Serious Are you ready for a recession?

[D.O.A.]

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.

 

[SPHINCTERPUNCH]

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 and just hung himself in the bathroom.

We may Very Well B heading in that Exact Direction too! Some1's got 👁👁'S Wide Open! PROPS!!! 🤘🏼🤟🤙...SP

 

[Sky]

What is going to happen then, Mr. Accountant?
Are we going to be pushed into a corner by the illuminated governments?

 

[D.O.A.]

Now do the math there on mortgage repayments. 😮

 

[D.O.A.]

What is going to happen then, Mr. Accountant?
Are we going to be pushed into a corner by the illuminated governments?

Is it too much for your smooth brain to comprehend? Everyone who is leveraged to the eyeballs is fucked. Do you have a mortgage? If you took one in the last few years, start lubing up.

 

[Sky]

Is it too much for your smooth brain to comprehend? Everyone who is leveraged to the eyeballs is fucked. Do you have a mortgage?

No.

 

[Damo0666™️]

I'm so glad my home is fully paid off and I have zero debts 😴 only thing that's affecting me at the moment is the price of fuel and materials needed to run my business, but that's a cost i can pass on to the customer 😁

My weekly shopping bill has increased by about £50 a week and my utilities have increased by about £30 a week, but hey it could be much worse 🤷‍♂️

 

[D.O.A.]

No.

Then you're fine 👍

People who bought a home in the last few years will need to google negative equity, they'll be in it soon. The cost of living increases, your wages stay the same and your mortgage spikes from almost 0% into the 3's and 4's. It's going to be rough for a lot of people.

 

[Sky]

Then you're fine 👍

People who bought a home in the last few years will need to google negative equity, they'll be in it soon. We're going to see a worldwide recession as the cost of living increases, your wages stay the same and your mortgage spikes from almost 0% into the 3's and 4's. It's going to be rough for a lot of people.

Good.
Homeowners are paying half of what renters pay per month for the same shit.
I'm in the business where I can make hundreds per day so I give zero fucks about trapped salary workers.
Still tipping 20 year old waitresses 50% for a latte and smashing them in the weekends.
The more skulls I can step on in a crisis, the happier I am.

Burn the fucking snowflakes 👍

 

[DokraOwl]

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.

 

[D.O.A.]

Good.
Homeowners are paying half of what renters pay per month for the same shit.
I'm in the business where I can make hundreds per day so I give zero fucks about trapped salary workers.
Still tipping 20 year old waitresses 50% for a latte and smashing them in the weekends.
The more skulls I can step on in a crisis, the happier I am.

Burn the fucking snowflakes 👍

With crisis comes opportunity. The markets have tanked and could go lower. Have cash ready to buy in again. If houses tank, that's another opportunity, become a landlord for all the renter's that mass defaults create.

 

[Mateo1]

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.

Back in 2020 I became curious about the reasons for the 2007 U.S. housing market crash and did some searching on the Internet. I found many of the usual speculative and highly biased opinion pieces from both the left wing political hacks and the right wing pundits. The left wing hacks were claiming that the banks did it with their mortgage backed securities and their deceptive lending practices. Many of the right wing pundits were claiming that the cause was the Department of Housing and Urban Development (HUD) starting in 1996 directing Fannie Mae and Freddie Mac (U.S. government controlled corporations that purchased mortgages from banks) to increase purchases of mortgages going to lower income "sub prime" borrowers. Both types of pundits usually didn't provide any scientific evidence or data.

I did find one very good article that described scientific research conducted by a team of researchers from three universities. They analyzed data from a U.S. credit reporting agency called Equifax and found that the bulk of the defaults was coming from upper or middle class investors with good credit scores. These were mostly "house flippers" who were borrowing money to purchase their second, third, or fourth home so they could make some minor renovations and then "flip" (sell) the house a few months to a few years later. I read in a different article that many house flippers were borrowing far more than they could afford and paying only the interest the first couple of years. (Many loans in U.S. allow you to pay only interest during the first two years at the cost of a higher interest rate after that.) They were betting on the idea that the home prices would keep increasing and that they would have no trouble selling the home in the near future. The sub prime borrowers (many of these would be the 20-somethings you referred to) may have been like a Canary in the coal mine, but did not account for a significant portion of the foreclosures relative to the total number of foreclosures according to this article at least. Of course, even researchers can be biased, so you never know for sure what the truth is.

Here is the article:

House flippers triggered the US housing market crash, not poor subprime borrowers

It was actually rich and middle-class house flippers who caused the US housing market to crash in 2007, not poor people in over their heads.

qz.com

Sorry for another long post.

 

[Interregnum]

show arsehole

 

[Mateo1]

I'm so glad my home is fully paid off and I have zero debts 😴 only thing that's affecting me at the moment is the price of fuel and materials needed to run my business, but that's a cost i can pass on to the customer 😁

My weekly shopping bill has increased by about £50 a week and my utilities have increased by about £30 a week, but hey it could be much worse 🤷‍♂️

What kind of business to you run?

 

[D.O.A.]

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.

RIP buddy she's fucked. Cut her future loses now and sell. Rates go up until next year, borrowing becomes harder, prices will fall.

 

[j.f.🔎]

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.

 

[Snor]

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.

Houses are maybe cheaper to buy, but almost no "normal" working people are able to buy one still, because of the other events you pointed out. (And many other circumstances) That means rich people will be able again to buy houses and kick their previous owners out at low costs. This event we had at the great depression too. And this is exactly what they want and what is planned. To bring the Estate fully to the really rich people who are part and players of the system, to keep you down and force you to make ridiculous jobs to feed yourself's and your family's.

 

[JAMES HÜRZOG]

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

 

[redninja]

Completely agree with all of the above. I've got 9 or so years left on my mortgage, the payments aren't much so even when my fixed rate ends it should be fine for me. No other debts at all so I can't help feeling a bit smug when I look around at many people I know..... the ones who ask me why I still run a 23-year-old motorcycle without any of the latest high-tech bullshit, then complain about the £300 a month the balloon payments are costing them while sipping a £4 coffee.
My two concerns that I can't shake though are that 1) I work in a design industry that's linked to construction so if house buying tanks it will affect me; and 2) if the inexorable 'cultural enrichment' my home town has been undergoing for the last 20 years (thanks T Bliar) ends up with Romanians, Bulgarians or similar moving in next door to me then I'll have to fucking move.
I think (hope) this will just end up in a kind of soft reset, whereby some will be fine, some will get a rude awakening and learn to budget and some are royally fucked; it will still take a lot to end up with the UK's 15% rates of the 1980s.

 

[Dolly]

Fortunately I've always been a canny lass and a grafter.Mortgage paid off etc but it doesn't make me smug, I'm ok yes, but I worry for younger people ( In my family ) and the increasing costs. However the way the future appears to be shaping mentally and genetically surely a planet full of idiots that don't have genders and all have made up Tourette's, tics and mental health issues wont be worrying about food manufacturing, housing etc but just be more focused on the dwindling pile of Prozac the old people who went to proper schools made them.