How bad of a recession in 2023? George Gammon explains.
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 9 November 2022
⏱️ 36 minutes
🧾️ Download transcript
Summary
To learn more about George, check out his website at this link: https://www.georgegammon.com/
Want to ask Ken a question? Join his Inner Circle: https://kensinnercircle.com
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income.
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast, where we host in-depth conversations on everything real estate with the industry's biggest movers and shakers. |
| 0:11.3 | I'm your host, Ken McElroy, joined by my co-host, Daniel. |
| 0:15.4 | Let's get right into this episode. |
| 0:17.7 | Hey, everybody's Ken and Daniel. |
| 0:19.0 | Hello. |
| 0:19.6 | And we're here with George Gammon, straight from |
| 0:22.8 | Columbia, of all places. We were in town for the collective. That was fun, good weekend. |
| 0:27.7 | The country. That's right, the country of Columbia. You look a little tired when you got in. |
| 0:34.2 | Yeah, it's a 14-hour journey. That's all. Yeah, usually if you, just as the crow flies, |
| 0:39.2 | it only would have been like a, I don't know, like a five-hour flight. We just got to go through |
| 0:43.4 | Miami and I couldn't get a connecting flight so the seven-hour layover and that turns it. Well, |
| 0:50.1 | welcome back to the U.S. where we have high interest rates and a strong dollar. Yeah. |
| 0:55.2 | And high inflation. That's a high dollar. Yeah. And high inflation. |
| 0:57.1 | Had high inflation. That's right. I want to chat about that. One of the things that you told me yesterday, which I thought was very interesting, is that you were getting paid in U.S. or you make a lot of money in U.S. dollars, and then you're paying your salaries in Columbia. |
| 1:12.0 | Almost all my expenses. |
| 1:13.1 | Yeah. And I thought that was an interesting perspective. Can you shout a little bit about that |
| 1:17.6 | and how the difference of what's going on in our economy right now with these Fed increases |
| 1:21.5 | and high inflation? Yeah. Most people look at this from a standpoint of their expenses being denominated in U.S. dollars. |
| 1:29.9 | So they look at the 10-year treasury as an example, and they say, oh, my gosh, who would buy that at 4% when the CPI is at 8%? |
| 1:38.7 | Because you're guaranteed to lose 4% per year in purchasing power. |
| 1:42.9 | So no one would buy the long end of the curve. |
| 1:45.0 | Right. |
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