The 2008 sub prime borrower walks away at the first sign of trouble. Hence "sub prime" label. The post 2008 borrower will hold out much longer borrowing more money and getting deeper entrenched trying to keep things going leading to a bigger bubble and possibly, a greater consequence. What is your thought?
Everybody is stuck. You can't sell because you cannot replace it. Creative loans like we had are no longer a thing.. right now getting a loan is illogically arduous. we went from a situation of being yelled at to rubber stamp everything to being told to deny everything. We are currently denying loans for things like "you dont have enough money in your checking account" thats right. Let that sink in. This is a reason for a denial. We dont care you have a 814 score... you dont have enough money in your checking account. denied. Some people know its a bullshit denial, others actually believe its real and put money there and try again only get told no for another arbitrary reason; my favourite follow up is your 12 month balance is not high enough. we dont care you just put 20k in there from wherever. And i can go on. But you get the picture of the absolute state of fuckdom we are in. The only buyers that i see out there are cash buyers. Mortgage buyers are very far between and thus what really sells is that cash range of around 200k, where people are able to sell their old house and use equity to cash purchase some shithole shack, which is what this price range gets you. I take it your are in cali so that doesnt apply to you, but elsewhere in the country, that is the cash price range. I also see a ton boomer investors (oh how i hate those) that continue to suck up properties and try to flip them, even right now. Sometimes they flip it to one another as nobody else can buy it and nobody else will actually get a loan on this junk. Actual number of real buyers who buy for actually using the property as a home is very small... very small. People have to keep what they have now because they cant let it go. 2008 meh let it go and deal with it later. 2024 you let it go, you aint getting anything else. By the time your credit clears prices will be so high you have no hope, and paying insane rent will bleed you dry so you cant even save. Thats where people are at and i dont think they are wrong. It wont crash because companies dont crash. 2008 people owned houses and it all went to shit. 2024, businesses own houses and they will not let it crash, have no illusions about that. It will be pumped and maintained. They will keep them empty for 20 years if they have to, but you wont get a discount and prices wont crash. There is no housing market anymore, its a stock market with actual houses. So my advice is buy your house buy your trucks buy your tv buy everything you can now and hope it lasts till you die cause in 2-4 years you will be able to buy even less than today. If you think today is bad, just wait. Good luck.
This happened with the 2004 housing boom - home prices were greatly inflated, meaning people couldn't sell later because they owed more on the house than they could sell for. I know quite a few people who bought then, thinking they were making a good investment to sell later, but it's taken until the COVID housing boom for the prices to come back to those original amounts.
To balance out your real estate holdings, I suggest investing in equities. If you're cautious, even the worst recessions can present fantastic buying opportunities. Additionally, volatility can produce fantastic short-term purchase and sell opportunities. This is not financial advise, but you should buy immediately away because money isn't king right now!
You're right. I was able to diversify my 450K portfolio across markets with the aid of an investment coach, and I was able to use high dividend yield stocks, ETFs, and bonds to generate a little over $830K in net profit.
@@greyfox78569 Since before JFK actually. He was going to end the globalist agencies doing this to our country, so they ended him first. Now it's Trump's turn. Hope they don't end him first.
Depression is a stretch, but definitely a recession. The media won't call it until is too late, when the call it, we are going to be getting out of it, it's just how the cycle works.
Window and door replacement company owner here, Seen the market crashing. Sold my house and now waiting on the crash. My company has zero overhead. Camper to sleep in. Gypsy life for us!!
@@SomeUserNameBlahBlah I would say Trump will get the destroyed economy. Could be wrong but it’s on its way down now. Don’t think people can hold on that long!!
There are too many out of country investors buying homes, sometimes blocks of homes, and they rent for crazy amounts. It’s ruining the housing market for the middle class homebuyer.
Based on my personal experience this is true for majors hubs. I've seen first hand investors from China buy & rent properties throughout pacific north west (namely Seattle) as well as Bay Area. There was also money laundering schemes by cartels that have invested into booming housing markets throughout the US.
@@JBoy340aSure but the personal payment vs income ratio is the worst it’s been in the last 50 years. People are spending more money than they are making. While some this is due to foolish spending, a majority of it is due to rising inflation and stagnant wages.
The clarity of his thought is refreshing especially considering his situation. Good job brother! Based on what your saying, I bet you live in CA. Probably Socal. Do you and your family a favor and get out. I moved 400 mi away and have a higher quality of life AND make more money. CA is a joke and too many ppl stay and prop up the nonsense and keep playing the game
I lost my job last October and still not employed yet. I worked for a land and title insurance . Real estate business is dead and we are in a depression. I know our government is doing nothing and we need a new President. I lost 60 pounds because I am buying less food and fasting 16 hours a day to stretch my money. I know there are a lot of rich people out there but nobody is sharing or caring. I raised a child on my own with no child support. I paid for my own college education. Nothing was ever given to me. I lost my parents when I was young. I am turning 60 in 2 weeks and all I want is a job. I am not having a party or cake and I expect nothing special for June 8. I know the government is not being honest. Wages are low. My son did not get a raise this year. We need to lay off everyone in office and get new leaders
I'm amazed you guys havent figured it out. All of your jobs are 100% connected to peoples ability to borrow. America only consumes, it doesnt produce. That's why the fed increasing interest rates a few points xan destroy the economy. If America stops printing money to hand out as debt to the people... the economy stops overnight.
Yep, 3-4 years of worse pain than 2008-2010, but then on the other side, homes will be less than half their current value as people start hiring again. This is going to tough, but that's what we get when congress votes to hand out 6 trillion dollars it didn't have to 30 million people who weren't allowed to work or didn't want to work.
It's amazing how different the economy is from the perspective of this guy "boots on the ground" vs. our ignorant politicians who only care about getting re-elected. Thank you for providing some real news bro.
@ronhenderson6929. Exactly right. I looked up net worth of my two Republican Senators here in NC a couple of weeks ago. Tillis =$11 million, Budd= $6 million. The Uni-party is strong in DC. We no longer have a representative government.
Why do the sheep keep 're-electing' them? Why do the sheep keep getting sucked into Politics? Why don't the sheep just ignore Politicians & stop paying Taxes?
@@SomeUserNameBlahBlah For sure. If you were positioned with your cash in a good place, you are doing great. Unfortunately only rich folks can be positioned well EVERYWHERE ALL THE TIME.. The rest of us just don't have $ to spread around into every single investment on the planet.
Ive been working for the same company for 27 years. When I started a machine operator’s wage was $18 per hr. Today 27 years later the same operators of the same machines are making less than $18 per hr. This is an example of whats happening.
@@zedsdead5870So basically after inflation you are making the equivalent of $4 or $6 per hour compared to 27 years ago. That is being generous, sorry to hear that.
yep. the rich dont feel nearly as bad. in fact, they love when the economy goes into recession/depression. they are cash rich. CHEAP ASSETS. its fucking sickening.
My parents in law sold their city house and bought land for the family in rural East Texas. We have all moved in last year, and we’re putting reasonable mobile homes and starting to grow our own food in a safe environment where we can raise our kids safely in the Lord. We are sick of this nonsense
It could work, but mixing up your parents with your in-laws can be painful. It's good to get some solitude, but be careful withdrawing from the world forever. This is coming from a shut-in with no job or girlfriend.
Let them eat cake. The elephant in the room will begin to be discussed the more and more people accept they are not represented by the Gov. I pray for every elected official sake that the majority believe and trust the voting system and count reported.
I’m sorry you were laid off at the plant. I pray the Lord leads you to another job that will not lay you off but will promote you. Try to be thankful for all things. Sometimes we have to lose it all to find what’s important. I can relate , I lost many things including my apartment for 2 years. But God restored me.
No one seems to be working. I'm semi-retired, working part-time and I drive by Costco on a Tuesday afternoon and the parking lot looks like Christmas Eve! I have no idea where people are getting money either.
