Are we headed for another 2008?

[KHNC]

These outrageous gas/fuel prices will eventually cause the economy to reverse if the trend continues. EVERY recession i have encountered also had stupidly high fuel prices. They may not be the sole source, but they are ALWAYS present during a shitty economy.

 

[*zap*]

No, not another 2008.....this one will be way worse...get red e.

 

[crossfox21]

Fuel prices are at an historical high...if that tells you anything

 

[cacklercrazy]

With the economy in shambles, are we headed for another 2008? Everyone I have talked to for the last year has had similar experiences all over the country. They put their house on the market and within a day or two they have multiple offers all of which are thousands more than their asking price. This is unsustainable. Inflation is out of control, the stock market is going down, fuel prices have doubled, interest rates climbing, etc, I think we are in for a huge correction with housing prices within the next 6-12 months,

Yes we are heading for another 2008. Just look who's running the country. Same dumbies as before. Could've told you this was going to happen the minute that idiot took over and I'm not talking about the puppet in the Whitehouse.

 

[mtnbiker208]

wierd times, some people are making more money than ever right now. Others can't afford rent.

I guess some things will never change.

 

[Wvroach]

Well we all know what they say about opinions, so here goes mine.

We are due to take our lumps, we should have in 08 and straightened this mess out, instead we kicked the proverbial can down the road. We have now added another 14 years of debt and record irresponsibility with spending on both sides of the aisle, including all the folks in between.

Nearly everyone I know has massive amounts of debt, if they were to lose a check for 3 months that foreclosure notice would certainly hit them.

My best advice while the dollar retains what value it has is to stock up on the essentials and prepare anyway you can to provide for your family/friends. Get to know your community, find a group of folks you can rely on and network with. Get out of debt, get out of the cities and get out of those houses/cars you can't afford.

Learn a skill that makes you valuable if the worst case scenario does happen. Whatever it may be, recession, depression, war, food shortages etc...
Their is absolutely no harm in taking your families wellbeing into your own hands.

Not trying to sound all doom and gloom, I think their is still a certain resilience and a chance that we can get out of this, no matter how it plays out it's going to hurt though. Do what you can now to make it hurt less.

The government will most certainly not be there to provide for you. Doubt it? Well look to any natural disasters since 05, see who really did the clean up and work and provided food for the folks around. It was the community, mission teams, private citizens etc... FEMA is virtually useless.

 

[southLA]

The DXY is actually going up. It's not just the U.S. that this is affecting. Technically speaking, the dollar is the strongest it has been in 20 years.

 

[kayvon]

The DXY is actually going up. It's not just the U.S. that this is affecting. Technically speaking, the dollar is the strongest it has been in 20 years.

You should check out the JPY...

 

[bozeman]

You should check out the JPY...

I'm more concerned about the ABC & the FYI.

 

[kfili]

I think there will be a recession, lots of signs pointed towards it (inversion of 10 and 2 year treasury, unemployment, fed hike, ect) BUT housing will likely remain strong. Everyone forgets the only time housing did bad in a recession was 08- and that is because housing was a major part. As said before we dont have nearly the same practices in place that led to that- not to mention more home buyers entering the market (than ever before) and building new homes at its slowest pace in decades. Rates will continue to rise which may slow the pace at which homes are priced, but they will still be in strong demand.
So many people think it will be 08 again, based on what? "because it seems crazy"?

 

[Gutshot007]

I'm more concerned about the ABC & the FYI.

C'mon man you know the thing !

 

[swNEhunter]

Stimulus checks, Child Tax Credits, and cash-out refinances are all a thing of the past. Hopefully everyone was spending that money wisely, but this is America and we like shiny things.

I don't think we've started to see big layoffs yet. I am close to the big corporate retail world and it will be apparent when the recession is in full swing. I did hear a guest on the Dave Ramsey show say 100 employees were laid off at his mortgage company because the refinances came to a screeching halt. I found that interesting.

 

[peterk123]

"It's different this time" I have heard that one at least four times in my thirty years in commercial banking and commercial real estate. Yup, it's different. But the end result will be the same.

