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Will There Be a Second Stimulus Check? | Certified Financial Planner Responds - YouTube
Channel: Wealth Hacker - Jeff Rose
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what's going on y'all welcome back the
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channel wealth hacker labs I'm your
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gracious host Jeff Rose let's go ahead
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and dive right into it so finally people
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are receiving their $1200 economic
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stimulus check I know they're still
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somehow people still haven't received
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their $1200 check but I've been seeing
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more people updating on some of my other
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episodes we're talking about how the IRS
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is updated the get my payment portal and
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since they made those updates like a few
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days ago people have gone the portal
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re-enters all the information in and
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found out that yes they finally were
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given a date on when they were going to
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get their check and many people have
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also received that check there's still a
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lot of question a lot of concern is
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there going to be a second economic
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stimulus check and you know right now
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just depending on what where you live
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what states I know I live here in the
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state of Tennessee represent Nashville
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here and we've just began phase 1 of
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reopening some of the businesses like
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rush some of the restaurants are opening
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up at 50% capacity I think even though I
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heard the mall was going to open up nail
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salons are still closed and I think
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there's still some that still law states
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they haven't gone that far yeah I will
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tell you like myself making me my family
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you know right now we're still sticking
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to the quarantine life we just don't
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feel like there's enough data out there
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and enough research that it's safe to
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reintegrate with just the normal way of
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life it's like all right you know we're
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we've gone we're growing accustomed to
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it I'm sure maybe you have yes we're a
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little stir crazy but you know we are
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surviving and we're grateful for that
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but I just share all that because many
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people are still not able to work many
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businesses are still haven't been able
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to open and the $1,200 stimulus check
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either that they received or are so
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waiting to receive it it's not it's not
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doing the trick you know there still
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needs to be more now whether that's on
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the government's you know on tradition
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shoulder all that burden or
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you know some of that has to fall on the
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consumer on us in the fact that like you
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know did we have ample savings account
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you know do we you know we're we living
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within our means and you know we
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overextended on different things I mean
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there's that's definitely something we
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could discuss and then we actually love
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that discussion but there's still a lot
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people that are still wondering and
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there's been a lot of discussion on the
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potential of having a second economic
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stimulus check and the probably one that
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got the most attention was the emergency
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money for the people Act and this was
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the one brought on by representatives
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Tim Ryan and ROH Khanna and it was not
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only a two thousand dollar one-time
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payment for each spouse if you if you're
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married but there's also additional
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additional monies for your dependents
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but the the one that really made this
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really stand out was it wasn't just a
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one-time payment
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it was a recurring payment and of a
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thousand dollars per month and that was
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either up to a minimum of six months
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potentially up to a year many people
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here in the comments here at the wealth
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hacker channel wealth hacker nation
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really wonder how in the world that
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could actually get passed and I would
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concur like I don't feel like for the
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u.s. to for the government to issue a
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second economic stimulus check whether
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it be for a thousand twelve hundred two
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thousand I think that's a possibility
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but to issue a reoccurring payment for
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six months or longer that just seems
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like a just a financial burden that I
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just I just don't think they could
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justify I mean I know there were 24
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trillion some dollars in debt and like
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let's just add more money to the pile
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you can see my government handgun back
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there my government gold gun if you've
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watched my other videos government just
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print money but that is just eight a lot
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a lot of money that being said I just
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want to bring up an article that came
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across so this was on Forbes by one of
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their contributors which I'm also a
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contributor Forbes you can check out
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some of my articles there as
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well but basically it just talks about a
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a glimmer of hope
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emerges for a second stimulus check and
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you know it doesn't mention you know a
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Senate Senate Majority Leader Mitch
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McConnell and initially like he was
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pushing back on this and really just
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saying and I mean and you got to
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understand like we have just printed so
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much money you know you had the first
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wave of the carries a cue just had the
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second wave he was a 484 billion dollars
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and you know all of the small businesses
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hadn't got all their monies yet he got
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big corporations to get money that
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shouldn't got money and so it's just
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like hey let's just put a pause button
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and see where we're at you know which is
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is smart
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you know like anytime if you tell me
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consumer were to go out spending spree
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you're buying this and doing that you
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know it's it's it's notable to like take
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a pause and just take find a pulse on
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what's going on with the economy find
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out what's going on with the coronavirus
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and seeing how that impacts everything
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but then so there was this tweet here by
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Jeff Bennett who's a White House
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economic adviser and just show you this
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tweet here but I'll read it for baby you
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can read it White House economic adviser
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Kevin Hassett
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tells reporters the administration is
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studying carefully whether to provide
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those who qualify with another round of
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stimulus checks beyond the one-time
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$1,200 direct payments says it could be
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included in a phase four deal so and
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honestly that's basically the summary of
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what this article summarizes is is just
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that what this White House economic
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adviser and reporting from what the
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Kevin has Kevin has to had to say in
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regards to that with everything that's
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going on there's no article I found just
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talking about just that that potential
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but the reality is that businesses are
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still hurting people are still hurting
