's scary. Like Under Armour, even though it may not be a fan in our culture, that's a mega business.

Under Armour has been underwater for five years. Bond market has been down five years. As much as they keep saying the yielders go up, if you look at the long-term chart of the 10 year or the 30 year, it's been down. It's been in a half decade recession. We're almost entering a lost decade for the bond market. But what about you?

Rashad Bilal (2:07)

You brought up a lot of good points. I'll say this. I don't want to...

This is a little...

Troy Millings (2:13)

It's a hot take.

Rashad Bilal (2:14)

It's a hot take.

I was talking to somebody that owns a clothing store and they were saying that the clientele not really spending like how they used to spend a lot. Look, I'll tell you this.

This is controversial hot take.

Troy Millings (2:31)

I got a hot take after you. Go ahead.

Rashad Bilal (2:35)

When the street money is dried up.

Troy Millings (2:37)

Yes, it's a sign.

Rashad Bilal (2:39)

So when you see the street luxury spending slow down, when you see the bottle service dry up, the strip clubs empty, it's a trickle down effect. When you saw it, this goes back to the 80s, right? When the high flying 80s, when all the Wall Street, everybody, they trickled down and they were buying.

Troy Millings (3:02)

But they were a bunch of things, bunch of different alternative assets.

Rashad Bilal (3:05)

They were buying alternative assets and it was money flowing in Miami and New York, in Chicago, DC. During COVID, you seen, however they was getting their PPP money, but like, when you start to see that level be more fiscally responsible, Early, early indicator.

Troy Millings (3:35)

Yes.

Rashad Bilal (3:36)

There's a street economy.

Troy Millings (3:38)

For sure.

Rashad Bilal (3:39)

There's an actual street of common.

Troy Millings (3:40)

It keeps a lot of America going.

Rashad Bilal (3:42)

No, it built Miami.

Troy Millings (3:44)

For sure.

Rashad Bilal (3:44)

That's something that nobody really wants to talk about. You should watch Cocaine Cowboys if you're interested.

Cocaine Cowboys. Layz out. How that street economy built Miami. Miami Skyline was built off of that.

Troy Millings (3:58)

And regardless of the criticism of dude being at Investfest. They built a lot of Atlanta.

Rashad Bilal (4:03)

A hundred percent.

Troy Millings (4:04)

They built a lot of it.

Rashad Bilal (4:05)

They helped out a lot. They helped out a lot.

Troy Millings (4:07)

They raised the value of Buckhead dramatically. Brookhaven, it's a bunch of value that they created over there, but that's another conversation for another day.

Rashad Bilal (4:17)

So, when you saw, and it's slowed down.

Troy Millings (4:20)

Dramatically.

Rashad Bilal (4:21)

And I'm hearing this from club owners.

Clothing store, because these are the people that these people frequent, right? Clubs, restaurants. Close because. when that element starts to be more financially, fiscally responsible because they don't have the money, it's a telltale song. Everything else you said, gas prices, of course, everything else that you said, 100 percent. But the street index is real.