I believe that most Americans are unaware of the coming economic depression. Too many have their head in the sand. I have tried to discuss this issue with some family members and friends and get this look from them like they think I am just a negative person.
This is like an avalanche or a volcanic eruption that starts at the top of a very high mountain and we are all at the bottom of this massive mountain. We can see and hear the rumblings of the avalanche and see the blast of the volcanic eruption from far away.
At first everybody thinks we have time or we will be fine since we say there has never been an avalanche to destroy us down here or we are so far away this could never hurt by the volcano and then it does and it will be too late for most.
Fannie Mae and Freddie Mac already have been, again, selling off their under-performing and non-performing mortgage paper to hedge fund investors, just like the previous debacle. Now these properties will become the properties of the mega wealthy again when the defaults are complete. This is the result of Clinton’s September and November 1999 legislation signed into law lowering the qualifications to obtain obscenely ridiculous loans for people that should have never been approved for such steep mortgages and overturning Glass-Steagall Act of 1933 so that nothing would stand in the way of limiting or separating the shenanigans of commercial banks and investment banks from sleight of hand tactics.
Again, for the second time in 15 years, these devils will acquire more of the real estate in this country and control all property values by snatching significant markets and units. The hand that rocks the cradle.
By giving mortgages to people who could not manage the debt, these conspiratorial ne’er-do-wells guaranteed their ultimate control of the huge traunches of defaults once they pulled the rug out from under us. That’s why they had to repeal Glass-Steagall so they could dip their sticky fingers into markets that they were previously forbidden to consume.
Michael - - It was announced yesterday, 24 Feb, that the Walton family that owns Walmart were selling off huge amounts of shares. Each of four siblings sold off $1.5 Billion worth of shares last week.
What do together know and why are they offloading shares if the company is doing so well ?
Maybe when the stock market crashes...they will all crash. Several of our wealthy clients are purchasing art, land, condos, jewelry, precious metals, etc to get rid of stocks and cash.
It's not just the real estate market swirling the bowl. A number of elites are selling off large amounts of their own companies' stocks:
Mark Zuckerberg, Jamie Dimon, Bill Gates, Jeff Bezos and now the Walton family (Walmart). What do they know that we don't? I watched Juan Williams on FOX News last night talking about how awesome the economy is. That clip won't age well.
Banks are also on the verge of disaster. I haven't been able to sign on to my bank this morning. Hmmmm.
They are part of the group holding the keys to death and hell and they have controlling interest in every Wall Street market. When they sell off enough, the rest of the lower rung traders go belly up, then they buy everything up for pennies on the dollar like they did in London at the end of the French Revolution and the 1929 stock market crash, for instance.
As usual Michael lays down some uncomfortable truths but omits some facts as well. First the “painfully high interest rates” are normal interest rates but they seem painful after a decade and a half of ZIRP. And the layoffs at google are probably do nothing jobs like marketing and HR. That doesn’t make it less painful for the unemployed but it’s reality.
The interest rates may be at what was once historical norms, I agree, but look at the massively bloated prices of homes. Amortize $750,000 at 1.5% and at 7.5% and note the difference over a 30-year term. The monthly payment is several thousand dollars less at 1.5%. That’s how they turned buyers into suckers. It’s a Ponzi scheme. “They” control all the levers.
I agree that prices need to come down one way or another….rent too. Rents in ordinary cities and towns are now where they were in San Francisco and New York a few years ago and in the first tier higher cost cities rents are in the stratosphere. The reason for lowering interest rates in the first place was to make houses more affordable and to prolong the housing boom for boomers. Look how it has turned out!
Thank you for the current rundown of things financial. I realize the economy is a mess and getting worse. I know home price are relatively high these days, but the mortgage rates, historically, are not high, just uncomfortable. Maybe first time buyers are reaching too high and have too many outstanding bills or loans. My first mortgage, on a two family, was over 11% (1981). My second home, bought about 5 years later, was bought with a 15% loan, which I ditched a year later for a 12% variable. Of course, interest rates on savings were higher then. I had IRA CDs that paid 12-15%. I refinanced that home again (and saved the savings). There is something to be said for using a bit of common sense in things financial.