Go time to have no debt and access to cash. I know I know, you are better off being locked into nice big mortgage with low rates during a rising rate environment. Until you are unemployed.

All the guys I know that made boat loads of money in these times did it when the crap hit the fan and they had cash to spend. 2008 was rough but some great deals could be had from the fallout.

 

[cod007]

Did you hear/read that on the 24 hour campfire???

No. My uncles 2nd most best friend had it told to him by his cousins neighbor, who supposedly heard it directly from JFK Jr. last week and very late one night.

 

[TFP]

No you dont/can't destabilize an economy by taking money there. You destabilize an economy by removing money

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Tell that to anyone that has lived in those local economies that prior to now hadn't been highly inflated and have now watched their buying power in their hometown dissolve. Acute inflation can and does destabilize economies, and it's happening all over the country as coastal urbanites find new homes where they otherwise would have never considered living.

 

[amassi]

Tell that to anyone that has lived in those local economies that haven't been highly inflated and have now watched their buying power in their hometown dissolve. Acute inflation can and does destabilize economies, and it's happening all over the country as coastal urbanites find new homes where they otherwise would have never considered living.

Yea I'm in one of those economic areas. My home has Increased 2.5x since we bought it but it would take all of that equity to buy a comparable new home or to move so we are defacto stuck and if we moved it would be to a less expensive area. This isn't a sign of a down economy. In a down economy pricing goes down as well as purchasing power. Some people, are either stuck with the difficult choice of moving or will be forced to increase their income by increasing the value in the new market by learning a new trade, skillet or educational development. None are signs of down economies

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[TFP]

Yea I'm in one of those economic areas. My home has Increased 2.5x since we bought it but it would take all of that equity to buy a comparable new home or to move so we are defacto stuck and if we moved it would be to a less expensive area. This isn't a sign of a down economy. In a down economy pricing goes down as well as purchasing power. Some people, are either stuck with the difficult choice of moving or will be forced to increase their income by increasing the value in the new market by learning a new trade, skillet or educational development. None are signs of down economies

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I didn't say a "down" economy. I said a destabilized economy, and the situation you're in is pretty unstable, just like most of the rest of us. Millions of Americans are about to get their dicks taxed into the dirt because of the "value" of their home skyrocketing while their income trails, if ever actually rising enough to meet the runaway cost of living.

 

[amassi]

I didn't say a "down" economy. I said a destabilized economy, and the situation you're in is pretty unstable, just like most of the rest of us. Millions of Americans are about to get their dicks taxed into the dirt because of the "value" of their home skyrocketing while their income trails, if ever actually rising enough to meet the runaway cost of living.

Seems pretty stable, schools and roads are nicer than ever as well as public projects like parks et el. County organizations are thriving and expanding. Our new jail is getting a large mental health facility to address those issues et el.
First time home buyers are leaving the market to where their dollar will stretch coincidentally cost of living is also lower in those places. Same scenario that's been playing out for 80 years now.

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[2531usmc]

No you dont/can't destabilize an economy by taking money there. You destabilize an economy by removing money

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The real way you destabilize an economy is by creating four trillion dollars out of thin air and passing it out to your core peeps

 

[TFP]

Seems pretty stable, schools and roads are nicer than ever as well as public projects like parks et el. County organizations are thriving and expanding. Our new jail is getting a large mental health facility to address those issues et el.
First time home buyers are leaving the market to where their dollar will stretch coincidentally cost of living is also lower in those places. Same scenario that's been playing out for 80 years now.

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That's perfect, and all of those lovely benefits are going to do the people from your town, that have been living in a place with a modest cost of living and commensurate income a world of good when they lose their houses, can't upgrade due to limited income relative to the inflated housing costs, etc. This cycle is not new, and it works out great for the people migrating to a new area with their pockets overflowing with "free" money. They have massive buying power advantages over any of the poor idiots that were unfortunate enough to be trying to save up and provide for themselves in their home town.