Airbnb is cracking down on partiers during Memorial Day Weekend, Best things to do Memorial Day weekend in LA and Southern California. Deeper Dives- The popularity of Buy Now, Pay Later. The Evolution of Buy Now, Pay Later. Why are more shoppers struggling to repay ‘buy now, pay later’ loans? What In the World News. The 89 illegal baby names that have been officially banned in Australia.
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Speaker 1 (00:00):
You're listening to KFI AM six forty on demand Saturdays.
Speaker 2 (00:05):
It is time to one one the week's been time
to ease my mind. Sign on my radio just inside.
Tiffany Hobbes got me feeling fun.
Speaker 3 (00:20):
Yay Saturday. Yes it is k if I AM six
forty live everywhere on the iHeartRadio APT Tiffany Hobbs here
with you until seventh Saturdays with Tiffany. And just like
we did in the first hour the top of the show,
we are going to start this second hour with another giveaway.
Speaker 4 (00:39):
Ah yay.
Speaker 3 (00:40):
This one again is to the Coach House, that premier
concert venue in Orange County. At the top of the hour,
we gave away tickets to see War and Treaty next Thursday. Well,
now's your opportunity to win tickets to see the Amy
wine House Experience next June sixth It's a tribute to
(01:03):
Amy Winehouse. If you know Amy Winehouse, you love Amy Winehouse, Raoul,
do you have any Amy Winehouse we could play so
that our listeners can remind themselves of her beautiful voice. Well,
this is a tribute to Amy and the singer is Man.
You close your eyes, you think it's her. You open
your eyes. You think it's her bar none one of
(01:24):
the best tributes to Amy Winehouse ever, and you'll be
able to earn pair, one pair each. There would be
five pairs to give away to see this Amy Winehouse Experience.
Here's one of her songs.
Speaker 4 (01:38):
When I'm call backy sing it Raoul and my daddy thinks.
Speaker 3 (01:48):
I'm fine Maybe God, what do you say? Go go
no no, no, no no no. That was the first one.
So this is the Amy Winehouse Experiences next Friday, June
and sixth, at the Coach House in San Juan Capistrano.
We have five pairs of tickets to give away to you, lucky, lucky, lucky, awesome, awesome,
(02:09):
awesome listeners. Let's take the same number as we took before,
callers one, two, three, four and five. All you need
to do is give your first and last name and
your phone number and your tickets will be available at
the will call booth. You don't have to do anything,
just take your ID. Oh it's going to be such
a good show. Oh man, love me some Amy wine House.
(02:33):
And when you go, please please please take pictures. Please
please send them and post them. Send them to my
Instagram at tiff hobbs on here. I would love to
see you enjoying yourself, send me video. I just want
to see you having a good time and know that
this was you, know that this was something special for you.
So again, you can call the phone number eight hundred
(02:54):
five to two oh one five three four eight hundred
five two oh one five three four eight hundred and
five to two to oh one five three four callers
one two oh phone lines are lighting up. Callers. We
need three four five callers, three four five. Let's get
you in so you can win a pair of tickets
(03:14):
to the Amy Winehouse Experience. The Winehouse Experience at the
Coach House in San Juan Capistrano forty fifth Anniversary Concert
Series for next Friday, June sixth, in Joy. Now, before
we get to next Friday, we have to deal with
this weekend, and as we should. It's a beautiful weekend
to memorialize those who have given their lives to make
(03:34):
sure that our country is at its best. For all
of our criticisms, for all of our concerns, this country
still is quite beautiful. It is beautiful and it has
a wonderful spirit to it. And Memorial Day weekend is
a time when we should be reflective of that and
all it took to get to this point. And there
(03:55):
are quite a few events going on around the Southland
to help you usher Memorial Day in and for you
to actually spend Memorial Day enjoying all that it can provide.
But let's say you planned to get an air BnB,
an Airbnb, no house sharing, apartment sharing rooms sharing that
(04:18):
app by now you know what it is. But did
you know Airbnb is cracking down on partying? Why you're like,
but that's why you get an Airbnb. No? Maybe before,
but because of all of the mishaps, because of all
of the issues Airbnb has experienced with those people who
(04:40):
are hosting their own accommodations, those homeowners, whatever it may be,
people have been taking advantage and they have to crack down.
And now ahead of this Memorial Day weekend, they have
instituted a ban on disruptive parties. So what's going on
started last week May nineteenth, and they have started to
(05:04):
implement their quote proprietary anti party tech knowlogy fun killers.
That's a fun way to say, or a long way
to say. They're killing the fun proprietary anti party technology
and these are for listings across the United States. What
(05:24):
are these defenses do well. The proprietary anti party technology
blocks certain bookings made over Memorial Day and the fourth
of July. So they're saying, you might try and do
this on Memorial Day weekend and we're going to block you.
You might turn around and say, well, I'll just wait
until July fourth. Nope, Airbnb said we are blocking all
(05:47):
of that. They are on to you and your craziness.
They said, although incidents of disruptive parties on Airbnb are rare,
we Airbnb are committed to working to reduce the risks
and helping hosts promote positive experiences in their homes and
local neighborhood. That came along with their press release last week.
(06:09):
So here's what we know about their anti party defenses.
How do they work well. The technology actually flags certain
booking attempts. So you go on Airbnb and you try
to book a room or a home. It's usually a
whole home or whole apartment or condo, and they consider
(06:31):
several factors to identify what could be the potential or
possibility of you throwing a disruptive party, you getting too
crazy out there. The factors include venue, so they're looking
at what you want. Are you trying to get, you know,
trying to go all out, get the five bedroom mini
(06:52):
mansion with the pool and the jacuzzi and the this
and the that, all the things that would be conducive
for a party. They're looking at the length of your stay.
Are you just booking it for Saturday night or just
for Sunday night into Memorial Day or just for the day.
They're looking at the distance, and they're looking at whether
(07:15):
or not the reservation was made last minute. All of
these factors will flag you. I hope you weren't just
trying to have a quiet weekend away, because if you were,
and you happen to book one of these accommodations, you
are going to be blocked from being able to access
that one.
Speaker 4 (07:34):
Now.
Speaker 3 (07:34):
According to this press release, the system that Airbnb is
implementing uses that criteria to determine whether or not they
should go forward with those blockages, and anyone blocked from
booking an entire home will have the ability to book
alternative accommodations on Airbnb. You just can't get that mini
(07:55):
McMansion for the weekend, They'll say, Hey, here's a small
house out somewhere else where. We don't think you'll want
to go. You can do that one, that's okay. There
are about fifty one thousand people across the country who
have been deterred from booking an entire home listed on
Airbnb since the implementation of this new policy, including twenty
(08:20):
two thousand in California, Texas and Florida, those big party states,
as you know, across both holiday weekends, so this weekend
and next weekend. And they're saying this is all to
help safeguard spaces because people are tired of it. If
you live near an Airbnb house, you know it is
(08:42):
a it's a lot. Think ghost kitchens are bad. Live
near an Airbnb house or an Airbnb condo complex, you
don't know who the people are, You hear the noise,
and there seem to be very few regulations. So maybe
don't book that Airbnb. Maybe stay home and then go
to some of these events I'm going to tell you
(09:03):
about are happening around the Southland for Memorial Day weekend.
On the other side of the break, we'll continue this conversation.
It's k I AM six forty live everywhere on the
iHeartRadio app Saturdays with Tiffany.
Speaker 1 (09:16):
You're listening to KFI AM six forty on demand.
