Laid off in the "booming" housing industry. Buyer beware.
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- เผยแพร่เมื่อ 19 พ.ค. 2024
- I lost my job in the 'booming' housing industry. I was an IT manager at a manufacturer. After being almost laid off at another plant I am done with the housing industry and manufacturing. I think high cost of housing is what will lead to economic downturn where as 2008 rapidly falling prices led to down turn. It will appear as if housing costs will remain high in contrast with high unemployment with a sudden rapid correction as housing is the last bubble to hold out and will have the deepest cut.
I think it is called a Minsky Moment.
#jobsearch #layoffs #housingcrash #housingmarket #minskymoment@ReventureConsulting @MichaelBordenaro @RebelCapitalistChannel
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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
@@greyfox79007 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
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.
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?
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.
We are living in a house of cards…it’s all an illusion
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.
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!
God caused conditions which led to the plant closing in the first place. This man is a grown up he will survive and he donr beed no jesus to save him
@@halloweenking7357… until you meet Him
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
This works because the inept central banks do the quantitative easing and bail out the rich if they actually allowed proper recessions defaults and liquidation the system would be a lot healthier.
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.
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.
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❤
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.
Graduated hs in 2006. I was close to being homeless in 2008. Worked hard to get on my feet. Lost it all in 2017 from a car accident and a tbi. Was homeless.. worked hard again and finally got a stable job and income in 2019.. to only have it removed in 2020. Got into a new career with sales, worked hard to get ahead finally in 2023, to only be slapped with everyone having credit issues.. now it’s 2024 I’m barely surviving and looking at a new career move. I’m so done with struggling. I am so done with barely getting ahead to only be smacked back down. I don’t live lavish. I am clean and basic.
I too graduated 2006. Man I feel you. It's been a ride for us millennials. I pray you get back on your feet; you're not alone.
The debt=The sin. The times of Grace are over; the consequences of the sin of the apostate West are coming. It’s all spiritual, realised in material way. The food price will be 10x. Pray for help! Few will survive.
@@twnb7733 Nutjob
Sorry.
Sorry to hear your story.
You are a hard worker guy but kept going up and down.
I understand stang it's very frustrating but I can say keep moving. God be with you. GBU
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.
Appreciate you sounding the alarm. I agree so much....
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.
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.
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
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.
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.
Wealthy immigrants are buying homes at these prices. To them, buying all-time highs is a better investment than investing in their own economy. I seen some southern california suburbs get invaded by the Chinese in recent years.
The Chinese Communist Party (CCP) will seize bank accounts. This is why the Chinese buy foreign property and try to buy Bitcoin.
They bought up lots of Vegas properties during foreclosure season 2008-2010.
That should be illegal
@bmoreblondie6301 why?
Wealthy immigrants? 😂
House "value" is meaningless for most homeowners. Anyone that spends based on a Zillow prediction is destined for serious financial trouble.
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
Well said. You spoke the truth. I lost my house in the 2010 crash. No fault of my own. My credit was excellent , no late payments. I was on unemployment and had to take in 2 other families that lost their home. Its the general public that sees it coming first, not the government. Its already starting ....and its gonna be bad !
What
I just told one of my older friends this ! He says he want to move in with me & I tell him go buy a cheap house & fix it up that’s your best choice bc I want my own space. I will be buying 4 more myself and rent out to women(4-5) that I’m gonna have my family with(2-3 each) & maybe 4-5 more for extra income on top of that
Yes, it was at least partially your fault. You bought more home than you could afford, didn't have enough cash reserves. Sounds like you were living paycheck to paycheck.
@brocklanders6969 can you name more then five people you've met in your entire life that don't live paycheck to paycheck on America.
Unless your very wealthy with very wealthy friends, then your living paycheck to paycheck.
Easily 95% of America lives paycheck to paycheck and I'm sure you have for most of your life if you don't now unless you were born into money or got lucky.
@@DAOC91 I can literally name hundreds of people and few, including myself, and very were born into money or got lucky (win a lottery). You must be in Loserville. Fyi, 8.8% of the USA are millionaires. As for income, $100,000-$149,999: 16.4% of Americans, $150,000-$199,999: 9.2% of Americans, Over $200,000: 11.9% of Americans. Few of these folks are living paycheck to paycheck.
