Serious Are you ready for a recession?

[bipolar_transistor]

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.

Move in with her.

 

[Brainfart]

Move in with her.

Nah...just tell her you will move in with her, fuck her for a while and then give her the flick...

 

[Mateo1]

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.

To be fair, I don't think Bitcoin or even Ether are going away and will probably go back up in a few years. They have become too big and too popular. I think the people who are getting hurt in the crypto-markets right now are the ones who are over-leveraged and their lenders. By over-leveraged I mean borrowing real money or crypto-currency to fund crypto-related projects like expansion of mining operations and other crypto-related stuff. I think the majority of retail investors are in it for the long haul and will just hold on to their coins and wait.

I have been skeptical of crypto-currency for a long time, but even I am starting to come around. For me personally, the turning point was the wannabe despot Justin Trudeau transforming Canada into an authoritarian state for about a week by invoking the Emergencies Act. He then used his new powers to transform Canadian banks into instruments of an authoritarian regime by freezing the bank accounts of the protest organizers and even the accounts of some people who made donations to trucker fundraisers. This is the single biggest drawback to centralized transaction middlemen like banks, credit card services like Visa, Mastercard, and Discover, and even payment processors like PayPal and Stripe. They can easily become political weapons of a regime that is in charge or political weapons on their own initiative (think PayPal). I think crypto-currencies will always be a rectal enema to wannabe despots like Trudeau or real despots like Xi Jinping. I believe a lot of people see that now.

 

[Mateo1]

Move in with her.

Yo, BJT! I like your user name, but then I am a bit of an electronics and software nerd I guess.

 

[hawkesdale]

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.

I completely agree with your predictions. I'm in my 70s and have seen this 3 or 4 times. Being retired, on a limited income, I have everything paid for so should be able to survive it. I think my small discretionary budget will soon go for fuel and inflation entirely.

 

[IExist]

Luckily, I don't do mortgages. And I have a real job, so no relying on Internet moneys.

 

[Graziani]

I am living very well.

I go to market and buy everything i want .
But poverty of people is real walking on streets

 

[mrln]

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

yea man thats too bad. it sounds like it comes down to those companies are price gouging and gotten greedy. meaning they bit off more than they can chew. if these companies want to survive,they need to come together and join forces to keep the industry alive. more joint venture jobs.
im lucky for the fact that in union and in the concrete end of the spectrum,and what i do. i was on the other side of the concrete end where the jobs were supported by investors. and george bush yrs fucked that up with the recession. which made me make the switch to getting work in the more federal aspect,where the money is already allocated for and i need not to worry so much. and the bush yrs totally fucked up the non union/private sector of construction here as well. like i mentioned,steve and mike were competators. they were both letting guys go because the scope of work was nil. they decided to scavenge the rest of their company and whoever they had left as employees. they joined forces to stay afloat. it worked. granted theyd rotate guys on who would work x amount of days per week,just to give them some kind of income. "half a loaf is better than none!"

I am living very well.

I go to market and buy everything i want .
But poverty of people is real walking on streets. I pay them for sex to play with my benis. They make money. Win win. We both walk away happy.

thats the way to do it graz. share the wealth! kudos to you brother.

 

[HG]

As we all know now - it was planned from the start...

 

[D.O.A.]

@Brainfart

 

[sleepydawg]

I'm on the verge if homelessness and can barely afford groceries already

 

[mrln]

I'm on the verge if homelessness and can barely afford groceries already

greedy fucking people are causing this.
lazy people helped cause this.
deception caused this.

 

[Brainfart]

@Brainfart

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Half a percent every month won't take long to get to 8.5%...

 

[D.O.A.]

greedy fucking people are causing this.
lazy people helped cause this.
deception caused this.

The lowest interest rates in 3000 years caused this along with treating oil and coal like nuclear waste. Transport costs are fucking ridiculous with fuel prices. Everything you buy was transported at some point nothing will stop going up until fuel does.

Half a percent every month won't take long to get to 8.5%...

The futures market are taking bets it will be 3% by Christmas.

 

[mrln]

The lowest interest rates in 3000 years caused this along with treating oil and coal like nuclear waste. Transport costs are fucking ridiculous with fuel prices. Everything you buy was transported at some point nothing will stop going up until fuel does.



The futures market are taking bets it will be 3% by Christmas.