Im in food product packaging, and our orders are down over 10%. Overtime that was mandatory at the start of 2024 is gone probably for the rest of the year management informed us. That's 300 a week gone out of my pay. Something is changing we all feel it. Wish you the best. Thank you for sharing.
LAST DAYS PROPHECIES ISRAELITES (SO-CALLED NEGROES SCATTERED EARTH-WIDE (Deu 28:68) AND GENTILE HEATHENS (NON-ISRAELITES): 2 Esdras 15:16-19 [16] For there shall be sedition among men, and invading one another; they shall not regard their kings nor princes, and the course of their actions shall stand in their power. [17] A man shall desire to go into a city, and shall not be able. [18] For because of their pride the cities shall be troubled, the houses shall be destroyed, and men shall be afraid. [19] A man shall have no pity upon his neighbour, but shall destroy their houses with the sword, and spoil their goods, because of the lack of bread, and for great tribulation.
Good. I tried to get a widow replaced in my bedroom. The asshole window company wanted to charge me $1200. GTFO! I bought the window for $100 and did the job myself.
Really people are insane buying a house where they are paying 50-60% or more of their income for the mortgage payment. I’m just amazed that people continue to buy at these prices.
vs what. 1beds are touching 1800 a month here with requirements to get a lease worse than getting a loan. paying 3k for a mortgage is a no brainer.......
Depends on their situation. Most homes around me have doubled in price if not tripled on average. The mobile homes in parks have gone even higher in price -a ten thousand dollar mobile home can now go for over one hundred thousand easily.
Prices went up in large part due to the money creation during COVID. Money supply increased by 27%. This combined with low/no interest rates drove inflation. I'm retired and work at a retailer part time and I have to say people are spending like mad. I drive past restaurants and people are packed in there. People have no self control and will continue to spend any way they can until they can't.
I agree with this, I go by Restaurants and bars on the wkend and there is a line everywhere, I go to places like Sam's and people have there carts piled high.
People - the media & Biden’s cabal are in cahoots. They are LYING😡 to us! Good employees like you are always needed - do you, making finding a job your full time job.
Great insight . I’m sorry you lost your job . I went through the housing crisis in 2008 . It ruined me , I was a builder . They took everything away . I had so much anger for over 10 years . My credit was ruined . The whole thing is coming again . I hope you make it through .
I’m sorry to hear that. Did you get back into construction? Whenever I think about 2008, I just think about Congress and their shenanigans they pulled with allowing bankers to walk away with millions in “bonuses” from the crisis they caused.
@@lukesmith3283 Yes I went back to work and had to borrow hard money . I was very bitter for many years . I knew I wanted out . I knew for me to get out I need enough money and no debt whatsoever . I did many more projects and one day I woke up and said I’m done . All my projects were in Seattle . I bought lots of doors and windows . Covid came and all the protests . I couldn’t handle it . I moved to Las Vegas for 14 months . Then I moved to Bangkok Thailand . I owe no one a cent . I will never borrow from the bank again
@@lukesmith3283 One more thing . Life isn’t fair nothing is fair . 2 years ago my sister got fired from her job she had for 28 years . She made big money $250.000 per years. She cried to me , she was going to lose her house . I felt bad so I paid her house off for her . She was an idiot she couldn’t handle her money , she had a first and second mortgage . Anyways , her son got arrested at the same time . He called me . I helped him I lent him money for the attorney so he could stay out of jail , he promised me to pay me back in one month. He never did and it’s been 2 years. He would send me pictures of his winnings in Las Vegas . I quit talking to him because if I screamed at him he would cry to his mother . Anyways after 2 years of my silience I mentee to my sister her son is a con artist and he conned my good . She went back to her house and told her son and her husband never to mention my name in there house again . That’s what I get for helping people . I have no family left . Not sure what to do . I gave up on america for many reasons .
In North County San Diego an apartment we rented late 90s was $675/month, today it's over $3,000. 25 years later and I can't afford $3,000/month for rent. Completely priced out. Wages haven't kept up, but what these property management companies are banking on is roommates so they can get the inflated prices. Apartment complexes don't want to rent to traditional families anymore. They would rather pack in adults with jobs even if low-paying like sardines to get more money. You're 100% correct there's a lot of creative financing going on with people getting mortgage loans these days. Reminds me of the last housing bubble. It's going to crash. It won't be like last time, but much worse.
And this is still considerably soft. Wait until later this year into 2025 when it gets worse than 2008-2009. All the math tells us it will. When unemployment is 12%, homes will be almost worthless.
Masterlock in Wisconsin went out and the 99 cent only store, express clothing, rue21, rite aid, party city all closed and more business closure family dollar, red lobster, Applebee's, Denny's, big lots, cvs, Walgreens.
The extra money is from loans. Remember when a usual car note was at most 60 months? Now it's 84. The credit is driving prices. And people can't do math so they just load themselves up with debt up to their eyeballs.
Im sorry you lost your job dude. I was in your place last November. You’re concerns are valid, and I believed what people told me, that if you just save everything you can and never do or buy anything, you can save for a family or house or retirement. I believed that until I did my own research and found out this system we live in is unsustainable and leaving the younger generation screwed. I know you’re worried, but we just have go keep loving our families and not let the fear of tomorrow ruin the happiness we can find today.
That's market economics, friend. The main causal factor here 'is' the system. We can evolve to an RBE, or continue to circle the bowl here in this neofeudal fever dream.
@@americanadreaming Resource based economies are not what the government wants and the people themselves never see this promoted by reality TV. That TV show is their vision of reality.
Keeping loving your families sounds like everyone else out there, just stuff your head in the sand and do nothing, never speak out, never take action. Precisely why things are the way they are!
@@rocklynholmes7072 Well we'll just have to keep striving to your level of taking action by commenting on youtube about another comment on youtube that wasn't taking action. Damn, that's a real high bar.
Big tech is mass shedding right now. Los a 26 yr job myself recently. I can't find work. No replies on applications and I am very qualified in field. I'm looking at very different types of work, maybe find something somewhere.
I am sorry about your job loss and hope that you land on your feet quickly. I watch and read a lot about the financial situation in our country, but your analysis in this video sums everything up as clearly as reading information from the top economists. There is definitely something wrong right now and the impact has not been felt by everyone just yet. We are skating on thin ice that will soon break.
The last 4 years have been hell in many ways. Some people are now waking up to the realisation that they have been played and that it is continuing. With the unelected WEF rich club and their tentacles in power, the push and funding for wars and an inflation that is pulling the economic carpet from under our feet, it is now getting scary. Uncharted territory. Now ditch the unhealthy McDonalds as you have forgone the dirt bike. Great video and good luck.
The great unraveling, all by design. God bless America, land that I love. Stand beside her and guide her through the night with a light from above. God bless the freedom fighters.
Don't forget, it wasn't subprime loans that caused a crash in 2008, nor was it ARMs. It was the sheer unaffordability that we refer to as a "bubble" that was brought on by the artificial demand and FOMO caused by those types of loans from 2005-2007, so that when people started losing their jobs in mass, equity deteriorated, leaving people with no money in the bank who lived paycheck to paycheck to all default and try to sell in a short period of time leading to a race to the bottom. Many of those who defaulted weren't even subprime borrowers, they were just people who signed up for a monthly payment of 37-40% of their net income assuming everything would be fine forever while they lived paycheck to paycheck with no savings. This bubble is no different at all, other than the math being 45% worse this time relative to the median income. People signed up to pay 42-46% of their net income this time around - and then their insurance and groceries went up 50% simultaneously.
Truth!! 1000% The economy will eventually come tumbling down. Like you said people are swiping their cards, buying the truck. Some due to ignorance, some are just surviving. The people who will make it are the ones that have tightened their wallets and lived within their means!
