What Happened with FTX and how it relates to real estate...
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 23 November 2022
⏱️ 51 minutes
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Summary
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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.
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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 |
| 0:07.8 | real estate with the industry's biggest movers and shakers. I'm your host, Ken McElroy, joined by my |
| 0:13.9 | co-host, DeNeil. Let's get right into this episode. Today we're going to dive in to FTX, right? |
| 0:20.8 | Yeah. So that is a big story. They're |
| 0:23.1 | comparing FTX right now to Enron, you know, what happened with Enron. And also, you know, |
| 0:28.2 | it was a little bit like a Ponzi scheme in a way. And but we're also going to break down how it |
| 0:34.0 | relates to real estate and kind of some of the things going on in the real estate market |
| 0:37.9 | right now as well well I think there's a lot of it's interesting it's obviously not real estate but |
| 0:43.7 | you know there's a lot of people pulling on you know tugging on you to invest in things right |
| 0:49.5 | and I think that's really the bigger issue, right? Like there's lots of options. |
| 1:02.4 | And, you know, at the end of the day, you know, how did how did FTX go from 32 billion, |
| 1:08.2 | the 32 billion in February of 2022 to bankrupt in November? |
| 1:13.5 | So, you know, and there's a lot of really smart folks involved. |
| 1:21.9 | The U.S. attorneys were involved. The SEC, the commercial, the Federal Trading Commission. |
| 1:30.0 | You know, there's, it's interesting to me. Yeah, I think, you know, a lot of these other investments, |
| 1:33.9 | especially the SEC, they make sure that you're accredited and non-accredited, you know, |
| 1:39.7 | you know how all that works. And so now there's, there's a lot of people investing, let's say, |
| 1:47.2 | $1,000, $2,000, $5,000. And so that's, that door's been opened, as you know, for a while. |
| 1:52.8 | And this is, this is, by the way, this is not the first exchange commission or exchange that's gone down, right? |
| 1:55.5 | It's the biggest. |
| 1:57.0 | The biggest so far. |
| 1:58.2 | Yeah, it's the biggest so far. |
... |
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