Serious Are you ready for a recession?

[Captain GhoulAgain]

House is paid for, but I have slept in dirt before. Used a rock for a pillow. I'll fuck'em up no matter what it takes.

Germany will not be affected. So I’m like ✌🏻

You and @McM. I love Germany.

 

[D.O.A.]

“It’s not gonna happen.” “It’s not happening.” “Here’s why it’s not that bad.” “Heres why it’s actually good.” “Here’s why it’s your fault that it’s happening.”

 

[92.eth]

The days of easy money are over. Time to stop using afterpay. Time to stop buying $5 lattes. Time to cut up your credit cards. Time to stop buying invisible coins and meme stocks. Time to stop pretending everything will be okay.

Umm what does that even mean? there's just as much money to be made on the way down as there is on the way up if you are based enough speak for yourself

 

[Brainfart]

View attachment 597279

“It’s not gonna happen.” “It’s not happening.” “Here’s why it’s not that bad.” “Heres why it’s actually good.” “Here’s why it’s your fault that it’s happening.”

I read that the cash rate could be 8.5% in two years time. So bank interest rates another 2 to 3 percent higher than that. I'm saving my coin now to hopefully cash in and get my bush block I have dreamed about. There is going to be lots of choice with all the retards that just bought up over priced property during COVID...

 

[D.O.A.]

Umm what does that even mean? there's just as much money to be made on the way down as there is on the way up if you are based enough speak for yourself

You can buy at the bottom but if it's truly a recession coming you won't see gains like you did when the fed had the money printer on and markets got jacked to the tits on stimmies and meme stocks. That's why Bitcoin lost 70% of its all time high value. The money is leaving the market, the suckers will be holding the bag.

 

[D.O.A.]

I read that the cash rate could be 8.5% in two years time. So bank interest rates another 2 to 3 percent higher than that. I'm saving my coin now to hopefully cash in and get my bush block I have dreamed about. There is going to be lots of choice with all the retards that just bought up over priced property during COVID...

We will fall the hardest as we look at property as an investment, not a home. Some Eurotard once commented we auction houses like old paintings. He was right. It's a bubble that needs to be popped.

 

[92.eth]

You can buy at the bottom but if it's truly a recession coming you won't see gains like you did when the fed had the money printer on and markets got jacked to the tits on stimmies and meme stocks. That's why Bitcoin lost 70% of its all time high value. The money is leaving the market, the suckers will be holding the bag.

On a decent day I can have least 5 shorts open a day (with leverage because I'm divorced) and often trade Bitcoin and Ethereum on the 15 min chart almost daily I don't have any problem getting by with "invisible coins". The only thing that really bites me is my passive income

People who know what they are doing have contingencies in place for market cycles like this

 

[D.O.A.]

On a decent day I can have least 5 shorts open a day (with leverage because I'm divorced) and often trade Bitcoin and Ethereum on the 15 min chart almost daily I don't have any problem getting by with "invisible coins". The only thing that really bites me is my passive income

People who know what they are doing have contingencies in place for market cycles like this

I see but you're shorting the market so you have a good grasp on how bad things can actually get, that's what you bank on after all. But for someone who bought a overpriced property with rising rates or was dumb enough to buy shares/crypto at the ATH, they're fucked. Well and truly. It could take years for things to recover now. The last two years have been a spending spree as far as markets go but that seems to be over for now. A lot of people invested in shares just because savings accounts were fucking worthless. It's all getting flipped on its head, fast.

 

[Brainfart]

We will fall the hardest as we look at property as an investment, not a home. Some Eurotard once commented we auction houses like old paintings. He was right. It's a bubble that needs to be popped.

A lot of people that have mortgages wouldn't know that in most cases, the bank will have clauses in the loan contract that state if the value of the house falls below the amount loaned(negative equity), the bank can sell the house from underneath the owner to recoup their outlay. Even if the mortgagee is up to date on repayments and is satisfying the obligations of the loan.

 

[Racist Bastard]

Goregrish is, the website will survive at least.

That whole generation of fools who borrowed money at record low interest rates and somehow thought buying a overvalued home in their 20's was a good idea? not so much.

The days of easy money are over. Time to stop using afterpay. Time to stop buying $5 lattes. Time to cut up your credit cards. Time to stop buying invisible coins and meme stocks. Time to stop pretending everything will be okay.

Bookmark this post and come back in July 2023.
Wherever you live, interest rates will be almost "normalised" by this point. The reserve banks of the world left rates too low for too long and a entire generation is going to be squeezed soon like you can't even imagine.

The upside is, houses will be cheaper to buy 😄

The downside of that is the ghost of the fool who bought it on a fixed rate 2 years ago who hung himself in the bathroom.

This is a sad time. We actually got up with Trump in office. Now Biden is draining us of what little savings we were able to get. And if we impeach him look who were left with!! Is there any way we can impeach the whole administration? Cuz it's really not him he just TRYS to say what he'd told...