"where does the money come from" is always running aroun my head too. i make 110K in the NE and pay cash for everything and if you look at me, I look lower middle class. It's crazy when you look at me, what it actually means to make low six figures, I live a VERY basic lifestyle (for example 14 year old car, only one big trip in nine years, 4 restaurant meals last year). Meanwhile people who make the same acting like they're rich....HOW?
Debt. The Federal Reserve keeps printing money to buy stocks, bonds and derivatives (toxic products) to give the illusion of wealth. imho we are looking for a Black Swan to crash the debt bubble. Maybe Alien invasion ;-)
I'm also in San Diego and was a realtor after the 2008 crash which wasn't really a crash because the government stopped the correction halfway down. The Fed can't let any prices normalize because the banks would go under. The entire system is a charade. I hope you find another job. Great video btw!!
UK here. They are running us all into the ground, big reset. They dont need us anymore so when we have the crash we wont be able to afford food starve, they know famines do the job as they have used them from year dot. We basically have no health care here now and they are running that into the ground too, same as schools, councils, parks etc. Things are going to get much worse guys. 😢 I'm so sorry you have lost your job my friend same happening here every day, rents sky high, food, bills etc. X
Hang in there buddy. I went through layoffs twice so I know how it feels. I have been warning my buddy overseas about layoffs in USA since 2022. He jokingly said if it happened to him, he would take the VSP and guess what, he got what he "wanted" in Jan 2023. The whole quality engineering team gone, including his own boss. This is half a world away in Intel Malaysia and he is only 51. It's happening all over the world. The Malaysian government allowed citizens to take out their 401k retirement money 3 times without penalties and it was reported 50% of all participants only have $10k left. This is the only lifeline they have, unlike our extra social security which I don't have high confidence either. I wake up everyday bracing for things to hit rock bottom and it's going to get worse before it gets better. No job is safe, including the CEO, except he has a golden parachute and we don't. Best of luck.
I work in healthcare and have many friends and colleagues getting laid off right now and even giant healthcare companies going bankrupt. Seeing a lot of videos of this happening in other industries to… yet all the news talks about is how strong the economy is and that everything’s ok… meanwhile I’m paying $4,000 a month for a 2 bedroom apartment in San Diego…. Nothing is ok right now lul
Couldn’t agree with you more. You took the words out of my mouth. Such a concise description of what’s going on. I wonder why so many people are blind to what’s happening. Where are they all getting the money to survive? Tighten up and live lean. You’ll all thank yourselves soon.
You are the proverbial Cannery in the Coal Mine. When a working person like yourself understands the reality of the economy ... well it's over and hang on!
He touches on the core issue. What got deregulated was banking, finance and insurance. The debt instruments are being manipulated, this is a classic robber baron gilded age, which never creates a middle class, it creates robber barons and conglomerate consolidation through debt. This will continue to get worse, and in areas like medical care, food and housing costs, it is deadly. Our government acts like it’s run by finance’s puppets, under every regime, the country looks more third world every decade, and the robber barons get richer and richer just like the corruption we had to regulate here, long ago. The elderly, women and children are the most vulnerable, a statement of our ruthless businesses, state and federal governments.
When I was in school in the 80s, I remember studying about monopolies of the guided age. Quite a lot of time was spent on the subject in one of my history classes. What I wonder now is how we have arrived at this same point again where so few corporations control so much. I have very little knowledge on economics, but I wonder why they haven't been broken up like they were in the past?
@@kristinab1078 Theodore Roosevelt is the reason and elected officials like him who cared deeply about what was right and wrong in society are no more. Elected officials realize it's a waste of time trying to champion the common man and just take the campaign and lobbyist cash. People go into politics in recent decades to make money, not serve the public. Look at the Congressional people's stated assets when they first come into office versus those asset disclosures years later after being in office. They get insider information and make killings on the stock market, buying, selling and shorting stocks.
Paying off debt should not be your 1rst priority, self preservation should be. The credit companies will write off the debt and survive - big banks take care of their own.
Oh shit man dont say that I drive a truck and all we haul is windows and doors. Lessons I learned from losing everything in 2008, rack up as much debt as possible as long as your home is paid for and then let them all default the banks get bailed out anyway. Within 1 year of bankruptcy my credit score was up into the 700s again. Its all a game. Let the bank eat shit on your big screen TV and cadillac escalade. Fuck em. My 20 year old beater is still sitting in the garage waiting to see the sunlight after the repo man takes my pickup haha.
It's funny you posted this. I'm someone who has always prided myself on having a high credit score -- it's above 800. About a year ago I was looking at all my credit cards with high credit limits and zero usage and thought this sht makes no sense. What's the sense in having a great score only to get more credit but you can't use it if you want to keep the score? It's dumb. I decided similar to you that I would run up those cards and just default. Fk em. I'm also a huge saver so I don't really need the credit any way. Like you said, it's invisible money anyway. They create it and delete it.
It’s so amazing to see this post. Since I’m in real estate I think my full-time job is looking at TH-cam videos. This is probably one of the realest I’ve seen.
The difference between 2008 and today is you have large companies buying up residential properties in bulk in some states. You also have people running away from high rental prices and settling into high priced homes.
Thanks for articulating the great mystery of this economy. Where are the people getting the money? Where are they working? Its absolutely horrific in Nashville. The local wages in no way align with the out of control price of houses It has to fall and fall hard - its the only way to get things back to reality.
Thanks for sharing your story here! People comparing what's happening now to 2008 don’t get what's coming. This is not a real-estate crisis. This is a debt crisis this time. It should have been last time, but the spell worked. There will be a minimum of 10x the layoffs. Hope you've done something to prepare.
You are keeping it real here. I asked myself these same kinds of questions in 2005, how could people keep paying these ever rising prices when wages were not going up. Where were they getting the money? Real estate agents insisted it would just keep going though and the FOMO was insane. This feels different. It feels like we have a market that no longer cares if most people can’t afford the houses. As long as there are a few who can. So I think you are right that the crash will be different. And the biggest mistake both owners and non-owners make is thinking that their high home value is making homeowners richer. It’s totally not. If you sell you can’t make money off the high price because whatever you buy is going to be similarly inflated. In fact small homes inflated more than bigger homes so it’s a suckers game to move. But the increasing prices ARE making non-owners poorer. No winners and lots of losers. It’s a mess.
I did the same thing and tightened up. I ditched the credit cards and got almost debt free. Still don't own a house though. Live in my moms old dilapidated house as she moved away and I pay most of the mortgage as she bought the house 10 years ago and the mortgage is like 800 bucks. Could not afford rent making 25/hr southern tier NY. Had to ditch my apartment because I felt like I was drowning. Best of luck to you homie. We're all in this together
@@nyquil762 it's filled with her garbage and the second I make it look nice she will sell it out from under me and I'll be out of a place to live. It's beyond repair. Carpets are filled with animal piss, electrical is shoddy and barely works. I am depressed here. The Only heating is coal stove. I don't have the means or the desire to put money into this hell hole. I am here because I have to be, not because I want to be
@@nyquil762 Because I dont own the house and my mother would wait until its done to sell it out from under me. I also dont have the means to do that between car repairs and trying to save for a house of my own plus retirement and savings just incase. The house is full of garbage and I can only throw 3 cans to the curb a week. It has shoddy electrical, a coal stove as primary heat source that really only keeps the pipes in the basement from freezing, very few working appliances but now has a shower that i managed to fix up after using an electric tea kettle for months. This is a temporary solution and its destroying my mental health living like this. This is far from a great position. I will get zero return from any money I put into this house. The alternative is get my own place but have no money left over for emergencies, and no way to save for my future.
Young people are starting to figure out the truth now. Unfortunately, like most people they learn the hard way. I’m sorry that this happened. But I’m glad that you are now waking up to the realities.
Sorry, man. I bought an F-150 in 2020 that would cost me $15k more now...4 years later. Rents here have doubled in the past 4 years. Prices of homes have doubled, too.
