1 00:00:09,654 --> 00:00:19,354 ♪ ♪ 2 00:00:19,421 --> 00:00:29,254 ♪ ♪ 3 00:00:29,321 --> 00:00:29,954 >> John: HI THERE! 4 00:00:30,021 --> 00:00:30,721 WELCOME TO THE SHOW! 5 00:00:30,787 --> 00:00:32,021 STILL COMING TO YOU FROM THIS 6 00:00:32,087 --> 00:00:33,487 BLANK VOID, THE WHITEST THING 7 00:00:33,554 --> 00:00:34,587 ON TV THIS WEEK, ASIDE FROM 8 00:00:34,654 --> 00:00:35,754 NANCY PELOSI DESPERATELY TRYING 9 00:00:35,821 --> 00:00:36,954 TO PRETEND SHE KNOWS THE WORDS 10 00:00:37,021 --> 00:00:38,654 TO "LIFT EVERY VOICE AND SING." 11 00:00:38,721 --> 00:00:39,954 IT'S BEEN A BUSY WEEK. 12 00:00:40,021 --> 00:00:41,521 JUNETEENTH WAS DECLARED 13 00:00:41,587 --> 00:00:42,721 A FEDERAL HOLIDAY, 14 00:00:42,787 --> 00:00:44,154 THE SUPREME COURT UPHELD 15 00:00:44,221 --> 00:00:45,621 OBAMACARE FOR THE 400th TIME, 16 00:00:45,687 --> 00:00:47,221 AND JOE BIDEN HAD A SUMMIT WITH 17 00:00:47,287 --> 00:00:48,687 VLADIMIR PUTIN, PROMPTING THIS 18 00:00:48,754 --> 00:00:51,387 UPLIFTING MOMENT: 19 00:00:51,454 --> 00:00:53,421 >> Interpreter: DO YOU THINK AT 20 00:00:53,487 --> 00:00:56,921 THE PRESENT STAGE, WE CAN TALK 21 00:00:56,987 --> 00:00:57,887 ABOUT A NEW STAGE OF BILATERAL 22 00:00:57,954 --> 00:01:01,354 RELATIONS? 23 00:01:01,421 --> 00:01:03,387 >> Interpreter: THERE IS NO 24 00:01:03,454 --> 00:01:05,154 HAPPINESS IN LIFE, THERE IS ONLY 25 00:01:05,221 --> 00:01:07,254 A MIRAGE OF IT ON THE HORIZON. 26 00:01:07,321 --> 00:01:08,254 >> John: WOW, THAT'S A DARK 27 00:01:08,321 --> 00:01:10,221 ANSWER. 28 00:01:10,287 --> 00:01:11,354 BUT I CAN'T SAY I EXPECTED 29 00:01:11,421 --> 00:01:12,321 ANYTHING LESS FROM A MAN 30 00:01:12,387 --> 00:01:13,521 WHOSE FACE SCREAMS, 31 00:01:13,587 --> 00:01:15,254 "I ENJOYED THE "JOKER" FILM." 32 00:01:15,321 --> 00:01:15,887 BECAUSE OF COURSE PUTIN DROPPED 33 00:01:15,954 --> 00:01:21,987 BLEAK TOLSTOY QUOTES. 34 00:01:22,054 --> 00:01:22,554 THAT'S VERY ON BRAND. 35 00:01:22,621 --> 00:01:23,487 IT WOULD'VE BEEN MUCH MORE 36 00:01:23,554 --> 00:01:24,387 SHOCKING IF HE'D SAID, 37 00:01:24,454 --> 00:01:25,387 "FOLLOW YOUR BLISS," OR 38 00:01:25,454 --> 00:01:26,654 "IT'S WINE O'CLOCK SOMEWHERE" OR 39 00:01:26,721 --> 00:01:27,354 "NAVALNY, YOU HAVE THE FLOOR." 40 00:01:27,421 --> 00:01:28,121 BUT INSTEAD OF THAT, 41 00:01:28,187 --> 00:01:29,087 I WANT TO FOCUS ON JAPAN, 42 00:01:29,154 --> 00:01:30,287 THE COUNTRY WHICH GAVE THE WORLD 43 00:01:30,354 --> 00:01:31,487 KARAOKE, THE BEST WAY TO LEARN 44 00:01:31,554 --> 00:01:32,521 WHICH OF YOUR COWORKERS IS 45 00:01:32,587 --> 00:01:33,521 IRRATIONALLY OVERCONFIDENT 46 00:01:33,587 --> 00:01:34,787 IN THEIR SINGING ABILITIES. 47 00:01:34,854 --> 00:01:37,321 "LOVE ON TOP" BY BEYONCE? 48 00:01:37,387 --> 00:01:39,687 THE FUCK DO YOU THINK YOU ARE? 49 00:01:39,754 --> 00:01:40,621 TOKYO IS SET TO HOST 50 00:01:40,687 --> 00:01:42,554 THE OLYMPICS IN JUST A MONTH. 51 00:01:42,621 --> 00:01:44,154 THEY WERE ORIGINALLY SUPPOSED 52 00:01:44,221 --> 00:01:47,054 TO TAKE PLACE LAST SUMMER, BUT 53 00:01:47,121 --> 00:01:48,321 DIDN'T, DUE TO... 54 00:01:48,387 --> 00:01:49,521 Y'KNOW. 55 00:01:49,587 --> 00:01:50,521 AND YET, DESPITE THE FACT THAT 56 00:01:50,587 --> 00:01:51,654 THE PANDEMIC IS STILL VERY MUCH 57 00:01:51,721 --> 00:01:53,121 NOT OVER, THE GAMES SEEM TO BE 58 00:01:53,187 --> 00:01:54,087 GOING AHEAD, AND NOT EVERYONE 59 00:01:54,154 --> 00:01:56,421 IN JAPAN IS THRILLED. 60 00:01:56,487 --> 00:01:58,021 >> TONIGHT, TOKYO OLYMPIC 61 00:01:58,087 --> 00:02:00,554 ORGANIZERS SAY THE GAMES ARE 62 00:02:00,621 --> 00:02:01,654 A GO, WITH MUSIC, MEDAL TRAYS, 63 00:02:01,721 --> 00:02:03,754 AND UNIFORMS. 64 00:02:03,821 --> 00:02:05,254 >> THE POSSIBILITY OF THESE 65 00:02:05,321 --> 00:02:09,187 GAMES GOING ON IS 100%. 66 00:02:09,254 --> 00:02:10,954 >> BUT POPULAR PROTESTS DEMAND 67 00:02:11,021 --> 00:02:12,121 THEY BE STOPPED, 68 00:02:12,187 --> 00:02:13,387 WITH SHIGARU OMI, 69 00:02:13,454 --> 00:02:15,221 JAPAN'S VERISON OF 70 00:02:15,287 --> 00:02:16,287 DR. ANTHONY FAUCI, SAYING 71 00:02:16,354 --> 00:02:19,721 THE SITUATION IS NOT NORMAL. 72 00:02:19,787 --> 00:02:21,021 A DAILY DEATH RATE HIGHER THAN 73 00:02:21,087 --> 00:02:21,854 WHEN THE GAMES WERE DELAYED 74 00:02:21,921 --> 00:02:23,387 LAST YEAR. 75 00:02:23,454 --> 00:02:25,321 A SLOW VACCINE ROLLOUT. 76 00:02:25,387 --> 00:02:27,621 NOW WITH HALF A MILLION SHOTS 77 00:02:27,687 --> 00:02:28,887 EACH DAY, BUT THE TRUE TARGET 78 00:02:28,954 --> 00:02:30,687 TWICE THAT. 79 00:02:30,754 --> 00:02:31,921 >> John: YEAH, THAT'S NOT GOOD! 80 00:02:31,987 --> 00:02:34,287 IN FACT, ONLY 6% OF THE JAPANESE 81 00:02:34,354 --> 00:02:35,421 POPULATION IS CURRENTLY FULLY 82 00:02:35,487 --> 00:02:37,087 VACCINATED. 83 00:02:37,154 --> 00:02:38,721 AND WHILE I DON'T KNOW WHAT 84 00:02:38,787 --> 00:02:40,121 THE TARGET PERCENTAGE SHOULD BE 85 00:02:40,187 --> 00:02:41,154 TO SAFELY HOST THE OLYMPICS, 86 00:02:41,221 --> 00:02:42,554 I'M PRETTY SURE THAT RIGHT NOW, 87 00:02:42,621 --> 00:02:43,421 IT SHOULD BE HIGHER THAN 88 00:02:43,487 --> 00:02:44,621 THE NUMBER OF ENTRIES IN THE 89 00:02:44,687 --> 00:02:46,287 "FAST AND FURIOUS" FRANCHISE. 90 00:02:46,354 --> 00:02:47,387 SO IT'S FRANKLY NO WONDER THAT 91 00:02:47,454 --> 00:02:48,921 POLLS HAVE SHOWN MANY OF 92 00:02:48,987 --> 00:02:50,387 THE JAPANESE PUBLIC OPPOSE 93 00:02:50,454 --> 00:02:52,087 HOLDING THE GAMES THIS YEAR. 94 00:02:52,154 --> 00:02:54,387 AND PERHAPS NO ONE REPRESENTS 95 00:02:54,454 --> 00:02:55,287 THAT SENTIMENT BETTER THAN THIS 96 00:02:55,354 --> 00:02:57,887 YOUTUBER: 97 00:02:57,954 --> 00:02:59,487 >> ALTHOUGH HOSPITALS ARE CLOSE 98 00:02:59,554 --> 00:03:00,854 TO COLLAPSE AND PEOPLE ARE 99 00:03:00,921 --> 00:03:02,421 EXPOSED TO RISK, IOC SAID THEY 100 00:03:02,487 --> 00:03:03,221 WILL, FOR SURE, HOLD THE 101 00:03:03,287 --> 00:03:03,921 OLYMPICS! 102 00:03:03,987 --> 00:03:05,321 IT'S CRAZY, ISN'T IT? 103 00:03:05,387 --> 00:03:07,454 THE IOC SAID, "TOKYO OLYMPICS 104 00:03:07,521 --> 00:03:09,987 WOULD GO AHEAD UNLESS STRUCK BY 105 00:03:10,054 --> 00:03:10,621 ARMAGEDDON." 106 00:03:10,687 --> 00:03:11,287 HMM. 107 00:03:11,354 --> 00:03:12,521 WHAT A JOKE! 108 00:03:12,587 --> 00:03:13,987 HA, HA, HA. 109 00:03:14,054 --> 00:03:15,254 ALL YOU HAVE TO DO IS SIT DOWN 110 00:03:15,321 --> 00:03:19,354 AND LISTEN TO AEROSMITH. 111 00:03:19,421 --> 00:03:21,154 >> John: THAT IS EXCELLENT. 112 00:03:21,221 --> 00:03:22,654 JUST TENS ACROSS THE BOARD. 113 00:03:22,721 --> 00:03:24,154 INEXPLICABLE SIDE DIVE: TEN. 114 00:03:24,221 --> 00:03:25,254 PLUGGING HIS EARS INSTEAD 115 00:03:25,321 --> 00:03:26,754 OF HIS NOSE: TEN. 116 00:03:26,821 --> 00:03:27,921 SHOUTING AN AEROSMITH LYRIC 117 00:03:27,987 --> 00:03:28,754 BEFORE HIS BODY IS CONSUMED 118 00:03:28,821 --> 00:03:29,887 BY A VERY SHALLOW LAGOON: 119 00:03:29,954 --> 00:03:31,754 TEN AGAIN. 120 00:03:31,821 --> 00:03:33,354 IF THE OLYMPICS SIMPLY HAVE TO 121 00:03:33,421 --> 00:03:34,654 HAPPEN, I WANT THAT GUY TO BE 122 00:03:34,721 --> 00:03:36,321 THE ENTIRE OPENING CEREMONY. 123 00:03:36,387 --> 00:03:38,387 JUST HIM, ALONE IN A STADIUM, 124 00:03:38,454 --> 00:03:39,987 SCREAMING AEROSMITH JOKES WHILE 125 00:03:40,054 --> 00:03:41,154 OCCASIONALLY JUMPING INTO WATER, 126 00:03:41,221 --> 00:03:43,087 FOR FOUR SOLID HOURS. 127 00:03:43,154 --> 00:03:45,454 I'D WATCH EVERY SECOND OF THAT. 128 00:03:45,521 --> 00:03:46,987 THE OLYMPICS GOING AHEAD IS 129 00:03:47,054 --> 00:03:47,954 UNDENIABLY RISKY, BUT THE 130 00:03:48,021 --> 00:03:49,287 ORGANIZERS SEEM TO BE 131 00:03:49,354 --> 00:03:50,687 CONSIDERING A LOT OF DIFFERENT 132 00:03:50,754 --> 00:03:51,854 FACTORS, WITH MANY BEING 133 00:03:51,921 --> 00:03:53,054 FINANCIAL, ESPECIALLY AS JAPAN'S 134 00:03:53,121 --> 00:03:55,021 ALREADY OFFICIALLY SPENT OVER 135 00:03:55,087 --> 00:03:57,154 $15 BILLION ON THESE GAMES, 136 00:03:57,221 --> 00:03:59,921 WITH GOVERNMENT AUDITS 137 00:03:59,987 --> 00:04:00,787 SUGGESTING IT'S ACTUALLY 138 00:04:00,854 --> 00:04:02,121 TWICE THAT MUCH. 139 00:04:02,187 --> 00:04:03,021 AND THE TRUTH IS, 140 00:04:03,087 --> 00:04:03,954 EVEN IF JAPAN WANTED TO CANCEL, 141 00:04:04,021 --> 00:04:06,221 IT'S NOT QUITE THAT SIMPLE. 142 00:04:06,287 --> 00:04:07,521 >> THE OLYMPIC HOST CITY 143 00:04:07,587 --> 00:04:09,387 CONTRACT SIGNED BETWEEN TOKYO 144 00:04:09,454 --> 00:04:11,754 AND THE IOC IN 2013 DOESN'T GIVE 145 00:04:11,821 --> 00:04:13,387 TOKYO THE POWER TO SCRAP THE 146 00:04:13,454 --> 00:04:14,954 GAMES. 147 00:04:15,021 --> 00:04:17,087 ONLY THE IOC HOLDS THAT RIGHT. 148 00:04:17,154 --> 00:04:18,654 >> John: YEAH, IT'S TRUE. 149 00:04:18,721 --> 00:04:19,787 JAPAN DOESN'T TECHNICALLY HAVE 150 00:04:19,854 --> 00:04:21,054 THE AUTHORITY TO CANCEL THE 151 00:04:21,121 --> 00:04:23,454 GAMES, WHICH IS KIND OF WEIRD. 152 00:04:23,521 --> 00:04:24,821 IT WOULD BE LIKE IF YOUR CHILD 153 00:04:24,887 --> 00:04:26,421 GOT THE FLU AND YOU TRIED TO 154 00:04:26,487 --> 00:04:28,121 RESCHEDULE THEIR BIRTHDAY PARTY, 155 00:04:28,187 --> 00:04:29,021 ONLY TO GET OVERRULED BY THE 156 00:04:29,087 --> 00:04:29,921 CLOWN YOU HIRED. 