 

[HG]

I love it when you are clever and informative @D.O.A.

 

[SlovakBabe]

still people hav money for onlyfans

 

[mrln]

trump 2024?

if you have a govt job,then you should be fine. if your working for someone who had gvt contract,you should be fine. if you work in the construction sector and theyres govt contracts,youd be fine. anyone else and all most everyone else,will be fucked.

 

[Bill Murray]

Agree with most of @D.O.A.'s original post other than the tempo of interest rate increases. The central banks do not, can not, repeat what happened to the US housing market in 2008. The current inflationary pressures are increasingly driven more by supply chain constraints than consumer demand so won't be alleviated by central banks raising lending rates.

I don't follow the RE markets much but locally I'd expect a 3%-7% decrease in average home prices over the next couple of years. Other over inflated markets like Vancouver & Toronto can expect a 5%-11% decrease.

I don't have kids so buying a house for the government when I die has never been a priority, even when it was a possibility.

I don't have kids either but I've never seen that as a reason to not own a house. Not owning usually means renting in higher density and I fucking hate apartment living. Even in the absence of children I have a will and an estate plan, godson & daughter get some, a couple of scholarships to be established and then a few charities get the rest.

My friend just bought a house for $800,000 and is now so poor due to the mortgage payments that she complained about the cost of ice cream we got today (it was only $3.50). I like going out with her but the debt she's in is a massive turnoff to me. I really don't want to get involved with her more seriously because then her poor financial decisions will become my poor financial decisions and I know that mortage will eventually bankrupt her or lead to foreclosure when the housing market tanks or when the interest rates spike. A damn shame because she's a wonderful person otherwise. I told her so many times not to buy that house, I told her to wait because I did my research and could see it was a mistake. But she FOMOed because she saw house prices going up and the purchasing power of the dollar going down so figured it was now or never. I fear many young people have made this mistake. This coming recession will destroy many lives and split many people apart I just know it.

Your friend is an imbecile. Anyone who's willingly that house poor deserves a great big dick slap upside their face.

 

[D.O.A.]

the tempo of interest rate increases. The central banks do not, can not, repeat what happened to the US housing market in 2008

I'm only speaking for Australia but if we don't keep up with US cash rates the carry trade will shit the bed and the AUD will be worth less than 50 cents. As a nation based on exporting and taxing shit we dig up, this is unacceptable. Rates will go up every month until xmas.

 

[D.O.A.]

trump 2024?

if you have a govt job,then you should be fine. if your working for someone who had gvt contract,you should be fine. if you work in the construction sector and theyres govt contracts,youd be fine. anyone else and all most everyone else,will be fucked.

Private construction is taking a beating and building firms are collapsing here now. It's pretty savage, you have everyone building homes with low interest loans and then suddenly a supply shortage in the basics which has left many homes a skeleton of half finished wood as builders demand clients absorb the new costs of materials, which are sending them broke anyway. This is partly the governments fault too with their stupid fucking covid handouts.

https://www.news.com.au/finance/business/manufacturing/wiped-out-horrific-claim-about-australias-collapsing-construction-industry/news-story/b808556d41ab8cb29fd9a3f90b2e3c07

 

[Damo0666™️]

What kind of business to you run?

I have my own construction company, it's only small with 8 employees but I have work 7 day's a week 364 day's a year and make a decent profit so can't complain 🤷‍♂️

One example of the typical Job i do is a kitchen I've just refitted, it took just over two weeks to complete and cost the homeowner just short of £13k, profit from that Job alone was around £5k and I had two other kitchens been done and a bathroom at the same time,

We have 4 teams who work in pairs and my partner does my accounts, she also runs her own little hairdressing business, she did have a shop but now just does house calls and she makes a nice little wage from it, at the moment thing's are going great 🤞

 

[Sky]

We will fall the hardest as we look at property as an investment, not a home. Some Eurotard once commented we auction houses like old paintings. He was right. It's a bubble that needs to be popped.

I know guys buying property for 100k, polishing for 20k and reselling for 170k and it never stops.
Those fuckers really ruined the market and that's where a government should step in.

 

[D.O.A.]

We are here:

 

[D.O.A.]

A lot of people that have mortgages wouldn't know that in most cases, the bank will have clauses in the loan contract that state if the value of the house falls below the amount loaned(negative equity), the bank can sell the house from underneath the owner to recoup their outlay. Even if the mortgagee is up to date on repayments and is satisfying the obligations of the loan.

I'm not aware of this, I would have thought if you can service the loan - keep paying regardless - the bank won't give a fuck as long as they get what they are owed on time every month. Negative equity would bite when you default on 3-5% rates and you can't sell anywhere near the price you bought in at, leaving you holding a nice chunk of debt on exit. A lot of new home owners are saying "who gives a fuck if the value drops? It's my home not some investment property, I paid the fair value at the time", but don't even consider how high rates are going to go and how they will manage to pull at least another $900 per month out their ass, all while the cost of living skyrockets. Rough times ahead.