[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:01.38,0:00:03.66,Default,,0000,0000,0000,,- So one thing to think\Nabout as you think about
Dialogue: 0,0:00:03.66,0:00:07.29,Default,,0000,0000,0000,,your own financial literacy is\Nwhat do you do in a situation
Dialogue: 0,0:00:07.29,0:00:10.29,Default,,0000,0000,0000,,where you try to interact\Nwith some type of a business
Dialogue: 0,0:00:10.29,0:00:13.62,Default,,0000,0000,0000,,or a financial institution\Nand they either are
Dialogue: 0,0:00:13.62,0:00:16.53,Default,,0000,0000,0000,,misinforming you in some\Nway or they're not doing
Dialogue: 0,0:00:16.53,0:00:17.76,Default,,0000,0000,0000,,what they said they would do?
Dialogue: 0,0:00:17.76,0:00:22.23,Default,,0000,0000,0000,,For example, let's say that\Nyou buy something online
Dialogue: 0,0:00:22.23,0:00:25.62,Default,,0000,0000,0000,,and you give the payment,\Nyou give the credit card,
Dialogue: 0,0:00:25.62,0:00:26.85,Default,,0000,0000,0000,,and they take the money from you
Dialogue: 0,0:00:26.85,0:00:28.62,Default,,0000,0000,0000,,but they don't send you what you thought
Dialogue: 0,0:00:28.62,0:00:29.82,Default,,0000,0000,0000,,they were going to send you.
Dialogue: 0,0:00:29.82,0:00:33.09,Default,,0000,0000,0000,,Or let's say you buy a product\Nand it breaks immediately
Dialogue: 0,0:00:33.09,0:00:34.80,Default,,0000,0000,0000,,and maybe it's still in warranty,
Dialogue: 0,0:00:34.80,0:00:36.54,Default,,0000,0000,0000,,but they don't really fix that.
Dialogue: 0,0:00:36.54,0:00:38.25,Default,,0000,0000,0000,,Who could you turn to?
Dialogue: 0,0:00:38.25,0:00:41.46,Default,,0000,0000,0000,,Well, the main entity in\Nthe United States for that
Dialogue: 0,0:00:41.46,0:00:43.17,Default,,0000,0000,0000,,is known as the Better Business Bureau,
Dialogue: 0,0:00:43.17,0:00:45.15,Default,,0000,0000,0000,,sometimes BBB for short.
Dialogue: 0,0:00:45.15,0:00:47.94,Default,,0000,0000,0000,,And it's actually an\Nindependent not-for-profit
Dialogue: 0,0:00:47.94,0:00:50.16,Default,,0000,0000,0000,,but it exists for this exact reason.
Dialogue: 0,0:00:50.16,0:00:53.37,Default,,0000,0000,0000,,If there's a business\Nthat you think is doing
Dialogue: 0,0:00:53.37,0:00:55.02,Default,,0000,0000,0000,,not so great business practices,
Dialogue: 0,0:00:55.02,0:00:58.38,Default,,0000,0000,0000,,you can file a complaint with\Nthe Better Business Bureau
Dialogue: 0,0:00:58.38,0:01:00.96,Default,,0000,0000,0000,,and they actually will log that complaint
Dialogue: 0,0:01:00.96,0:01:05.04,Default,,0000,0000,0000,,and they keep track the\Nsame way that businesses
Dialogue: 0,0:01:05.04,0:01:08.52,Default,,0000,0000,0000,,or financial institutions keep\Ntrack of your credit score.
Dialogue: 0,0:01:08.52,0:01:11.04,Default,,0000,0000,0000,,The Better Business Bureau\Nkeeps scores or ratings
Dialogue: 0,0:01:11.04,0:01:14.49,Default,,0000,0000,0000,,for businesses on how good\Ntheir business practices are.
Dialogue: 0,0:01:14.49,0:01:17.37,Default,,0000,0000,0000,,And it's somewhat\Nmeasured by the complaints
Dialogue: 0,0:01:17.37,0:01:19.47,Default,,0000,0000,0000,,that people are putting\Nin on that business
Dialogue: 0,0:01:19.47,0:01:23.91,Default,,0000,0000,0000,,and to what degree those\Ncomplaints are actually legitimate.