157 00:04:29,987 --> 00:04:31,221 "HEY! 158 00:04:31,287 --> 00:04:32,454 I DON'T CARE IF YOU'VE GOT 159 00:04:32,521 --> 00:04:33,721 THE BUBONIC FUCKING PLAGUE, 160 00:04:33,787 --> 00:04:35,587 FROM 2:00 PM TO 5:00, YOU'RE ON 161 00:04:35,654 --> 00:04:37,587 BOZO'S CLOCK, BITCH." 162 00:04:37,654 --> 00:04:39,387 TO PROMOTE SAFETY AT THE GAMES, 163 00:04:39,454 --> 00:04:40,454 A TON OF PRECAUTIONS ARE BEING 164 00:04:40,521 --> 00:04:41,821 UNVEILED, FROM BARRING 165 00:04:41,887 --> 00:04:43,021 SPECTATORS FROM ABROAD, 166 00:04:43,087 --> 00:04:44,154 TO ENCOURAGING PEOPLE TO KEEP A 167 00:04:44,221 --> 00:04:47,554 TWO-METER DISTANCE AT ALL TIMES, 168 00:04:47,621 --> 00:04:49,021 TO REQUESTING ATTENDEES SUPPORT 169 00:04:49,087 --> 00:04:51,287 ATHLETES BY CLAPPING INSTEAD OF 170 00:04:51,354 --> 00:04:52,754 SINGING OR CHANTING, WHICH IS A 171 00:04:52,821 --> 00:04:54,287 SHAME BECAUSE -- AS ANYONE WILL 172 00:04:54,354 --> 00:04:55,354 TELL YOU -- HALF THE FUN OF 173 00:04:55,421 --> 00:04:56,954 WATCHING THE MEN'S TRAMPOLINE 174 00:04:57,021 --> 00:04:58,287 FINAL IS THE RAUCOUS BONDING 175 00:04:58,354 --> 00:04:59,754 WITH YOUR FELLOW TRAMP-HEADS. 176 00:04:59,821 --> 00:05:01,787 AND WHILE SOME OF THOSE 177 00:05:01,854 --> 00:05:03,021 PRECAUTIONS WILL HOPEFULLY DO 178 00:05:03,087 --> 00:05:04,721 SOME GOOD, I WILL SAY, OTHERS 179 00:05:04,787 --> 00:05:07,021 HAVE ABSOLUTELY NO CHANCE. 180 00:05:07,087 --> 00:05:08,354 >> OLYMPIC ORGANIZERS TYPICALLY 181 00:05:08,421 --> 00:05:10,121 GIVE AWAY TENS OF THOUSANDS OF 182 00:05:10,187 --> 00:05:10,787 CONDOMS DURING THE GAMES FOR ALL 183 00:05:10,854 --> 00:05:12,487 THE ATHLETES. 184 00:05:12,554 --> 00:05:14,887 BUT THIS YEAR THERE IS STILL 185 00:05:14,954 --> 00:05:16,587 GOING TO BE A CONDOM GIVEAWAY, 186 00:05:16,654 --> 00:05:17,687 BUT THEY ARE TELLING THE 187 00:05:17,754 --> 00:05:18,421 ATHLETES NOT TO USE THEM UNTIL 188 00:05:18,487 --> 00:05:20,454 THEY GET HOME. 189 00:05:20,521 --> 00:05:21,221 >> John: WELL, GOOD LUCK WITH 190 00:05:21,287 --> 00:05:22,354 THAT! 191 00:05:22,421 --> 00:05:23,454 HAVE FUN SELLING THAT MESSAGE 192 00:05:23,521 --> 00:05:25,054 AT THE THE CONDOM BOOTH. 193 00:05:25,121 --> 00:05:26,487 "HI THERE, 20-YEAR-OLD ADONIS 194 00:05:26,554 --> 00:05:27,054 WITH THE PHYSICAL STAMINA OF 195 00:05:27,121 --> 00:05:28,021 A YOUNG GAZELLE. 196 00:05:28,087 --> 00:05:29,587 WELCOME TO WHAT IS, ESSENTIALLY, 197 00:05:29,654 --> 00:05:30,787 A LIGHTLY MONITORED DORM FLOOR 198 00:05:30,854 --> 00:05:31,954 THAT YOU'LL BE SHARING WITH SOME 199 00:05:32,021 --> 00:05:33,487 OF THE MOST CHISELED BODIES ON 200 00:05:33,554 --> 00:05:34,287 THE PLANET, ALL OF WHOM YOU'LL 201 00:05:34,354 --> 00:05:35,221 LIKELY NEVER SEE AGAIN. 202 00:05:35,287 --> 00:05:37,054 HERE ARE SOME FREE CONDOMS! 203 00:05:37,121 --> 00:05:39,287 BUT PLEASE, MAKE SURE YOU THAT 204 00:05:39,354 --> 00:05:40,187 YOU SAVE THEM UNTIL -- AH, I SEE 205 00:05:40,254 --> 00:05:42,521 YOU'RE ALREADY FUCKING. 206 00:05:42,587 --> 00:05:43,387 WELL, PLEASE, AT LEAST MOVE TO 207 00:05:43,454 --> 00:05:44,354 THE SIDE, THERE IS A LINE BEHIND 208 00:05:44,421 --> 00:05:45,554 YOU." 209 00:05:45,621 --> 00:05:47,021 BUT I GUESS IT'S GOOD NEWS THAT 210 00:05:47,087 --> 00:05:48,654 THEY'RE STILL HANDING THEM OUT, 211 00:05:48,721 --> 00:05:49,987 ESPECIALLY FOR JAPAN'S TOP 212 00:05:50,054 --> 00:05:51,521 CONDOM-MAKERS, WHO APPARENTLY 213 00:05:51,587 --> 00:05:52,687 SAW THE OLYMPICS AS AN EXTREMELY 214 00:05:52,754 --> 00:05:54,454 PRECIOUS OPPORTUNITY TO LET 215 00:05:54,521 --> 00:05:55,521 THE WORLD KNOW ABOUT JAPAN'S 216 00:05:55,587 --> 00:05:57,854 HIGH TECHNOLOGY PROPHYLACTICS. 217 00:05:57,921 --> 00:05:59,287 ALTHOUGH, I WILL SAY, 218 00:05:59,354 --> 00:06:00,087 I'M NOT CONVINCED THEY NEEDED 219 00:06:00,154 --> 00:06:02,287 THE OLYMPICS TO DO THAT. 220 00:06:02,354 --> 00:06:03,354 BECAUSE JAPANESE CONDOM ADS 221 00:06:03,421 --> 00:06:04,487 DO A PRETTY GOOD JOB SELLING 222 00:06:04,554 --> 00:06:06,321 THEIR PRODUCT. 223 00:06:06,387 --> 00:06:09,621 TAKE A LOOK AT THIS. 224 00:06:09,687 --> 00:06:10,921 >> THE CONDOM GORO FOUND WAS ONE 225 00:06:10,987 --> 00:06:12,321 OF LEGEND. 226 00:06:12,387 --> 00:06:13,387 WHAT'S HAPPENING? 227 00:06:13,454 --> 00:06:14,387 HOLY MOLY! 228 00:06:14,454 --> 00:06:15,421 GORO BECOMES A CONDOM BATTLER 229 00:06:15,487 --> 00:06:16,554 AGAINST HIS WILL. 230 00:06:16,621 --> 00:06:17,254 OMG! 231 00:06:17,321 --> 00:06:18,254 A CONDOM HUNTER! 232 00:06:18,321 --> 00:06:19,287 HA, HA! 233 00:06:19,354 --> 00:06:20,054 DOUBLING UP GAVE ME ULTIMATE 234 00:06:20,121 --> 00:06:21,087 ENDURANCE! 235 00:06:21,154 --> 00:06:22,221 I CAN LAST 13 HOURS!!! 236 00:06:22,287 --> 00:06:23,854 NO WAY! 237 00:06:23,921 --> 00:06:25,254 WATCH OUT! 238 00:06:25,321 --> 00:06:26,121 RUN, GORO! 239 00:06:26,187 --> 00:06:28,287 LOOK, HIS CONDOM RIPPED! 240 00:06:28,354 --> 00:06:29,854 WHOO-HOO! 241 00:06:29,921 --> 00:06:30,987 DON'T DOUBLE-BAG CONDOMS! 242 00:06:31,054 --> 00:06:33,254 THAT WAS CLOSE. 243 00:06:33,321 --> 00:06:34,454 GORO BEGINS HIS JOURNEY TO 244 00:06:34,521 --> 00:06:35,454 BECOME A CONDOM BATTLER, 245 00:06:35,521 --> 00:06:37,054 COMPLETELY UNAWARE OF 246 00:06:37,121 --> 00:06:40,821 THE CHALLENGES AHEAD. 247 00:06:40,887 --> 00:06:42,454 >> John: YES! 248 00:06:42,521 --> 00:06:43,554 THAT WAS PART OF AN ANIME 249 00:06:43,621 --> 00:06:45,621 WEB SERIES PRODUCED BY JAPAN'S 250 00:06:45,687 --> 00:06:46,654 LEADING CONDOM MANUFACTURER, 251 00:06:46,721 --> 00:06:47,987 OKAMOTO, IN WHICH A 252 00:06:48,054 --> 00:06:49,454 "CONDOM BATTLER" NAMED GORO 253 00:06:49,521 --> 00:06:51,221 FINDS A MAGICAL RUBBER ON 254 00:06:51,287 --> 00:06:53,054 THE GROUND, WHICH TURNS INTO 255 00:06:53,121 --> 00:06:53,687 A SUIT OF PROTECTIVE ARMOR THAT 256 00:06:53,754 --> 00:06:54,621 HE WEARS WHILE BATTLING A BUNCH 257 00:06:54,687 --> 00:06:55,754 OF ANIME VILLAINS. 258 00:06:55,821 --> 00:06:58,254 SO YOU KNOW, JUST YOUR AVERAGE 259 00:06:58,321 --> 00:06:58,554 EDUCATIONAL, 260 00:06:58,621 --> 00:06:59,921 CONTRACEPTION-THEMED, SCI-FI, 261 00:06:59,987 --> 00:07:01,487 ACTION CARTOON AD FOR JAPANESE 262 00:07:01,554 --> 00:07:02,687 COCK SOCKS ABOUT AN ANIME WAR IN 263 00:07:02,754 --> 00:07:04,021 WHICH THE DRESS CODE APPEARS TO 264 00:07:04,087 --> 00:07:05,221 BE "LATEX CASUAL," ALL OF WHICH 265 00:07:05,287 --> 00:07:06,854 THEY CLAIM IS "TO BE CONTINUED" 266 00:07:06,921 --> 00:07:07,921 -- OR, AS THE AD SAYS, "TO BE 267 00:07:07,987 --> 00:07:09,721 CONDOM." 268 00:07:09,787 --> 00:07:11,987 THAT'S SO MUCH MORE FUN THAN 269 00:07:12,054 --> 00:07:13,787 SEX-ED IS HERE IN THE U.S., 270 00:07:13,854 --> 00:07:15,287 WHERE IT'S USUALLY, "HERE'S A 271 00:07:15,354 --> 00:07:16,354 CONDOM, HERE'S A BANANA, LET'S 272 00:07:16,421 --> 00:07:20,454 NEVER SPEAK OF THIS AGAIN." 273 00:07:20,521 --> 00:07:21,721 BUT THE FACT IS, DESPITE 274 00:07:21,787 --> 00:07:22,554 PROTESTS, IT SEEMS LIKE 275 00:07:22,621 --> 00:07:24,021 THE OLYMPICS ARE GOING AHEAD. 276 00:07:24,087 --> 00:07:25,187 AND ALL OF THIS IS A GOOD 277 00:07:25,254 --> 00:07:26,421 REMINDER THAT HOSTING THE 278 00:07:26,487 --> 00:07:27,154 OLYMPICS IS JUST NEVER 279 00:07:27,221 --> 00:07:28,754 A GOOD IDEA FOR A CITY. 280 00:07:28,821 --> 00:07:29,821 AND IT'S NOT LIKE JAPAN NEEDS 281 00:07:29,887 --> 00:07:31,287 THE OLYMPICS TO BOOST TOURISM. 282 00:07:31,354 --> 00:07:32,987 IT'S JAPAN! 283 00:07:33,054 --> 00:07:35,887 IT'S ALREADY GOT MOUNT FUJI, 284 00:07:35,954 --> 00:07:36,854 BAMBOO FORESTS, AND THE WORLD'S 285 00:07:36,921 --> 00:07:38,487 WETTEST COMEDIAN. 286 00:07:38,554 --> 00:07:40,387 WHO WOULDN'T WANT TO VISIT? 287 00:07:40,454 --> 00:07:41,554 AND WHILE I TRULY HOPE FOR 288 00:07:41,621 --> 00:07:43,887 EVERYONE'S BENEFIT THAT THIS 289 00:07:43,954 --> 00:07:45,087 WORKS OUT, YOU CAN'T HELP 290 00:07:45,154 --> 00:07:46,187 FEELING THAT THAT MAIN MOTIVATOR 291 00:07:46,254 --> 00:07:46,787 IN THIS EVENT TAKING PLACE IS 292 00:07:46,854 --> 00:07:48,421 MONEY. 293 00:07:48,487 --> 00:07:49,687 SO WILL IT BE WORTH IT? 294 00:07:49,754 --> 00:07:51,787 WELL, I GUESS ALL WE CAN REALLY 295 00:07:51,854 --> 00:07:52,887 SAY AT THIS POINT IS -- TO QUOTE 296 00:07:52,954 --> 00:07:54,121 MY NEW FAVORITE WEB SERIES -- 297 00:07:54,187 --> 00:07:55,687 THAT IS VERY MUCH 298 00:07:55,754 --> 00:07:57,154 "TO BE CONDOM." 299 00:07:57,221 --> 00:07:58,021 AND NOW, THIS. 300 00:07:58,087 --> 00:07:58,787 ♪ ♪ 301 00:07:58,854 --> 00:08:04,021 >> Announcer: AND NOW... 302 00:08:04,087 --> 00:08:04,987 PLEASE ENJOY SOME BETTER NAMES 303 00:08:05,054 --> 00:08:06,287 FOR THE DOGS FROM THIS YEAR'S 304 00:08:06,354 --> 00:08:07,554 WESTMINSTER DOG SHOW. 305 00:08:07,621 --> 00:08:09,354 ♪ ♪ 306 00:08:09,421 --> 00:08:14,587 >> RAISE AND 307 00:08:14,654 --> 00:08:20,154 >> RAISENETTE. 308 00:08:20,221 --> 00:08:20,354 BEEF. 309 00:08:20,421 --> 00:08:22,421 CAPTAIN JEAN-LUC PINARD. 310 00:08:22,487 --> 00:08:23,187 DRAMA. 311 00:08:23,254 --> 00:08:23,454 GOOD CARL. 312 00:08:23,521 --> 00:08:26,687 BAD CARL. 313 00:08:26,754 --> 00:08:28,687 CLAIMED HE WITNESSED A 314 00:08:28,754 --> 00:08:30,021 HIGH-RANKING CIA OFFICER MEET 315 00:08:30,087 --> 00:08:31,087 WITH LEE HARVEY OSWALD IN 316 00:08:31,154 --> 00:08:32,454 SEPTEMBER OF 1963. 