My parents built on owned land in the late 1980s for $87k at 12%.
Now around here the SMALLEST houses are $500k+ for 7%+ and build cost alone is 300k+. A nice house that was 300k back then is almost $1 million now, and much more cheaply constructed.
The rate is a little more than half what I grew up with, but the home price is up 3-5x.
My household income exceeds $200k (2 earners), we own one of those small houses worth ~$500k, we do not waste money on eating out or luxury vacations or frivolities, and a better home would cost us AT LEAST $1,000/month more.
We're fine, and could get by on the single larger income if we had to. But moving out of our starter home seems to be... well, a non-starter! This is the first time I know where saving 30k+ a year is basically useless because we need another 300k to keep costs affordable (we refuse to be over-leveraged, if we can help it) Even with home equity and savings we may be 5-10 years away (and then further as we would be too old for a 30 year...)
We are the LUCKY ONES, and feel stuck. I honestly do not understand how 'average' people can afford to live around here.
Certainly, nobody is making things easier for most of us. As the Rolling Stones said: "You can't always get what you want, but if you try some time, you will find that you get what you need." Stand proud because you have done just that. Be proud that you have the good sense to exercise financial responsibility. Too many can't seem to even save a nickel. I will never make it into a mansion, but I'm comfortable and owe nobody.
The tough thing for us is that if we want to foster most kids come as sibling groups, and you can't mix genders.
3BR small house with 1.40 WFH between us including one full time WFH. We have to sleep somewhere, and wife won't let me make the living room a bedroom. So one room means at most 2 kids same sex/gender due to law here. Getting older and would need to make a move soon but I see no rational move to be made. There is also risk as we age that income could drop - we feel good about our jobs, but there are no guarantees in life. I know I'm done with injections (went along with one J&J, voluntarily, but was a hell no on playing booster roulette). I don't necessarily *want* to be but I can no longer trust the people pushing them, and probably never will again. Actual disease is seeming less and less scary than our diseased society!
The DC Swamp, supported by the Fed, will try to keep this big fat piggy afloat as long as they can, especially since this is another election year believed to be real. There is still a few trillion in electronic pesos to be spent from the recent Fed helo drop hiding in accounts. At some point, the pigeons will come home to roost.
It's a shame about Walmart losing stores, especially for the poverty stricken employees. But Walmart.com's business is booming. I'd bet that Walmart.com is using robotic means to fulfill package shipping. I know their customer service is already AI.
Automobiles made the horse and buggy go away. Refrigerators made the ice truck go away. Markets made milkmen go away. AI and online sales are making just about every other job go away.
Damned if I know. I'm just a simple homeowner and landlord. Glad I never went into politics because then I'd have to decide which kind of dirty I want to get turned into.
Although UBI testing has been successful, and drugs will take care of the class of people willing to do drugs. And now that you mention it, maybe vijjagames would keep the masses off the street and not eating the rich. Again, I'm glad these aren't ever going to be up to me.
All by design. Problem, reaction, solution. People panic in an economic crisis and those fools will be crying Govern Me Harder Daddy, soon enough, as everything finally collapses from decades of systemic rot. And there will be a ready made "fix" for the elite scum to swoop in and push.
Just another way to push for the open-air Great Reset digital prison, because the climate hysteria isn't getting nearly the traction that the virus hysteria did (my theory: they need to manufacture an IMMEDIATE crisis to get all the lemmings to run off the cliff).
I believe that most Americans are unaware of the coming economic depression. Too many have their head in the sand. I have tried to discuss this issue with some family members and friends and get this look from them like they think I am just a negative person.
Same here
Same here. They tell me to stop listening to social media! Pretty sure investment news was always around….