Speaker 3 (09:21):
KFI AM six forty Live everywhere on the iHeartRadio app.
I hate talking over over this. This is so good
Saturdays with Tiffany until seven oh Man really puts you
in a just it makes you feel good this song, right,
it really does. Oh you're turning it up on me, Raoul,
don't do that. I'll just sit here and listen. I'll forget.
(09:42):
I have a show to do. I love it. Okay.
So talking about Memorial Day weekend, talking about the United States,
at USA where we all live in, there are quite
a few events going on around the Southland to help
get you out of the house and not into an
airbnb as you heard in the last but it gets
you out of the house so you can enjoy yourself
(10:03):
this weekend. So we're going to go through the list
and hopefully if you do find something you like, you
can jot it down, or of course you'll be able
to listen back to the podcast under KFI what is
it Featured segments, That's what it is that'll be up
later this evening and you'll be able to kind of
take notes on all of this in case you missed anything.
(10:23):
So to start us off, something that's going on now
through Sunday next week. Sunday next weeks is after you
go to the Coach House. After you enjoy that Amy
Winehouse experience, you can go to the past Sadena Playhouse
if you are into plays in theata, and you can
see A Dolls House Part two That is now through
(10:46):
Sunday June eighth, and it's off of Molino Avenue and
past Sidena. You can go online for more information, but
the cost is starting around forty dollars to enjoy that
A Doll's House Part two, which they say isn't actually
a part two, so you'll find out why if you go.
(11:07):
But it's a very popular play out there at the
Pasadena Playhouse now through June eighth. You can go on
the Pasadena Playhouse for more information. Let's say your plays
aren't really your thing, you're more of a TecTile person.
You like to work with your hands, and maybe ask
some kids you want to take along. Well. Tomorrow from
(11:29):
one to four pm you can take a beginner beating workshop.
How cool is that? A beginner beating workshop at Lucky Bead.
It's at the Chapter House. La in Glendale, seventeen seventy
Glendale Boulevard, and there's no real cost, but they do
(11:52):
recommend you donate maybe about ten dollars. They gotta pay
for all these beads and all that string. It's the
beginner beating workshop that Lucky Bead which is inside of
the Chapter House LA seventeen seventy Glendale Boulevard in Glendale
Tomorrow Sunday, May twenty fifth, from one to four p m.
(12:13):
How cool is that? Now you've heard Pch's back open.
It's back open. There are limited lanes and a reduced
speed limit, so you'll have to leave early for this one.
But Topanga Days is back on after the fire, starting
Yester or today going through Monday, and there are multiple
(12:34):
parking locations for this. There's actually a shuttle that will
bring you to the event, but it's in Topanga Canyon
and Topanga Days are a series of music, games, a parade, food,
food vendors like crazy and it's a little trip back
in time. It's a festival like a nineteen seventies festival,
and they're marking their fifty years in operation this year,
(12:58):
so this is Topanga Day. You can go and find
out more about that by googling to Penga Days and again,
shuttle buses will run to that particular site into Penga
Canyon and there will be different places for you to
park your car around pc H. Also, if you go
on Memorial Day, because this is today, Tomorrow and Monday,
(13:21):
if you go on Monday, there's a local indie band
or local indie singer named Ara George and she is
going to be singing America the Beautiful at the annual
flag raising. So that'll surely give you goosebumps and be
a beautiful way to spend the day. To Pega Days today,
(13:42):
Tomorrow and Monday, and it starts around thirty one dollars,
but you get a lot music, games, parade, food vendors, festival.
Have a wonderful time with that. Also, if you like
men in uniform, it's La Fleet Week, La Fleet Week.
(14:02):
I wish Kayla was here. Producer Kayla, she's out of
town with her family. Hi Kayla. But Kayla does a
podcast called Sex in the City of Angels, and one
of the things are the main thing they talk about
is Sex in the City, the TV series, which is
a favorite of mine, And there's an episode where Carrie
and the Girls go to Fleet Week in New York.
(14:22):
It's a wonderful, funny episode and you get to see
what that might look like. I don't know if it
will look like that in La, but it's worth a shot.
So you can go down to the La Harbor and
sam Pedro two fifty South Harbor Boulevard. It's free. You
love hear you love hearing that. For La Fleet Week
Now through Monday, there's a maritime expo. You can take
(14:45):
a ship tour. You can attend the Memorial Day tribute
to military heroes at the uss Iowa. I've been there.
Love that ship, and you can just enjoy all that semen,
all those semen. But just what did you? Why are
you looking at me like that? Raoul? It's a lot
of semen out there. It's wonderful. Go enjoy that, Richie?
(15:07):
Was that you?
Speaker 4 (15:09):
No?
Speaker 3 (15:11):
Why are we living? You know? There's I mean, come on,
and who doesn't like semen men in uniform? Right? Yeah? Yeah, okay,
moving along. If you like Hermosa Beach, which I do,
you can go down to Fiesta Hermosa or Fiesta Edmosa
today tomorrow and Monday. You can get a garden pass
(15:32):
for ten bucks and it's a party with an ocean
side beer garden, live performances, carnival games, food, you can
ride your bike down there. There's a free bike valet,
and there's some other fun stuff down there. So enjoy
that at Fiesta Edmosa, Fiesta her Mosa, Hermosa Beach off
of Pierre Avenue and Hermosa. That's today, Tomorrow and Friday.
(15:57):
I imagine daytime hours. Doesn't give the hour here, but
I imagine daytime hours for all of this, So enjoy
that good weather. And then there's the Garden Grove Strawberry
Festival now through Monday. Gotta love that Strawberry Festival. It's
they're sixty fifth anniversary. You can go down there and
get strawberry themed everything, costume contests, treats, strawberry shortcake. My
(16:21):
mom makes the best. There's so many things that you
can see down there. There's also a parade. The grand
marshals are actress Kate Linder and civil rights icon Sylvia Mendes,
plus lots of performances from country bands, two graduates of
the School of Rock. How cool is that?
Speaker 1 (16:42):
That is?
Speaker 3 (16:42):
The Garden Grove Strawberry festival in Garden Grove off of
Main Street. You can go too Garden Grove Strawberry Festival online.
For more details, you can google that. That is today,
tomorrow and Monday. All right, last one for now, my favorite,
saved my best for last. Hollywood Forever Cemetery, one of
(17:05):
my favorite places to go over there on Santa Monica Boulevard,
kind of in like Hollywood East Hollywood, kind of right
there on that border. Well, they are showing at the
Hollywood Forever Cemetery tomorrow night, Clueless, Clueless, Love Clueless. It's
the thirtieth anniversary Do you feel old yet? Thirtieth anniversary
(17:26):
of Clueless? Tomorrow night at Hollywood Forever Cemetery eight thirty pm,
Santa Monica Boulevard in Hollywood. Tickets are about twenty four dollars.
Lots of food trucks out there, and just enjoy watching
Clueless and feeling old. For more information about all of
these events, absolutely listen to the kfive featured segments once
(17:49):
we get that up on the podcast channel, and you'll
be able to take notes about all of this. And
I hope that whatever you do, you enjoy yourself and
always keep at the forefront of your mind, why we
are able to celebrate on this Memorial Day weekend. When
we come back, we're going to take a deep dive
into the buy now, Pay Later hysteria, the just the uptick,
(18:14):
the evolution of buy now, Pay later, Klarna, and all
these other apps that let you buy stuff and pay later.
