/biz/ - Business & Finance

[Anonymous No.51199097]

>230 million new credit card accounts opened in the US betwen april and now as credit card debt skyrockets to new ATHs
>52 million Americans are behind on one or more utility bills
>5.4 million American households are behind on rent or mortgage payments

And it has barely begun

[Anonymous No.51199125]

>>51199097
Biden will forgive it all :)

[Anonymous No.51199162]

>>51199097
>tfw got to experience 2008 as a kid
>tfw now get to experience it as an adult

[Anonymous No.51199257]

Clack, Clack, Clack…The Dominoes keep falling.
*shhhh* Just wait.

They will never see it coming since they are not looking.

[Anonymous No.51199303]

Want to take out a million dollar mortgage to buy a house. Is this winter a good time? When is crash? Prices already softening

[Anonymous No.51199329]

>>51199125

Doubt , cc companies own him

[Anonymous No.51199357]

God, I'm such good goy cattle for not having debt and using my credit responsibly (i.e. bills and paid off every month).

[Anonymous No.51199361]

it's really going to be a Depression isn't it.

[Anonymous No.51199384]

>>51199303
Buying before the fed officially pivots is asking to get JUSTed. If they dont pivot then we could end up like the Japanese with both stocks and housing bleeding out for 10-15 years. Top buyers who held didnt break even for 30 fucking years. This is a real possibility now so taking needless risks is pretty dumb

[Anonymous No.51199391]

>>51199097
You can default on credit card payments dumbass, these banks have no way of tracking down all the mexicans that opened those cards in the first place

[Anonymous No.51199439]

>>51199384
What does it mean for the fed to officially pivot? Like what am I looking for as a buy sign?

[Anonymous No.51199444]

>>51199391
the point of this thread is that millions of people defaulting on their debt leads to a cascading effect that is very bad for the economy, you mouthbreather

[Anonymous No.51199452]

>>51199303
>>51199361
>>51199384
Strap in. It's coming

[Anonymous No.51199493]

I haven't had enough money to pay my electricity since June....
I've slept this entire summer in a sweating bed and 90 degree place.
And no lights at all inside a ghetto.
This is America and nobody gives a fucking shit.

[Anonymous No.51199501]

>>51199384
>This is a real possibility now
no it isn't, the conditions are completely different. if we slide into a debt crisis the monetary system as we know it will fail and have to be entirely reordered

[Anonymous No.51199506]

>>51199097
This is how the american socie- i mean cattle survives
Let's make some dumb calculations:
230 million credits × 1 thousand dollars
230 000 000 000, now...20% of this?
4 600 000 000
Americans just booosted their imaginary economy by 4600000000 + money that goes back into consumption

[Anonymous No.51199547]

>>51199506
That house of cards is beginning to collapse now as liquidity tightens

[Anonymous No.51199584]

>>51199452
Jesus I don't even wanna imagine it. Blacks having to pay more for fried chicken is NOT my problem

[Anonymous No.51199749]

Reminder that real estate prices are dropping faster than in 2007. Lots of landlords going to become eternal bagholders

[Anonymous No.51199821]

>>51199749
Most landlords got in early and have so much equity that prices would have to drop 80%

[Anonymous No.51199873]

>>51199821
the reason landlords get rekt in recessions isnt just because the value of their properties decrease. it’s because tenants lose their jobs and stop paying. the bank doesn’t give a shit and want their money, so landlords are forced to liquidity properties after the price has already collapsed

[Anonymous No.51199983]

>>51199873
That’s just if the landlord is not responsible and doesn’t have enough cash reserves. All you need to do if evict them and get a new tenant even if that means lowering rent. Not saying it isn’t bad, but it’s not like all landlords are on the edge

[Anonymous No.51200052]

>>51199162
2008 was absolute nothing.
t. third worlder who lived with inflation @2k%y
The 90's were wild over here...

[Anonymous No.51200057]

>>51199983
i’m not saying that all landlords are on the edge of bankruptcy. but a decent chunk of them will be once we are 6-8 months into this storm. if you are one of the responsible ones who isn’t leveraged to the tits, then you’ll be fine

[Anonymous No.51200097]

>>51199873
Don't forget that higher taxes on the property also happen at the same time.
Suddenly, you are having to pay more, for an empty house, that you don't technically own yet (most landlords are financing the homes they rent).

[Anonymous No.51200103]

how can the Fed keep hiking rates until the END OF NEXT YEAR if we are already in a recession and the system seems to already be breaking? i'm ready for a pivot and hyperinflation. i'm not positioned for a deflationary death spiral

[Anonymous No.51200149]

>>51200103
Like many people have been saying for a long time now: they have no choice. Volcker broke a lot of things because short term pain is sometimes necessary to ensure long term comfort

[Anonymous No.51200161]

>>51200149
but they can't pull another Volker shock, or anything close to it, due to all the debt. are they going to try regardless? if so, we default and go back to the stone age

[Anonymous No.51200187]

>>51199097
Bam looks like shit. Got any references for those figures?

[Anonymous No.51200275]

>>51200161
No, they will not and cannot. They would very much like for boomers to believe it though.

[Anonymous No.51200373]

>a bunch of niggers just got their student loan debt forgiven, no hits to their credit so they can now get another 20k debt somewhere else
>government gave a fuckton of tax credits for New (TM) EV cars
WE WUZ ENVIRONMENTALISTS N SHEEIT

[Anonymous No.51200463]

>>51200373
Funny how biden did that right after Blackrock announced to shareholders that they had dumped most stocks but bought a lot of stocks that profits from credit