Thank you for this video. I bought a house a couple years ago and have been with my company almost 15 years, we expanded last year and I took a new role. And now I'm losing my job. Along with hundreds of other people in just my area. And hundreds more across the country. But according to a report that just came out, the ceo made over 80 million last year. It's that kind of gap that's skewing the numbers so much. The stock market is doing well but the rest of us are screwed. I wish you luck sir. I wish everyone luck.
When I was young it was literally impossible for CEOs to take home so much more money than their employees. Tax rates went up so steeply for super high earners that they didn’t keep enough to make it worth their while to ask for millions. So the money was there to pay employees. Almost nobody was getting rich, but nearly everyone was comfortable.
Sadly most car buyers don't care about the total cost of the vehicle. They just care about the monthly payment. It's insane really. Your $1,000 phone is not a necessity. Buy the cheapest phone. The United States is in big trouble. Everyone is polarized. People won't take responsibility for their own actions. The government is printing money like there's no tomorrow. Student loan bailout insanity. I don't know how this is gonna end.
There’s the haves and have nots after the COVID years. Some people had assets, houses , coins, stocks that have exploded in value after all of the money printing. They have plenty to pull from to pay for things. If you didnt have assets before Covid or obtain them during, your income isn’t really going up and you’re being made to pay all of these high costs. It’s getting scary . I’m in my 20s and I know people with great jobs who can barely afford to hold down a semi middle class lifestyle on an engineer’s wages. It’s insane how much living standards how degraded
We have the exact same issue in Australia. People have been on a debt fuelled spending frenzy since Covid. You have to remember we have just witnessed the largest increase in the Money Supply in human history. Home owners have been refinancing and pushing out the loan tenor. They withdraw equity that sits in a mortgage offset account. The equity is then turned into debt and the homeowner goes on a spending spree. It’s incredible to see the amount of luxury cars, boats, campers and lavish overseas holidays purchased since Covid. It’s a situation of moral hazard. People firmly believe there is no downside risk. They witnessed the government come in to save the markets during COVID and expect the same thing to happen again during the next economic shock..
"Debt fuelled spending spree since Covid"? Are you kidding me? Australians went on a debt fuelled spending spree 25+ years ago under the Howard Government. Household debt doubled in a decade, courtesy of artificially stimulated house prices falling interest rates and tax revisions. We've actually been relatively well behaved, since then, but we haven't paid down any of the debt, just the same. Covid revealed the structural problem that we had from all those years ago. If we were collectively sensible, we would have maintained the discipline that we found during Covid and continued paying down debt and saving. But we didn't. We went back to the ways of the good ol' days and spent like drunken sailors like we have for the past nearly 3 decades.
@@davidbrayshaw3529I agree. Must be the longest bull run in econonomic history 30+ years without a technical resession - two periods of negative growth. I cannot see the house price growth thing ending. Post covid, gov massively ramped up immigration making dwellings scare , driving prices , causing increased homlessnes. My prediction is the RBA will not drop interest rates to satisfy their stupid models regarding control of inflation. To them, the price of food and energy are not included in the inflation calculation of course.
This is just a normal guy, but he's very smart. He sees what I see and it's scary. I work with the homeless. The homeless are becoming "normal" people, not just addicts, mentally ill or lazy bums. I monitor job fairs. A year ago they were pretty much unattended, but now they're over run with people looking for work, whether it be 1st, 2nd or 3rd jobs.😢
The 2008 sub prime borrower walks away at the first sign of trouble. Hence "sub prime" label. The post 2008 borrower will hold out much longer borrowing more money and getting deeper entrenched trying to keep things going leading to a bigger bubble and possibly, a greater consequence. What is your thought?
The 08 happened mostly because of investor speculation
Everybody is stuck. You can't sell because you cannot replace it. Creative loans like we had are no longer a thing.. right now getting a loan is illogically arduous. we went from a situation of being yelled at to rubber stamp everything to being told to deny everything. We are currently denying loans for things like "you dont have enough money in your checking account" thats right. Let that sink in. This is a reason for a denial. We dont care you have a 814 score... you dont have enough money in your checking account. denied. Some people know its a bullshit denial, others actually believe its real and put money there and try again only get told no for another arbitrary reason; my favourite follow up is your 12 month balance is not high enough. we dont care you just put 20k in there from wherever. And i can go on. But you get the picture of the absolute state of fuckdom we are in.
The only buyers that i see out there are cash buyers. Mortgage buyers are very far between and thus what really sells is that cash range of around 200k, where people are able to sell their old house and use equity to cash purchase some shithole shack, which is what this price range gets you. I take it your are in cali so that doesnt apply to you, but elsewhere in the country, that is the cash price range. I also see a ton boomer investors (oh how i hate those) that continue to suck up properties and try to flip them, even right now. Sometimes they flip it to one another as nobody else can buy it and nobody else will actually get a loan on this junk. Actual number of real buyers who buy for actually using the property as a home is very small... very small.
People have to keep what they have now because they cant let it go. 2008 meh let it go and deal with it later. 2024 you let it go, you aint getting anything else. By the time your credit clears prices will be so high you have no hope, and paying insane rent will bleed you dry so you cant even save. Thats where people are at and i dont think they are wrong. It wont crash because companies dont crash. 2008 people owned houses and it all went to shit. 2024, businesses own houses and they will not let it crash, have no illusions about that. It will be pumped and maintained. They will keep them empty for 20 years if they have to, but you wont get a discount and prices wont crash. There is no housing market anymore, its a stock market with actual houses.
So my advice is buy your house buy your trucks buy your tv buy everything you can now and hope it lasts till you die cause in 2-4 years you will be able to buy even less than today. If you think today is bad, just wait.
Good luck.
@@jessicabixler1658 I think you meant to say that the Federal Reserve had great foresight.
Agreed 💯 people have lost their damn minds
The current inflation is due to unlimited government spending, money printing, etc. It is created by banksters.
This happened with the 2004 housing boom - home prices were greatly inflated, meaning people couldn't sell later because they owed more on the house than they could sell for. I know quite a few people who bought then, thinking they were making a good investment to sell later, but it's taken until the COVID housing boom for the prices to come back to those original amounts.
To balance out your real estate holdings, I suggest investing in equities. If you're cautious, even the worst recessions can present fantastic buying opportunities. Additionally, volatility can produce fantastic short-term purchase and sell opportunities. This is not financial advise, but you should buy immediately away because money isn't king right now!
You're right. I was able to diversify my 450K portfolio across markets with the aid of an investment coach, and I was able to use high dividend yield stocks, ETFs, and bonds to generate a little over $830K in net profit.
Mind if I ask you to recommend this particular advisor you using their service?
Vivian Jean Wilhelm is the licensed advisor I use. Just google the name. You’d find necessary details to work with and set up an appointment.
Thank you for this Pointer. It was easy to find her handler, She seems very proficient and flexible. I booked a call session with her.
Your theory is spot on brother. We are experiencing a silent depression. This revolution will not be televised. Be well.
Since 2008 if not 2000
@@greyfox78569 Since before JFK actually. He was going to end the globalist agencies doing this to our country, so they ended him first. Now it's Trump's turn. Hope they don't end him first.
Agreed on the silent depression idea.
Yiddish Usuary.
Talmudic Treachery 33
Depression is a stretch, but definitely a recession. The media won't call it until is too late, when the call it, we are going to be getting out of it, it's just how the cycle works.
“You will own nothing and you will be happy.” Save America.
You'll will own nothing....no one cares if you are happy or starving though
Agenda 2030 is well on the way unfortunately
US is gone buddy. All of the west is pretty much done.
Window and door replacement company owner here,
Seen the market crashing. Sold my house and now waiting on the crash.
My company has zero overhead.
Camper to sleep in. Gypsy life for us!!