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we right now like so as a small business
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you know I applied for the the PPP loan
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the Paycheck protection program did not
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get approved phase one reapply for Phase
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two mine is still in review and I will
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say like I'm in a position where if I
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don't get approved like I'm gonna make
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or you know I'm going to be okay there
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are other businesses that can't say that
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but all of those applications I mean
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it's it's it's just it's stuck right now
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there's so many application and not
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every single Bank is doing it and it's
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just stuck it's just this big clog on
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getting all this money approved and
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because of that it's like Congress
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really can't focus on a second package
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especially you know now we got States
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reopening up coming off quarantine it's
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like there's just can that really happen
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but if if you're new to the channel then
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chances are you've if you're a newer
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subscriber newer watcher here there's a
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guy by the name of Brian Kim and he's a
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CPA out of Chicago and he had this video
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go alive I think a few days ago and I
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give Brian creds oh he did a lot of
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research and just looking at like what
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is that potential of the government
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issuing a second check and he made some
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really really good points in this video
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and if you want check out that video
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I'll link it up in the description but
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you know one of some of the key points
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that Brian brought up I will say like
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you know he he didn't see that he didn't
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see an economic viable that the
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government could do a reoccurring
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payment he definitely does see potential
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for a second check and recognizing like
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I think he had four points all the two
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that really stood out to me were one was
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for the government to issue a second
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check realizing like all that money that
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they're giving us is going right back
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into the economy
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I mean hence why they call it an
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economic stimulus check so the
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government get the gun
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print money spitting out money that is
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possible and the other reason he brings
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up which makes total sense is that
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they've got a blueprint on how to do it
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you know they've got to get my payment
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portal you know they got the whole
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application process you know they they
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know how to do it and if if you still
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have all the paper checks and still need
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to go out if there's a second stimulus
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eken civilus check hopefully people now
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will actually do the direct deposit so
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that the weight is long but either way
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you know
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you've got the the AIA the tax preparers
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you know working for the IRS they're
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coming back into the office you know
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they're not all working from home so you
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don't have everybody courting their
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house trying to process all these tax
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returns all the tax returns should be
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processed by this time if there were a
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second check so it just makes it so much
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easier for it to happen if it does
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happen but as brian says and everybody
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else would say and I will say nobody
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really knows and we basically have to
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see how this is going to play out is
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coronavirus Cova 19 have we put a bit of
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a hold on the spreading and the
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contamination and just everybody getting
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infected or you know we finally have
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slowed down numbers but if we start
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reopening things back up and social
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distancing has become something of the
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past now it comes back and now people
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are getting sick again
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and then you got shut everything down
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and just talking with a neighbor friend
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of mine a buddy of mine who works for a
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publicly traded company that they are in
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the restaurant field and right now they
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aren't opening their restaurants yet any
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of the restaurants nationwide and the
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reason being is because it is so much
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more expensive to reopen their
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restaurants and then people come in and
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all of a sudden there's another outbreak
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and then they've got shut everything
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down again that is so much more
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expensive than just taking a
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wait-and-see approach like just waiting
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a few more weeks maybe a month or two
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just see how this is gonna pan out and
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then they'll you know consider opening
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at that point but that saves them more
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money having to reopen and then shut
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everything down now they're publicly
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traded they've got debt that they can
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that they can survive on you know a lot
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of small businesses can't do that so
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that's one thing they have in their
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favor but that's just a nature of what's
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still going on in like for the the
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government to be in a stance that yes
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this is going to happen is
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we're gonna do here's a second round
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this was it look like here's the money
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here's who qualifies so on and so forth
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they're just not a position to do so but
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if it needs to happen it could happen
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and everything is in place for that to
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happen so anyway just I know that many
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of you still have questions still have
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concerns and one of things I want to do
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for this video I'm gonna announce it
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here I haven't done this yet I'm gonna
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give a shout out to meet Kevin because I
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notice on all his videos that you can do
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a fundraiser with all of your ads
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earnings and it's something I saw before
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I've never actually looked into it and
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this is something I've just I'm enjoying
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doing this this is one of my creative
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outlets well-being quarantine so I want
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to you know give back as much as I can
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so I will have a charity Nashville was
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recently here recently hit with the
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tornado right before all this happened
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so I'm gonna see if that that's a
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charity I don't really know what the
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charity is so if there's something
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different than what I'm saying right now
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that's why but I definitely want to get
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back any way I can whether it be giving
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information here on the channel or you
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know through financial means as well so
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anyway I appreciate you all I hope
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you're staying safe keep your head above
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water remember that man is just we're
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gonna get through this you know we've
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been through a lot as a country and
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we're gonna get through this we're
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getting through this and just stay
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strong keep kicking butt arch ah Jeff
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rose money that is your money it's your
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life no you can make it awesome until
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then peace
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