Global Depression 2022 - Time to do the Breadline Boogaloo!

[Phenomena]

I just got a notice that the limit on my target credit card was reduced from $3000 to $1000. I rarely use this, but it looks like things to come for other credit card issuers.

Huh, it's exact opposite for me. I got a letter from BoA that they returned my CC deposit and increased the limit to $3,000.

Stimulating spending is the way out of recession.

 

[Basic Blonde Boy]

If you can find a subset in your field like that and also be able to communicate with people you will be set. I don’t think this is the “big one” but we are in a recession headed for a depression.

Looking at advise in this thread, and yeah, finding another field to acquire skills in seems like a good plan. Thankfully, I have been doing this.

I work a variety of wagie jobs, and the ones I did this past year have really helped in creating options. If there is one major field you can get into easily from wagie positions, it would be childcare. I work at a camp over the summer, and that has lead to multiple teacher/supervisor roles scouting me out on places like Handshake. I have been recommended teacher and special needs specialist positions with no real classes or degrees to justify such a thing. They are just desperate for hires apparently.

I also worked as a student help at the career and vocation center of my college, so handling resumes, job listings, etc.. This position has also lead to some scouting and connect requests on LinkedIn. Finally I have a library position, which paired with tech, can be a decent gateway to a few options in the coming years as library tech is a lesser talked about position.

Out of the five jobs I have done (2 camp, 1 fast food, 1 library, and 1 student ambassador), at least 4 do add a good chunk to the resume that creates options if I am willing to peruse them.

 

[InwardsStink]

Huh, it's exact opposite for me. I got a letter from BoA that they returned my CC deposit and increased the limit to $3,000.

Stimulating spending is the way out of recession.

Well I would love to spend my money on shit but my money happens to be worthless now because the Fed "stimulated" the economy for so long already. Fuck off with that.

 

[Meat Target]

Retail sales were down 0.3% in May. And here's the Atlanta Fed's projection on Q2 GDP:

 

[AbendCode12]

If you have a job just remember the three P’s in order of importance to a manager:
1. Productivity
2. Politics
3. Pity

 

[Meat Target]

75 BPS it is.

 

[CivilianOfTheFandomWars]

Eventually, Josh will put all Thunderdomers into groups of ten and make us decide who to ban.

 

[Blobby's Murder Knife]

Eventually, Josh will put all Thunderdomers into groups of ten and make us decide who to ban.

Well that's cool and all, but what does that have to do with this thread?

 

[Meat Target]

 

[CreamyHerman’s]

Piece of advice: If you work a desk job remotely, pick up a second one if you can. Double your income and pay off any debt you have and save up some quid.

 

[CivilianOfTheFandomWars]

Well that's cool and all, but what does that have to do with this thread?

Dom fedposting

 

[MadStan]

A wave of defaults globally will follow from countries to the IMF and other institutions. Probably between now and Feb 2023 given that rises are going to continue and they were in danger of default anyways. Here at home, by the end of 2022 a home mortgage will set you back about 8%-9%. Thats yucky. Car loans will be worse.

People that had been sand bagging getting a home loan or refinance have left it a wee bit late I'm afraid.

I read an article from a substantial finance expert in Germany who said the Fed has little choice but to put the USA into a recession. The logic is that is they are too timid (already have been since 2019), then they risk the inevitable increases coupled with total failure to cool the economy. Their point was it was better for the Fed to push the USA into a recession than it was to have inconsequential rate rises that didn't taper growth.

Unless The Fed sees drastic reduction by August 2022, it is not out of the question for 3 more .75 basis point rises this year.

But I think what they have done today and what they will do next month will probably crash the housing market and the growth will come to a sliding halt.

Good times... Good times...

 

[Blobby's Murder Knife]

Yes, no. Again, I want to stay in my area, but I am being priced out just as much as someone in an apartment is in their market. If the market was sane, yeah, I would cash out and buy another house that would cost about the same or less as my current mortgage, but that's not possible in my market.

Edit: Bought my house a few years ago for 275k. Now it is worth 500k and I don't have a great house, just a decent blue collar one <2000sqf in a nice blue collar neighborhood, 50 years old. Apartment dwellers also have more freedom to move. I sort of miss that about living in a mtm rental. Now I have to think of resale value and fees and taxes and zz when I want to sell. The only real advantage so far to owning a house is having whatever pets I want. I mean, if I could rent a nice enough place that would allow me a small acreage, livestock, and 2 indoor cats, I would not care about remodeling it myself or whatever.

