Does anyone else feel like we are the precipice of economic calamity?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am less concerned about the US than about the UK and Europe. They are facing a very harsh winter with little heat and are scouring the world for sources of energy including war torn areas like Yemen.

Because of the shortage of energy, they are facing far higher inflation than we are. This is new territory for us and it is difficult to see from here what the knock on effects could be, including on the US.

One can only hope for a mild winter.

US energy markets are not insulated from energy crises in Europe. Europe's huge energy shocks and problems will reverberate in the US. Besides, natural gas prices have exploded by several fold already. Pain will already be felt by Americans this winter. Now throw in big energy problems across the planet. It will be very dicey over the ensuing months.

NP and I thought we were somewhat insulated for this winter due to the fire at that LNG facility in Texas that's supposed to be offline until the end of this year. Obv. Thats not forever but I thought we were going to be mostly OK this winter.

[Anonymous]

Who knows?

I’ve been through this all before. The fear makes for “good” headlines that attract eyeballs. How much do headlines contribute to panic that contributes to down financial times? It would be interesting to know if there’s any connection.

I plod along. I save my money whether good times or bad. I invest in boring things and hold a long time. My way doesn’t make a good headline but it means I have a nice life.

If we do have a recession, we will come out the other side at some point. History may be a comfort. None of this is new.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Subaru is offering 2.9% financing. Were you on one of those “Johnny says YES to bad credit!” sites?

Toyota

The same Toyota who’s offering 1.9% on their front page right this second? Sure. You sound like a reliable source.

Entirely depends on what models and deals you are looking at:



Shorter loans really aren't all that great either - 7+% for 4 and 5 year loans.

The Fed's interest rate raises are going to crush purchases of bigger ticket items like cars, homes, etc. Homes are next.

Camry, Rav, Highlander, Tacoma, Corolla all have 2.9 APR for 60 months right now. 1.9 APR for 48 months. I feel like you specifically looked for the highest rate lol

Some of us do not want gigantic gas guzzlers and want a hybrid. Maybe people want an Avalon or other models that don't have the special deals too? Don't get salty that you were wrong. Interest rates are now skyrocketing on big ticket items. Wait until the housing and property markets crater next and the wealth effect implodes. Let's see how many idiots took out gigantic lines of credit on their homes that appreciated in value and who'll now be underwater because their home values are going to get crushed. Can't wait.

Just look at your language—

“Europe is going up in smoke” — what!?
“Implodes”
“Property markets crater”

Your descriptions are designed to create panic with those sort of word choices.

It feels manipulative.

Yawn.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Subaru is offering 2.9% financing. Were you on one of those “Johnny says YES to bad credit!” sites?

Toyota

The same Toyota who’s offering 1.9% on their front page right this second? Sure. You sound like a reliable source.

Entirely depends on what models and deals you are looking at:



Shorter loans really aren't all that great either - 7+% for 4 and 5 year loans.

The Fed's interest rate raises are going to crush purchases of bigger ticket items like cars, homes, etc. Homes are next.

Camry, Rav, Highlander, Tacoma, Corolla all have 2.9 APR for 60 months right now. 1.9 APR for 48 months. I feel like you specifically looked for the highest rate lol

Some of us do not want gigantic gas guzzlers and want a hybrid. Maybe people want an Avalon or other models that don't have the special deals too? Don't get salty that you were wrong. Interest rates are now skyrocketing on big ticket items. Wait until the housing and property markets crater next and the wealth effect implodes. Let's see how many idiots took out gigantic lines of credit on their homes that appreciated in value and who'll now be underwater because their home values are going to get crushed. Can't wait.

Just look at your language—

“Europe is going up in smoke” — what!?
“Implodes”
“Property markets crater”

Your descriptions are designed to create panic with those sort of word choices.

It feels manipulative.

Yawn.

Look at the fact nincompoop.

UK projected 18% inflation.

Germany double digit inflation.

Germany first time having a trade deficit in 30 years.

Euro is now below parity with the dollar and keep weakening.

Europe staring down the barrel of a full blown energy crisis, and food prices are skyrocketing.

Europe going up in smoke is not hyperbole.


The housing market is already starting to slow down big time and will implode with these record high prices of interest rates continue to go up. So much of the housing market bubble will get burst.

Keep living in a cave and ignoring the news.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I got 9% on my first car. We will be fine.

I got 7.5% on my first mortgage and thought that was great!

Mine was 8% and yet I lived to tell the tale.

My parents first loan was 12%. They're retired rich boomers now. Ask them how it went.

My parents had 17%. LOL.

OP is either very young and inexperienced or a RWNJ troll trying to fewrmonger.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Subaru is offering 2.9% financing. Were you on one of those “Johnny says YES to bad credit!” sites?

Toyota

The same Toyota who’s offering 1.9% on their front page right this second? Sure. You sound like a reliable source.

Entirely depends on what models and deals you are looking at:



Shorter loans really aren't all that great either - 7+% for 4 and 5 year loans.