Smart man
I think it will be 2027/2028 before we see any major downturn. But, I'm not an economist.
@@SomeUserNameBlahBlah
I would say Trump will get the destroyed economy.
Could be wrong but it’s on its way down now.
Don’t think people can hold on that long!!
@@SomeUserNameBlahBlahit will be end of year October-December
2025
There are too many out of country investors buying homes, sometimes blocks of homes, and they rent for crazy amounts. It’s ruining the housing market for the middle class homebuyer.
BlackRock may be Israeli, but they're still based here in the US.
THREADS
BlackRock and Zillow run mostly in the US. They are not foreign.
Based on my personal experience this is true for majors hubs. I've seen first hand investors from China buy & rent properties throughout pacific north west (namely Seattle) as well as Bay Area. There was also money laundering schemes by cartels that have invested into booming housing markets throughout the US.
“Homebuyer” will be a thing of the past, the 2030 agenda is “Home-renter”
Remember when living in a van down by the river was a joke, and not an aspiration?
More people living in cars every day
I’ll own a home in another country before I ever live out my car
I’m living in my RV trying really hard to get a job.
I had friends that lived in a van 40 years ago and relatives that lived in camper 25 years ago. Hard times are nothing new.
@@JBoy340aSure but the personal payment vs income ratio is the worst it’s been in the last 50 years. People are spending more money than they are making. While some this is due to foolish spending, a majority of it is due to rising inflation and stagnant wages.
Appreciate you sounding the alarm. I agree so much....
We are living in a house of cards…it’s all an illusion
A good honest video for a change from someone who is not an infoolencer.
The clarity of his thought is refreshing especially considering his situation. Good job brother! Based on what your saying, I bet you live in CA. Probably Socal. Do you and your family a favor and get out. I moved 400 mi away and have a higher quality of life AND make more money. CA is a joke and too many ppl stay and prop up the nonsense and keep playing the game
❤Infoollencer❤
I lost my job last October and still not employed yet. I worked for a land and title insurance . Real estate business is dead and we are in a depression. I know our government is doing nothing and we need a new President. I lost 60 pounds because I am buying less food and fasting 16 hours a day to stretch my money. I know there are a lot of rich people out there but nobody is sharing or caring. I raised a child on my own with no child support. I paid for my own college education. Nothing was ever given to me. I lost my parents when I was young. I am turning 60 in 2 weeks and all I want is a job. I am not having a party or cake and I expect nothing special for June 8. I know the government is not being honest. Wages are low. My son did not get a raise this year. We need to lay off everyone in office and get new leaders
I am so sorry to hear this. I hope you find a recovery soon.
@@iheart3dprinting951 thank you and prayers for your situation from me.
Gen Z / Mellenials dont beleive in leaders. That is a Boomer thing I'm afraid.
😂You think Trump and the Republicans are going to help you? You must not listen to anything the man says or pay attention to what that grifter does.
@@nancysmith2389 Bideneconomics ruined the economy and job market and real estate market and car market.
I believe things are bad out there and we are being gas-lit in terms of the economy.
They are bad bad right now.
I don’t think it’s gaslighting. The numbers they are reporting are real numbers. But people needed prices to come down, not just rise more slowly.
The data is skewed and manipulated. Do some research on how the numbers they are reporting are actually calculated and tallied
I'm amazed you guys havent figured it out. All of your jobs are 100% connected to peoples ability to borrow. America only consumes, it doesnt produce. That's why the fed increasing interest rates a few points xan destroy the economy. If America stops printing money to hand out as debt to the people... the economy stops overnight.
@@mickeybeavison1053 Statistics as principled argument... that book is a good start to see the manipulation that is occurring.
There is no booming economy or booming real estate get ready for America to collapse. Great Depression 2.0
Yep, 3-4 years of worse pain than 2008-2010, but then on the other side, homes will be less than half their current value as people start hiring again. This is going to tough, but that's what we get when congress votes to hand out 6 trillion dollars it didn't have to 30 million people who weren't allowed to work or didn't want to work.
It's amazing how different the economy is from the perspective of this guy "boots on the ground" vs. our ignorant politicians who only care about getting re-elected. Thank you for providing some real news bro.
Everyone is Gaslighting us because it's that bad.
Politicians are rich, the rich are doing well in this economy.
@ronhenderson6929. Exactly right. I looked up net worth of my two Republican Senators here in NC a couple of weeks ago. Tillis =$11 million, Budd= $6 million. The Uni-party is strong in DC. We no longer have a representative government.
Why do the sheep keep 're-electing' them?
Why do the sheep keep getting sucked into Politics?
Why don't the sheep just ignore Politicians & stop paying Taxes?
@@SomeUserNameBlahBlah For sure. If you were positioned with your cash in a good place, you are doing great. Unfortunately only rich folks can be positioned well EVERYWHERE ALL THE TIME.. The rest of us just don't have $ to spread around into every single investment on the planet.
Ive been working for the same company for 27 years. When I started a machine operator’s wage was $18 per hr. Today 27 years later the same operators of the same machines are making less than $18 per hr. This is an example of whats happening.
Yes. I have experienced this same phenomenon as a carpenter
@@zedsdead5870So basically after inflation you are making the equivalent of $4 or $6 per hour compared to 27 years ago. That is being generous, sorry to hear that.
Dealership master mechanics went from 38$ to 28$ over the last 15 years. Labor rate from 90$ to 250$ in same time frame.
It’s a global economy now
Why do you think they’re bringing in millions of illegals that work for pennies on the dollar?
The rich are skimming more and more off the top.
yep. the rich dont feel nearly as bad. in fact, they love when the economy goes into recession/depression. they are cash rich. CHEAP ASSETS.
its fucking sickening.
My parents in law sold their city house and bought land for the family in rural East Texas.
We have all moved in last year, and we’re putting reasonable mobile homes and starting to grow our own food in a safe environment where we can raise our kids safely in the Lord.
We are sick of this nonsense
Property taxes in TX and home insurance will make that unsustainable. And that's assuming the weather stays favorable.
@@tammyturowski6703 No. We have cows and bees, and that makes the property have an ag exception
@@tammyturowski6703
Not if you know what and how to purchase. Especially when it comes to taxes and insurance.
@@lookingbehind6335 lol I've worked In insurance for 15 years and have my masters in risk management. But I'm sure you know way more.
It could work, but mixing up your parents with your in-laws can be painful. It's good to get some solitude, but be careful withdrawing from the world forever. This is coming from a shut-in with no job or girlfriend.
Let them eat cake.
The elephant in the room will begin to be discussed the more and more people accept they are not represented by the Gov. I pray for every elected official sake that the majority believe and trust the voting system and count reported.
Voting doesn't work
I’m sorry you were laid off at the plant. I pray the Lord leads you to another job that will not lay you off but will promote you. Try to be thankful for all things. Sometimes we have to lose it all to find what’s important. I can relate , I lost many things including my apartment for 2 years. But God restored me.
No one seems to be working. I'm semi-retired, working part-time and I drive by Costco on a Tuesday afternoon and the parking lot looks like Christmas Eve! I have no idea where people are getting money either.
Im in food product packaging, and our orders are down over 10%. Overtime that was mandatory at the start of 2024 is gone probably for the rest of the year management informed us. That's 300 a week gone out of my pay. Something is changing we all feel it. Wish you the best. Thank you for sharing.
LAST DAYS PROPHECIES ISRAELITES (SO-CALLED NEGROES SCATTERED EARTH-WIDE (Deu 28:68) AND GENTILE HEATHENS (NON-ISRAELITES):
2 Esdras 15:16-19
[16] For there shall be sedition among men, and invading one another; they shall not regard their kings nor princes, and the course of their actions shall stand in their power.
[17] A man shall desire to go into a city, and shall not be able.
[18] For because of their pride the cities shall be troubled, the houses shall be destroyed, and men shall be afraid.