This is like an avalanche or a volcanic eruption that starts at the top of a very high mountain and we are all at the bottom of this massive mountain. We can see and hear the rumblings of the avalanche and see the blast of the volcanic eruption from far away.
At first everybody thinks we have time or we will be fine since we say there has never been an avalanche to destroy us down here or we are so far away this could never hurt by the volcano and then it does and it will be too late for most.
Fannie Mae and Freddie Mac already have been, again, selling off their under-performing and non-performing mortgage paper to hedge fund investors, just like the previous debacle. Now these properties will become the properties of the mega wealthy again when the defaults are complete. This is the result of Clinton’s September and November 1999 legislation signed into law lowering the qualifications to obtain obscenely ridiculous loans for people that should have never been approved for such steep mortgages and overturning Glass-Steagall Act of 1933 so that nothing would stand in the way of limiting or separating the shenanigans of commercial banks and investment banks from sleight of hand tactics.
Again, for the second time in 15 years, these devils will acquire more of the real estate in this country and control all property values by snatching significant markets and units. The hand that rocks the cradle.
By giving mortgages to people who could not manage the debt, these conspiratorial ne’er-do-wells guaranteed their ultimate control of the huge traunches of defaults once they pulled the rug out from under us. That’s why they had to repeal Glass-Steagall so they could dip their sticky fingers into markets that they were previously forbidden to consume.
Michael - - It was announced yesterday, 24 Feb, that the Walton family that owns Walmart were selling off huge amounts of shares. Each of four siblings sold off $1.5 Billion worth of shares last week.
What do together know and why are they offloading shares if the company is doing so well ?
Maybe when the stock market crashes...they will all crash. Several of our wealthy clients are purchasing art, land, condos, jewelry, precious metals, etc to get rid of stocks and cash.
Maybe they know that human serving entities are being attacked ?
It's not just the real estate market swirling the bowl. A number of elites are selling off large amounts of their own companies' stocks:
Mark Zuckerberg, Jamie Dimon, Bill Gates, Jeff Bezos and now the Walton family (Walmart). What do they know that we don't? I watched Juan Williams on FOX News last night talking about how awesome the economy is. That clip won't age well.
Banks are also on the verge of disaster. I haven't been able to sign on to my bank this morning. Hmmmm.
It might be an interesting week.
They are part of the group holding the keys to death and hell and they have controlling interest in every Wall Street market. When they sell off enough, the rest of the lower rung traders go belly up, then they buy everything up for pennies on the dollar like they did in London at the end of the French Revolution and the 1929 stock market crash, for instance.
Absolutely. And thus they will become richer while destroying the middle class.
As usual Michael lays down some uncomfortable truths but omits some facts as well. First the “painfully high interest rates” are normal interest rates but they seem painful after a decade and a half of ZIRP. And the layoffs at google are probably do nothing jobs like marketing and HR. That doesn’t make it less painful for the unemployed but it’s reality.
The interest rates may be at what was once historical norms, I agree, but look at the massively bloated prices of homes. Amortize $750,000 at 1.5% and at 7.5% and note the difference over a 30-year term. The monthly payment is several thousand dollars less at 1.5%. That’s how they turned buyers into suckers. It’s a Ponzi scheme. “They” control all the levers.
I agree that prices need to come down one way or another….rent too. Rents in ordinary cities and towns are now where they were in San Francisco and New York a few years ago and in the first tier higher cost cities rents are in the stratosphere. The reason for lowering interest rates in the first place was to make houses more affordable and to prolong the housing boom for boomers. Look how it has turned out!
Thank you for the current rundown of things financial. I realize the economy is a mess and getting worse. I know home price are relatively high these days, but the mortgage rates, historically, are not high, just uncomfortable. Maybe first time buyers are reaching too high and have too many outstanding bills or loans. My first mortgage, on a two family, was over 11% (1981). My second home, bought about 5 years later, was bought with a 15% loan, which I ditched a year later for a 12% variable. Of course, interest rates on savings were higher then. I had IRA CDs that paid 12-15%. I refinanced that home again (and saved the savings). There is something to be said for using a bit of common sense in things financial.