We talk about it and why it's not doing so
well as well. On the other side of the break,
it's KFI AM six forty Live everywhere on the iHeartRadio app,
Tiffany Hobbs here with you.
Speaker 1 (18:31):
You're listening to KFI AM six forty on demand.
Speaker 3 (18:35):
KFI AM six forty Live everywhere on the iHeartRadio app
Tiffany Hobbs here with you until seven tonight, and then
Michael Monks will come aboard, and of course we will
talk to him as his show nears to find out
what's going on on his program. Now, for our deeper
Dive segment, which we do every Saturday at six thirty,
(18:58):
we are going to take a deeper dive, if you
will well, into the buy now, Pay Later phenomenon. Not new,
not new by any stretch of the imagination. We've had
buy now, Pay Later for decades honestly since the kind
of issuance of the first credit card. But it's evolved,
(19:20):
and with that evolution has come wins and of course
some pretty significant losses, mainly to the producer, to these brands,
and now as well to the consumer. So let's get
into it. Let's talk a bit about buy now, pay
later Now again. The concept is not new, but it
(19:41):
has in fact transformed retail and the financial landscape. Okay,
it offers options for people who may not be able
to pay up front, and it's an alternative to traditional credit.
If you don't want to get a credit card, and
we all know what debt is connected to increasing your credit,
(20:03):
then perhaps buy now, pay later is a more attractive
option for you. The idea of deferred payment not new.
Said that not new, but the modern incarnation of the
buy now, pay later model has evolved with the integration
of tech knowlogy. Like with anything else, technology has both
(20:24):
made things easier and has also complicated ways in which
we live. The roots of buy now, pay later can
be traced back to lay Away. Remember lay Away. I
remember lay Away growing up and seeing those big Layoway
signs in the back of kmart or in the back
of the store seers or something to that effect, and
(20:46):
you knew that you could find whatever your product was
and you could pay in installments. That's what Layoway allowed
you to do. It's back in the nineteen hundreds, right
back when we were kids. You got Layoway, pay a
deposit and then you would complete that payment in installments
and receiving the product only after you had made full payment.
(21:10):
If you didn't pay in full at the end of
this installment arrangement, you didn't get the jacket, you didn't
get the washing machine, whatever it is. By contrast contrast
to lay Away, there were these things called installment plans.
You might have seen them at a Sears in Roebuck
as they moved away from Layoway. And installment plans offered
(21:33):
by these stores provided the goods upfront with a promise
of payment over time. Lay Away you got your goods
at the end. Installment you got them up front as
long as you promise to pay. Both quite complicated and
not always a good option. And then, of course you
(21:54):
have the credit card era, which really started again around
the nineteen fifties, but it did revolutionize consumer finance. Credit
cards offered more flexible forms of deferred payment. They let
customers purchase goods immediately and pay back the credit card
over time, felt like and still does today, free money
(22:17):
for those who don't understand how credit cards work anyway,
especially when you think about those younger consumers or financially
illiterate folks who take on credit card debt because they
think it's just you're able to spend all willy nilly
at nauseum, not understanding interest and how that could affect
(22:38):
your credit score. Also, you have annual fees and other
things that the buy now pay later system, the modern
system aims to circumvent. So with the rise of modern
buy now, pay later, you have that technology which ushered
in a completely new wave of what the buy now,
(23:01):
pay later model could be. Like companies like Klarna, which
I mentioned after Pay Affirm. All of these companies were
founded in the twenty tens and they reimagined buy now,
pay later for the online shopping era. They wanted to
focus on you buying things online, and as they succeeded,
(23:26):
it was in tandem with online shopping platforms like your
Amazon or wherever else you might be buying online and
after pay Klarna Affirm. These buy now pay later apps
offered what was considered to be simple, interest free installment
plans which were paid back in a short period of time,
(23:48):
usually in installments over six weeks. You pay a bit
of money the first two weeks, the next bit the
second two weeks, and then the final balance the third
two weeks. This model super attractive to young people because
if you have a twenty dollars item, you could break
it down into installments. You just do some modern division,
(24:09):
some easy division. If you hopefully didn't come out of LAUSD,
but you do some division, and you can find out
what your payment is, and it was more attractive than
paying the full amount up front. Technology has always been
a catalyst for change, and with the buy now, Pay
later system, it absolutely is that vehicle financial technology has
(24:31):
played a role in how buy now pay later systems
and apps have risen and how quickly they've integrated with
online retailers. So you have these stores that weren't formally
involved in the buy now, Pay later system, and yet
you look today and you see that same store offering
the buy now, pay later option. You might see a
(24:54):
Klarna poster or an afterpay or whatever. The other website
is some sort of Insignia there to let you know
that you could pay later now. These stores formed partnerships
with Klarna after Pay, a firm, and those partnerships do
(25:15):
in fact benefit both parties. Retailers seemore spending, of course,
of course, and the buy now, pay later apps see
more participation. And as those services grew, as people were
more attracted to buy now, pay later, here come the
concerns because it's not free. What are the consequences of
(25:38):
buy now, pay later consumer debt? Because you're just buy now,
pay later everything. You're just over here. You have this account,
you have this jacket, you have these shoes, you got
that refrigerator, you got this over here for your car,
this for your kid, these tickets to this concert. Everything
seems to be allowed to be paid in installments through
(25:59):
these apps. So there's consumer debt. There's also a lack
of transparency in terms and conditions. People don't fully know
what they're signing up for, and like with things that
involve financial literacy, a big risk is overspending. People again
(26:20):
think that they can just rack up, rack up, rack up,
rack up, because five dollars here, seven dollars there, twenty
bucks there, doesn't seem a lot until you have so
many of these working concurrently against the consumer, and then
you have hundreds and hundreds, if not thousands of dollars
that are being withdrawn or needing to be paid monthly
in these installment packages and arrangements, and people simply can't
(26:43):
keep up. Know when it got really bad COVID, everyone
was at home. They were at home, and what were
they doing? Shopping online? We all were shopping online because
we were too scared to go to the store. Didn't
want to stand in line outside and wait for the
way in which people were organized to enter a store,
(27:05):
So we shopped online for our goods. And as online
shopping surged, so did the buy now, pay later options.
People were all in now, buy now, pay later could
be great if you use it right, but what happens
when you don't pay it back? And why now all
(27:28):
of a sudden, now are people struggling to repay their
by now, pay later loans. I'll tell you the rest
of this story in our Deeper Dive segment when we
come back, and and I'll have toward the end of
the show an interesting list of illegal baby names banned
(27:49):
in Australia. Yes, you can't name your baby these I
think eighty nine names in Australia or you will be jailed, imprisoned.
It's terrible, won't overall eighty nine, but we'll talk about
a few on the other side. K if I Am
six forty Live Everywhere on the iHeartRadio Apptifney Hobs here
with you.
Speaker 1 (28:07):
You're listening to KFI Am six forty on demand.