Dialogue: 0,0:01:23.91,0:01:26.28,Default,,0000,0000,0000,,Now, it's not just about buying a product
Dialogue: 0,0:01:26.28,0:01:29.07,Default,,0000,0000,0000,,or whether someone fixes\Na product or warranty,
Dialogue: 0,0:01:29.07,0:01:31.80,Default,,0000,0000,0000,,there's also situations\Nwhere people might use
Dialogue: 0,0:01:31.80,0:01:35.04,Default,,0000,0000,0000,,misinformation or maybe\Nnot complete information
Dialogue: 0,0:01:35.04,0:01:37.38,Default,,0000,0000,0000,,or not complete education\Nto take advantage
Dialogue: 0,0:01:37.38,0:01:39.27,Default,,0000,0000,0000,,of you the consumer.
Dialogue: 0,0:01:39.27,0:01:42.24,Default,,0000,0000,0000,,There's a lot of situations\Nif you go back into actually
Dialogue: 0,0:01:42.24,0:01:45.27,Default,,0000,0000,0000,,just world history where\Nespecially financial institutions
Dialogue: 0,0:01:45.27,0:01:47.28,Default,,0000,0000,0000,,say, hey, give us a\Nlittle bit of this money
Dialogue: 0,0:01:47.28,0:01:49.08,Default,,0000,0000,0000,,and we'll invest it in really good ways
Dialogue: 0,0:01:49.08,0:01:50.94,Default,,0000,0000,0000,,and it's gonna come out really well,
Dialogue: 0,0:01:50.94,0:01:53.16,Default,,0000,0000,0000,,or we'll give you this loan
Dialogue: 0,0:01:53.16,0:01:55.14,Default,,0000,0000,0000,,and there's no strings attached,
Dialogue: 0,0:01:55.14,0:01:56.64,Default,,0000,0000,0000,,but maybe there are some strings attached.
Dialogue: 0,0:01:56.64,0:01:58.83,Default,,0000,0000,0000,,Or maybe it was a more of\Na loan than you realized
Dialogue: 0,0:01:58.83,0:01:59.66,Default,,0000,0000,0000,,you were getting into,
Dialogue: 0,0:01:59.66,0:02:01.44,Default,,0000,0000,0000,,or there's certain aspects of the loan
Dialogue: 0,0:02:01.44,0:02:03.60,Default,,0000,0000,0000,,that might get you in trouble.
Dialogue: 0,0:02:03.60,0:02:06.42,Default,,0000,0000,0000,,And to help prevent that\Nthere is a federal agency
Dialogue: 0,0:02:06.42,0:02:08.52,Default,,0000,0000,0000,,called the Consumer\NFinancial Protection Board.
Dialogue: 0,0:02:08.52,0:02:11.46,Default,,0000,0000,0000,,It came out of the banking crisis of 2011,
Dialogue: 0,0:02:11.46,0:02:15.21,Default,,0000,0000,0000,,when there were a lot of\Nfolks who were kind of
Dialogue: 0,0:02:15.21,0:02:17.40,Default,,0000,0000,0000,,not given all the details\Nor maybe didn't have all
Dialogue: 0,0:02:17.40,0:02:19.95,Default,,0000,0000,0000,,of the necessary information\Nto make a decision
Dialogue: 0,0:02:19.95,0:02:21.27,Default,,0000,0000,0000,,about taking out a big loan
Dialogue: 0,0:02:21.27,0:02:24.15,Default,,0000,0000,0000,,or maybe the interest rate will\Nchange dramatically, go up.
Dialogue: 0,0:02:24.15,0:02:26.07,Default,,0000,0000,0000,,They didn't realize the\Nrisks that were involved
Dialogue: 0,0:02:26.07,0:02:28.95,Default,,0000,0000,0000,,of taking out a big loan for an asset
Dialogue: 0,0:02:28.95,0:02:30.57,Default,,0000,0000,0000,,that was very speculative.
Dialogue: 0,0:02:30.57,0:02:32.97,Default,,0000,0000,0000,,Maybe the price of that\Nmight go down like a house
Dialogue: 0,0:02:32.97,0:02:34.92,Default,,0000,0000,0000,,in an area where the housing prices
Dialogue: 0,0:02:34.92,0:02:35.97,Default,,0000,0000,0000,,have just gone up a lot.
Dialogue: 0,0:02:35.97,0:02:39.48,Default,,0000,0000,0000,,And more extreme examples\Nthere's things like payday loans
Dialogue: 0,0:02:39.48,0:02:42.18,Default,,0000,0000,0000,,where fairly vulnerable folks\Nmight go into these loans
Dialogue: 0,0:02:42.18,0:02:45.00,Default,,0000,0000,0000,,not understanding the interest involved
Dialogue: 0,0:02:45.00,0:02:49.20,Default,,0000,0000,0000,,which is ginormous, to\Nuse a technical word.