My parents built on owned land in the late 1980s for $87k at 12%.
Now around here the SMALLEST houses are $500k+ for 7%+ and build cost alone is 300k+. A nice house that was 300k back then is almost $1 million now, and much more cheaply constructed.
The rate is a little more than half what I grew up with, but the home price is up 3-5x.
My household income exceeds $200k (2 earners), we own one of those small houses worth ~$500k, we do not waste money on eating out or luxury vacations or frivolities, and a better home would cost us AT LEAST $1,000/month more.
We're fine, and could get by on the single larger income if we had to. But moving out of our starter home seems to be... well, a non-starter! This is the first time I know where saving 30k+ a year is basically useless because we need another 300k to keep costs affordable (we refuse to be over-leveraged, if we can help it) Even with home equity and savings we may be 5-10 years away (and then further as we would be too old for a 30 year...)
We are the LUCKY ONES, and feel stuck. I honestly do not understand how 'average' people can afford to live around here.
Certainly, nobody is making things easier for most of us. As the Rolling Stones said: "You can't always get what you want, but if you try some time, you will find that you get what you need." Stand proud because you have done just that. Be proud that you have the good sense to exercise financial responsibility. Too many can't seem to even save a nickel. I will never make it into a mansion, but I'm comfortable and owe nobody.
The tough thing for us is that if we want to foster most kids come as sibling groups, and you can't mix genders.
3BR small house with 1.40 WFH between us including one full time WFH. We have to sleep somewhere, and wife won't let me make the living room a bedroom. So one room means at most 2 kids same sex/gender due to law here. Getting older and would need to make a move soon but I see no rational move to be made. There is also risk as we age that income could drop - we feel good about our jobs, but there are no guarantees in life. I know I'm done with injections (went along with one J&J, voluntarily, but was a hell no on playing booster roulette). I don't necessarily *want* to be but I can no longer trust the people pushing them, and probably never will again. Actual disease is seeming less and less scary than our diseased society!
The DC Swamp, supported by the Fed, will try to keep this big fat piggy afloat as long as they can, especially since this is another election year believed to be real. There is still a few trillion in electronic pesos to be spent from the recent Fed helo drop hiding in accounts. At some point, the pigeons will come home to roost.
It's a shame about Walmart losing stores, especially for the poverty stricken employees. But Walmart.com's business is booming. I'd bet that Walmart.com is using robotic means to fulfill package shipping. I know their customer service is already AI.
Automobiles made the horse and buggy go away. Refrigerators made the ice truck go away. Markets made milkmen go away. AI and online sales are making just about every other job go away.
What’s the solution to that situation? Is it to provide UBI, video games and drugs to the newly unemployable masses as the WEF’s Harari said?
The games and drugs are a distraction until they point their dew through your window. It’s death row.
Damned if I know. I'm just a simple homeowner and landlord. Glad I never went into politics because then I'd have to decide which kind of dirty I want to get turned into.
Although UBI testing has been successful, and drugs will take care of the class of people willing to do drugs. And now that you mention it, maybe vijjagames would keep the masses off the street and not eating the rich. Again, I'm glad these aren't ever going to be up to me.
All by design. Problem, reaction, solution. People panic in an economic crisis and those fools will be crying Govern Me Harder Daddy, soon enough, as everything finally collapses from decades of systemic rot. And there will be a ready made "fix" for the elite scum to swoop in and push.
Just another way to push for the open-air Great Reset digital prison, because the climate hysteria isn't getting nearly the traction that the virus hysteria did (my theory: they need to manufacture an IMMEDIATE crisis to get all the lemmings to run off the cliff).
Get ready for another round of resistance.