Speaker 3 (28:11):
I love Bellio so much, so great, So we're talking
about buy now, Pay later k if I Am six
forty Live Everywhere on the iHeart Radio app Tifney Hobs
here with you for one final segment before we turn
it over to Michael Monks. And money money. Money is
what we make and money money money is what we
quickly spend. And a lot of people are taking to
these buy now, pay later apps Klarna after pay things
(28:35):
like this to offset the immediate cost of their purchase
for whatever it is they're trying to get anything from
now food like at fast food restaurants. Yes, you can
do buy now pay later at your local likely fast
food restaurant, to grocery shopping, to clothes and other personal
(28:57):
goods to big consumer ticket items. All of these things,
uh plane tickets, concert tickets, all these sorts of things
are available using the buy now, pay later option, but unfortunately,
while it can be a good thing if you use
it right, a lot of people are just not They're
(29:18):
they're taking out these buy now, pay later loans because
that's what they are, and people don't really see them
as such, and they're not paying them back. That's a huge,
huge problem. And after pay Klarna affirm the Big Three,
they all say that this is affecting them greatly, so
(29:39):
more Klarna customers, specifically the Klarna app, are having trouble
repaying those loans, and they said that this disclosure. This
discovery corresponds with reports from lending platform platforms bank Rate
and lending Tree which cite an increased share of buy now,
pay later you US who admit they have fallen behind
(30:03):
on payments. Fallen behind on payments. These later missed payments
altogether are what is considered as to be a sign
of the faltering financial health amongst the US population, which
directly contributes to our trillion dollars of debt. Shoppers who
(30:23):
are opting to use by now pay later services, they
tend to be younger, surprise, surprise, they tend to be female. Surprise, surprise.
Don't point your finger over here, Raoul and kind of
gesture that way toward me.
Speaker 1 (30:38):
Uh.
Speaker 3 (30:39):
And then they also happen to be of all income levels.
Speaker 4 (30:42):
Raoul.
Speaker 3 (30:43):
No, that's what we were saying. I was like, who
does that? And then you said it. Uh, well, there
you go, happy to validate your misogyny back there in
that booth. Now, while b buy Now, Pay Later does
provide credit to financially vulnerable consumers, there are those consumers
who are likely over extending themselves, and that over extension
(31:06):
comes with quite a few negative consequences. Previous research has
shown that consumers spend more when buy now, pay Later
is offered. So if it's an option on that five
hundred dollars ticket item, people are gonna take it because
who wants to see five hundred dollars dip out of
their account in the snap of a finger. I don't
(31:29):
even if you have it, You don't want to. You
just don't want to part with your money. And they say,
what is a fool as soon parted with their money.
None of us want to be fools. We want to
be wise. But it just feels like in this economy,
any any amount just feels risky. So the higher you get,
the more kind of anxiety might rise for a lot
of the population. As it says here, all income levels
(31:51):
are adopting by now pay later. So did you have
the option of delaying it for a bit, breaking it
up into installments that is attractive. I've used it, I
absolutely have, but I pay it off. Did you buy
a two hundred dollars la booboo and the night's still young?
My friends? Okay, you might see that here at tomorrow, right,
(32:12):
you know what, I absolutely can see people, especially kids
doing that. Right, Kids now have their credit cards, they
have their debit cards, and have a debit card until
I was in college, but kids do and they're just
using their money. They have discretionary income and buy now,
pay later is an easy way to just use some
of that allowance money, right, But you have to pay
(32:34):
it back. Many consumers are not. Right now, these buy now,
pay later loans or zero interests, they don't require credit checks,
even a soft credit check. But they're saying this could change,
This could change. Klarna announced a door a partnership with
door Dash, the food delivery app, in March, just a
(32:56):
couple months ago, and That news led to online comments
about Americans taking out loans to buy takeout food. People
are like, come on, is there no standard here? And
because of that, they're saying, this is indicative of a
huge problem that even if you have the money, you
don't even want to spend it. So you're willing to
take out a loan because you think the loan is
(33:18):
pretty risk adverse. You think it's not going to really
cause you any issue. But there are huge risks to
taking out these loans. So here are some of the risks.
There are watchdog organizations, including the Consumer Federation of America
that say that there aren't regulations for these loans. And
(33:39):
when these things aren't regulated, not only will consumers be
taken advantage of, but some of these brands they're partnering
with will as well. So you have to be really careful.
You got to pay back your loans, pay back your loans.
Let's get into some bank and baby names in Australia
(34:01):
before we welcome Michael monks on. You cannot name your kid, Admiral.
You can't name your kid Australia. In Australia. That's illegal.
It's bad, very very bad. You can't name your kid Bishop.
I know a bishop. I love a bishop. Can't name
your kid Bishop. How terrible is that? That's illegal? You
(34:24):
cannot name your kid, of course, Adolf Hitler, I don't
think you should do that. You shouldn't do that even
if you could. Hm can't name your kid Chow Tao
or Christ. Can't name your kid g Bang or Emperor.
Cannot name your kid Facebook or Dalai Lama. Can't name
(34:44):
your kid inspector. Makes me think of Jason Lee, the
actor who did name his child inspector. That's illegal. Can't
name your kid king? I know so many kings are
all in elementary school. It's strange. It's a weird phenomenon.
The last generation. Can't name your kid Lady see Ned Kelly, Natella, Officer, Obama,
Bin Ladden, Panies or passport. And to round this out,
(35:07):
because there are eighty nine of them, but these are
a couple good ones. You can't name your kid Pope, Queen, RoboCop,
Sir Snort, Thong or Virgin little Virgin. Can't come over
this evening, Michael Monks, what's on your big show?
Speaker 5 (35:22):
You know, back in back in my day, kids were
named Michael and Tiffany, and we paid for our Taco
bell at the point of purchase.
Speaker 3 (35:28):
It is a different generation, Michael.
Speaker 5 (35:30):
Going a different time here, and that's why you and
I are on AM Radio.
Speaker 3 (35:34):
The economy. Blame the economy.
Speaker 5 (35:36):
Well, that's what we're going to talk about next hour,
the economy of Los Angeles, and we are going to
learn about the strikingly different priorities of the members of
Los Angeles City Council. Because it was some of the
most passionate comments that I have seen in the time
that I've spent at Tracy Parky All, Yeah, quite upset
about what went down with this budget. Some on the
other hand, are very happy with this budget. So we're
(35:57):
gonna go over why it's okay, why it's bad. Also,
Metro approved their budget and it's a pretty big budget,
but they are apparently listening to writers. They're making some
significant investments in areas of let's say concern, Let's clean
up some of these stations and let's make them a
little safer. That's where we're gonna get on for the
next couple of hours. And Michael Monks reports.
Speaker 3 (36:18):
Awesome, was your phone blowing up with this watch duty
app this last week? Like crazy, making you just a
nutcase like me.
Speaker 5 (36:26):
You know, I didn't see anything from it.
Speaker 3 (36:28):
I actually have not downloaded that thing. Ye mart say
that way. Oh it's crazy.
Speaker 4 (36:32):
You know that.
Speaker 5 (36:32):
I live in downtown LA and during the major wildfires
we suffered here in January, it was a lot of
us downtown. We're thinking how ironic it was that finally
we're in the safest place of Los Angeles and so
we're not really threatened by it. However, the homeless fires
are significant outside my apartment just today that I'm gonna
be talking about that as well, because it is directly
(36:54):
related to the budget debate at city Hall and how
we deal with that very issue.
Speaker 3 (36:59):
Fantastic segue. We're watching this cold Water Fire summit place
in Summit Circle and Cold Water Canyon Park. It seems
like LA fire has gotten a good handle on it. Nope,
no homes or structures seem to be threatened. So that's
a good thing that Cold Water Fire on the Watch
Duty app. Make sure you listen to Michael Monks tonight
from seven to ninety. Has a great show as always,
(37:19):
super informed and informative and just all around a great guy.