Dialogue: 0,0:02:49.20,0:02:51.54,Default,,0000,0000,0000,,So that's what the Consumer\NFinancial Protection Board does
Dialogue: 0,0:02:51.54,0:02:53.85,Default,,0000,0000,0000,,is to make sure that folks are informed,
Dialogue: 0,0:02:53.85,0:02:55.71,Default,,0000,0000,0000,,that people aren't doing misinformation
Dialogue: 0,0:02:55.71,0:03:00.15,Default,,0000,0000,0000,,or taking advantage of\Npeople's lack of knowledge.
Dialogue: 0,0:03:00.15,0:03:02.55,Default,,0000,0000,0000,,Now, those are the two big\Nones on a federal level,
Dialogue: 0,0:03:02.55,0:03:04.74,Default,,0000,0000,0000,,but there's also going to be other groups.
Dialogue: 0,0:03:04.74,0:03:07.83,Default,,0000,0000,0000,,There's groups that help\Nmonitor the types of securities
Dialogue: 0,0:03:07.83,0:03:08.67,Default,,0000,0000,0000,,that might get issued.
Dialogue: 0,0:03:08.67,0:03:09.84,Default,,0000,0000,0000,,You might say, well, what's a security?
Dialogue: 0,0:03:09.84,0:03:12.03,Default,,0000,0000,0000,,Well, it's things like a stock or a bond.
Dialogue: 0,0:03:12.03,0:03:14.61,Default,,0000,0000,0000,,And as you can imagine,\Nif there's some kind of
Dialogue: 0,0:03:14.61,0:03:17.10,Default,,0000,0000,0000,,shady company that really\Nhas nothing behind it
Dialogue: 0,0:03:17.10,0:03:18.54,Default,,0000,0000,0000,,but says, hey, here's some shares
Dialogue: 0,0:03:18.54,0:03:20.67,Default,,0000,0000,0000,,and these shares are\Nin the newest hot thing
Dialogue: 0,0:03:20.67,0:03:23.37,Default,,0000,0000,0000,,like it's artificial\Nintelligence, biotech,
Dialogue: 0,0:03:23.37,0:03:25.47,Default,,0000,0000,0000,,whatever, whatever, a\Nlot of people might say,
Dialogue: 0,0:03:25.47,0:03:27.39,Default,,0000,0000,0000,,oh, I'm just gonna buy those\Nshares without realizing
Dialogue: 0,0:03:27.39,0:03:28.71,Default,,0000,0000,0000,,there's no company behind it.
Dialogue: 0,0:03:28.71,0:03:31.65,Default,,0000,0000,0000,,And so you also have groups that regulate
Dialogue: 0,0:03:31.65,0:03:33.06,Default,,0000,0000,0000,,things like securities.
Dialogue: 0,0:03:33.06,0:03:35.64,Default,,0000,0000,0000,,You have groups that regulate\Nespecially at a state level,
Dialogue: 0,0:03:35.64,0:03:37.08,Default,,0000,0000,0000,,insurance.
Dialogue: 0,0:03:37.08,0:03:38.67,Default,,0000,0000,0000,,It's one thing for someone\Nto say they're going
Dialogue: 0,0:03:38.67,0:03:40.74,Default,,0000,0000,0000,,to insure you and collect your premium,
Dialogue: 0,0:03:40.74,0:03:43.02,Default,,0000,0000,0000,,but when the bad thing actually happens
Dialogue: 0,0:03:43.02,0:03:45.39,Default,,0000,0000,0000,,and you need to get the the payout,
Dialogue: 0,0:03:45.39,0:03:47.04,Default,,0000,0000,0000,,are they going to be there for you?
Dialogue: 0,0:03:47.04,0:03:49.53,Default,,0000,0000,0000,,That's why insurance is\Npretty regulated to make sure
Dialogue: 0,0:03:49.53,0:03:51.45,Default,,0000,0000,0000,,that the people who say\Nthey're offering insurance
Dialogue: 0,0:03:51.45,0:03:53.28,Default,,0000,0000,0000,,are actually good for it.
Dialogue: 0,0:03:53.28,0:03:56.34,Default,,0000,0000,0000,,So you need to be wary,\Nyou need to be careful,
Dialogue: 0,0:03:56.34,0:03:57.87,Default,,0000,0000,0000,,but you should also be conscientious
Dialogue: 0,0:03:57.87,0:03:59.97,Default,,0000,0000,0000,,that there are entities out there
Dialogue: 0,0:03:59.97,0:04:03.06,Default,,0000,0000,0000,,that are there to help\Ninform and protect you.