317 00:08:32,521 --> 00:08:35,854 ♪ ♪ 318 00:08:35,921 --> 00:08:39,121 SMOOTH CHRIS. 319 00:08:39,187 --> 00:08:49,421 CRIME.: DEVOURER OF SOULS. 320 00:08:49,487 --> 00:08:49,654 DENNIS. 321 00:08:49,721 --> 00:08:52,254 AND JENNIFER ANISTON. 322 00:08:52,321 --> 00:08:52,987 >> John: MOVING ON. 323 00:08:53,054 --> 00:08:54,087 OUR MAIN STORY TONIGHT CONCERNS 324 00:08:54,154 --> 00:08:54,754 HOME RENOVATIONS. 325 00:08:54,821 --> 00:08:55,687 THEY'RE A BIG COMMITMENT THAT 326 00:08:55,754 --> 00:08:56,787 ALWAYS TURN OUT GREAT, UNLESS, 327 00:08:56,854 --> 00:08:57,554 THAT IS, YOU'RE ON 328 00:08:57,621 --> 00:08:58,454 "TRADING SPACES," IN WHICH CASE, 329 00:08:58,521 --> 00:08:59,054 THEY CAN TURN OUT LIKE THIS: 330 00:08:59,121 --> 00:09:01,054 >> WE ARE IN THE ROOM. 331 00:09:01,121 --> 00:09:01,721 OPEN YOUR EYES AND SEE YOUR NEW 332 00:09:01,787 --> 00:09:04,487 FAMILY ROOM. 333 00:09:04,554 --> 00:09:09,687 >> WOW. 334 00:09:09,754 --> 00:09:10,554 >> I'M GONNA HAVE TO LEAVE THE 335 00:09:10,621 --> 00:09:11,754 ROOM NOW. 336 00:09:11,821 --> 00:09:13,221 >> YOU'RE THAT DISAPPOINTED? 337 00:09:13,287 --> 00:09:15,521 >> WELL... 338 00:09:15,587 --> 00:09:16,821 I'M GONNA HAVE TO LEAVE THE ROOM 339 00:09:16,887 --> 00:09:18,721 NOW. 340 00:09:18,787 --> 00:09:19,087 >> John: WOW. 341 00:09:19,154 --> 00:09:21,387 THAT'S A SHAME. 342 00:09:21,454 --> 00:09:22,554 KUDOS TO PAM THERE FOR BEING 343 00:09:22,621 --> 00:09:23,587 GRACIOUS ENOUGH TO STEP OUT. 344 00:09:23,654 --> 00:09:25,021 SHE'S SHOWING A LEVEL OF 345 00:09:25,087 --> 00:09:27,221 RESTRAINT THAT THOSE DESIGNERS 346 00:09:27,287 --> 00:09:27,921 VERY MUCH DID NOT. 347 00:09:28,021 --> 00:09:29,021 BECAUSE WHY IS THAT FIREPLACE 348 00:09:29,087 --> 00:09:30,654 OPAQUE? 349 00:09:30,721 --> 00:09:32,521 WHO WOULD LOOK AT A SEXY 350 00:09:32,587 --> 00:09:33,554 FLICKERING FIRE AND SAY, 351 00:09:33,621 --> 00:09:34,454 "GREAT, BUT WHAT IF IT WAS 352 00:09:34,521 --> 00:09:35,287 BLURRY?" 353 00:09:35,354 --> 00:09:36,021 ALSO, THAT'S JUST TOO MANY 354 00:09:36,087 --> 00:09:37,554 CANDLESTICKS. 355 00:09:37,621 --> 00:09:39,454 THE WHOLE ROOM'S A WINDOWLESS 356 00:09:39,521 --> 00:09:40,854 INFERNO WAITING TO HAPPEN. 357 00:09:40,921 --> 00:09:42,054 IT'S DERANGED, IT'S UNSAFE, AND 358 00:09:42,121 --> 00:09:44,287 FRANKLY, PAM DESERVED BETTER. 359 00:09:44,354 --> 00:09:45,887 BUT SPECIFICALLY, WE'RE GOING 360 00:09:45,954 --> 00:09:47,521 TO TALK ABOUT A WAY TO FINANCE 361 00:09:47,587 --> 00:09:49,687 HOME IMPROVEMENTS CALLED PACE. 362 00:09:49,754 --> 00:09:51,454 IT WAS ORIGINALLY DESIGNED TO 363 00:09:51,521 --> 00:09:52,754 PROVIDE LOW-INCOME HOMEOWNERS 364 00:09:52,821 --> 00:09:54,054 A WAY TO MAKE THEIR HOMES MORE 365 00:09:54,121 --> 00:09:54,854 ENVIRONMENTALLY FRIENDLY. 366 00:09:54,921 --> 00:09:59,087 AND TO EXPLAIN MORE, 367 00:09:59,154 --> 00:10:00,421 HERE IS NETFLIX'S VERY OWN, 368 00:10:00,487 --> 00:10:01,321 BARACK OBAMA: 369 00:10:01,387 --> 00:10:02,154 >> WE'RE MAKING IT EASIER FOR 370 00:10:02,221 --> 00:10:03,321 AMERICAN HOMEOWNERS TO TAKE 371 00:10:03,387 --> 00:10:04,254 ADVANTAGE OF A NEW PROGRAM 372 00:10:04,321 --> 00:10:06,354 CALLED PACE. 373 00:10:06,421 --> 00:10:07,121 HERE'S HOW IT WORKS. 374 00:10:07,187 --> 00:10:09,454 IF YOU MAKE THE SWITCH TO SOLAR, 375 00:10:09,521 --> 00:10:11,121 YOU CAN NOW INSTALL SOLAR PANELS 376 00:10:11,187 --> 00:10:13,554 OR RETROFIT YOUR HOME TO MAKE IT 377 00:10:13,621 --> 00:10:16,054 MORE ENERGY EFFICIENT AT NO 378 00:10:16,121 --> 00:10:17,721 UPFRONT COST, ALL BY PAYING FOR 379 00:10:17,787 --> 00:10:18,854 THEM THROUGH THE FUTURE SAVINGS 380 00:10:18,921 --> 00:10:20,421 ON YOUR ENERGY BILLS. 381 00:10:20,487 --> 00:10:22,454 >> John: WELL, THAT SOUNDS LIKE 382 00:10:22,521 --> 00:10:24,221 A GREAT PROGRAM FOR HOMEOWNERS! 383 00:10:24,287 --> 00:10:25,787 BY THE WAY, IF YOU'RE UNDER THE 384 00:10:25,854 --> 00:10:28,487 AGE OF 35, LET ME QUICKLY CLEAR 385 00:10:28,554 --> 00:10:28,987 UP YOUR CONFUSION HERE: 386 00:10:29,054 --> 00:10:29,687 A "HOMEOWNER" IS A PERSON WHO 387 00:10:29,754 --> 00:10:30,987 OWNS THEIR HOME. 388 00:10:31,054 --> 00:10:32,087 THEY DON'T RENT IT. 389 00:10:32,154 --> 00:10:33,854 THE HOUSE BELONGS TO THEM. 390 00:10:33,921 --> 00:10:34,487 LIKE YOUR PARENTS -- YOU KNOW 391 00:10:34,554 --> 00:10:35,287 HOW YOUR PARENTS LIVE 392 00:10:35,354 --> 00:10:36,187 IN A HOUSE, BUT THEY DON'T 393 00:10:36,254 --> 00:10:36,887 HAVE A LANDLORD? 394 00:10:36,954 --> 00:10:37,787 AND THEY DON'T HAVE TO SIGN 395 00:10:37,854 --> 00:10:38,521 A LEASE, AND THEY DON'T PAY 396 00:10:38,587 --> 00:10:39,287 A SECURITY DEPOSIT? 397 00:10:39,354 --> 00:10:40,154 IT'S LIKE THAT. 398 00:10:40,221 --> 00:10:41,654 IT'S THEIR HOUSE. 399 00:10:41,721 --> 00:10:42,954 DON'T WORRY, THOUGH -- THAT'LL 400 00:10:43,021 --> 00:10:43,821 NEVER BE YOU. 401 00:10:43,887 --> 00:10:45,387 YOU'RE NOT ALLOWED TO DO THAT. 402 00:10:45,454 --> 00:10:46,554 AMERICA DECIDED A FEW YEARS BACK 403 00:10:46,621 --> 00:10:47,787 THAT IF YOU WERE BORN AFTER 404 00:10:47,854 --> 00:10:49,121 1985, YOU DON'T GET TO OWN A 405 00:10:49,187 --> 00:10:50,554 HOUSE. 406 00:10:50,621 --> 00:10:51,821 YOU DO GET TO RENT APARTMENTS 407 00:10:51,887 --> 00:10:52,954 FOR THE REST OF YOUR LIFE, 408 00:10:53,021 --> 00:10:53,921 THOUGH, AS YOU GRADUALLY PAY OFF 409 00:10:53,987 --> 00:10:55,521 THE STUDENT LOANS FROM YOUR 410 00:10:55,587 --> 00:10:56,787 LIBERAL ARTS DEGREE -- THAT'S 411 00:10:56,854 --> 00:10:58,687 THE THING YOU GET TO DO. 412 00:10:58,754 --> 00:10:59,787 SO IF YOU'RE UNDER 35, YOU CAN 413 00:10:59,854 --> 00:11:01,121 ACTUALLY SKIP THIS STORY. 414 00:11:01,187 --> 00:11:02,887 DON'T EVEN WORRY ABOUT IT. 415 00:11:02,954 --> 00:11:04,254 GO FIGHT WITH A 15-YEAR-OLD ON 416 00:11:04,321 --> 00:11:04,887 TIKTOK ABOUT THE COOLEST WAY TO 417 00:11:04,954 --> 00:11:06,587 PART YOUR HAIR. 418 00:11:06,654 --> 00:11:07,754 YOUR LIFE IS SAD, 419 00:11:07,821 --> 00:11:12,021 AND THAT'S OKAY. 420 00:11:12,087 --> 00:11:14,887 PACE, THOUGH, STANDS FOR 421 00:11:14,954 --> 00:11:15,821 "PROPERTY ASSESSED 422 00:11:15,887 --> 00:11:16,921 CLEAN ENERGY," 423 00:11:16,987 --> 00:11:18,287 AND THE IDEA ORIGINATED IN 424 00:11:18,354 --> 00:11:22,021 CALIFORNIA AS THE BRAINCHILD OF 425 00:11:22,087 --> 00:11:23,654 THE FORMER CHIEF OF STAFF TO THE 426 00:11:23,721 --> 00:11:26,021 MAYOR OF BERKELEY WHO DESCRIBES 427 00:11:26,087 --> 00:11:26,654 HIMSELF AS AN "CAPITALIST 428 00:11:26,721 --> 00:11:27,054 HIPPIE." 429 00:11:27,121 --> 00:11:27,887 WHICH ABSOLUTELY TRACKS FOR 430 00:11:27,954 --> 00:11:28,721 A GUY WHOSE NAME SOUNDS LIKE 431 00:11:28,787 --> 00:11:29,654 HE'S ABOUT TO GENTRIFY JAZZ. 432 00:11:29,721 --> 00:11:30,554 THERE ARE ACTUALLY TWO PACE 433 00:11:30,621 --> 00:11:32,421 PROGRAMS: ONE FOR COMMERCIAL 434 00:11:32,487 --> 00:11:33,054 PROPERTIES AND ONE FOR 435 00:11:33,121 --> 00:11:33,787 RESIDENTIAL ONES. 436 00:11:33,854 --> 00:11:35,454 AND WE'RE GOING TO FOCUS ON THE 437 00:11:35,521 --> 00:11:36,754 SECOND ONE, WHERE THERE ARE SOME 438 00:11:36,821 --> 00:11:38,421 HUGE PROBLEMS. 439 00:11:38,487 --> 00:11:40,121 BECAUSE AFTER A TRIAL RUN IN 440 00:11:40,187 --> 00:11:41,321 BERKELEY, THE RESIDENTIAL PACE 441 00:11:41,387 --> 00:11:42,654 PROGRAM EXPLODED ACROSS 442 00:11:42,721 --> 00:11:44,054 CALIFORNIA. 443 00:11:44,121 --> 00:11:45,887 IN JUST THE SECOND HALF OF 2014, 444 00:11:45,954 --> 00:11:47,021 LENDERS ISSUED $148 MILLION IN 445 00:11:47,087 --> 00:11:50,154 PACE LOANS. 446 00:11:50,221 --> 00:11:51,421 AND JUST A YEAR LATER, AS MORE 447 00:11:51,487 --> 00:11:52,621 COUNTIES ACROSS THE STATE SIGNED 448 00:11:52,687 --> 00:11:54,121 ON, THAT NUMBER QUADRUPLED TO 449 00:11:54,187 --> 00:11:56,121 OVER HALF A BILLION DOLLARS. 450 00:11:56,187 --> 00:11:58,721 RIGHT NOW, THESE THREE STATES 451 00:11:58,787 --> 00:12:00,454 HAVE ACTIVE PACE PROGRAMS, BUT 452 00:12:00,521 --> 00:12:01,721 PLANS TO EXPAND TO OTHER STATES, 453 00:12:01,787 --> 00:12:03,421 INCLUDING NEW YORK AND OHIO, 454 00:12:03,487 --> 00:12:04,954 ARE VERY MUCH IN DEVELOPMENT. 455 00:12:05,021 --> 00:12:08,321 AND THAT SHOULD BE A CAUSE FOR 456 00:12:08,387 --> 00:12:10,287 REAL CONCERN, BECAUSE WHEN PACE 457 00:12:10,354 --> 00:12:11,421 LOANS GO WRONG, THEY CAN GO VERY 458 00:12:11,487 --> 00:12:12,854 WRONG. 459 00:12:12,921 --> 00:12:14,454 TAKE THIS CALIFORNIA COUPLE 460 00:12:14,521 --> 00:12:16,154 WHO ENDED UP LOSING THEIR HOME. 461 00:12:16,221 --> 00:12:17,487 AND THEY SAY THEIR PROBLEMS 462 00:12:17,554 --> 00:12:19,287 STARTED WHEN A CONTRACTOR TURNED 463 00:12:19,354 --> 00:12:20,854 UP AT THEIR HOUSE, PITCHING A 464 00:12:20,921 --> 00:12:23,154 PACE-FUNDED IMPROVEMENT. 465 00:12:23,221 --> 00:12:24,221 >> THEIR HOUSE BADLY NEEDED A 466 00:12:24,287 --> 00:12:25,687 NEW ROOF, SO THEY SIGNED UP. 467 00:12:25,754 --> 00:12:27,587 >> I THOUGHT IT WAS A WONDERFUL 468 00:12:27,654 --> 00:12:30,054 THING, JUST REALLY A GODSEND. 469 00:12:30,121 --> 00:12:31,121 >> ONE THING LED TO ANOTHER -- 470 00:12:31,187 --> 00:12:33,121 >> ONCE HE SAW THE ROOF, 471 00:12:33,187 --> 00:12:34,387 HE SAYS, "WELL, LOOKS LIKE THIS 472 00:12:34,454 --> 00:12:34,721 WALL..." 473 00:12:34,787 --> 00:12:35,821 >> THEN IT WAS THE FLOOR. 