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oil is over 100 usd per brl. because of greed. and is not because the war in ukraine,as the current admin says . thats deception. people were getting this so called "free money" during covid. which is understandable because a lot of business were closing doors. covid is under control and people went back to work for the most part. then theres those who made more money with covid checks,than their pay check. looking for more hand outs. thats laziness. AND we can add what you posted also. lower rates helped cause this as well. its a culmination of things. but (imo) greed being the top. numero uno reason for this inflation. again. all passed down to you and i. the consumer. there isnt much we can do about most of it,but suck on it. and the governments know this and take advantage of it.
"were working on it".

 

[McM]

The people buying firewood like mad.

Good.

 

[D.O.A.]

oil is over 100 usd per brl. because of greed. and is not because the war in ukraine,as the current admin says . thats deception. people were getting this so called "free money" during covid. which is understandable because a lot of business were closing doors. covid is under control and people went back to work for the most part. then theres those who made more money with covid checks,than their pay check. looking for more hand outs. thats laziness. AND we can add what you posted also. lower rates helped cause this as well. its a culmination of things. but (imo) greed being the top. numero uno reason for this inflation. again. all passed down to you and i. the consumer. there isnt much we can do about most of it,but suck on it. and the governments know this and take advantage of it.
"were working on it".

We don't refine anything both our counties export oil and gas. It makes more money that way, prices are high. We import refined fuel. There is no new investment in refining etc because of government policies. Green government policies. Western nations are the only ones dumb enough to cut their own throats with these climate policies. It's as simple as that. Germany is desperately burning coal again because Russia Russia Russia. Why did they close coal plants in the first place? Where was the backup plan and all this green energy bullshit? We have unlimited power already it's called nuclear power. Fucking EU hippies. I hope this "crisis" eventually ends a lot of weak governments and unions like the EU.

Then you have reserve banks turn the printer on and the rates off, hell anyone flipping burgers could borrow half a million fucking dollars because interest on cash was so cheap your budget of fuck all is now eligible. Lenders will bend over to put you in debt. People spent like crazy in 2020/2021. Buy now pay later companies appeared in droves off the back of cheap borrowing. In return the cost of everything went up in some fucked up feedback loop, supply and demand baby. And here we are post lockdowns, which crippled our own production for an entire year, blaming Russia for oil shortages which is easily available to both the US and Australia to drill, pump and refine, or whinging about the cost of a lettuce, which anyone with dirt can grow. Reserve banks operate independently the government can't help you or interfere with monetary policy, just give you handouts. Diesel is still 25 fucking cents a litre in Saudi Arabia. The west has gone completely fucking retarded and it's going to get a lot worse before it gets better.

 

[Sweet Death]

I'm on the verge if homelessness and can barely afford groceries already

If something bad happens to me, I'm one paycheck away from disaster. And I work 40 + hours a week. Something is really wrong with the world.

 

[D.O.A.]

If something bad happens to me, I'm one paycheck away from disaster. And I work 40 + hours a week. Something is really wrong with the world.

Shits gonna be rough but if you have a job that society truly needs, a recession won't see you out of a job. If you sell $5 lattes or work for some bullshit VC startup as a hipster beard riding a pushbike around delivering groceries, I hear McDonald's is hiring. My job deals with prisons and hospitals, which shouldn't go out of fashion anytime soon. You need a safe bet and ride it out.

 

[Damo0666™️]

oil is over 100 usd per brl. because of greed. and is not because the war in ukraine,as the current admin says . thats deception. people were getting this so called "free money" during covid. which is understandable because a lot of business were closing doors. covid is under control and people went back to work for the most part. then theres those who made more money with covid checks,than their pay check. looking for more hand outs. thats laziness. AND we can add what you posted also. lower rates helped cause this as well. its a culmination of things. but (imo) greed being the top. numero uno reason for this inflation. again. all passed down to you and i. the consumer. there isnt much we can do about most of it,but suck on it. and the governments know this and take advantage of it.
"were working on it".

In 2008 oil was over 150 dollar's a barrel yet petrol and diesel prices were around half of what they are now, they even reached about 140 a barrel all the way back in the 1980s and look how cheap fuel was then 🤷‍♂️

The high prices for petrol and diesel aren't because of oil prices they're because of companies and governments taking the piss, shell made it's highest profits ever in the first 6 months of 2022