[19] A man shall have no pity upon his neighbour, but shall destroy their houses with the sword, and spoil their goods, because of the lack of bread, and for great tribulation.
Everyone needs to eat, so I'm not too sure that has as much to do with this immenent recesssion.
You should be ok, after everyone is on unemployment and getting food stamps.
You know it is getting bad when there is no OT at both nursing homes I work for.
House "value" is meaningless for most homeowners. Anyone that spends based on a Zillow prediction is destined for serious financial trouble.
Good. I tried to get a widow replaced in my bedroom. The asshole window company wanted to charge me $1200. GTFO! I bought the window for $100 and did the job myself.
The rug will get pulled on folks. It very sad. Stay safe everyone…Don’t make any big purchases. Thanks for the vid.
Really people are insane buying a house where they are paying 50-60% or more of their income for the mortgage payment. I’m just amazed that people continue to buy at these prices.
vs what. 1beds are touching 1800 a month here with requirements to get a lease worse than getting a loan. paying 3k for a mortgage is a no brainer.......
I did the opposite and now I’m retired at 38…. Leverage the shit out of money and buy like crazy lol
Well it is cheaper than renting and paying for your landlord's retirement.
Depends on their situation. Most homes around me have doubled in price if not tripled on average. The mobile homes in parks have gone even higher in price -a ten thousand dollar mobile home can now go for over one hundred thousand easily.
Nobody cares... lol
Prices went up in large part due to the money creation during COVID. Money supply increased by 27%. This combined with low/no interest rates drove inflation. I'm retired and work at a retailer part time and I have to say people are spending like mad. I drive past restaurants and people are packed in there. People have no self control and will continue to spend any way they can until they can't.
I agree with this, I go by Restaurants and bars on the wkend and there is a line everywhere, I go to places like Sam's and people have there carts piled high.
Material cost are through the roof, that is why housing is expensive
Sold my house in July 2023 and bought vacant land with all the hook ups. I saw the writing on the wall. Get out while you can, people.
So, you are depending on the government to supply your utilities? It makes more sense to go completely off-grid and rely on yourself.
Even raw land has shot up in price!
get out to where and do what
If everybody did that, you have more chaos than the doom you are predicting.
Sorry for your job loss. You are a good man, God will open up another opportunity.
People - the media & Biden’s cabal are in cahoots. They are LYING😡 to us! Good employees like you are always needed - do you, making finding a job your full time job.
Everyone needs to seek Jesus and be saved.
Nice fairy tail!
@@Segboys… until you meet Him
Jesus needs to be saved.
People paying 50-100,000 over asking just to get a house is not sustainable. Same issue with cars.
Great insight . I’m sorry you lost your job . I went through the housing crisis in 2008 . It ruined me , I was a builder . They took everything away . I had so much anger for over 10 years . My credit was ruined . The whole thing is coming again . I hope you make it through .
I’m sorry to hear that. Did you get back into construction? Whenever I think about 2008, I just think about Congress and their shenanigans they pulled with allowing bankers to walk away with millions in “bonuses” from the crisis they caused.
@@lukesmith3283
Yes I went back to work and had to borrow hard money . I was very bitter for many years . I knew I wanted out . I knew for me to get out I need enough money and no debt whatsoever . I did many more projects and one day I woke up and said I’m done . All my projects were in Seattle . I bought lots of doors and windows . Covid came and all the protests . I couldn’t handle it . I moved to Las Vegas for 14 months . Then I moved to Bangkok Thailand . I owe no one a cent . I will never borrow from the bank again
@@lukesmith3283
One more thing . Life isn’t fair nothing is fair .
2 years ago my sister got fired from her job she had for 28 years . She made big money $250.000 per years. She cried to me , she was going to lose her house . I felt bad so I paid her house off for her .
She was an idiot she couldn’t handle her money , she had a first and second mortgage . Anyways , her son got arrested at the same time . He called me . I helped him I lent him money for the attorney so he could stay out of jail , he promised me to pay me back in one month. He never did and it’s been 2 years. He would send me pictures of his winnings in Las Vegas . I quit talking to him because if I screamed at him he would cry to his mother . Anyways after 2 years of my silience I mentee to my sister her son is a con artist and he conned my good .
She went back to her house and told her son and her husband never to mention my name in there house again . That’s what I get for helping people . I have no family left . Not sure what to do . I gave up on america for many reasons .
Sorry. Wishing you well.
Thank you for your candor.
In North County San Diego an apartment we rented late 90s was $675/month, today it's over $3,000. 25 years later and I can't afford $3,000/month for rent. Completely priced out. Wages haven't kept up, but what these property management companies are banking on is roommates so they can get the inflated prices. Apartment complexes don't want to rent to traditional families anymore. They would rather pack in adults with jobs even if low-paying like sardines to get more money. You're 100% correct there's a lot of creative financing going on with people getting mortgage loans these days. Reminds me of the last housing bubble. It's going to crash. It won't be like last time, but much worse.
Why don’t you move away from all the ignorance? Why live like a roach when you could flourish elsewhere?
“Where do people get all this extra money from?”
That’s the big question.
This is the “soft landing” they’re talking about.
And this is still considerably soft. Wait until later this year into 2025 when it gets worse than 2008-2009. All the math tells us it will. When unemployment is 12%, homes will be almost worthless.
Excellent viewpoint. Agree with you 100%
Masterlock in Wisconsin went out and the 99 cent only store, express clothing, rue21, rite aid, party city all closed and more business closure family dollar, red lobster, Applebee's, Denny's, big lots, cvs, Walgreens.
The extra money is from loans. Remember when a usual car note was at most 60 months? Now it's 84. The credit is driving prices. And people can't do math so they just load themselves up with debt up to their eyeballs.
Im sorry you lost your job dude. I was in your place last November. You’re concerns are valid, and I believed what people told me, that if you just save everything you can and never do or buy anything, you can save for a family or house or retirement. I believed that until I did my own research and found out this system we live in is unsustainable and leaving the younger generation screwed. I know you’re worried, but we just have go keep loving our families and not let the fear of tomorrow ruin the happiness we can find today.
That's market economics, friend. The main causal factor here 'is' the system. We can evolve to an RBE, or continue to circle the bowl here in this neofeudal fever dream.
Nailed it
@@americanadreaming Resource based economies are not what the government wants and the people themselves never see this promoted by reality TV. That TV show is their vision of reality.
Keeping loving your families sounds like everyone else out there, just stuff your head in the sand and do nothing, never speak out, never take action. Precisely why things are the way they are!
@@rocklynholmes7072 Well we'll just have to keep striving to your level of taking action by commenting on youtube about another comment on youtube that wasn't taking action. Damn, that's a real high bar.
it'll be worse than 2009... worse than the 80s... and maybe even worse than the 1930s.
The problem is the market is still flood with cash. Homes in my area still going up like crazy and I hate it cuz my prop tax goes up more.
Big tech is mass shedding right now. Los a 26 yr job myself recently. I can't find work. No replies on applications and I am very qualified in field. I'm looking at very different types of work, maybe find something somewhere.
I am sorry about your job loss and hope that you land on your feet quickly. I watch and read a lot about the financial situation in our country, but your analysis in this video sums everything up as clearly as reading information from the top economists. There is definitely something wrong right now and the impact has not been felt by everyone just yet. We are skating on thin ice that will soon break.
FJB
The last 4 years have been hell in many ways. Some people are now waking up to the realisation that they have been played and that it is continuing. With the unelected WEF rich club and their tentacles in power, the push and funding for wars and an inflation that is pulling the economic carpet from under our feet, it is now getting scary. Uncharted territory. Now ditch the unhealthy McDonalds as you have forgone the dirt bike. Great video and good luck.
Went to a memorial service a few weeks ago. Spoke to 10 people 4 of them were recently laid off and looking for work.