474 00:12:35,887 --> 00:12:36,721 >> WELL, I THINK THERE'S SOME 475 00:12:36,787 --> 00:12:39,521 DAMAGE THERE. 476 00:12:39,587 --> 00:12:40,387 >> THEN A FEW MONTHS LATER -- 477 00:12:40,454 --> 00:12:41,121 >> JUMPED OUR MORTGAGE PAYMENTS 478 00:12:41,187 --> 00:12:42,121 $600 A MONTH. 479 00:12:42,187 --> 00:12:43,587 >> OUR LIFE BEGAN TO UNRAVEL 480 00:12:43,654 --> 00:12:45,021 AT THAT VERY MOMENT. 481 00:12:45,087 --> 00:12:45,621 MY THOUGHT IS THAT WE'RE GOING 482 00:12:45,687 --> 00:12:47,021 TO WIND UP IN A TENT. 483 00:12:47,087 --> 00:12:47,921 >> John: LOOK, THERE ARE SOME 484 00:12:48,021 --> 00:12:50,454 SITUATIONS WHERE THE IDEA OF 485 00:12:50,521 --> 00:12:51,454 ENDING UP IN A TENT IS EXCITING 486 00:12:51,521 --> 00:12:52,987 -- IF YOU'RE GOING CAMPING, 487 00:12:53,054 --> 00:12:53,587 FOR EXAMPLE, OR SEEING 488 00:12:53,654 --> 00:12:55,021 THE CIRCUS, OR WALKING INTO 489 00:12:55,087 --> 00:12:56,354 THE FOREST TO FINALLY ABANDON 490 00:12:56,421 --> 00:12:57,887 SOCIETY FOREVER AND LIVE AMONG 491 00:12:57,954 --> 00:12:59,221 THE TREES, BUT IT SHOULDN'T 492 00:12:59,287 --> 00:13:00,287 REALLY BE THE DESIRED OUTCOME 493 00:13:00,354 --> 00:13:01,587 WHEN YOU'RE JUST TRYING TO FIX 494 00:13:01,654 --> 00:13:03,987 YOUR ROOF. 495 00:13:04,054 --> 00:13:06,187 UNFORTUNATELY, THE STORY OF PACE 496 00:13:06,254 --> 00:13:08,721 IS A CAUTIONARY TALE ABOUT HOW 497 00:13:08,787 --> 00:13:10,487 GOOD INTENTIONS, WHEN NOT PAIRED 498 00:13:10,554 --> 00:13:11,521 WITH CAREFUL, SMART DESIGN, 499 00:13:11,587 --> 00:13:13,621 CAN END IN DISASTER. 500 00:13:13,687 --> 00:13:14,921 AND GIVEN THAT JOE BIDEN 501 00:13:14,987 --> 00:13:15,887 PROMOTED THE PROGRAM AS 502 00:13:15,954 --> 00:13:17,421 VICE-PRESIDENT, AND PROMISED 503 00:13:17,487 --> 00:13:18,887 ON HIS CAMPAIGN WEBSITE TO 504 00:13:18,954 --> 00:13:20,154 "EXPAND THE UTILIZATION OF 505 00:13:20,221 --> 00:13:25,654 PACE," IT SEEMED THAT TONIGHT, 506 00:13:25,721 --> 00:13:27,287 IT MIGHT BE A GOOD IDEA TO TAKE 507 00:13:27,354 --> 00:13:28,054 A LOOK AT IT. 508 00:13:28,121 --> 00:13:29,054 AND LET'S START WITH HOW PACE 509 00:13:29,121 --> 00:13:29,954 WORKS. 510 00:13:30,021 --> 00:13:31,154 BECAUSE BASICALLY, IT'S MONEY 511 00:13:31,221 --> 00:13:31,687 DESIGNATED FOR REPAIRS OR 512 00:13:31,754 --> 00:13:32,254 UPGRADES TO YOUR HOUSE. 513 00:13:32,321 --> 00:13:33,921 THE AVERAGE PACE LOAN IS ABOUT 514 00:13:33,987 --> 00:13:36,021 $25,000, AND REPAYMENT PERIODS 515 00:13:36,087 --> 00:13:37,187 USUALLY STRETCH BETWEEN FIVE AND 516 00:13:37,254 --> 00:13:38,987 25 YEARS. 517 00:13:39,054 --> 00:13:42,087 BUT THE WAY YOU PAY IT BACK IS 518 00:13:42,154 --> 00:13:44,021 BOTH UNUSUAL AND VERY 519 00:13:44,087 --> 00:13:46,587 COMPLICATED -- EVEN THOUGH I'VE 520 00:13:46,654 --> 00:13:48,021 ALREADY CALLED IT A "LOAN," IT'S 521 00:13:48,087 --> 00:13:49,454 TECHNICALLY A LIEN ON YOUR HOUSE 522 00:13:49,521 --> 00:13:51,087 -- A KIND OF DEBT DIRECTLY 523 00:13:51,154 --> 00:13:52,154 ATTACHED TO YOUR PROPERTY, 524 00:13:52,221 --> 00:13:53,487 AND WHICH, IN THIS INSTANCE, 525 00:13:53,554 --> 00:13:54,754 YOU GRADUALLY PAY BACK THROUGH 526 00:13:54,821 --> 00:13:56,887 YOUR PROPERTY TAXES. 527 00:13:56,954 --> 00:13:57,921 AND ADS PROMOTING PACE HAVE 528 00:13:57,987 --> 00:13:58,887 LIKED TO PUT THAT FACT FRONT AND 529 00:13:58,954 --> 00:14:01,721 CENTER. 530 00:14:01,787 --> 00:14:03,287 >> YOUR HOUSE IS ACTUALLY 531 00:14:03,354 --> 00:14:04,387 BORROWING THE MONEY AND NOT YOU 532 00:14:04,454 --> 00:14:05,487 PERSONALLY. 533 00:14:05,554 --> 00:14:07,787 >> IT'S MORE LIKE THE HOUSE IS 534 00:14:07,854 --> 00:14:09,121 GETTING THE FINANCING BECAUSE 535 00:14:09,187 --> 00:14:09,854 PAYMENTS ARE MADE THROUGH AN 536 00:14:09,921 --> 00:14:10,554 ASSESSMENT ON YOUR PROPERTY 537 00:14:10,621 --> 00:14:11,921 TAXES. 538 00:14:11,987 --> 00:14:12,954 >> IT'S AS IF YOUR HOUSE 539 00:14:13,021 --> 00:14:13,887 IS BORROWING THE MONEY, 540 00:14:13,954 --> 00:14:15,354 NOT YOU PERSONALLY. 541 00:14:15,421 --> 00:14:16,321 >> John: OKAY, STOP. 542 00:14:16,387 --> 00:14:16,887 BECAUSE THERE'S AN OBVIOUS 543 00:14:16,954 --> 00:14:18,021 PROBLEM THERE. 544 00:14:18,087 --> 00:14:20,054 EVEN IF YOUR HOUSE IS 545 00:14:20,121 --> 00:14:22,054 TECHNICALLY BORROWING THE MONEY, 546 00:14:22,121 --> 00:14:22,687 THAT MONEY COMES IN THE FORM OF 547 00:14:22,754 --> 00:14:23,721 PROPERTY TAXES, AND YOU PAY FOR 548 00:14:23,787 --> 00:14:24,721 THOSE. 549 00:14:24,787 --> 00:14:26,121 YOUR HOUSE DOESN'T. 550 00:14:26,187 --> 00:14:27,687 BECAUSE HOUSES CAN'T PAY TAXES. 551 00:14:27,754 --> 00:14:29,854 BECAUSE HOUSES DON'T HAVE MONEY. 552 00:14:29,921 --> 00:14:31,921 BECAUSE THEY'RE HOUSES. 553 00:14:31,987 --> 00:14:33,754 IT'S THE EQUIVALENT OF BUYING 554 00:14:33,821 --> 00:14:34,654 A NEW SWEATER AND TELLING THE 555 00:14:34,721 --> 00:14:35,854 CASHIER, "OH, THE SALES TAX IS 556 00:14:35,921 --> 00:14:36,887 ON THE SWEATER, SO THE SWEATER 557 00:14:36,954 --> 00:14:38,421 WILL PAY THAT." 558 00:14:38,487 --> 00:14:39,454 THAT'S NOT HOW TAXES OR, INDEED, 559 00:14:39,521 --> 00:14:41,754 SWEATERS WORK. 560 00:14:41,821 --> 00:14:43,221 THOSE ADS ARE FROM PACE 561 00:14:43,287 --> 00:14:45,521 ADMINISTRATORS -- PRIVATE 562 00:14:45,587 --> 00:14:46,787 COMPANIES HIRED BY CITIES TO 563 00:14:46,854 --> 00:14:48,554 HANDLE THE LOGISTICS OF THE 564 00:14:48,621 --> 00:14:50,554 PROGRAM, INCLUDING PROVIDING 565 00:14:50,621 --> 00:14:52,654 FINANCING AND APPROVING LOANS. 566 00:14:52,721 --> 00:14:54,454 SOME OF THE BIGGEST PLAYERS ARE 567 00:14:54,521 --> 00:14:55,921 THESE COMPANIES, THE LARGEST OF 568 00:14:55,987 --> 00:14:57,421 WHICH IS CALLED YGRENE. 569 00:14:57,487 --> 00:14:58,321 WHICH IS JUST OBJECTIVELY 570 00:14:58,387 --> 00:14:59,487 A STUPID NAME. 571 00:14:59,554 --> 00:15:01,287 IT SOUNDS LIKE A CONTEMPLATIVE 572 00:15:01,354 --> 00:15:02,721 JAZZ ALBUM FROM KERMIT THE FROG. 573 00:15:02,787 --> 00:15:04,521 BUT THE REAL ORIGIN OF THE NAME 574 00:15:04,587 --> 00:15:06,921 IS SOMEHOW EVEN STUPIDER, 575 00:15:06,987 --> 00:15:08,154 AS A YGRENE REPRESENTATIVE 576 00:15:08,221 --> 00:15:09,487 EXPLAINED DURING A LOCAL 577 00:15:09,554 --> 00:15:10,687 "SPONSORED CONTENT" SEGMENT: 578 00:15:10,754 --> 00:15:11,754 >> YGRENE, I LOVE THIS. 579 00:15:11,821 --> 00:15:12,687 IT'S EASY TO REMEMBER BECAUSE 580 00:15:12,754 --> 00:15:13,287 IT'S ACTUALLY "ENERGY" SPELLED 581 00:15:13,354 --> 00:15:14,021 BACKWARDS. 582 00:15:14,087 --> 00:15:15,354 >> EXACTLY. 583 00:15:15,421 --> 00:15:16,121 MOST PEOPLE DON'T FIGURE THAT 584 00:15:16,187 --> 00:15:16,687 OUT, BUT A COUPLE REMINDERS, 585 00:15:16,754 --> 00:15:18,387 THEY USUALLY GET IT. 586 00:15:18,454 --> 00:15:19,687 >> John: YEAH, OF COURSE THEY 587 00:15:19,754 --> 00:15:21,254 GET IT, BECAUSE IT'S NOT A HARD 588 00:15:21,321 --> 00:15:23,087 THING TO GET. 589 00:15:23,154 --> 00:15:24,454 YGRENE BASICALLY PUT ABOUT AS 590 00:15:24,521 --> 00:15:25,687 MUCH EFFORT INTO THEIR NAME AS 591 00:15:25,754 --> 00:15:26,421 "TRADING SPACES" PUT INTO PAM'S 592 00:15:26,487 --> 00:15:28,421 FAMILY ROOM. 593 00:15:28,487 --> 00:15:30,387 THERE ARE A NUMBER OF FLAWS IN 594 00:15:30,454 --> 00:15:32,487 HOW PACE PROGRAMS ARE DESIGNED, 595 00:15:32,554 --> 00:15:34,221 AND HERE IS ONE OF THE FIRST KEY 596 00:15:34,287 --> 00:15:36,321 ISSUES: WHILE COMPANIES LIKE 597 00:15:36,387 --> 00:15:37,921 YGRENE MAY PROMOTE PACE THROUGH 598 00:15:37,987 --> 00:15:39,487 ADS AND SPONCON SEGMENTS, 599 00:15:39,554 --> 00:15:41,454 THE MAJORITY OF ACTUAL SALES TO 600 00:15:41,521 --> 00:15:43,854 CUSTOMERS ARE DONE BY INDIVIDUAL 601 00:15:43,921 --> 00:15:44,987 CONTRACTORS WHO'LL BE PERFORMING 602 00:15:45,054 --> 00:15:46,321 THE RENOVATIONS. 603 00:15:46,387 --> 00:15:47,154 AND THINK ABOUT WHAT THAT MEANS 604 00:15:47,221 --> 00:15:48,587 FOR A MOMENT. 605 00:15:48,654 --> 00:15:49,587 THE PEOPLE WITH THE 606 00:15:49,654 --> 00:15:51,221 RESPONSIBILITY OF PITCHING 607 00:15:51,287 --> 00:15:53,021 A VERY COMPLICATED FINANCIAL 608 00:15:53,087 --> 00:15:54,954 PRODUCT -- A PSEUDO-LOAN THAT'S 609 00:15:55,021 --> 00:15:56,387 TECHNICALLY A TAX LIEN -- ARE 610 00:15:56,454 --> 00:15:57,321 CONTRACTORS, WHOSE TRAINING IS 611 00:15:57,387 --> 00:16:01,254 NOT IN FINANCE. 612 00:16:01,321 --> 00:16:02,321 NO JUDGMENT, IT'S JUST, PEOPLE 613 00:16:02,387 --> 00:16:03,454 ARE TRAINED FOR DIFFERENT 614 00:16:03,521 --> 00:16:04,487 THINGS. 615 00:16:04,554 --> 00:16:05,554 IT'S THE SAME REASON YOU DON'T 616 00:16:05,621 --> 00:16:06,687 ASK A BANKER TO RE-GROUT YOUR 617 00:16:06,754 --> 00:16:07,254 BATHROOM TILE. 618 00:16:07,321 --> 00:16:09,387 THEY'RE GOING TO MAKE A MESS. 619 00:16:09,454 --> 00:16:10,654 IN PRACTICE, THE WAY IT USUALLY 620 00:16:10,721 --> 00:16:12,354 WORKS IS, A CONTRACTOR WILL 621 00:16:12,421 --> 00:16:13,654 APPROACH YOU -- MAYBE OUTSIDE 622 00:16:13,721 --> 00:16:14,887 A SHOPPING CENTER, OR AT YOUR 623 00:16:14,954 --> 00:16:16,154 CHURCH, OR EVEN KNOCKING 624 00:16:16,221 --> 00:16:17,587 DIRECTLY ON YOUR DOOR. 625 00:16:17,654 --> 00:16:19,754 AND THEY'LL OFFER TO SELL YOU, 626 00:16:19,821 --> 00:16:21,954 LET'S SAY, SOLAR PANELS, OR A 627 00:16:22,021 --> 00:16:23,321 NEW AIR CONDITIONER, WITH THE 628 00:16:23,387 --> 00:16:26,121 PROMISE OF NO MONEY DOWN, AND 629 00:16:26,187 --> 00:16:27,354 THAT -- CRUCIALLY -- SHOULD PAY 630 00:16:27,421 --> 00:16:28,321 FOR THEMSELVES THROUGH HUGE 631 00:16:28,387 --> 00:16:30,521 FUTURE SAVINGS. 