The Greatest depression is coming, are you ready?

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BobCarabbio

BobCarabbio

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#1,721
Nov 14, 2024
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ZNP said:
https://www.thegatewaypundit.com/20...back-vacations-travel-restaurants-save-money/

BIDEN ECONOMY: Americans Are Pulling Back on Vacations, Travel and Restaurants to Save Money

1. We are seeing severe worldwide inflation in the cost of gas and food.

2. We are seeing a collapse in the stock markets around the world.

3. People are not running to bonds because they expect interest rates to rise (which causes the value of bonds they have bought to drop).

4. The Fed is raising interest rates and will continue to do so, which in turn is causing central banks around the world to do the same.

5. As a result of rising interest rates mortgage rates have risen dramatically. For example, we sold our house in March. The company that bought it flips houses and the price they paid to us reflected their estimate that they could fix it up and resell for $700k. If you calculate that your buyer puts down 20% the new mortgage rate would cause them to drop the selling price by 200k for the same buyer to buy it.

A. We are seeing a sharp decline in mortgages.

B. We are also seeing a sharp decline in new homes being built. I heard from one builder that the windows he gets now take 18 months to be delivered. If you cannot get some key item it can hold up the entire construction of the house.

6. We are also seeing a sharp decline in car sales. It is a double whammy for them. They are having a hard time getting parts. I bought a car two months ago and it is still not here. When it does get here they tell me the heated seats won't work because they don't have the chip but hope to get it and install it before winter. However, I bought this car before the interest rates spiked. Now financing a car will be a double whammy. Cars will be both harder to get and much more expensive to finance.
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We're all gonna DIE - HORRIBLY!!!!!

But let's all have lunch first.
 
ZNP

ZNP

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Sep 14, 2020
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BobCarabbio said:
So what are YOU going to do about that???
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Yep, at some point the party is over, you have to tighten your belt and pay for your profligate ways. That is the only way you get out of debt and the US right now is in debt. I agree that tariffs will make tvs and iphones and other non essential items more expensive. Good, let America stop buying all that junk. I also agree that the only way to balance the US budget is to cut the Federal workforce by 50% and Elon Musk with his robots and AI can do that.

I could care less if people with 0 credibility have a problem with that solution. As far as I am concerned anyone who was pushing for Harris to be president has 0 credibility and that includes all those saying that wasn't what they wanted, rather they just wanted to be able to tell Christians who they could and couldn't vote for.
 
BobCarabbio

BobCarabbio

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Nov 14, 2024
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ZNP said:
Yep, at some point the party is over, you have to tighten your belt and pay for your profligate ways. That is the only way you get out of debt and the US right now is in debt. I agree that tariffs will make tvs and iphones and other non essential items more expensive. Good, let America stop buying all that junk. I also agree that the only way to balance the US budget is to cut the Federal workforce by 50% and Elon Musk with his robots and AI can do that.

I could care less if people with 0 credibility have a problem with that solution. As far as I am concerned anyone who was pushing for Harris to be president has 0 credibility and that includes all those saying that wasn't what they wanted, rather they just wanted to be able to tell Christians who they could and couldn't vote for.
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So nothing.
 
ZNP

ZNP

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Sep 14, 2020
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Cameron143 said:
But you did vote for the 50% inflation we've had the last 4 years.
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The bottom line is the only way to get out of debt is to tighten your belt and pay it off.

That said, not all debt is really debt. For example when buy a house you trade the house for debt. Likewise when we bought the Louisiana purchase we traded money for land. On paper it was debt but in reality the land was worth much more than the money.

The problem with the US is we have been wasting our money on things that drain it away in order to live a profligate lifestyle. That has to stop and raising the cost of imports is a viable strategy to do that. In the same way not all inflation is really inflation. If food, housing and electricity is more expensive that is real inflation. If a gameboy, Nike sneakers, and French wine is more expensive while locally made items aren't, that is not real inflation.
 
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