The Fed's interest rate raises are going to crush purchases of bigger ticket items like cars, homes, etc. Homes are next.

Camry, Rav, Highlander, Tacoma, Corolla all have 2.9 APR for 60 months right now. 1.9 APR for 48 months. I feel like you specifically looked for the highest rate lol

Some of us do not want gigantic gas guzzlers and want a hybrid. Maybe people want an Avalon or other models that don't have the special deals too? Don't get salty that you were wrong. Interest rates are now skyrocketing on big ticket items. Wait until the housing and property markets crater next and the wealth effect implodes. Let's see how many idiots took out gigantic lines of credit on their homes that appreciated in value and who'll now be underwater because their home values are going to get crushed. Can't wait.

Just look at your language—

“Europe is going up in smoke” — what!?
“Implodes”
“Property markets crater”

Your descriptions are designed to create panic with those sort of word choices.

It feels manipulative.

Yawn.

Yup. Obvious troll is obvious.

Next up - caravans!

[Anonymous]

Nope, I don't share your view.

[Anonymous]

Interest rates have been high before. They will be low again. They will be high again.

I'm more worried about climate change and food shortages. Rivers all over the world are drying up and temperatures are reaching points they never reached before. And countries are hoarding food in preparation....

https://supchina.com/2022/08/29/melted-shoes-cooked-shrimp-and-dried-up-rivers-chinas-record-heat-wave-and-drought-in-pictures-and-video/

https://www.feedandgrain.com/news/countries-starting-to-hoard-food-threaten-global-trade

[Anonymous]

Anonymous wrote:I am less concerned about the US than about the UK and Europe. They are facing a very harsh winter with little heat and are scouring the world for sources of energy including war torn areas like Yemen.

Because of the shortage of energy, they are facing far higher inflation than we are. This is new territory for us and it is difficult to see from here what the knock on effects could be, including on the US.

One can only hope for a mild winter.

Germany is telling all residents to keep heat no higher than 64 degrees this winter. It will be rough.

[Anonymous]

OP, you sound both naive and entitled.

PPs are right -- people have bought homes and cars at much higher interest rates than now and lived to tell the tale. It's bad luck of timing if you happen to be in the market for either right now, because if you'd just bought within the last few years, you could have saved money. Such is life. I lived through the insane inflation and energy crises of the late 70s/early 80s and there were plenty of people freaking out then, too. Yet I'm still here.

And unlike some of the folks on here, I'm MC. I've lived through layoffs and multiple recessions. I didn't make it big on a retirement plan like a lot of Boomers did because I didn't have enough money in those plans to do so. I didn't own property that appreciated 500% either. But I'm okay. I became a better saver, and know how to live frugally, and it all worked out. I caught some lucky breaks with my health (knock on wood) but now I have an affordable semi-retirement and easily live off my social security and some PT income without having to touch my little nest egg. I even manage to travel a bit and give my grandkid extravagant grandma gifts.

The sky is not falling. We've been through much, much worse economically. I worry more about the political unrest that Trump and his cronies seem determined to stir up and capitalize on. Maybe you're trying to stir that up too? Telling people the economy is falling apart is a common tactic of fascists, as it makes fascism sound more reasonable. Is that you? A fascist?

[Anonymous]

Anonymous wrote:OP, you sound both naive and entitled.

PPs are right -- people have bought homes and cars at much higher interest rates than now and lived to tell the tale. It's bad luck of timing if you happen to be in the market for either right now, because if you'd just bought within the last few years, you could have saved money. Such is life. I lived through the insane inflation and energy crises of the late 70s/early 80s and there were plenty of people freaking out then, too. Yet I'm still here.

And unlike some of the folks on here, I'm MC. I've lived through layoffs and multiple recessions. I didn't make it big on a retirement plan like a lot of Boomers did because I didn't have enough money in those plans to do so. I didn't own property that appreciated 500% either. But I'm okay. I became a better saver, and know how to live frugally, and it all worked out. I caught some lucky breaks with my health (knock on wood) but now I have an affordable semi-retirement and easily live off my social security and some PT income without having to touch my little nest egg. I even manage to travel a bit and give my grandkid extravagant grandma gifts.

The sky is not falling. We've been through much, much worse economically. I worry more about the political unrest that Trump and his cronies seem determined to stir up and capitalize on. Maybe you're trying to stir that up too? Telling people the economy is falling apart is a common tactic of fascists, as it makes fascism sound more reasonable. Is that you? A fascist?

It's not just rising interest rates amid a historic asset bubble that's been inflated for 10+ years. The world is also now facing shocks to energy, shocks to food, shocks to supply chains, war in the Ukraine, increasing hostilities with China/Taiwan, currency issues, and the complete deterioration of globalization that will mean supply chains will be screwed for very, very long times, perhaps permanently. High inflation is going to be persistent for a lot longer than people expect due to the changes we are witnessing in global order.