632 00:16:30,587 --> 00:16:31,621 THE THING IS, CONTRACTORS ARE 633 00:16:31,687 --> 00:16:33,187 NOT ALWAYS COMPLETELY STRAIGHT 634 00:16:33,254 --> 00:16:34,621 WITH CUSTOMERS ABOUT JUST HOW 635 00:16:34,687 --> 00:16:35,487 MUCH THEIR PROPERTY TAXES COULD 636 00:16:35,554 --> 00:16:36,787 GO UP. 637 00:16:36,854 --> 00:16:38,321 >> THEY CAME TO MY HOUSE. 638 00:16:38,387 --> 00:16:39,854 THEY SAID THAT I NEEDED THE 639 00:16:39,921 --> 00:16:40,987 SOLAR SYSTEM, THAT IT WAS GONNA 640 00:16:41,054 --> 00:16:41,887 DRAMATICALLY REDUCE MY LIGHT 641 00:16:41,954 --> 00:16:46,254 BILLS. 642 00:16:46,321 --> 00:16:47,221 WHEN MY PROPERTY TAXES CAME 643 00:16:47,287 --> 00:16:48,954 BACK IN NOVEMBER, I HAD -- 644 00:16:49,021 --> 00:16:51,187 I WENT FROM $600 PROPERTY TAXES 645 00:16:51,254 --> 00:16:53,221 TO ALMOST $10,000 PROPERTY 646 00:16:53,287 --> 00:16:55,821 TAXES, WHICH I COULD NOT PAY. 647 00:16:55,887 --> 00:16:57,754 >> John: $600 TO $10,000. 648 00:16:57,821 --> 00:16:59,254 THAT IS NOT GOOD! 649 00:16:59,321 --> 00:17:00,954 THE ONLY TIME THE VALUE OF 650 00:17:01,021 --> 00:17:01,787 SOMETHING SHOULD CHANGE THAT 651 00:17:01,854 --> 00:17:03,521 DRAMATICALLY IS IF ELON MUSK 652 00:17:03,587 --> 00:17:04,954 SHITS OUT A TWEET ABOUT IT. 653 00:17:05,021 --> 00:17:05,854 WE TRULY LIVE IN THE BEST 654 00:17:05,921 --> 00:17:08,154 POSSIBLE SYSTEM! 655 00:17:08,221 --> 00:17:10,487 BUT ALSO, IT SEEMS PRETTY 656 00:17:10,554 --> 00:17:11,654 UNLIKELY SOLAR PANELS ARE GOING 657 00:17:11,721 --> 00:17:12,887 TO CUT HER ELECTRICITY BILL BY 658 00:17:12,954 --> 00:17:15,187 $10,000. 659 00:17:15,254 --> 00:17:16,721 IN FACT, FOR ALL THE TALK ABOUT 660 00:17:16,787 --> 00:17:19,054 HOW PACE IMPROVEMENTS WILL PAY 661 00:17:19,121 --> 00:17:20,921 FOR THEMSELVES, THERE IS A 662 00:17:20,987 --> 00:17:21,821 FUNDAMENTAL FLAW THERE, AS THIS 663 00:17:21,887 --> 00:17:22,921 PROFESSOR WHO'S STUDIED THEM 664 00:17:22,987 --> 00:17:24,354 WILL TELL YOU: 665 00:17:24,421 --> 00:17:26,121 >> A FOUNDATIONAL FLAW OF THE 666 00:17:26,187 --> 00:17:27,721 PACE PROGRAM IS THAT THERE IS 667 00:17:27,787 --> 00:17:29,687 NO INDEPENDENT ENERGY AUDIT 668 00:17:29,754 --> 00:17:30,954 REQUIRED OF A HOME BEFORE 669 00:17:31,021 --> 00:17:32,587 HOME CONTRACTORS CAN START 670 00:17:32,654 --> 00:17:33,987 SUGGESTING ALL SORTS OF 671 00:17:34,054 --> 00:17:36,721 THINGS TO DO TO IT. 672 00:17:36,787 --> 00:17:38,421 SOME OF THESE THINGS ARE MAYBE 673 00:17:38,487 --> 00:17:40,154 PUT IN INCREDIBLY EXPENSIVE, 674 00:17:40,221 --> 00:17:41,421 HIGH EFFICIENCY WINDOWS, 675 00:17:41,487 --> 00:17:42,254 EVEN THOUGH THE EXISTING WINDOWS 676 00:17:42,321 --> 00:17:42,821 ARE NOT THE MAIN SOURCE OF 677 00:17:42,887 --> 00:17:43,954 ENERGY WASTE. 678 00:17:44,021 --> 00:17:45,187 AND YOU WOULD DO MUCH BETTER 679 00:17:45,254 --> 00:17:47,021 JUST CAULKING A FEW LEAKS. 680 00:17:47,087 --> 00:17:49,821 >> John: EXACTLY. 681 00:17:49,887 --> 00:17:50,687 THERE IS NO INDEPENDENT PARTY 682 00:17:50,754 --> 00:17:51,954 REQUIRED TO ASSESS WHETHER YOUR 683 00:17:52,021 --> 00:17:53,754 RENOVATIONS WOULD CUT CLOSE 684 00:17:53,821 --> 00:17:54,621 TO ENOUGH ENERGY COSTS TO BE 685 00:17:54,687 --> 00:17:55,987 WORTH IT. 686 00:17:56,054 --> 00:17:56,954 WHICH REALLY SEEMS LIKE 687 00:17:57,021 --> 00:17:58,021 SOMETHING YOU'D WANT VERIFIED 688 00:17:58,087 --> 00:17:59,221 BY A THIRD PARTY. 689 00:17:59,287 --> 00:18:00,621 IT'S THE SAME REASON WE HAVE 690 00:18:00,687 --> 00:18:01,854 INDEPENDENT HEALTH INSPECTORS 691 00:18:01,921 --> 00:18:03,687 PUT A LETTER GRADE OUTSIDE 692 00:18:03,754 --> 00:18:05,121 A RESTAURANT, AS OPPOSED TO 693 00:18:05,187 --> 00:18:06,354 LETTING THE OWNER PUT UP HIS OWN 694 00:18:06,421 --> 00:18:06,887 SIGN THAT SAYS, "TRUST ME, 695 00:18:06,954 --> 00:18:08,521 IT'S CLEAN." 696 00:18:08,587 --> 00:18:10,587 AND THAT ACTUALLY BRINGS US TO 697 00:18:10,654 --> 00:18:11,454 THE NEXT KEY QUIRK OF THE PACE 698 00:18:11,521 --> 00:18:12,887 PROGRAM. 699 00:18:12,954 --> 00:18:14,687 BECAUSE IF THOSE ENERGY SAVINGS 700 00:18:14,754 --> 00:18:16,121 DON'T COVER THE ADDITIONAL TAXES 701 00:18:16,187 --> 00:18:17,021 YOU INCUR, YOU COULD BE IN BIG 702 00:18:17,087 --> 00:18:19,887 TROUBLE. 703 00:18:19,954 --> 00:18:20,887 REMEMBER THOSE ADS ABOUT HOW 704 00:18:20,954 --> 00:18:21,954 "YOUR HOUSE PAYS FOR 705 00:18:22,054 --> 00:18:23,821 THE FINANCING, NOT YOU?" 706 00:18:23,887 --> 00:18:25,454 WHAT THAT MEANS IS, 707 00:18:25,521 --> 00:18:26,487 YOUR HOUSE IS NOW THE COLLATERAL 708 00:18:26,554 --> 00:18:28,787 FOR THE DEBT. 709 00:18:28,854 --> 00:18:29,421 SO IF THINGS GO WRONG, 710 00:18:29,487 --> 00:18:30,721 YOU COULD WELL LOSE YOUR HOME, 711 00:18:30,787 --> 00:18:32,487 AND, YOU KNOW, END UP IN A TENT. 712 00:18:32,554 --> 00:18:35,187 AND THERE ARE FAR FEWER 713 00:18:35,254 --> 00:18:35,854 PROTECTIONS TO PREVENT THAT THAN 714 00:18:35,921 --> 00:18:37,321 YOU MIGHT THINK. 715 00:18:37,387 --> 00:18:38,354 BECAUSE THIS IS A TAX LIEN 716 00:18:38,421 --> 00:18:40,287 RATHER THAN A LOAN, 717 00:18:40,354 --> 00:18:42,287 THE FINANCING ISN'T SUBJECT TO 718 00:18:42,354 --> 00:18:42,887 THE SAME CONSUMER PROTECTIONS 719 00:18:42,954 --> 00:18:44,121 THAT YOU'D GET WITH A STANDARD 720 00:18:44,187 --> 00:18:46,387 HOME LOAN. 721 00:18:46,454 --> 00:18:47,787 SO FOR INSTANCE, IN FLORIDA, 722 00:18:47,854 --> 00:18:49,087 THE STATE DOESN'T REQUIRE 723 00:18:49,154 --> 00:18:52,354 PACE PROVIDERS TO EXPLAIN 724 00:18:52,421 --> 00:18:52,887 THE COSTS OF IMPROVEMENTS, 725 00:18:52,954 --> 00:18:53,721 CHECK IF THE PEOPLE WHO SIGN UP 726 00:18:53,787 --> 00:18:55,421 CAN ACTUALLY AFFORD TO PAY BACK 727 00:18:55,487 --> 00:18:56,854 THE MONEY, OR IF THEY EVEN 728 00:18:56,921 --> 00:18:59,421 UNDERSTAND THE TERMS. 729 00:18:59,487 --> 00:19:00,421 AND PACE ADMINISTRATORS WILL 730 00:19:00,487 --> 00:19:01,521 INSIST THEY DO ALL THOSE THINGS 731 00:19:01,587 --> 00:19:02,887 ANYWAY -- THAT THEY'RE DILIGENT 732 00:19:02,954 --> 00:19:04,321 ABOUT VETTING HOMEOWNERS, 733 00:19:04,387 --> 00:19:05,854 THE PROJECTS THEY TAKE ON, 734 00:19:05,921 --> 00:19:07,754 AND THEIR ABILITY TO REPAY. 735 00:19:07,821 --> 00:19:09,621 BUT THERE ARE SO MANY EXAMPLES 736 00:19:09,687 --> 00:19:11,587 OF FAILURES TO DO THAT. 737 00:19:11,654 --> 00:19:15,854 THANKS TO PACE, ONE MISSOURI 738 00:19:15,921 --> 00:19:19,454 HOMEOWNER WOUND UP WITH 739 00:19:19,521 --> 00:19:20,954 $25,000 OF DEBT ON THE HOME THAT 740 00:19:21,021 --> 00:19:23,621 WAS APPRAISED BY THE CITY AT THE 741 00:19:23,687 --> 00:19:25,154 TIME ADDRESSED $8400. 742 00:19:25,221 --> 00:19:27,421 AND IF AT THIS POINT YOU'RE 743 00:19:27,487 --> 00:19:28,054 WONDERING WHY ON EARTH PEOPLE 744 00:19:28,121 --> 00:19:28,754 SIGN UP FOR THESE LOANS, IT'S 745 00:19:28,821 --> 00:19:29,421 BECAUSE THEY'RE OFTEN PRESENTED 746 00:19:29,487 --> 00:19:30,254 AS A GOVERNMENT PROGRAM -- ONE 747 00:19:30,321 --> 00:19:31,454 THAT, REMEMBER, PRESIDENT OBAMA 748 00:19:31,521 --> 00:19:33,087 PROMOTED -- WHICH MIGHT INSTILL 749 00:19:33,154 --> 00:19:35,421 A FALSE SENSE OF SECURITY. 750 00:19:35,487 --> 00:19:37,221 >> THEY DID MENTION A GOVERNMENT 751 00:19:37,287 --> 00:19:40,921 PROGRAM AND THAT'S WHY YOU HEAR 752 00:19:40,987 --> 00:19:42,287 GOVERNMENT, YOU THINK THIS IS AN 753 00:19:42,354 --> 00:19:45,087 AWESOME DEAL AND YOU DON'T 754 00:19:45,154 --> 00:19:46,121 EXPECT WHAT HAPPENED TO HAPPEN. 755 00:19:46,187 --> 00:19:47,154 >> IN A HIDDEN CAMERA 756 00:19:47,221 --> 00:19:49,021 INVESTIGATION LAST MAY, 757 00:19:49,087 --> 00:19:50,421 WE CAUGHT CONTRACTORS TOUTING 758 00:19:50,487 --> 00:19:52,687 CLAIMS OF GOVERNMENT PROGRAMS. 759 00:19:52,754 --> 00:19:53,454 >> SO BECAUSE OF WHAT YOU HAVE 760 00:19:53,521 --> 00:19:55,387 GOING ON, THIS GOVERNMENT 761 00:19:55,454 --> 00:19:55,987 PROGRAM COULD ACTUALLY 762 00:19:56,054 --> 00:19:56,654 HELP YOU. 763 00:19:56,721 --> 00:19:57,854 >> OH, THAT IS A GOVERNMENT 764 00:19:57,921 --> 00:19:58,087 PROGRAM. 765 00:19:58,154 --> 00:19:59,654 >> YEAH. 766 00:19:59,721 --> 00:20:00,354 >> WHEN WE SHOWED UP, 767 00:20:00,421 --> 00:20:01,554 THE SALES PITCH WAS OVER. 768 00:20:01,621 --> 00:20:02,121 AND THEN THEY HAD SOME 769 00:20:02,187 --> 00:20:04,054 PARTING WORDS. 770 00:20:04,121 --> 00:20:08,387 >> YOU SUCK, BY THE WAY. 771 00:20:08,454 --> 00:20:09,554 >> John: LOOK: I'D SAY I FELT 772 00:20:09,621 --> 00:20:10,821 BAD FOR THAT REPORTER, WHO WAS 773 00:20:10,887 --> 00:20:11,587 CLEARLY JUST DOING HIS JOB AND 774 00:20:11,654 --> 00:20:12,721 WAS THEN MET WITH A MAN BERATING 775 00:20:12,787 --> 00:20:13,587 HIM FROM HIS COMPACT TOYOTA. 