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?
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.
This man-I don’t know his first name-has more to say than all the ‘economists, CFPs, bankers etc. that I watch. Most intelligent and common sensical ideas that I have heard on the financial reset in the offering.
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.
Your answer is globalization. Average inflation in a 3rd world country “where I come from” is 15% per year globalization is making 3rd world countries turn into 2nd world because of their resources and cheap labor. Unfortunately it’s also making 1st world countries like ours turn into 2nd world. we are failing into the mentality of printing money/social giveaways and not producing “GDP”. My best advice is to be adaptable, to master multiple skills/trades and bunker down spending. Someone who can quickly accept change and have a hard work ethic will have the best chance in our new 2nd world environment
Nah
Globalization is all about lowering lifestyle for Middle class, lower wages; more slaves for Corporations.
Good advice.
The reset🎉😢
WOW you don’t know world news at all. BRISC and the dropping of country that feel like they being bullying military dollar have a whole lot to do with it. A whole lot and the failing trabe war and pure greed. Really greed and a lot not a lot of our government love to steal money off the top just look at that MS governor that got caught claiming it for the poor. We give more money over seas etc period and they put it in there pockets secretly. They have companies over charge the government that really cost a lot less to do and both will split the extra and pocket it. Our government is getting more corrupt by the day. They not even trying to hide it.
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 rug will get pulled on folks. It very sad. Stay safe everyone…Don’t make any big purchases. Thanks for the vid.
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!!
The government counted part time jobs in the jobs market data. You lose 180000 full time positions and gained 240k part time so it looks like jobs were added.
That would be me! 40 /week and decent wage in 2023 to 24/week at a lower wage in 2024. Technically still employed. It sucks. Glad I have a paid off rig and bought my house in 2011. I would be absolutely hosed if this was not the case.
Highpay job from 70k above are gone !This gov is a liar
Plus they have the nerve to count gig work such as Uber and Door dash. I wouldn't even consider those as part time jobs. More like a little extra cash here and there smh. A real part time job is consistent and something that you can rely on. Gig work is not that.
@@ivyngo11070k, unfortunately, is no longer a high paying job. 100k has replaced it. 130k if you want the median home mortgage.
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.
I totally agree with your view of the current market. In a couple of years we will see all hell break loose!
I knew this 2 yrs ago - my car is already ready for me to move in as my backup
Trade in your car on a van. Just do it. Don't think about it.
Dang!
Same here..
"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 ;-)
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.
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.
Hey. Thanks for uploading. I sincerely hope you land on your feet.
Things are worse than you know, sadly.
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.
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
I’m very sorry. This is so hard with everyone. God bless you and your family 🙏🏼🙏🏼🙏🏼
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.
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?
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
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 🙄
FJB
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.
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 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.
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.
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.
Inflation is a money problem. They flooded with money, hence inflation
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.
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.
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.
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.
It’s coming. You are correct about the housing market.
So sorry to hear you lost your job. Praying you find another soon.
The new American dream is just have a nice apartment. Only the rich will own all the house's. This is all by design.
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.
Sorry you lost your job . I moved out of AMERICA 1year ago to south east ASIA i myself was forced to move financially im better off now .
Which country .
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.
People are finally catching on. Hard times are coming for many
Interesting, I ordered windows this Spring and it took 6 weeks to deliver them because of "lack of workers". I'm swamped with work here in NY, but they're all small jobs and siding. I also lived through 08 as a carpenter and things were very tough, and because of that time I never buy anything on credit.
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.
The media gaslighting on this issue are out of control. Let’s not even talk about the debt crisis this nation will be facing.
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!