[Anonymous]

Anonymous wrote:For the UMC, things will continue to be fine. For the MC, LMC, and the poor, things have been bad for a while and will continue to get worse.

It’s been a tale of two cities for a while OP.

Job seekers are now looking for $20/hr. They're done with $15/hr, that's not enough.

Yes, prices are going up. So are wages. No one is happy - but isn't that good?

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP, you sound both naive and entitled.

PPs are right -- people have bought homes and cars at much higher interest rates than now and lived to tell the tale. It's bad luck of timing if you happen to be in the market for either right now, because if you'd just bought within the last few years, you could have saved money. Such is life. I lived through the insane inflation and energy crises of the late 70s/early 80s and there were plenty of people freaking out then, too. Yet I'm still here.

And unlike some of the folks on here, I'm MC. I've lived through layoffs and multiple recessions. I didn't make it big on a retirement plan like a lot of Boomers did because I didn't have enough money in those plans to do so. I didn't own property that appreciated 500% either. But I'm okay. I became a better saver, and know how to live frugally, and it all worked out. I caught some lucky breaks with my health (knock on wood) but now I have an affordable semi-retirement and easily live off my social security and some PT income without having to touch my little nest egg. I even manage to travel a bit and give my grandkid extravagant grandma gifts.

The sky is not falling. We've been through much, much worse economically. I worry more about the political unrest that Trump and his cronies seem determined to stir up and capitalize on. Maybe you're trying to stir that up too? Telling people the economy is falling apart is a common tactic of fascists, as it makes fascism sound more reasonable. Is that you? A fascist?

It's not just rising interest rates amid a historic asset bubble that's been inflated for 10+ years. The world is also now facing shocks to energy, shocks to food, shocks to supply chains, war in the Ukraine, increasing hostilities with China/Taiwan, currency issues, and the complete deterioration of globalization that will mean supply chains will be screwed for very, very long times, perhaps permanently. High inflation is going to be persistent for a lot longer than people expect due to the changes we are witnessing in global order.

There is drought in the West, Lake Mead is drying up (and the Great Salt Lake), rivers all over the world are drying up, Pakistan is underwater. We're not on the precipice of economic calamity. We're on the precipice of calamity. Forgiving student loans now is a great idea. Forgive all of it, why not?

[Anonymous]

My philosophy for some time has been -
be a minimalist and declutter,
be frugal,
eat organic and plant based food,
do intermittant fasting,
be diligent in recycling,
not be wasteful,
not eat junk food,
not smoke or drink,
do yoga,
not be on social media,
mask everywhere,
pray and meditate,
keep in touch with family and friends,
live in a clean house,
drive a plug in hybrid car,
be green,
get good quality sleep,
take my supplements,
get my medical tests done diligently
do not watch news or discuss politics.

I find that by and large I am healthy and not anxious. I think we can deal with the economic calamity when it comes. No need to worry about every calamity that might befall us because that leaves us paralyzed with anxiety in the present.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP, you sound both naive and entitled.

PPs are right -- people have bought homes and cars at much higher interest rates than now and lived to tell the tale. It's bad luck of timing if you happen to be in the market for either right now, because if you'd just bought within the last few years, you could have saved money. Such is life. I lived through the insane inflation and energy crises of the late 70s/early 80s and there were plenty of people freaking out then, too. Yet I'm still here.

And unlike some of the folks on here, I'm MC. I've lived through layoffs and multiple recessions. I didn't make it big on a retirement plan like a lot of Boomers did because I didn't have enough money in those plans to do so. I didn't own property that appreciated 500% either. But I'm okay. I became a better saver, and know how to live frugally, and it all worked out. I caught some lucky breaks with my health (knock on wood) but now I have an affordable semi-retirement and easily live off my social security and some PT income without having to touch my little nest egg. I even manage to travel a bit and give my grandkid extravagant grandma gifts.

The sky is not falling. We've been through much, much worse economically. I worry more about the political unrest that Trump and his cronies seem determined to stir up and capitalize on. Maybe you're trying to stir that up too? Telling people the economy is falling apart is a common tactic of fascists, as it makes fascism sound more reasonable. Is that you? A fascist?

It's not just rising interest rates amid a historic asset bubble that's been inflated for 10+ years. The world is also now facing shocks to energy, shocks to food, shocks to supply chains, war in the Ukraine, increasing hostilities with China/Taiwan, currency issues, and the complete deterioration of globalization that will mean supply chains will be screwed for very, very long times, perhaps permanently. High inflation is going to be persistent for a lot longer than people expect due to the changes we are witnessing in global order.

There is drought in the West, Lake Mead is drying up (and the Great Salt Lake), rivers all over the world are drying up, Pakistan is underwater. We're not on the precipice of economic calamity. We're on the precipice of calamity. Forgiving student loans now is a great idea. Forgive all of it, why not?

Look how bad China is too. The friggin' Yangtze river is dry as a bone! They're going to have a food crisis in China at this right, which is going to shock food costs across the globe.