It's been a blast I'll see you here tomorrow from
two to four, so make sure you tune in same time,
well not same time, earlier time, same place, same crew. Raoul,
you'll be here back from EDC. You survived and we're
(37:40):
gonna have a great time. Happy Memorial Day weekend up
Saturdays with Tiffany and I'm Out. K if I Am
six forty live everywhere in the iHeartRadio app
Speaker 1 (37:48):
KFI AM six forty on demand
You're listening to KFI AM six forty on demand Saturdays.
Speaker 2 (00:05):
It is time to one one the week's been time
to ease my mind. Sign on my radio just inside.
Tiffany Hobbes got me feeling fun.
Speaker 3 (00:20):
Yay Saturday. Yes it is k if I AM six
forty live everywhere on the iHeartRadio APT Tiffany Hobbs here
with you until seventh Saturdays with Tiffany. And just like
we did in the first hour the top of the show,
we are going to start this second hour with another giveaway.
Speaker 4 (00:39):
Ah yay.
Speaker 3 (00:40):
This one again is to the Coach House, that premier
concert venue in Orange County. At the top of the hour,
we gave away tickets to see War and Treaty next Thursday. Well,
now's your opportunity to win tickets to see the Amy
wine House Experience next June sixth It's a tribute to
(01:03):
Amy Winehouse. If you know Amy Winehouse, you love Amy Winehouse, Raoul,
do you have any Amy Winehouse we could play so
that our listeners can remind themselves of her beautiful voice. Well,
this is a tribute to Amy and the singer is Man.
You close your eyes, you think it's her. You open
your eyes. You think it's her bar none one of
(01:24):
the best tributes to Amy Winehouse ever, and you'll be
able to earn pair, one pair each. There would be
five pairs to give away to see this Amy Winehouse Experience.
Here's one of her songs.
Speaker 4 (01:38):
When I'm call backy sing it Raoul and my daddy thinks.
Speaker 3 (01:48):
I'm fine Maybe God, what do you say? Go go
no no, no, no no no. That was the first one.
So this is the Amy Winehouse Experiences next Friday, June
and sixth, at the Coach House in San Juan Capistrano.
We have five pairs of tickets to give away to you, lucky, lucky, lucky, awesome, awesome,
(02:09):
awesome listeners. Let's take the same number as we took before,
callers one, two, three, four and five. All you need
to do is give your first and last name and
your phone number and your tickets will be available at
the will call booth. You don't have to do anything,
just take your ID. Oh it's going to be such
a good show. Oh man, love me some Amy wine House.
(02:33):
And when you go, please please please take pictures. Please
please send them and post them. Send them to my
Instagram at tiff hobbs on here. I would love to
see you enjoying yourself, send me video. I just want
to see you having a good time and know that
this was you, know that this was something special for you.
So again, you can call the phone number eight hundred
(02:54):
five to two oh one five three four eight hundred
five two oh one five three four eight hundred and
five to two to oh one five three four callers
one two oh phone lines are lighting up. Callers. We
need three four five callers, three four five. Let's get
you in so you can win a pair of tickets
(03:14):
to the Amy Winehouse Experience. The Winehouse Experience at the
Coach House in San Juan Capistrano forty fifth Anniversary Concert
Series for next Friday, June sixth, in Joy. Now, before
we get to next Friday, we have to deal with
this weekend, and as we should. It's a beautiful weekend
to memorialize those who have given their lives to make
(03:34):
sure that our country is at its best. For all
of our criticisms, for all of our concerns, this country
still is quite beautiful. It is beautiful and it has
a wonderful spirit to it. And Memorial Day weekend is
a time when we should be reflective of that and
all it took to get to this point. And there
(03:55):
are quite a few events going on around the Southland
to help you usher Memorial Day in and for you
to actually spend Memorial Day enjoying all that it can provide.
But let's say you planned to get an air BnB,
an Airbnb, no house sharing, apartment sharing rooms sharing that
(04:18):
app by now you know what it is. But did
you know Airbnb is cracking down on partying? Why you're like,
but that's why you get an Airbnb. No? Maybe before,
but because of all of the mishaps, because of all
of the issues Airbnb has experienced with those people who
(04:40):
are hosting their own accommodations, those homeowners, whatever it may be,
people have been taking advantage and they have to crack down.
And now ahead of this Memorial Day weekend, they have
instituted a ban on disruptive parties. So what's going on
started last week May nineteenth, and they have started to
(05:04):
implement their quote proprietary anti party tech knowlogy fun killers.
That's a fun way to say, or a long way
to say. They're killing the fun proprietary anti party technology
and these are for listings across the United States. What
(05:24):
are these defenses do well. The proprietary anti party technology
blocks certain bookings made over Memorial Day and the fourth
of July. So they're saying, you might try and do
this on Memorial Day weekend and we're going to block you.
You might turn around and say, well, I'll just wait
until July fourth. Nope, Airbnb said we are blocking all
(05:47):
of that. They are on to you and your craziness.
They said, although incidents of disruptive parties on Airbnb are rare,
we Airbnb are committed to working to reduce the risks
and helping hosts promote positive experiences in their homes and
local neighborhood. That came along with their press release last week.
(06:09):
So here's what we know about their anti party defenses.
How do they work well. The technology actually flags certain
booking attempts. So you go on Airbnb and you try
to book a room or a home. It's usually a
whole home or whole apartment or condo, and they consider
(06:31):
several factors to identify what could be the potential or
possibility of you throwing a disruptive party, you getting too
crazy out there. The factors include venue, so they're looking
at what you want. Are you trying to get, you know,
trying to go all out, get the five bedroom mini
(06:52):
mansion with the pool and the jacuzzi and the this
and the that, all the things that would be conducive
for a party. They're looking at the length of your stay.
Are you just booking it for Saturday night or just
for Sunday night into Memorial Day or just for the day.
They're looking at the distance, and they're looking at whether
(07:15):
or not the reservation was made last minute. All of
these factors will flag you. I hope you weren't just
trying to have a quiet weekend away, because if you were,
and you happen to book one of these accommodations, you
are going to be blocked from being able to access
that one.
Speaker 4 (07:34):
Now.
Speaker 3 (07:34):
According to this press release, the system that Airbnb is
implementing uses that criteria to determine whether or not they
should go forward with those blockages, and anyone blocked from
booking an entire home will have the ability to book
alternative accommodations on Airbnb. You just can't get that mini
(07:55):
McMansion for the weekend, They'll say, Hey, here's a small
house out somewhere else where. We don't think you'll want
to go. You can do that one, that's okay. There
are about fifty one thousand people across the country who
have been deterred from booking an entire home listed on
Airbnb since the implementation of this new policy, including twenty
(08:20):
two thousand in California, Texas and Florida, those big party states,
as you know, across both holiday weekends, so this weekend
and next weekend. And they're saying this is all to
help safeguard spaces because people are tired of it. If
you live near an Airbnb house, you know it is
(08:42):
a it's a lot. Think ghost kitchens are bad. Live
near an Airbnb house or an Airbnb condo complex, you
don't know who the people are, You hear the noise,
and there seem to be very few regulations. So maybe
don't book that Airbnb. Maybe stay home and then go
to some of these events I'm going to tell you
(09:03):
about are happening around the Southland for Memorial Day weekend.
On the other side of the break, we'll continue this conversation.
It's k I AM six forty live everywhere on the
iHeartRadio app Saturdays with Tiffany.
Speaker 1 (09:16):
You're listening to KFI AM six forty on demand.
Speaker 3 (09:21):
KFI AM six forty Live everywhere on the iHeartRadio app.