I am in San Diego, East County . Feeling the same here. Downsized from two connected shops to one shop now because it feels like 2008 all over again. Houses on our street selling for $300k more than ours when we bought back in 2005. A year ago i decided to start developing/manufacturing performance e bikes because i saw the unaffordable new and used car prices…. Skyrocketing insurance premiums… our kids can’t afford a future like this. And it will not shock me at all if meme coins like Doge continue to grow in savings popularity with younger generations simply looking to hold value on their savings. Can anyone blame them? It just came out that 70% of Americans do not qualify for a basic median priced home loan. So the dollar is literally teetering on the brink right now. Were all scavenging for yield. #eastcountystrong
I just downsized my shop also 2800 sq ft down to 1400 last november. big recession IS ALREADY HERE I am 26 yrs in business no buyers right now
@@futonfave i see two things with a future…. Growing food, and Lithium cells.
@@kognitiondesign
Doctors too..
I think Main St is being thrown under a bus to save financial markets (again).
You said what millions of people think.
I feel that something is very wrong when seniors and children are sleeping under a bridge.
A really good way you explained the true horror of people driving off a cliff, and not knowing the drop is coming!
Yup. I also got laid off a couple of months ago here in SoCal, I feel your pain. Hundreds of job applications and only got two interviews. Expensive apt rent but thankfully I don't have kids, a house or a car. It looks like it won't happen as long as I'm in the US.
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.
Sorry for your current situation. The state of our national economy is poor. Stagnation and recession is with us. On the topic of windows and doors, I must say they are both too expensive for the end consumers. Window installers try to get an average of $1500 per unit. I was able to achieve a price of $1000 per unit installed and still passed on it. Most services are priced out of reach of an average American currently, I don’t see a future where this situation will improve. Tip for you, a major family owned window producer is establishing a new factory in East Alabama.
weird. Framers install the windows here included in the costs of framing
I agree about cost of windows to consumers but wouldn't the sales be their for new homes being built?
Think globally. Check the WEF and Creative Society
It makes me really sick that the police will tell a business owner to get up and move when people are s******* on the street and people are doing drugs, shooting up whatever they want and smoking meth, outside and pissing. And just walking around. Maybe they're walking around nude. And the police doesn't do anything about that, but to a business owner, they tell them to get up and move.
I think the police need to be taken down a notch, and I think the police need to be homeless for about a year or two
The police are the arm of the government, not the people while I generally support law enforcement and understand the plight I don’t pedestal them because even a loyal guard dog will turn on its master if the conditions are right.
we are never suppose to win in this game.
I agree with you. I am so sorry for your generation. Our government spun things so out of realistic proportion. Spending money like it has no value, spending on non citizens, forgiving loans, etc. it doesn't affect them because they are all getting kickbacks. It's a shame.
All liberal policies!!
Dollars lost about 50% of their value the last 5 years.
You did say bank bailouts that is the hugest loans forgiveness. And the zero regulations where we have companies that too big to fail that means it was a monopoly that never should have exist in the first place.
It like they forgive everyone loans. You still have to pay them back. No they just forgive a few and the ones where the people wasn’t even paying on to begin with. A lot of those loan companies was loan sharks companies where the government had to bail them out decade ago due to horrible practices. I see where people just borrowed 10,000 and end up paying over 25,000. It not like they got a huge true break the money was buy already triple times over but those interest are like revolving credit you where better just getting a credit card and that what a few people did to pay it off as they will increase the date if you paid early you had to call every time and make sure they apply it to the loan. The government when they bail them out and also decade or so ago made it where they couldn’t do that no more.
Apologize in advance for the rant: it's not immigrants, it's the big corporations w huge tax breaks, corporate lobbyists, and no rules for insider trading for our Congress people and their corporate lobbyists that keep them in power. Wish we could stay focused on who's causing the problems and not culture war issues.
Japan has 40-year home loans currently. Just let it all collapse. The inevitable is coming... Maybe that's what the world needs.
Feel your pain brother, you're not alone! The system is broken.
The police shutting down the small vendor compared to letting petty crime run rampant is a sad dichotomy.
They do this because the vendor or us, the law abiding citizens, are easy marks and compliant. We all have something to lose. The criminals don't. When it gets to the point where The People have nothing to lose, big changes will happen.
I work in Finance and all I can say is prepare . Pay off all your debt , don’t even think about buying a house . Have some cash in hand . If you can invest in gold and silver .
Ive been spending a lot of money on security for my house anticipating more breakins. Its going to get ugly.