LOL, have to update this. Due to current interest rates and rent increases, I absolutely am stuck in the house I have a mortgage on. To buy my same house, it would cost easily twice as much in PI alone, forget insurance and property taxes. Ah Clownworld.

 

[Meat Target]

"The world wasn't ready for our totally-not-manufactured crisis. It's always other people's fault, things just always happen to us."

 

[Reverend]

A wave of defaults globally will follow from countries to the IMF and other institutions. Probably between now and Feb 2023 given that rises are going to continue and they were in danger of default anyways. Here at home, by the end of 2022 a home mortgage will set you back about 8%-9%. Thats yucky. Car loans will be worse.

People that had been sand bagging getting a home loan or refinance have left it a wee bit late I'm afraid.

I read an article from a substantial finance expert in Germany who said the Fed has little choice but to put the USA into a recession. The logic is that is they are too timid (already have been since 2019), then they risk the inevitable increases coupled with total failure to cool the economy. Their point was it was better for the Fed to push the USA into a recession than it was to have inconsequential rate rises that didn't taper growth.

Unless The Fed sees drastic reduction by August 2022, it is not out of the question for 3 more .75 basis point rises this year.

But I think what they have done today and what they will do next month will probably crash the housing market and the growth will come to a sliding halt.

Good times... Good times...

Works for me. Burn it all to the ground as long as I can finally get some damn sirloin at less than 9.99/lb

 

[Beavis]

LOL, have to update this. Due to current interest rates and rent increases, I absolutely am stuck in the house I have a mortgage on. To buy my same house, it would cost easily twice as much in PI alone, forget insurance and property taxes. Ah Clownworld.

I was listening to a financial podcast and they mentioned this happening. People that have mortgages at historically low rates and want to sell can’t because mortgage rates have risen so quickly. This will put pressure on the supply of used homes and if we have a bad recession new home construction could slow as well.

 

[SCSI]

I was listening to a financial podcast and they mentioned this happening. People that have mortgages at historically low rates and want to sell can’t because mortgage rates have risen so quickly. This will put pressure on the supply of used homes and if we have a bad recession new home construction could slow as well.

Funny you should say that. (Archive) Some analysts are already warning about early signs of that. (Archive)

"Housing construction appears to be undergoing a transition, with the sector caught between sharply rising mortgage rates and declining affordability on the one hand and supply-chain constraints on the other that continue to result in rising backlogs of projects," said Conrad DeQuadros, senior economic advisor at Brean Capital in New York.

Building permits dropped 3.2% to a seasonally adjusted annual rate of 1.819 million units in April, the lowest level since last November. They rose 3.1% on a year-on-year basis. Economists polled by Reuters had forecast building permits would decrease to a rate of 1.812 million units.

The decline was concentrated in the single-family housing segment, where permits plunged 4.6% to a rate of 1.110 million units, the lowest level since last October. Permits for buildings with five units or more fell only 0.6% to a rate of 656,000 units.

Residential construction activity is inching down. In April, total housing starts fell 0.2%, to 1.724 million annualized units. Single-family starts fell 7.3%, while the more volatile multifamily starts category rose 15.3%. Single-family starts have stumbled over the past couple of months as surging mortgage rates have dampened housing demand. Total permits fell 3.2%, with single-family permits falling for the second month in a row. This suggests further moderation in single-family construction in coming months. Multifamily starts, fueled by low vacancies and rising rates, will grow 6.5% from last year. Single-family starts: up 1.5%.

 

[Blobby's Murder Knife]

Diesel, diesel, diesel.

Could a food shortage be coming? Record diesel prices are crushing Pa. farmers, lawmakers told

 

[Takayuki Yagami]

In order to make and operate a budget you have to do accounting. I don’t think it’s possible to operate a budget without accounting.

Obviously there are other domains and applications of accounting, but it’s easy for blue collar workers to understand the value of a budget, and many blue collar families actually do live on budgets, or at least try to.

Accounting also can’t be automated. You could automate the entire accounting system perfectly, but you still need someone to not only verify it, but understand the accounting process. In essence, automation can reduce the cost of accounting but can’t reduce the value of the information it provides (this law can be applied to any kind of automation).

Yup. That and most anything involving title or real estate. People are always trying to sell land they don’t own, and old fucks with fractional claims that didn’t get signed away because some retard didn’t read the will or estate closely enough are absolute nightmares.

 

[FatalTater]

A lot of states' Pandemic EBT has ended, so recipients of food assistance who had been getting the maximum amount will be going back to a fraction of that, just in time for inflation and shortages. America might be in for Summer Of Love - Hunger Games Edition.