The great unraveling, all by design. God bless America, land that I love. Stand beside her and guide her through the night with a light from above. God bless the freedom fighters.
Your compliance rewarded
I’m very sorry. This is so hard with everyone. God bless you and your family 🙏🏼🙏🏼🙏🏼
Don't forget, it wasn't subprime loans that caused a crash in 2008, nor was it ARMs. It was the sheer unaffordability that we refer to as a "bubble" that was brought on by the artificial demand and FOMO caused by those types of loans from 2005-2007, so that when people started losing their jobs in mass, equity deteriorated, leaving people with no money in the bank who lived paycheck to paycheck to all default and try to sell in a short period of time leading to a race to the bottom. Many of those who defaulted weren't even subprime borrowers, they were just people who signed up for a monthly payment of 37-40% of their net income assuming everything would be fine forever while they lived paycheck to paycheck with no savings. This bubble is no different at all, other than the math being 45% worse this time relative to the median income. People signed up to pay 42-46% of their net income this time around - and then their insurance and groceries went up 50% simultaneously.
I totally agree with your view of the current market. In a couple of years we will see all hell break loose!
I think you’re right. I’m really sorry you’re having this happen.
You said what millions of people think.
Truth!! 1000% The economy will eventually come tumbling down. Like you said people are swiping their cards, buying the truck. Some due to ignorance, some are just surviving. The people who will make it are the ones that have tightened their wallets and lived within their means!
People are finally catching on. Hard times are coming for many
"where does the money come from" is always running aroun my head too. i make 110K in the NE and pay cash for everything and if you look at me, I look lower middle class. It's crazy when you look at me, what it actually means to make low six figures, I live a VERY basic lifestyle (for example 14 year old car, only one big trip in nine years, 4 restaurant meals last year). Meanwhile people who make the same acting like they're rich....HOW?
Same for me. Live in NE and make same salary and feel lower middle class. Good luck to you
It’s all debt…
Get a passport and travel out of the country.
I want to know the answer too! Example: NYC is filled with 20 and 30 year olds living rich! How?
Debt. The Federal Reserve keeps printing money to buy stocks, bonds and derivatives (toxic products) to give the illusion of wealth. imho we are looking for a Black Swan to crash the debt bubble. Maybe Alien invasion ;-)
I'm also in San Diego and was a realtor after the 2008 crash which wasn't really a crash because the government stopped the correction halfway down. The Fed can't let any prices normalize because the banks would go under. The entire system is a charade. I hope you find another job. Great video btw!!
UK here.
They are running us all into the ground, big reset.
They dont need us anymore so when we have the crash we wont be able to afford food starve, they know famines do the job as they have used them from year dot.
We basically have no health care here now and they are running that into the ground too, same as schools, councils, parks etc. Things are going to get much worse guys. 😢
I'm so sorry you have lost your job my friend same happening here every day, rents sky high, food, bills etc.
X
Hey. Thanks for uploading. I sincerely hope you land on your feet.
Things are worse than you know, sadly.
A really good way you explained the true horror of people driving off a cliff, and not knowing the drop is coming!
Inflation is a money problem. They flooded with money, hence inflation
Keep speaking out on this.We need more man speaking out about this
The media gaslighting on this issue are out of control. Let’s not even talk about the debt crisis this nation will be facing.
The new housing sector was hit hard because MORTGAGE LOAN INTEREST RATES HAVE MOVED UP. End of story.
Hang in there buddy. I went through layoffs twice so I know how it feels. I have been warning my buddy overseas about layoffs in USA since 2022. He jokingly said if it happened to him, he would take the VSP and guess what, he got what he "wanted" in Jan 2023. The whole quality engineering team gone, including his own boss. This is half a world away in Intel Malaysia and he is only 51. It's happening all over the world. The Malaysian government allowed citizens to take out their 401k retirement money 3 times without penalties and it was reported 50% of all participants only have $10k left. This is the only lifeline they have, unlike our extra social security which I don't have high confidence either. I wake up everyday bracing for things to hit rock bottom and it's going to get worse before it gets better. No job is safe, including the CEO, except he has a golden parachute and we don't. Best of luck.
I work in healthcare and have many friends and colleagues getting laid off right now and even giant healthcare companies going bankrupt. Seeing a lot of videos of this happening in other industries to… yet all the news talks about is how strong the economy is and that everything’s ok… meanwhile I’m paying $4,000 a month for a 2 bedroom apartment in San Diego…. Nothing is ok right now lul
I feel that something is very wrong when seniors and children are sleeping under a bridge.
With the amount of immigrants coming every year and very few houses being built there is no way housing is going down.
Couldn’t agree with you more. You took the words out of my mouth. Such a concise description of what’s going on. I wonder why so many people are blind to what’s happening. Where are they all getting the money to survive? Tighten up and live lean. You’ll all thank yourselves soon.
You are the proverbial Cannery in the Coal Mine. When a working person like yourself understands the reality of the economy ... well it's over and hang on!
He touches on the core issue. What got deregulated was banking, finance and insurance. The debt instruments are being manipulated, this is a classic robber baron gilded age, which never creates a middle class, it creates robber barons and conglomerate consolidation through debt. This will continue to get worse, and in areas like medical care, food and housing costs, it is deadly. Our government acts like it’s run by finance’s puppets, under every regime, the country looks more third world every decade, and the robber barons get richer and richer just like the corruption we had to regulate here, long ago. The elderly, women and children are the most vulnerable, a statement of our ruthless businesses, state and federal governments.
Great comment
Yes, people on the margins go first.
Well said.
When I was in school in the 80s, I remember studying about monopolies of the guided age. Quite a lot of time was spent on the subject in one of my history classes. What I wonder now is how we have arrived at this same point again where so few corporations control so much. I have very little knowledge on economics, but I wonder why they haven't been broken up like they were in the past?
@@kristinab1078 Theodore Roosevelt is the reason and elected officials like him who cared deeply about what was right and wrong in society are no more. Elected officials realize it's a waste of time trying to champion the common man and just take the campaign and lobbyist cash. People go into politics in recent decades to make money, not serve the public. Look at the Congressional people's stated assets when they first come into office versus those asset disclosures years later after being in office. They get insider information and make killings on the stock market, buying, selling and shorting stocks.
Paying off debt should not be your 1rst priority, self preservation should be. The credit companies will write off the debt and survive - big banks take care of their own.
Think globally. Check the WEF and Creative Society
There will be no real estate price reductions while we continue to have an inventory problem.
Oh shit man dont say that I drive a truck and all we haul is windows and doors. Lessons I learned from losing everything in 2008, rack up as much debt as possible as long as your home is paid for and then let them all default the banks get bailed out anyway. Within 1 year of bankruptcy my credit score was up into the 700s again. Its all a game. Let the bank eat shit on your big screen TV and cadillac escalade. Fuck em. My 20 year old beater is still sitting in the garage waiting to see the sunlight after the repo man takes my pickup haha.
This is a fun post.u rock Hansel 🎉
😂😂😂
It is a game to be played thats for sure
It's funny you posted this. I'm someone who has always prided myself on having a high credit score -- it's above 800. About a year ago I was looking at all my credit cards with high credit limits and zero usage and thought this sht makes no sense. What's the sense in having a great score only to get more credit but you can't use it if you want to keep the score? It's dumb. I decided similar to you that I would run up those cards and just default. Fk em. I'm also a huge saver so I don't really need the credit any way. Like you said, it's invisible money anyway. They create it and delete it.
@@trina2100 exactly
One of the major supermarket chains is closing in Massachusetts. We are being fed false facts of the current economy
It’s so amazing to see this post. Since I’m in real estate I think my full-time job is looking at TH-cam videos. This is probably one of the realest I’ve seen.
The difference between 2008 and today is you have large companies buying up residential properties in bulk in some states. You also have people running away from high rental prices and settling into high priced homes.