I hate talking over over this. This is so good
Saturdays with Tiffany until seven oh Man really puts you
in a just it makes you feel good this song, right,
it really does. Oh you're turning it up on me, Raoul,
don't do that. I'll just sit here and listen. I'll forget.
(09:42):
I have a show to do. I love it. Okay.
So talking about Memorial Day weekend, talking about the United States,
at USA where we all live in, there are quite
a few events going on around the Southland to help
get you out of the house and not into an
airbnb as you heard in the last but it gets
you out of the house so you can enjoy yourself
(10:03):
this weekend. So we're going to go through the list
and hopefully if you do find something you like, you
can jot it down, or of course you'll be able
to listen back to the podcast under KFI what is
it Featured segments, That's what it is that'll be up
later this evening and you'll be able to kind of
take notes on all of this in case you missed anything.
(10:23):
So to start us off, something that's going on now
through Sunday next week. Sunday next weeks is after you
go to the Coach House. After you enjoy that Amy
Winehouse experience, you can go to the past Sadena Playhouse
if you are into plays in theata, and you can
see A Dolls House Part two That is now through
(10:46):
Sunday June eighth, and it's off of Molino Avenue and
past Sidena. You can go online for more information, but
the cost is starting around forty dollars to enjoy that
A Doll's House Part two, which they say isn't actually
a part two, so you'll find out why if you go.
(11:07):
But it's a very popular play out there at the
Pasadena Playhouse now through June eighth. You can go on
the Pasadena Playhouse for more information. Let's say your plays
aren't really your thing, you're more of a TecTile person.
You like to work with your hands, and maybe ask
some kids you want to take along. Well. Tomorrow from
(11:29):
one to four pm you can take a beginner beating workshop.
How cool is that? A beginner beating workshop at Lucky Bead.
It's at the Chapter House. La in Glendale, seventeen seventy
Glendale Boulevard, and there's no real cost, but they do
(11:52):
recommend you donate maybe about ten dollars. They gotta pay
for all these beads and all that string. It's the
beginner beating workshop that Lucky Bead which is inside of
the Chapter House LA seventeen seventy Glendale Boulevard in Glendale
Tomorrow Sunday, May twenty fifth, from one to four p m.
(12:13):
How cool is that? Now you've heard Pch's back open.
It's back open. There are limited lanes and a reduced
speed limit, so you'll have to leave early for this one.
But Topanga Days is back on after the fire, starting
Yester or today going through Monday, and there are multiple
(12:34):
parking locations for this. There's actually a shuttle that will
bring you to the event, but it's in Topanga Canyon
and Topanga Days are a series of music, games, a parade, food,
food vendors like crazy and it's a little trip back
in time. It's a festival like a nineteen seventies festival,
and they're marking their fifty years in operation this year,
(12:58):
so this is Topanga Day. You can go and find
out more about that by googling to Penga Days and again,
shuttle buses will run to that particular site into Penga
Canyon and there will be different places for you to
park your car around pc H. Also, if you go
on Memorial Day, because this is today, Tomorrow and Monday,
(13:21):
if you go on Monday, there's a local indie band
or local indie singer named Ara George and she is
going to be singing America the Beautiful at the annual
flag raising. So that'll surely give you goosebumps and be
a beautiful way to spend the day. To Pega Days today,
(13:42):
Tomorrow and Monday, and it starts around thirty one dollars,
but you get a lot music, games, parade, food vendors, festival.
Have a wonderful time with that. Also, if you like
men in uniform, it's La Fleet Week, La Fleet Week.
(14:02):
I wish Kayla was here. Producer Kayla, she's out of
town with her family. Hi Kayla. But Kayla does a
podcast called Sex in the City of Angels, and one
of the things are the main thing they talk about
is Sex in the City, the TV series, which is
a favorite of mine, And there's an episode where Carrie
and the Girls go to Fleet Week in New York.
(14:22):
It's a wonderful, funny episode and you get to see
what that might look like. I don't know if it
will look like that in La, but it's worth a shot.
So you can go down to the La Harbor and
sam Pedro two fifty South Harbor Boulevard. It's free. You
love hear you love hearing that. For La Fleet Week
Now through Monday, there's a maritime expo. You can take
(14:45):
a ship tour. You can attend the Memorial Day tribute
to military heroes at the uss Iowa. I've been there.
Love that ship, and you can just enjoy all that semen,
all those semen. But just what did you? Why are
you looking at me like that? Raoul? It's a lot
of semen out there. It's wonderful. Go enjoy that, Richie?
(15:07):
Was that you?
Speaker 4 (15:09):
No?
Speaker 3 (15:11):
Why are we living? You know? There's I mean, come on,
and who doesn't like semen men in uniform? Right? Yeah? Yeah, okay,
moving along. If you like Hermosa Beach, which I do,
you can go down to Fiesta Hermosa or Fiesta Edmosa
today tomorrow and Monday. You can get a garden pass
(15:32):
for ten bucks and it's a party with an ocean
side beer garden, live performances, carnival games, food, you can
ride your bike down there. There's a free bike valet,
and there's some other fun stuff down there. So enjoy
that at Fiesta Edmosa, Fiesta her Mosa, Hermosa Beach off
of Pierre Avenue and Hermosa. That's today, Tomorrow and Friday.
(15:57):
I imagine daytime hours. Doesn't give the hour here, but
I imagine daytime hours for all of this, So enjoy
that good weather. And then there's the Garden Grove Strawberry
Festival now through Monday. Gotta love that Strawberry Festival. It's
they're sixty fifth anniversary. You can go down there and
get strawberry themed everything, costume contests, treats, strawberry shortcake. My
(16:21):
mom makes the best. There's so many things that you
can see down there. There's also a parade. The grand
marshals are actress Kate Linder and civil rights icon Sylvia Mendes,
plus lots of performances from country bands, two graduates of
the School of Rock. How cool is that?
Speaker 1 (16:42):
That is?
Speaker 3 (16:42):
The Garden Grove Strawberry festival in Garden Grove off of
Main Street. You can go too Garden Grove Strawberry Festival online.
For more details, you can google that. That is today,
tomorrow and Monday. All right, last one for now, my favorite,
saved my best for last. Hollywood Forever Cemetery, one of
(17:05):
my favorite places to go over there on Santa Monica Boulevard,
kind of in like Hollywood East Hollywood, kind of right
there on that border. Well, they are showing at the
Hollywood Forever Cemetery tomorrow night, Clueless, Clueless, Love Clueless. It's
the thirtieth anniversary Do you feel old yet? Thirtieth anniversary
(17:26):
of Clueless? Tomorrow night at Hollywood Forever Cemetery eight thirty pm,
Santa Monica Boulevard in Hollywood. Tickets are about twenty four dollars.
Lots of food trucks out there, and just enjoy watching
Clueless and feeling old. For more information about all of
these events, absolutely listen to the kfive featured segments once
(17:49):
we get that up on the podcast channel, and you'll
be able to take notes about all of this. And
I hope that whatever you do, you enjoy yourself and
always keep at the forefront of your mind, why we
are able to celebrate on this Memorial Day weekend. When
we come back, we're going to take a deep dive
into the buy now, Pay Later hysteria, the just the uptick,
(18:14):
the evolution of buy now, Pay later, Klarna, and all
these other apps that let you buy stuff and pay later.
We talk about it and why it's not doing so
well as well. On the other side of the break,
it's KFI AM six forty Live everywhere on the iHeartRadio app,
Tiffany Hobbs here with you.
Speaker 1 (18:31):
You're listening to KFI AM six forty on demand.