776 00:20:13,654 --> 00:20:14,721 BUT THINK OF IT THIS WAY -- 777 00:20:14,787 --> 00:20:15,587 AT LEAST NOW HE KNOWS WHAT IT'S 778 00:20:15,654 --> 00:20:17,087 LIKE TO BE A WOMAN ON THE STREET 779 00:20:17,154 --> 00:20:17,887 WHO DOESN'T SMILE BACK. 780 00:20:17,954 --> 00:20:18,721 AND IF THIS IS ALL STARTING 781 00:20:18,787 --> 00:20:19,721 TO FEEL POTENTIALLY PREDATORY, 782 00:20:19,787 --> 00:20:21,154 THAT'S BECAUSE IT OFTEN IS. 783 00:20:21,221 --> 00:20:22,387 AND IF YOU KNOW ANYTHING ABOUT 784 00:20:22,454 --> 00:20:23,287 THE HISTORY OF PREDATORY 785 00:20:23,354 --> 00:20:25,487 LENDING, IT WON'T REMOTELY 786 00:20:25,554 --> 00:20:29,454 SURPRISE YOU TO LEARN THAT 787 00:20:29,521 --> 00:20:31,221 AN ANALYSIS OF ONE OF THE 788 00:20:31,287 --> 00:20:32,287 LARGEST MARKETS FOR PACE IN 789 00:20:32,354 --> 00:20:33,454 FLORIDA FOUND THAT MANY OF THOSE 790 00:20:33,521 --> 00:20:34,721 WITH THE HIGHEST DEBT BURDENS 791 00:20:34,787 --> 00:20:36,121 UNDER PACE FINANCING WERE FOUND 792 00:20:36,187 --> 00:20:36,721 TO BE IN MAJORITY MINORITY 793 00:20:36,787 --> 00:20:37,521 ZONES. 794 00:20:37,587 --> 00:20:38,521 AND IT DOESN'T STOP THERE, 795 00:20:38,587 --> 00:20:39,554 BECAUSE CONTRACTORS HAVE ALSO 796 00:20:39,621 --> 00:20:40,421 BEEN ACCUSED OF TARGETING 797 00:20:40,487 --> 00:20:41,521 NEIGHBORHOODS OF NON-ENGLISH 798 00:20:41,587 --> 00:20:42,721 SPEAKERS, SENIOR CITIZENS, AND 799 00:20:42,787 --> 00:20:45,487 EVEN THOSE WITH INTELLECTUAL 800 00:20:45,554 --> 00:20:46,787 DISABILITIES, LIKE THIS MAN, WHO 801 00:20:46,854 --> 00:20:47,787 -- AS HIS LAWYER POINTS OUT -- 802 00:20:47,854 --> 00:20:49,121 ABSOLUTELY DID NOT UNDERSTAND 803 00:20:49,187 --> 00:20:51,454 WHAT HE WAS SIGNING UP FOR. 804 00:20:51,521 --> 00:20:53,054 >> IT'S VERY APPARENT FROM 805 00:20:53,121 --> 00:20:54,621 SPEAKING WITH HIM THAT HE 806 00:20:54,687 --> 00:20:57,421 DOESN'T UNDERSTAND THESE LOANS. 807 00:20:57,487 --> 00:20:59,154 HE DOESN'T UNDERSTAND THE 808 00:20:59,221 --> 00:21:00,687 CONTRACTS THAT HE ENTERED INTO. 809 00:21:00,754 --> 00:21:03,154 HE HAD KITCHEN REMODELING DONE 810 00:21:03,221 --> 00:21:04,821 AND HE DOESN'T EVEN COOK. 811 00:21:04,887 --> 00:21:06,687 HE GETS MEALS ON WHEELS. 812 00:21:06,754 --> 00:21:08,154 HE DOESN'T USE HIS KITCHEN. 813 00:21:08,221 --> 00:21:09,554 HE'S A NICE GUY, HE WANTS 814 00:21:09,621 --> 00:21:10,454 SOMEONE TO TALK TO. 815 00:21:10,521 --> 00:21:12,854 SO HE INVITES THEM IN, HE TALKS 816 00:21:12,921 --> 00:21:14,321 TO THEM, AND THEY TALK HIM INTO 817 00:21:14,387 --> 00:21:15,621 "HEY, YOU NEED THESE WINDOWS 818 00:21:15,687 --> 00:21:15,887 REPLACED. 819 00:21:15,954 --> 00:21:16,487 YOU NEED YOUR KITCHEN 820 00:21:16,554 --> 00:21:18,187 REMODELED." 821 00:21:18,254 --> 00:21:19,454 >> John: LOOK, I GET THAT YOU'RE 822 00:21:19,521 --> 00:21:20,687 ON HIS SIDE, AND I DO APPRECIATE 823 00:21:20,754 --> 00:21:22,621 THAT, BUT YOUR CLIENT IS SITTING 824 00:21:22,687 --> 00:21:23,587 RIGHT THERE! 825 00:21:23,654 --> 00:21:24,654 SOMEONE SHOULD, AT THE VERY 826 00:21:24,721 --> 00:21:26,387 LEAST, HAVE THOUGHT TO MOVE 827 00:21:26,454 --> 00:21:28,221 THAT INTERVIEW OUTSIDE. 828 00:21:28,287 --> 00:21:29,521 THE NUMBER ONE RULE OF TALKING 829 00:21:29,587 --> 00:21:31,154 ABOUT SOMEONE BEHIND THEIR BACK 830 00:21:31,221 --> 00:21:32,321 IS THAT THEIR BACK SHOULD NOT BE 831 00:21:32,387 --> 00:21:33,154 ANYWHERE IN YOUR IMMEDIATE 832 00:21:33,221 --> 00:21:35,521 VICINITY. 833 00:21:35,587 --> 00:21:37,254 AND COMPANIES ROUTINELY DEFEND 834 00:21:37,321 --> 00:21:39,021 THEMSELVES BY ARGUING THEY 835 00:21:39,087 --> 00:21:39,987 DISCLOSE EVERYTHING CLEARLY, 836 00:21:40,054 --> 00:21:41,487 AND THAT PEOPLE SIMPLY SHOULDN'T 837 00:21:41,554 --> 00:21:42,287 SIGN THESE CONTRACTS IF THEY 838 00:21:42,354 --> 00:21:43,421 CAN'T UNDERSTAND THEM. 839 00:21:43,487 --> 00:21:44,454 BUT THAT'S A LITTLE DISINGENUOUS 840 00:21:44,521 --> 00:21:47,454 WHEN THEIR WHOLE OPERATION SO 841 00:21:47,521 --> 00:21:49,087 OFTEN EMPHASIZES SPEED OVER 842 00:21:49,154 --> 00:21:50,587 SLOW, DELIBERATIVE 843 00:21:50,654 --> 00:21:51,487 CONSIDERATION. 844 00:21:51,554 --> 00:21:52,654 THESE COMPANIES' WEBSITES 845 00:21:52,721 --> 00:21:53,687 BRAG ABOUT THEIR "SUPER FAST 846 00:21:53,754 --> 00:21:55,087 APPROVALS," OR THEIR "SPEEDY 847 00:21:55,154 --> 00:21:56,754 APPROVAL PROCESS," OR MAKE 848 00:21:56,821 --> 00:21:59,021 CLAIMS LIKE, "GET APPROVED FOR 849 00:21:59,087 --> 00:21:59,821 YGRENE FINANCING IN 30 MINUTES 850 00:21:59,887 --> 00:22:01,421 OR LESS." 851 00:22:01,487 --> 00:22:03,721 AND THE CLEAR IMPLICATION THERE 852 00:22:03,787 --> 00:22:04,687 IS THAT YOU CAN BASICALLY GET 853 00:22:04,754 --> 00:22:10,787 YOUR MONEY LIKE THAT! 854 00:22:10,854 --> 00:22:11,087 OH, SHIT. 855 00:22:11,154 --> 00:22:15,421 >> OH, FOR FUCK'S SAKE. 856 00:22:15,487 --> 00:22:16,521 >> John: I'M SORRY, GEORGE. 857 00:22:16,587 --> 00:22:17,687 I SNAPPED MY FINGERS WITHOUT 858 00:22:17,754 --> 00:22:17,954 THINKING. 859 00:22:18,021 --> 00:22:18,621 >> YOU KNOW I'M BUSY, RIGHT? 860 00:22:18,687 --> 00:22:19,654 >> John I DO. 861 00:22:19,721 --> 00:22:20,521 ACTUALLY, WHAT ARE YOU UP TO 862 00:22:20,587 --> 00:22:21,221 RIGHT NOW? 863 00:22:21,287 --> 00:22:22,121 ANYTHING FUN? 864 00:22:22,187 --> 00:22:23,121 FAIR ENOUGH. 865 00:22:23,187 --> 00:22:24,054 THE POINT IS, THOUGH, A COMMON 866 00:22:24,121 --> 00:22:25,021 SALES TACTIC HERE IS FAST 867 00:22:25,087 --> 00:22:25,721 APPROVALS. 868 00:22:25,787 --> 00:22:26,621 CONTRACTORS OFTEN GO 869 00:22:26,687 --> 00:22:27,621 DOOR-TO-DOOR WITH A TABLET, 870 00:22:27,687 --> 00:22:28,554 ENCOURAGING PEOPLE TO SIGN 871 00:22:28,621 --> 00:22:29,321 ELECTRONICALLY. 872 00:22:29,387 --> 00:22:30,387 AND IN ONE COMPANY'S VIDEO, 873 00:22:30,454 --> 00:22:31,454 A CONTRACTOR TALKS OPENLY ABOUT 874 00:22:31,521 --> 00:22:32,854 JUST HOW FAST THE E-SIGN PROCESS 875 00:22:32,921 --> 00:22:34,921 IS. 876 00:22:34,987 --> 00:22:36,921 >> I JUST TAKE THE PEOPLE TO 877 00:22:36,987 --> 00:22:39,154 THE ADOPT AND SIGN PORTION OF 878 00:22:39,221 --> 00:22:40,687 IT, HAVE THEM PICK A SIGNATURE, 879 00:22:40,754 --> 00:22:41,821 AND SIGN ALL THE REMAINING 880 00:22:41,887 --> 00:22:42,587 PAGES, AND WE'RE DONE IN JUST 881 00:22:42,654 --> 00:22:43,654 A MATTER OF MINUTES. 882 00:22:43,721 --> 00:22:46,421 I WAS IN A HOUSE IN RIALTO. 883 00:22:46,487 --> 00:22:47,587 THE PATIO DOOR WAS OPEN BEHIND 884 00:22:47,654 --> 00:22:50,387 ME, THE RAIN WAS POURING, 885 00:22:50,454 --> 00:22:52,721 THE TV WAS ON LOUD, THREE DOGS 886 00:22:52,787 --> 00:22:53,987 BARKING, FOUR KIDS YELLING, AND 887 00:22:54,054 --> 00:22:55,054 WE GOT THROUGH IT. 888 00:22:55,121 --> 00:22:55,787 AND I FELL IN LOVE WITH THE 889 00:22:55,854 --> 00:22:57,687 ESIGN PROGRAM AFTER THAT. 890 00:22:57,754 --> 00:23:00,121 >> John: OH, I BET YOU DID! 891 00:23:00,187 --> 00:23:01,287 ALTHOUGH, I'M NOT SURE 892 00:23:01,354 --> 00:23:02,554 "LOOK HOW EASY IT WAS TO GET 893 00:23:02,621 --> 00:23:03,587 THIS STRESSED-OUT HOMEOWNER TO 894 00:23:03,654 --> 00:23:05,154 SIGN A LEGALLY BINDING DOCUMENT" 895 00:23:05,221 --> 00:23:06,487 IS QUITE THE FLEX HE THINKS 896 00:23:06,554 --> 00:23:07,654 IT IS. 897 00:23:07,721 --> 00:23:08,854 THERE ARE, INDEED, SEVERAL 898 00:23:08,921 --> 00:23:09,587 THINGS YOU CAN DO IN A MATTER OF 899 00:23:09,654 --> 00:23:10,221 MINUTES WHILE FOUR CHILDREN 900 00:23:10,287 --> 00:23:11,187 ARE SCREAMING AND THREE DOGS 901 00:23:11,254 --> 00:23:12,754 ARE BARKING IN THE BACKGROUND. 902 00:23:12,821 --> 00:23:14,487 YOU CAN SCHEDULE A GROCERY 903 00:23:14,554 --> 00:23:15,454 DELIVERY, OR HAVE A TENSE 904 00:23:15,521 --> 00:23:16,654 EYE CONTACT-ONLY ARGUMENT WITH 905 00:23:16,721 --> 00:23:18,454 YOUR SPOUSE, OR LIKE AN 906 00:23:18,521 --> 00:23:19,487 INSTAGRAM POST FROM 907 00:23:19,554 --> 00:23:21,221 AN EX ANNOUNCING THEY'RE 908 00:23:21,287 --> 00:23:23,187 "MAKING MUSIC NOW," THEN FIND 909 00:23:23,254 --> 00:23:25,187 THAT EX'S MUSIC ON SOUNDCLOUD, 910 00:23:25,254 --> 00:23:27,054 THEN SEND THAT EX'S NEW SONGS 911 00:23:27,121 --> 00:23:29,054 TO YOUR GROUP THREAD, THEN WATCH 912 00:23:29,121 --> 00:23:30,387 AS THEY MERCILESSLY TEAR TEVIS'S 913 00:23:30,454 --> 00:23:31,487 AMATEUR EDM TRACKS A NEW 914 00:23:31,554 --> 00:23:32,987 ASSHOLE. 915 00:23:33,054 --> 00:23:35,054 ALL OF THAT CAN BE ACCOMPLISHED 916 00:23:35,121 --> 00:23:37,254 UNDER THOSE CHAOTIC 917 00:23:37,321 --> 00:23:39,321 CIRCUMSTANCES, BUT SIGNING UP 918 00:23:39,387 --> 00:23:41,154 FOR A MASSIVE LIEN ON YOUR HOUSE 919 00:23:41,221 --> 00:23:41,854 FROM A GUY WHO'S IN LOVE WITH 920 00:23:41,921 --> 00:23:43,087 HIS iPAD PROBABLY SHOULDN'T BE. 921 00:23:43,154 --> 00:23:44,354 BECAUSE THIS ISN'T LIKE AGREEING 922 00:23:44,421 --> 00:23:45,321 TO THE TERMS AND CONDITIONS OF 923 00:23:45,387 --> 00:23:47,421 AN iTUNES UPDATE. 