You are 100% correct. People are struggling to stay ahead of their credit card debt, car payments, fuel, and electricity. Not the time to buy new windows, doors, air conditioning, etc. everything is going to be deferred. Hopefully things change in November. Good luck everyone!!
You're a pretty heartfelt and perceptive man. There's a lot happened to this country in 60 years, and the 25 I've been here since arriving from Australia.
Yes, the Fat Banker sees only the plenty of leftovers from the gourmet dinner he couldn't finish, while the Backpacker Man at the shelter knows that they only feed him - solely - to keep his *body* alive, nothing more. One comes to understand the most *after* they flush you out the pipe.
Losing count of the number of times I've had to 'start again' in the 'bad times', since 2008. The latest - three years out truckin' all over again this time, 100% available, living week to week, broke all the time, and then they stop approving layovers a couple months back, with a 'freight recession' more than a year and a half old and no end in sight. Then they suddenly lower the bar on their bs camera surveillance, and in a short couple weeks they find a way to discharge me for 'unsafe driving' - yet nothing, absolutely nothing, has popped up on my DMV report.
Two years ago I ran over ice with no chains, at 2mph, on the top of Pendleton. And just before they canned me, I safely pulled over on my first ever blown steer, shredded to the rim! But experience means nothing now.
Trucking companies large and small are dropping like flies everywhere, 'capacity' and 'rates' cited all the time. You tell me, if not enough of y'all's 💩 is being moved on the interstates, that they had to cancel someone who has endured and overcome so much in his 5 and a 1/2 years of 18-wheeling, is that a good economy???
Wish y'all well. Back to sleepin' in a field again in northern California! 🚛
Sorry to hear your bad news, wishing you good luck. When one door closes another one opens.
You are the voice of every American. MnMs forget about it… groceries are thrice the price. Milk for 7 god sake my income hasn’t increased even by 3%. You are right brother and my sentiments are with you and in full agreement with your theory.
Sorry for your loss dude. People in general have no idea what true money is. This is the real problem. Unfortunately, they also do not understand how badly our money has been messed with and we are in for a very dark time. This is going to motivate people to learn what money is. If your don't respect money, you will never have it.
Everyone is struggling financially, even mentally nowadays more than ever. Precarity is where we stand. Debts are at the highest and savings at the lowest level. Homelessness is up and if you consider those shacking up or living with family, the numbers are outrageous. This is going to thin the herd. God forbids another epidemic.
The question shouldn't be, "Where is this money coming from?" It should be "Where is this money going?" Better question, "What is propping up the Dow Jones and Wall Street?" Record profits continue in many sectors. If you look at the stocks board, what do you see? Some who know much more than I, say that the stock market is being propped up by false investment, or that the money is flowing to those industries that are of little help to America and jobs/wages here. When McD's costs you $50 for a family of 4 for one meal, (shame on you!) perhaps you can see what the monetary cancer is that is eating the economy from the inside out, from the bottom to the top. High prices are staving off the collapse. But as people increasingly refuse to buy anything, it has to run out of gas. That's when it ALL comes crashing down. Today it's windows and doors, tomorrow it's the lumber industry that makes them, the sealants that hold them in place, the double paned glass that structures them, and all the transporting of materials. We are walking a tightrope that is being eaten away on both ends.
I think it's drug money supporting the stock market. They gotta wash all that cash somehow and I'm sure their profits are higher today than they ever were before. Bitcoin also being propped up with cartel drug money.
@@jdizzle6324 And scams both big and small.
If I lived and was paid in almost any other country’s currency I would,every pay period, exchange that currency for the reserve currency(U.S. dollars) and purchase hard assets to avoid the inflation fueled by government debt issuance.
Stock market is being manipulated with AI and quantum computing.
@@Jb-uy5zx and fueled with drug money. Good call.
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.
You are spot on -feels like a house of cards! I’m sorry to hear you lost your job & hope you are able to land a much better one soon!
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 reason people buy expensive houses now is yes credit, but also with such low inventory only the rich can bid, so even if houses sell at 1.5 mil, only a small few could afford them,,,
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.