Speaker 3 (18:35):
KFI AM six forty Live everywhere on the iHeartRadio app
Tiffany Hobbs here with you until seven tonight, and then
Michael Monks will come aboard, and of course we will
talk to him as his show nears to find out
what's going on on his program. Now, for our deeper
Dive segment, which we do every Saturday at six thirty,
(18:58):
we are going to take a deeper dive, if you
will well, into the buy now, Pay Later phenomenon. Not new,
not new by any stretch of the imagination. We've had
buy now, Pay Later for decades honestly since the kind
of issuance of the first credit card. But it's evolved,
(19:20):
and with that evolution has come wins and of course
some pretty significant losses, mainly to the producer, to these brands,
and now as well to the consumer. So let's get
into it. Let's talk a bit about buy now, pay
later Now again. The concept is not new, but it
(19:41):
has in fact transformed retail and the financial landscape. Okay,
it offers options for people who may not be able
to pay up front, and it's an alternative to traditional credit.
If you don't want to get a credit card, and
we all know what debt is connected to increasing your credit,
(20:03):
then perhaps buy now, pay later is a more attractive
option for you. The idea of deferred payment not new.
Said that not new, but the modern incarnation of the
buy now, pay later model has evolved with the integration
of tech knowlogy. Like with anything else, technology has both
(20:24):
made things easier and has also complicated ways in which
we live. The roots of buy now, pay later can
be traced back to lay Away. Remember lay Away. I
remember lay Away growing up and seeing those big Layoway
signs in the back of kmart or in the back
of the store seers or something to that effect, and
(20:46):
you knew that you could find whatever your product was
and you could pay in installments. That's what Layoway allowed
you to do. It's back in the nineteen hundreds, right
back when we were kids. You got Layoway, pay a
deposit and then you would complete that payment in installments
and receiving the product only after you had made full payment.
(21:10):
If you didn't pay in full at the end of
this installment arrangement, you didn't get the jacket, you didn't
get the washing machine, whatever it is. By contrast contrast
to lay Away, there were these things called installment plans.
You might have seen them at a Sears in Roebuck
as they moved away from Layoway. And installment plans offered
(21:33):
by these stores provided the goods upfront with a promise
of payment over time. Lay Away you got your goods
at the end. Installment you got them up front as
long as you promise to pay. Both quite complicated and
not always a good option. And then, of course you
(21:54):
have the credit card era, which really started again around
the nineteen fifties, but it did revolutionize consumer finance. Credit
cards offered more flexible forms of deferred payment. They let
customers purchase goods immediately and pay back the credit card
over time, felt like and still does today, free money
(22:17):
for those who don't understand how credit cards work anyway,
especially when you think about those younger consumers or financially
illiterate folks who take on credit card debt because they
think it's just you're able to spend all willy nilly
at nauseum, not understanding interest and how that could affect
(22:38):
your credit score. Also, you have annual fees and other
things that the buy now pay later system, the modern
system aims to circumvent. So with the rise of modern
buy now, pay later, you have that technology which ushered
in a completely new wave of what the buy now,
(23:01):
pay later model could be. Like companies like Klarna, which
I mentioned after Pay Affirm. All of these companies were
founded in the twenty tens and they reimagined buy now,
pay later for the online shopping era. They wanted to
focus on you buying things online, and as they succeeded,
(23:26):
it was in tandem with online shopping platforms like your
Amazon or wherever else you might be buying online and
after pay Klarna Affirm. These buy now pay later apps
offered what was considered to be simple, interest free installment
plans which were paid back in a short period of time,
(23:48):
usually in installments over six weeks. You pay a bit
of money the first two weeks, the next bit the
second two weeks, and then the final balance the third
two weeks. This model super attractive to young people because
if you have a twenty dollars item, you could break
it down into installments. You just do some modern division,
(24:09):
some easy division. If you hopefully didn't come out of LAUSD,
but you do some division, and you can find out
what your payment is, and it was more attractive than
paying the full amount up front. Technology has always been
a catalyst for change, and with the buy now, Pay
later system, it absolutely is that vehicle financial technology has
(24:31):
played a role in how buy now pay later systems
and apps have risen and how quickly they've integrated with
online retailers. So you have these stores that weren't formally
involved in the buy now, Pay later system, and yet
you look today and you see that same store offering
the buy now, pay later option. You might see a
(24:54):
Klarna poster or an afterpay or whatever. The other website
is some sort of Insignia there to let you know
that you could pay later now. These stores formed partnerships
with Klarna after Pay, a firm, and those partnerships do
(25:15):
in fact benefit both parties. Retailers seemore spending, of course,
of course, and the buy now, pay later apps see
more participation. And as those services grew, as people were
more attracted to buy now, pay later, here come the
concerns because it's not free. What are the consequences of
(25:38):
buy now, pay later consumer debt? Because you're just buy now,
pay later everything. You're just over here. You have this account,
you have this jacket, you have these shoes, you got
that refrigerator, you got this over here for your car,
this for your kid, these tickets to this concert. Everything
seems to be allowed to be paid in installments through
(25:59):
these apps. So there's consumer debt. There's also a lack
of transparency in terms and conditions. People don't fully know
what they're signing up for, and like with things that
involve financial literacy, a big risk is overspending. People again
(26:20):
think that they can just rack up, rack up, rack up,
rack up, because five dollars here, seven dollars there, twenty
bucks there, doesn't seem a lot until you have so
many of these working concurrently against the consumer, and then
you have hundreds and hundreds, if not thousands of dollars
that are being withdrawn or needing to be paid monthly
in these installment packages and arrangements, and people simply can't
(26:43):
keep up. Know when it got really bad COVID, everyone
was at home. They were at home, and what were
they doing? Shopping online? We all were shopping online because
we were too scared to go to the store. Didn't
want to stand in line outside and wait for the
way in which people were organized to enter a store,
(27:05):
So we shopped online for our goods. And as online
shopping surged, so did the buy now, pay later options.
People were all in now, buy now, pay later could
be great if you use it right, but what happens
when you don't pay it back? And why now all
(27:28):
of a sudden, now are people struggling to repay their
by now, pay later loans. I'll tell you the rest
of this story in our Deeper Dive segment when we
come back, and and I'll have toward the end of
the show an interesting list of illegal baby names banned
(27:49):
in Australia. Yes, you can't name your baby these I
think eighty nine names in Australia or you will be jailed, imprisoned.
It's terrible, won't overall eighty nine, but we'll talk about
a few on the other side. K if I Am
six forty Live Everywhere on the iHeartRadio Apptifney Hobs here
with you.
Speaker 1 (28:07):
You're listening to KFI Am six forty on demand.
Speaker 3 (28:11):
I love Bellio so much, so great, So we're talking
about buy now, Pay later k if I Am six
forty Live Everywhere on the iHeart Radio app Tifney Hobs
here with you for one final segment before we turn
it over to Michael Monks. And money money. Money is
what we make and money money money is what we
quickly spend. And a lot of people are taking to
these buy now, pay later apps Klarna after pay things
(28:35):
like this to offset the immediate cost of their purchase
for whatever it is they're trying to get anything from
now food like at fast food restaurants. Yes, you can
do buy now pay later at your local likely fast
food restaurant, to grocery shopping, to clothes and other personal
(28:57):
goods to big consumer ticket items. All of these things,
uh plane tickets, concert tickets, all these sorts of things
are available using the buy now, pay later option, but unfortunately,
while it can be a good thing if you use
it right, a lot of people are just not They're
(29:18):
they're taking out these buy now, pay later loans because
that's what they are, and people don't really see them
as such, and they're not paying them back. That's a huge,
huge problem. And after pay Klarna affirm the Big Three,
they all say that this is affecting them greatly, so
(29:39):
more Klarna customers, specifically the Klarna app, are having trouble
repaying those loans, and they said that this disclosure. This
discovery corresponds with reports from lending platform platforms bank Rate
and lending Tree which cite an increased share of buy now,
pay later you US who admit they have fallen behind
(30:03):
on payments. Fallen behind on payments. These later missed payments
altogether are what is considered as to be a sign
of the faltering financial health amongst the US population, which
directly contributes to our trillion dollars of debt. Shoppers who
(30:23):
are opting to use by now pay later services, they
tend to be younger, surprise, surprise, they tend to be female. Surprise, surprise.