924 00:23:47,487 --> 00:23:49,021 THIS IS LIKE SITTING ACROSS THE 925 00:23:49,087 --> 00:23:50,521 TABLE FROM A BANKER, POTENTIALLY 926 00:23:50,587 --> 00:23:52,121 SIGNING YOUR HOUSE AWAY. 927 00:23:52,187 --> 00:23:54,787 THE PROBLEMS IS THE INCENTIVES 928 00:23:54,854 --> 00:23:55,621 JUST AREN'T REALLY THERE FOR 929 00:23:55,687 --> 00:23:57,654 CONTRACTORS TO MAKE SURE THAT 930 00:23:57,721 --> 00:23:58,721 THE PEOPLE THEY'RE SELLING TO 931 00:23:58,787 --> 00:23:59,687 CAN ACTUALLY PAY BACK THE LOANS 932 00:23:59,754 --> 00:24:01,421 THEY'RE TAKING ON. 933 00:24:01,487 --> 00:24:02,954 ESPECIALLY BECAUSE, IN THE FINAL 934 00:24:03,021 --> 00:24:04,554 QUIRK OF THIS PROGRAM THAT MAKES 935 00:24:04,621 --> 00:24:07,754 IT SO DANGEROUS, THE PACE LOAN 936 00:24:07,821 --> 00:24:09,654 ISN'T JUST A LIEN ON YOUR HOUSE 937 00:24:09,721 --> 00:24:10,821 -- IT'S WHAT'S CALLED A 938 00:24:10,887 --> 00:24:12,354 "PRIORITY LIEN," MEANING THAT, 939 00:24:12,421 --> 00:24:13,887 IN THE EVENT OF A FORECLOSURE, 940 00:24:13,954 --> 00:24:16,121 PACE LENDERS GET TO COLLECT 941 00:24:16,187 --> 00:24:18,254 THEIR MONEY FIRST, AHEAD OF THE 942 00:24:18,321 --> 00:24:20,487 MORTGAGE LENDER OR ANYONE ELSE. 943 00:24:20,554 --> 00:24:22,387 THE FACT THAT THAT'S THE CASE 944 00:24:22,454 --> 00:24:23,321 ENABLES COMPANIES LIKE YGRENE 945 00:24:23,387 --> 00:24:25,121 TO BUNDLE THAT DEBT TOGETHER AND 946 00:24:25,187 --> 00:24:27,221 SELL IT ON WALL STREET AS A VERY 947 00:24:27,287 --> 00:24:29,387 SAFE INVESTMENT. 948 00:24:29,454 --> 00:24:30,821 BECAUSE FOR THOSE INVESTORS, 949 00:24:30,887 --> 00:24:32,021 IT'S A NEAR-GUARANTEED RETURN. 950 00:24:32,087 --> 00:24:32,987 BUT FOR HOMEOWNERS THEMSELVES, 951 00:24:33,054 --> 00:24:35,387 IT CAN SPELL COMPLETE DISASTER. 952 00:24:35,454 --> 00:24:36,787 FOR ONE THING, IT CAN MAKE IT 953 00:24:36,854 --> 00:24:39,554 MUCH HARDER TO SELL YOUR HOUSE. 954 00:24:39,621 --> 00:24:40,954 BECAUSE NO ONE WANTS TO BUY A 955 00:24:41,021 --> 00:24:42,054 HOUSE WITH A LIEN ON IT FOR 956 00:24:42,121 --> 00:24:43,154 TENS OF THOUSANDS OF DOLLARS, 957 00:24:43,221 --> 00:24:43,854 FOR RENOVATIONS THAT MIGHT'VE 958 00:24:43,921 --> 00:24:45,987 BEEN DONE A DECADE AGO. 959 00:24:46,054 --> 00:24:47,587 IF YOU'RE HOUSE HUNTING AND YOU 960 00:24:47,654 --> 00:24:48,721 FIND THAT OUT, IT'S LIKE HEARING 961 00:24:48,787 --> 00:24:50,454 THE REALTOR SAY, "HERE'S THE 962 00:24:50,521 --> 00:24:51,587 GARAGE-SLASH-METH LAB," OR, 963 00:24:51,654 --> 00:24:52,921 "HERE'S THE BASEMENT WHERE THE 964 00:24:52,987 --> 00:24:54,421 KIDNAPPED KIDS WERE CHAINED UP," 965 00:24:54,487 --> 00:24:55,354 OR "HERE ARE THE POPCORN 966 00:24:55,421 --> 00:24:56,154 CEILINGS." 967 00:24:56,221 --> 00:24:57,487 IT IMMEDIATELY KILLS ANY APPEAL 968 00:24:57,554 --> 00:24:59,554 THE HOUSE EVER HELD. 969 00:24:59,621 --> 00:25:01,087 AND IT'S NOT JUST HOMEOWNERS 970 00:25:01,154 --> 00:25:02,987 RAISING THE ALARM HERE. 971 00:25:03,054 --> 00:25:05,221 THAT PRIORITY LIEN PLACEMENT IS 972 00:25:05,287 --> 00:25:06,621 THE PRIMARY REASON WHY, IN 2010, 973 00:25:06,687 --> 00:25:08,121 FANNIE MAE AND FREDDIE MAC 974 00:25:08,187 --> 00:25:09,887 STOPPED BACKING MORTGAGES ON 975 00:25:09,954 --> 00:25:11,654 HOMES THAT HAD PACE LOANS. 976 00:25:11,721 --> 00:25:13,621 AND THIS IS YET ANOTHER 977 00:25:13,687 --> 00:25:15,421 A POTENTIALLY DEVASTATING 978 00:25:15,487 --> 00:25:16,521 CONSEQUENCE TO A SYSTEM WITH 979 00:25:16,587 --> 00:25:18,587 NO REAL ACCOUNTABILITY BAKED IN. 980 00:25:18,654 --> 00:25:19,987 REMEMBER THAT CALIFORNIA COUPLE? 981 00:25:20,054 --> 00:25:22,221 HERE IS THEIR CONTRACTOR 982 00:25:22,287 --> 00:25:23,521 EXPLAINING WHY NONE OF WHAT 983 00:25:23,587 --> 00:25:25,287 HAPPENED TO THEM IS HIS FAULT. 984 00:25:25,354 --> 00:25:26,454 >> DID YOU AS A CONTRACTOR, 985 00:25:26,521 --> 00:25:27,921 THOUGH, EVER CONFIRM IF THEY HAD 986 00:25:27,987 --> 00:25:29,254 THE ABILITY TO PAY? 987 00:25:29,321 --> 00:25:31,587 BECAUSE THIS IS AN OLDER COUPLE 988 00:25:31,654 --> 00:25:32,554 ON FIXED INCOME, THEY SAY 989 00:25:32,621 --> 00:25:33,554 THERE'S NO WAY THEY COULD HAVE 990 00:25:33,621 --> 00:25:35,387 PAID FOR THE WORK THAT YOU TOOK 991 00:25:35,454 --> 00:25:36,821 ON IN THEIR HOUSE. 992 00:25:36,887 --> 00:25:37,954 >> BUT -- I DON'T QUALIFY 993 00:25:38,021 --> 00:25:38,587 PEOPLE. 994 00:25:38,654 --> 00:25:40,287 PACE QUALIFIES PEOPLE. 995 00:25:40,354 --> 00:25:41,321 >> WELL, THERE'S A LOT OF 996 00:25:41,387 --> 00:25:42,654 PASSING THE BUCK HERE BECAUSE -- 997 00:25:42,721 --> 00:25:43,854 >> NO, THERE'S NO PASSING 998 00:25:43,921 --> 00:25:45,054 THE BUCK, MISS. 999 00:25:45,121 --> 00:25:46,787 WHAT YOU SHOULD DO IS TALK TO 1000 00:25:46,854 --> 00:25:47,387 YGRENE, WHO THEY HAD THE 1001 00:25:47,454 --> 00:25:48,821 CONTRACT WITH. 1002 00:25:48,887 --> 00:25:50,854 >> John: WELL, HOLD ON THERE. 1003 00:25:50,921 --> 00:25:52,154 BECAUSE IT'S PRETTY BOLD TO 1004 00:25:52,221 --> 00:25:53,654 CLAIM "THERE'S NO PASSING THE 1005 00:25:53,721 --> 00:25:54,754 BUCK," ONLY TO IMMEDIATELY THEN 1006 00:25:54,821 --> 00:25:56,321 PASS THE BUCK. 1007 00:25:56,387 --> 00:25:58,487 IT HEARKENS BACK TO THAT FAMOUS 1008 00:25:58,554 --> 00:25:59,321 SIGN IN HARRY TRUMAN'S OFFICE, 1009 00:25:59,387 --> 00:26:00,854 "THE BUCK STOPS HERE, 1010 00:26:00,921 --> 00:26:02,154 WITH LARRY DOWN THE HALL, 1011 00:26:02,221 --> 00:26:03,554 HE'S THE ONE WHO HANDLES 1012 00:26:03,621 --> 00:26:04,454 ALL THE PAPERWORK, YOU SHOULD 1013 00:26:04,521 --> 00:26:06,554 REALLY GO TALK TO HIM." 1014 00:26:06,621 --> 00:26:08,087 THE POINT IS, EVERY PLAYER HERE 1015 00:26:08,154 --> 00:26:10,087 IS PERPETUATING A CYCLE OF ZERO 1016 00:26:10,154 --> 00:26:11,421 ACCOUNTABILITY. 1017 00:26:11,487 --> 00:26:13,087 THE PACE ADMINISTRATORS BLAME 1018 00:26:13,154 --> 00:26:13,554 THE CONTRACTORS. 1019 00:26:13,621 --> 00:26:15,054 THE CONTRACTORS BLAME THE 1020 00:26:15,121 --> 00:26:16,354 ADMINISTRATORS. 1021 00:26:16,421 --> 00:26:17,421 AND SOMETIMES, THE FINGER OF 1022 00:26:17,487 --> 00:26:18,287 BLAME GETS POINTED DIRECTLY 1023 00:26:18,354 --> 00:26:20,754 AT THE CUSTOMERS THEMSELVES. 1024 00:26:20,821 --> 00:26:22,287 BECAUSE HERE'S WHERE, LEGALLY, 1025 00:26:22,354 --> 00:26:23,521 I HAVE TO TELL YOU THAT YGRENE 1026 00:26:23,587 --> 00:26:25,321 -- WHICH IS ENERGY BACKWARDS, 1027 00:26:25,387 --> 00:26:27,187 BY THE WAY, IT'S VERY CLEVER -- 1028 00:26:27,254 --> 00:26:29,854 INSISTS THAT THEY HAVE RIGOROUS 1029 00:26:29,921 --> 00:26:31,421 DISCLOSURE PRACTICES, EXERCISE 1030 00:26:31,487 --> 00:26:33,121 ROBUST OVERSIGHT OVER 1031 00:26:33,187 --> 00:26:34,054 CONTRACTORS, AND HAVE NEVER 1032 00:26:34,121 --> 00:26:39,654 PERSONALLY FORECLOSED ON A HOME. 1033 00:26:39,721 --> 00:26:40,954 THEY ALSO INSIST THAT THE COUPLE 1034 00:26:41,021 --> 00:26:41,254 RECEIVED 1035 00:26:41,321 --> 00:26:42,687 ALL THE APPROPRIATE FINANCING 1036 00:26:42,754 --> 00:26:43,454 DOCUMENTS, AND THAT THEY, AND 1037 00:26:43,521 --> 00:26:44,721 NOT YGRENE, SELECTED THE 1038 00:26:44,787 --> 00:26:45,454 CONTRACTORS TO WORK ON THEIR 1039 00:26:45,521 --> 00:26:46,521 HOUSE. 1040 00:26:46,587 --> 00:26:47,287 SORT OF IMPLYING THAT IT WAS ALL 1041 00:26:47,354 --> 00:26:48,487 THEIR FAULT. 1042 00:26:48,554 --> 00:26:49,554 WHICH IS PRETTY HARD TO TAKE, 1043 00:26:49,621 --> 00:26:51,221 GIVEN THAT YGRENE SELECTS WHICH 1044 00:26:51,287 --> 00:26:52,621 CONTRACTORS IT ALLOWS INTO ITS 1045 00:26:52,687 --> 00:26:54,954 PROGRAM. 1046 00:26:55,021 --> 00:26:56,354 IF YOUR SEAFOOD RESTAURANT SELLS 1047 00:26:56,421 --> 00:26:58,087 TAINTED LOBSTERS, THEY SHOULDN'T 1048 00:26:58,154 --> 00:26:58,787 GET TO SHRUG IT OFF BY SAYING, 1049 00:26:58,854 --> 00:27:00,154 "YOU PICKED THE ONE YOU WANTED 1050 00:27:00,221 --> 00:27:01,987 OUT OF THE TANK," WHEN THEY PUT 1051 00:27:02,054 --> 00:27:03,787 THOSE LOBSTERS IN THERE IN THE 1052 00:27:03,854 --> 00:27:05,087 FUCKING FIRST PLACE! 1053 00:27:05,154 --> 00:27:06,854 AND COMPANIES ARE ALWAYS GOING 1054 00:27:06,921 --> 00:27:08,921 TO INSIST THAT THIS IS JUST A 1055 00:27:08,987 --> 00:27:10,787 PROBLEM OF A FEW BAD APPLE 1056 00:27:10,854 --> 00:27:11,887 CONTRACTORS, AND THEY'RE ALWAYS 1057 00:27:11,954 --> 00:27:13,254 IMPROVING THEIR PROCESSES. 1058 00:27:13,321 --> 00:27:15,121 BUT I WOULD ARGUE THE FLAWS OF 1059 00:27:15,187 --> 00:27:16,321 THIS PROGRAM ARE BAKED INTO HOW 1060 00:27:16,387 --> 00:27:18,321 IT OPERATES. 1061 00:27:18,387 --> 00:27:19,887 AND NO ONE KNOWS THIS BETTER 1062 00:27:19,954 --> 00:27:22,554 THAN TAX COLLECTORS, BECAUSE 1063 00:27:22,621 --> 00:27:23,421 THEY'RE THE ONES WHO END UP 1064 00:27:23,487 --> 00:27:24,554 HAVING TO COLLECT ON THE DEBTS 1065 00:27:24,621 --> 00:27:29,454 HOMEOWNERS RACK UP, AND ARE 1066 00:27:29,521 --> 00:27:30,987 CAN BE THE ONES HAVING TO DO THE 1067 00:27:31,054 --> 00:27:31,321 FORECLOSURES. 1068 00:27:31,387 --> 00:27:32,587 JUST LISTEN TO THIS MISSOURI TAX 1069 00:27:32,654 --> 00:27:33,387 COLLECTOR BEGGING HIS COUNTY TO 1070 00:27:33,454 --> 00:27:34,321 GET RID OF ITS PACE PROGRAM JUST 1071 00:27:34,387 --> 00:27:34,787 LAST MONTH. 1072 00:27:34,854 --> 00:27:35,821 >> I CAN TELL YOU WHAT THE FACTS 1073 00:27:35,887 --> 00:27:37,787 ARE GOING TO BE: THE MORE OF 1074 00:27:37,854 --> 00:27:39,554 THESE THAT YOU HAVE, SOME 1075 00:27:39,621 --> 00:27:40,554 PERCENTAGE OF PEOPLE WILL LOSE 1076 00:27:40,621 --> 00:27:41,187 THEIR HOUSES. 