Thanks for articulating the great mystery of this economy. Where are the people getting the money? Where are they working? Its absolutely horrific in Nashville. The local wages in no way align with the out of control price of houses It has to fall and fall hard - its the only way to get things back to reality.
Great video.
we are never suppose to win in this game.
Thanks for sharing your story here!
People comparing what's happening now to 2008 don’t get what's coming. This is not a real-estate crisis. This is a debt crisis this time. It should have been last time, but the spell worked.
There will be a minimum of 10x the layoffs.
Hope you've done something to prepare.
The new American dream is just have a nice apartment. Only the rich will own all the house's. This is all by design.
Japan has 40-year home loans currently. Just let it all collapse. The inevitable is coming... Maybe that's what the world needs.
It’s coming. You are correct about the housing market.
So sorry to hear you lost your job. Praying you find another soon.
Yes on everything.
You are keeping it real here. I asked myself these same kinds of questions in 2005, how could people keep paying these ever rising prices when wages were not going up. Where were they getting the money? Real estate agents insisted it would just keep going though and the FOMO was insane. This feels different. It feels like we have a market that no longer cares if most people can’t afford the houses. As long as there are a few who can. So I think you are right that the crash will be different. And the biggest mistake both owners and non-owners make is thinking that their high home value is making homeowners richer. It’s totally not. If you sell you can’t make money off the high price because whatever you buy is going to be similarly inflated. In fact small homes inflated more than bigger homes so it’s a suckers game to move. But the increasing prices ARE making non-owners poorer. No winners and lots of losers. It’s a mess.
You sell American junk cardboard house for $2m, move overseas and forget this American Titanic.
Remember interest rates were dropped to near zero post 2008. Bank of England had its lowest interest rate period in its 315 year history.
Hang in there brotha! I believe you are spot on with your thoughts and forecast!! This is gonna get ugly in near future..
I did the same thing and tightened up. I ditched the credit cards and got almost debt free. Still don't own a house though. Live in my moms old dilapidated house as she moved away and I pay most of the mortgage as she bought the house 10 years ago and the mortgage is like 800 bucks. Could not afford rent making 25/hr southern tier NY. Had to ditch my apartment because I felt like I was drowning. Best of luck to you homie. We're all in this together
Thank you. I think those of us who take time being a bit more cautious will come out ahead. At least I hope.
Why not renovate your mom's "old dilapidated" house? It sounds like you are in a great position.
@@nyquil762 it's filled with her garbage and the second I make it look nice she will sell it out from under me and I'll be out of a place to live. It's beyond repair. Carpets are filled with animal piss, electrical is shoddy and barely works. I am depressed here. The Only heating is coal stove. I don't have the means or the desire to put money into this hell hole. I am here because I have to be, not because I want to be
@@nyquil762 Because I dont own the house and my mother would wait until its done to sell it out from under me. I also dont have the means to do that between car repairs and trying to save for a house of my own plus retirement and savings just incase. The house is full of garbage and I can only throw 3 cans to the curb a week. It has shoddy electrical, a coal stove as primary heat source that really only keeps the pipes in the basement from freezing, very few working appliances but now has a shower that i managed to fix up after using an electric tea kettle for months. This is a temporary solution and its destroying my mental health living like this. This is far from a great position. I will get zero return from any money I put into this house. The alternative is get my own place but have no money left over for emergencies, and no way to save for my future.
I'm very concerned about the state of the US as well... What I see is very alarming. Take care everyone
Young people are starting to figure out the truth now. Unfortunately, like most people they learn the hard way. I’m sorry that this happened. But I’m glad that you are now waking up to the realities.
$70 chic fil a , 5 people. NUTS!
Sorry, man. I bought an F-150 in 2020 that would cost me $15k more now...4 years later. Rents here have doubled in the past 4 years. Prices of homes have doubled, too.
Where do you live? It’s the same in Colorado. Home equity millionaires invaded us!
@@maryholloway5487 Florida.
Yeah I just bought a new dodge, it more then doubled in price. Feel like an ass for buying it. But I needed something to get me around 🙄
We have been in a depression for a few years now. Im scared for what could happen at the end of this year.
Thank you for this video. I bought a house a couple years ago and have been with my company almost 15 years, we expanded last year and I took a new role. And now I'm losing my job. Along with hundreds of other people in just my area. And hundreds more across the country. But according to a report that just came out, the ceo made over 80 million last year. It's that kind of gap that's skewing the numbers so much. The stock market is doing well but the rest of us are screwed. I wish you luck sir. I wish everyone luck.
When I was young it was literally impossible for CEOs to take home so much more money than their employees. Tax rates went up so steeply for super high earners that they didn’t keep enough to make it worth their while to ask for millions. So the money was there to pay employees. Almost nobody was getting rich, but nearly everyone was comfortable.
What on God's earth could a ceo be doing at work every day to earn 80 million a year? Sounds like a deal with the devil. 😮
Sorry. Wishing you well.
Ive been spending a lot of money on security for my house anticipating more breakins. Its going to get ugly.
Sadly most car buyers don't care about the total cost of the vehicle. They just care about the monthly payment. It's insane really.
Your $1,000 phone is not a necessity. Buy the cheapest phone.
The United States is in big trouble. Everyone is polarized. People won't take responsibility for their own actions. The government is printing money like there's no tomorrow. Student loan bailout insanity. I don't know how this is gonna end.
Nope ! No idea either.
There’s the haves and have nots after the COVID years. Some people had assets, houses , coins, stocks that have exploded in value after all of the money printing. They have plenty to pull from to pay for things. If you didnt have assets before Covid or obtain them during, your income isn’t really going up and you’re being made to pay all of these high costs. It’s getting scary . I’m in my 20s and I know people with great jobs who can barely afford to hold down a semi middle class lifestyle on an engineer’s wages. It’s insane how much living standards how degraded
We have the exact same issue in Australia. People have been on a debt fuelled spending frenzy since Covid. You have to remember we have just witnessed the largest increase in the Money Supply in human history. Home owners have been refinancing and pushing out the loan tenor. They withdraw equity that sits in a mortgage offset account. The equity is then turned into debt and the homeowner goes on a spending spree. It’s incredible to see the amount of luxury cars, boats, campers and lavish overseas holidays purchased since Covid. It’s a situation of moral hazard. People firmly believe there is no downside risk. They witnessed the government come in to save the markets during COVID and expect the same thing to happen again during the next economic shock..
"Debt fuelled spending spree since Covid"? Are you kidding me? Australians went on a debt fuelled spending spree 25+ years ago under the Howard Government. Household debt doubled in a decade, courtesy of artificially stimulated house prices falling interest rates and tax revisions.
We've actually been relatively well behaved, since then, but we haven't paid down any of the debt, just the same. Covid revealed the structural problem that we had from all those years ago. If we were collectively sensible, we would have maintained the discipline that we found during Covid and continued paying down debt and saving. But we didn't. We went back to the ways of the good ol' days and spent like drunken sailors like we have for the past nearly 3 decades.
@@davidbrayshaw3529I agree. Must be the longest bull run in econonomic history 30+ years without a technical resession - two periods of negative growth. I cannot see the house price growth thing ending. Post covid, gov massively ramped up immigration making dwellings scare , driving prices , causing increased homlessnes. My prediction is the RBA will not drop interest rates to satisfy their stupid models regarding control of inflation. To them, the price of food and energy are not included in the inflation calculation of course.
Housing has tuned down under. Open homes have just started coming off
Inflation is a good economy for the rich. Inflation means the prices of their assets has risen.
This is just a normal guy, but he's very smart. He sees what I see and it's scary. I work with the homeless. The homeless are becoming "normal" people, not just addicts, mentally ill or lazy bums. I monitor job fairs. A year ago they were pretty much unattended, but now they're over run with people looking for work, whether it be 1st, 2nd or 3rd jobs.😢
Thanks for the report.