Don't point your finger over here, Raoul and kind of
gesture that way toward me.
Speaker 1 (30:38):
Uh.
Speaker 3 (30:39):
And then they also happen to be of all income levels.
Speaker 4 (30:42):
Raoul.
Speaker 3 (30:43):
No, that's what we were saying. I was like, who
does that? And then you said it. Uh, well, there
you go, happy to validate your misogyny back there in
that booth. Now, while b buy Now, Pay Later does
provide credit to financially vulnerable consumers, there are those consumers
who are likely over extending themselves, and that over extension
(31:06):
comes with quite a few negative consequences. Previous research has
shown that consumers spend more when buy now, pay Later
is offered. So if it's an option on that five
hundred dollars ticket item, people are gonna take it because
who wants to see five hundred dollars dip out of
their account in the snap of a finger. I don't
(31:29):
even if you have it, You don't want to. You
just don't want to part with your money. And they say,
what is a fool as soon parted with their money.
None of us want to be fools. We want to
be wise. But it just feels like in this economy,
any any amount just feels risky. So the higher you get,
the more kind of anxiety might rise for a lot
of the population. As it says here, all income levels
(31:51):
are adopting by now pay later. So did you have
the option of delaying it for a bit, breaking it
up into installments that is attractive. I've used it, I
absolutely have, but I pay it off. Did you buy
a two hundred dollars la booboo and the night's still young?
My friends? Okay, you might see that here at tomorrow, right,
(32:12):
you know what, I absolutely can see people, especially kids
doing that. Right, Kids now have their credit cards, they
have their debit cards, and have a debit card until
I was in college, but kids do and they're just
using their money. They have discretionary income and buy now,
pay later is an easy way to just use some
of that allowance money, right, But you have to pay
(32:34):
it back. Many consumers are not. Right now, these buy now,
pay later loans or zero interests, they don't require credit checks,
even a soft credit check. But they're saying this could change,
This could change. Klarna announced a door a partnership with
door Dash, the food delivery app, in March, just a
(32:56):
couple months ago, and That news led to online comments
about Americans taking out loans to buy takeout food. People
are like, come on, is there no standard here? And
because of that, they're saying, this is indicative of a
huge problem that even if you have the money, you
don't even want to spend it. So you're willing to
take out a loan because you think the loan is
(33:18):
pretty risk adverse. You think it's not going to really
cause you any issue. But there are huge risks to
taking out these loans. So here are some of the risks.
There are watchdog organizations, including the Consumer Federation of America
that say that there aren't regulations for these loans. And
(33:39):
when these things aren't regulated, not only will consumers be
taken advantage of, but some of these brands they're partnering
with will as well. So you have to be really careful.
You got to pay back your loans, pay back your loans.
Let's get into some bank and baby names in Australia
(34:01):
before we welcome Michael monks on. You cannot name your kid, Admiral.
You can't name your kid Australia. In Australia. That's illegal.
It's bad, very very bad. You can't name your kid Bishop.
I know a bishop. I love a bishop. Can't name
your kid Bishop. How terrible is that? That's illegal? You
(34:24):
cannot name your kid, of course, Adolf Hitler, I don't
think you should do that. You shouldn't do that even
if you could. Hm can't name your kid Chow Tao
or Christ. Can't name your kid g Bang or Emperor.
Cannot name your kid Facebook or Dalai Lama. Can't name
(34:44):
your kid inspector. Makes me think of Jason Lee, the
actor who did name his child inspector. That's illegal. Can't
name your kid king? I know so many kings are
all in elementary school. It's strange. It's a weird phenomenon.
The last generation. Can't name your kid Lady see Ned Kelly, Natella, Officer, Obama,
Bin Ladden, Panies or passport. And to round this out,
(35:07):
because there are eighty nine of them, but these are
a couple good ones. You can't name your kid Pope, Queen, RoboCop,
Sir Snort, Thong or Virgin little Virgin. Can't come over
this evening, Michael Monks, what's on your big show?
Speaker 5 (35:22):
You know, back in back in my day, kids were
named Michael and Tiffany, and we paid for our Taco
bell at the point of purchase.
Speaker 3 (35:28):
It is a different generation, Michael.
Speaker 5 (35:30):
Going a different time here, and that's why you and
I are on AM Radio.
Speaker 3 (35:34):
The economy. Blame the economy.
Speaker 5 (35:36):
Well, that's what we're going to talk about next hour,
the economy of Los Angeles, and we are going to
learn about the strikingly different priorities of the members of
Los Angeles City Council. Because it was some of the
most passionate comments that I have seen in the time
that I've spent at Tracy Parky All, Yeah, quite upset
about what went down with this budget. Some on the
other hand, are very happy with this budget. So we're
(35:57):
gonna go over why it's okay, why it's bad. Also,
Metro approved their budget and it's a pretty big budget,
but they are apparently listening to writers. They're making some
significant investments in areas of let's say concern, Let's clean
up some of these stations and let's make them a
little safer. That's where we're gonna get on for the
next couple of hours. And Michael Monks reports.
Speaker 3 (36:18):
Awesome, was your phone blowing up with this watch duty
app this last week? Like crazy, making you just a
nutcase like me.
Speaker 5 (36:26):
You know, I didn't see anything from it.
Speaker 3 (36:28):
I actually have not downloaded that thing. Ye mart say
that way. Oh it's crazy.
Speaker 4 (36:32):
You know that.
Speaker 5 (36:32):
I live in downtown LA and during the major wildfires
we suffered here in January, it was a lot of
us downtown. We're thinking how ironic it was that finally
we're in the safest place of Los Angeles and so
we're not really threatened by it. However, the homeless fires
are significant outside my apartment just today that I'm gonna
be talking about that as well, because it is directly
(36:54):
related to the budget debate at city Hall and how
we deal with that very issue.
Speaker 3 (36:59):
Fantastic segue. We're watching this cold Water Fire summit place
in Summit Circle and Cold Water Canyon Park. It seems
like LA fire has gotten a good handle on it. Nope,
no homes or structures seem to be threatened. So that's
a good thing that Cold Water Fire on the Watch
Duty app. Make sure you listen to Michael Monks tonight
from seven to ninety. Has a great show as always,
(37:19):
super informed and informative and just all around a great guy.
It's been a blast I'll see you here tomorrow from
two to four, so make sure you tune in same time,
well not same time, earlier time, same place, same crew. Raoul,
you'll be here back from EDC. You survived and we're
(37:40):
gonna have a great time. Happy Memorial Day weekend up
Saturdays with Tiffany and I'm Out. K if I Am
six forty live everywhere in the iHeartRadio app
Speaker 1 (37:48):
KFI AM six forty on demand
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