1077 00:27:41,254 --> 00:27:42,654 AND YOU CAN MAKE THE CONSUMER 1078 00:27:42,721 --> 00:27:43,721 PROTECTIONS BETTER, AND YOU 1079 00:27:43,787 --> 00:27:44,921 CAN MAKE THEM A LITTLE MORE 1080 00:27:44,987 --> 00:27:45,954 RIGOROUS, BUT AT THE END OF THE 1081 00:27:46,021 --> 00:27:48,087 DAY, SOME PEOPLE WILL HAVE THEIR 1082 00:27:48,154 --> 00:27:50,421 HOMES TAKEN FROM THEM. 1083 00:27:50,487 --> 00:27:56,454 I THINK THE BOTTOM LINE IS THAT 1084 00:27:56,521 --> 00:27:57,487 THERE IS NO CIRCUMSTANCE, IN MY 1085 00:27:57,554 --> 00:27:59,354 OPINION, IN WHICH IT MAKES SENSE 1086 00:27:59,421 --> 00:28:01,421 TO OFFER THE COUNTY'S POWER TO 1087 00:28:01,487 --> 00:28:02,887 TAKE YOUR HOUSE IN RETURN FOR 1088 00:28:02,954 --> 00:28:04,921 GETTING YOU MONEY TO BUY A NEW 1089 00:28:04,987 --> 00:28:06,687 AIR CONDITIONER OR SOLAR PANEL 1090 00:28:06,754 --> 00:28:09,254 OR WHATEVER IT MAY BE. 1091 00:28:09,321 --> 00:28:10,521 >> John: EXACTLY. 1092 00:28:10,587 --> 00:28:11,687 NOBODY IN THIS COUNTRY SHOULD BE 1093 00:28:11,754 --> 00:28:12,754 LOSING THEIR HOME BECAUSE OF AN 1094 00:28:12,821 --> 00:28:14,054 AIR CONDITIONER! 1095 00:28:14,121 --> 00:28:15,721 THEY SHOULD BE LOSING THEIR 1096 00:28:15,787 --> 00:28:17,087 HOME BECAUSE OF UNEXPECTED 1097 00:28:17,154 --> 00:28:17,921 MEDICAL BILLS -- YOU KNOW, 1098 00:28:17,987 --> 00:28:19,921 LIKE AN AMERICAN! 1099 00:28:19,987 --> 00:28:22,287 AND ALL OF THIS MAY BE 1100 00:28:22,354 --> 00:28:23,354 COMING TO A HEAD IF FORECLOSURES 1101 00:28:23,421 --> 00:28:24,554 BEGIN TO RISE IN THE WAKE 1102 00:28:24,621 --> 00:28:25,454 OF THE PANDEMIC. 1103 00:28:25,521 --> 00:28:27,054 IN FACT, ONE FLORIDA TAX 1104 00:28:27,121 --> 00:28:29,021 COLLECTOR HAS EVEN WARNED 1105 00:28:29,087 --> 00:28:30,354 THAT PACE WILL BECOME FLORIDA'S 1106 00:28:30,421 --> 00:28:30,954 NEXT MORTGAGE CRISIS IF WE'RE 1107 00:28:31,021 --> 00:28:32,854 NOT CAREFUL. 1108 00:28:32,921 --> 00:28:34,121 WHICH IS CHILLING. 1109 00:28:34,187 --> 00:28:36,221 BECAUSE THE CONDITIONS ARE PRIME 1110 00:28:36,287 --> 00:28:37,221 FOR A DISASTER, BUT IT SEEMS 1111 00:28:37,287 --> 00:28:38,421 LIKE WE'RE NOT DOING ANYTHING 1112 00:28:38,487 --> 00:28:39,221 TO STOP IT. 1113 00:28:39,287 --> 00:28:40,954 IT'S LIKE HOW WE INEXPLICABLY 1114 00:28:41,021 --> 00:28:42,354 LET HARRISON FORD CONTINUE TO 1115 00:28:42,421 --> 00:28:43,854 FLY PLANES. 1116 00:28:43,921 --> 00:28:45,254 WE ALL KNOW WHAT'S GOING TO 1117 00:28:45,321 --> 00:28:46,954 HAPPEN! 1118 00:28:47,021 --> 00:28:47,654 SOMEBODY DO SOMETHING BEFORE 1119 00:28:47,721 --> 00:28:49,021 IT'S TOO LATE! 1120 00:28:49,087 --> 00:28:51,121 SO WHAT CAN WE DO? 1121 00:28:51,187 --> 00:28:53,187 WELL, WE COULD TRY REFORMS LIKE 1122 00:28:53,254 --> 00:28:54,887 STOPPING DOOR-TO-DOOR SALES. 1123 00:28:54,954 --> 00:28:56,054 BUT THE TRUTH IS, AS THAT GUY 1124 00:28:56,121 --> 00:28:57,754 SAID, PEOPLE COULD STILL END UP 1125 00:28:57,821 --> 00:28:59,654 LOSING THEIR HOMES. 1126 00:28:59,721 --> 00:29:01,654 THE TOUGHER QUESTION MIGHT BE 1127 00:29:01,721 --> 00:29:04,221 WHETHER OR NOT REFORM IS EVEN 1128 00:29:04,287 --> 00:29:04,487 WORTH IT. 1129 00:29:04,554 --> 00:29:05,554 BECAUSE FOR THE RECORD, PACE 1130 00:29:05,621 --> 00:29:07,321 ISN'T THE ONLY WAY LOW-INCOME 1131 00:29:07,387 --> 00:29:09,121 HOMEOWNERS CAN GET HELP TO 1132 00:29:09,187 --> 00:29:11,487 FINANCE GREEN ENERGY UPGRADES. 1133 00:29:11,554 --> 00:29:12,621 NATIONALLY, THERE'S 1134 00:29:12,687 --> 00:29:13,687 THE LOW INCOME HOME ENERGY 1135 00:29:13,754 --> 00:29:15,587 ASSISTANCE PROGRAM, AND 1136 00:29:15,654 --> 00:29:17,421 THE FEDERAL WEATHERIZATION 1137 00:29:17,487 --> 00:29:18,854 ASSISTANCE PROGRAM, OR WAP, AS 1138 00:29:18,921 --> 00:29:20,921 IT'S KNOWN TO ABSOLUTELY NO ONE. 1139 00:29:20,987 --> 00:29:22,054 AND IN FLORIDA AND CALIFORNIA 1140 00:29:22,121 --> 00:29:23,487 SPECIFICALLY, THERE ARE SEVERAL 1141 00:29:23,554 --> 00:29:25,287 PROGRAMS THAT CAN ASSIST 1142 00:29:25,354 --> 00:29:26,687 LOW INCOME HOUSEHOLDS 1143 00:29:26,754 --> 00:29:28,687 IN ENERGY FUNDING. 1144 00:29:28,754 --> 00:29:30,954 THE POINT IS, IF YOU, YOUR 1145 00:29:31,021 --> 00:29:32,821 PARENTS, OR ANYONE YOU KNOW IS 1146 00:29:32,887 --> 00:29:34,487 CONSIDERING A PACE LOAN, 1147 00:29:34,554 --> 00:29:38,621 YOU SHOULD DEFINITELY SEE IF 1148 00:29:38,687 --> 00:29:41,054 YOU OR THEY ARE ELIGIBLE FOR 1149 00:29:41,121 --> 00:29:42,454 PROGRAMS LIKE THESE FIRST. 1150 00:29:42,521 --> 00:29:43,587 AND IF YOU LIVE IN A COUNTY 1151 00:29:43,654 --> 00:29:44,887 THAT'S THINKING OF IMPLEMENTING 1152 00:29:44,954 --> 00:29:46,287 A PACE PROGRAM WITH FOR PROFIT 1153 00:29:46,354 --> 00:29:46,921 ADMINISTRATORS, DO WHATEVER YOU 1154 00:29:46,987 --> 00:29:48,887 CAN TO STOP IT. 1155 00:29:48,954 --> 00:29:50,254 BECAUSE THE FACT IS, THIS 1156 00:29:50,321 --> 00:29:51,654 BUSINESS MODEL IS FUNDAMENTALLY 1157 00:29:51,721 --> 00:29:52,687 FLAWED. 1158 00:29:52,754 --> 00:29:54,687 AND I'M NOT SAYING THAT 1159 00:29:54,754 --> 00:29:55,687 AFFORDABLE CLEAN ENERGY ISN'T 1160 00:29:55,754 --> 00:29:56,321 SOMETHING WE SHOULD BE INVESTING 1161 00:29:56,387 --> 00:29:57,287 IN. 1162 00:29:57,354 --> 00:29:59,254 IT ABSOLUTELY IS. 1163 00:29:59,321 --> 00:30:01,054 BUT WE SHOULDN'T BE PUTTING 1164 00:30:01,121 --> 00:30:02,787 VULNERABLE PEOPLE IN A POSITION 1165 00:30:02,854 --> 00:30:03,821 WHERE THEY'RE RISKING THEIR 1166 00:30:03,887 --> 00:30:04,687 HOMES. 1167 00:30:04,754 --> 00:30:06,254 SADLY, THIS IS YET ANOTHER 1168 00:30:06,321 --> 00:30:07,254 EXAMPLE WHERE A WELL-MEANING 1169 00:30:07,321 --> 00:30:08,554 PUBLIC PROGRAM HAS BEEN 1170 00:30:08,621 --> 00:30:09,321 CORRUPTED BY THE PRESENCE OF 1171 00:30:09,387 --> 00:30:11,787 PRIVATE COMPANIES. 1172 00:30:11,854 --> 00:30:13,354 AND IF THEY COME TO WHERE YOU 1173 00:30:13,421 --> 00:30:15,421 LIVE, YOU WOULD BE WELL ADVISED 1174 00:30:15,487 --> 00:30:17,187 TO TELL THEM TO KCUF FFO. 1175 00:30:17,254 --> 00:30:18,321 IT'S ACTUALLY "FUCK OFF," 1176 00:30:18,387 --> 00:30:19,321 BACKWARDS. 1177 00:30:19,387 --> 00:30:21,054 MOST PEOPLE DON'T FIGURE THAT 1178 00:30:21,121 --> 00:30:22,154 OUT, BUT AFTER A COUPLE OF 1179 00:30:22,221 --> 00:30:23,454 REMINDERS, THEY USUALLY GET IT. 1180 00:30:23,521 --> 00:30:24,654 AND NOW, THIS. 1181 00:30:24,721 --> 00:30:25,287 ♪ ♪ 1182 00:30:25,354 --> 00:30:29,454 >> Announcer: AND NOW... 1183 00:30:29,521 --> 00:30:30,754 THE WINNER OF BEST IN SHOW AT 1184 00:30:30,821 --> 00:30:34,721 THE WESTMINSTER DOG SHOW BREAKS 1185 00:30:34,787 --> 00:30:35,154 NEWSCASTER'S BRAINS. 1186 00:30:35,221 --> 00:30:37,754 >> SO I THOUGHT IT WAS -- I 1187 00:30:37,821 --> 00:30:40,054 MEAN, HE IS PRETTY, OBVIOUSLY. 1188 00:30:40,121 --> 00:30:40,287 [LAUGHS] 1189 00:30:40,354 --> 00:30:40,921 >> IT'S JUST HAIR. 1190 00:30:40,987 --> 00:30:43,687 >> IT LOOKS LIKE A HEAD OF HAIR. 1191 00:30:43,754 --> 00:30:46,387 LIKE, AMBER, I PICTURE -- I 1192 00:30:46,454 --> 00:30:48,687 PICTURE YOURS OR MY HAIR JUST 1193 00:30:48,754 --> 00:30:51,354 WALKING ON THE GROUND WITH NO 1194 00:30:51,421 --> 00:30:52,687 LEGS. 1195 00:30:52,754 --> 00:30:52,921 LIKE -- 1196 00:30:52,987 --> 00:30:55,021 >> SOMEONE'S WIG IS CONTROLLING 1197 00:30:55,087 --> 00:30:56,254 THEIR BRAIN. 1198 00:30:56,321 --> 00:30:57,787 >> WALKING ACROSS THE GROUND. 1199 00:30:57,854 --> 00:30:59,087 >> AN ALIEN. 1200 00:30:59,154 --> 00:31:01,154 >> THIS IS GORGEOUS. 1201 00:31:01,221 --> 00:31:02,187 IT'S JUST SO WEIRD. 1202 00:31:02,254 --> 00:31:04,087 >> IS SUPER ODD LOOKING. 1203 00:31:04,154 --> 00:31:05,221 GOOD FOR HIM. 1204 00:31:05,287 --> 00:31:06,987 A SPEAKER THAT PERSON PROBABLY 1205 00:31:07,054 --> 00:31:09,754 SPENT MORE TIME ON THAT 1206 00:31:09,821 --> 00:31:10,287 DOG'S HAIR -- 1207 00:31:10,354 --> 00:31:10,987 >> AND MONEY. 1208 00:31:11,054 --> 00:31:12,954 >> THEN THE THREE OF US COMBINED 1209 00:31:13,021 --> 00:31:14,921 AND WE ARE ON TV EVERY DAY. 1210 00:31:14,987 --> 00:31:15,354 [LAUGHS] 1211 00:31:15,421 --> 00:31:16,754 >> I'M NOT INTO THAT. 1212 00:31:16,821 --> 00:31:17,987 >> IT'S JUST NOT CUTE. 1213 00:31:18,054 --> 00:31:19,421 >> IT IS SO UGLY. 1214 00:31:19,487 --> 00:31:21,521 >> THAT IS SUCH AN UGLY DOG. 1215 00:31:21,587 --> 00:31:22,754 NO OFFENSE TO ANYBODY. 1216 00:31:22,821 --> 00:31:24,554 >> YOU CAN'T SAY THAT IS AN UGLY 1217 00:31:24,621 --> 00:31:26,387 DOG AND THEN SAY "NO OFFENSE." 1218 00:31:26,454 --> 00:31:27,321 YOU HAVE OFFENDED. 1219 00:31:27,387 --> 00:31:29,421 >> I DON'T MEAN IT TO BE 1220 00:31:29,487 --> 00:31:30,321 OFFENSIVE. 1221 00:31:30,387 --> 00:31:31,121 >> IT LOOKS LIKE A WALKING WIG. 1222 00:31:31,187 --> 00:31:33,287 >> IT LOOKS LIKE BECAUSE IN IT. 1223 00:31:33,354 --> 00:31:37,321 >> A VERY UNIQUE LOOK THAT 1224 00:31:37,387 --> 00:31:37,754 WASABI HAS. 1225 00:31:37,821 --> 00:31:38,654 >> WHAT DO YOU MEAN UNIQUE LOOK? 1226 00:31:38,721 --> 00:31:42,287 >> FURRY. 1227 00:31:42,354 --> 00:31:45,621 >> YOU MEAN THOMAS MOST FACE? 1228 00:31:45,687 --> 00:31:50,321 -- SMOOSHED FACE? 1229 00:31:50,387 --> 00:31:52,754 I WAS ASKING A SERIOUS QUESTION. 1230 00:31:52,821 --> 00:31:52,921 YES. 1231 00:31:52,987 --> 00:31:54,721 >> John: THAT WAS OUR SHOW. 1232 00:31:54,787 --> 00:31:56,187 THANK YOU SO MUCH FOR WATCHING. 1233 00:31:56,254 --> 00:31:58,021 WE WILL SEE YOU NEXT WEEK. 1234 00:31:58,087 --> 00:31:58,321 GOOD NIGHT. 1235 00:31:58,387 --> 00:32:05,987 ♪ ♪