We already exceeded the worst year of the 2008 banking crisis. And its only May…
(media.kotakuinaction2.win)
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It seems really odd that we're having the biggest bank collapses in history, there really doesn't seem to be much panic about it, and the stock market is mostly ignoring it.
I feel the media and censorship is much stronger today than in 2008. banking stocks are getting completely wiped out if the bank is not “too big to fail”
This is the answer.
Keep the plebs content with bread and circus while gutting the underpinnings of civil society.
This. Mass media has always had the capability to steer events rather than simply report them, and has never shied away from using it ("Remember the Maine!").
If they wanted to crash the economy like 2008 all they'd have to do is start reporting about how banks are about to collapse and they could start the bank runs themselves. Any bets on whether or not they would have done so if it wasn't a democrat-controlled presidency and congress right now?
One of the most important scenes
"Is anyone jumping off of buildings yet?"
"Why would they? Sub-prime mortgage prices are up."
It's not just that the media is lying. The media needs to lie. The banks need to lie. The government needs to lie. The Fed needs to lie. Not one person wants to tell the truth because the moment they do that, the entire Fiat currency system dies in one felt swoop.
Even if you say the truth, people are too disincentivized to hear it:
"There is no money. There hasn't been money for decades. No stock was safe. No bond was safe. No saving's account was safe. No retirement plan is safe. There is no money, and there hasn't been. Everything in your bank account is just random numbers that don't mean anything. The economy runs on nothing. The stock market runs on nothing. The dollar runs on nothing. There is no money."
All money is, and has ever been, is a promise that you did something for society. In the olden days of tiny villages, it'd be "he's the guy who digs the latrines, give him some carrots.", in the modern era, it's "here is some dollar bills, which imply this guy dug the latrines and was given them as a sign of work completion since society is too big to know everyone personally, give him some carrots."
Even when gold was money, money was just trust. Gold represented a value of barter, you traded someone your carrots, they gave you gold representing the value of the carrots to trade with someone else, instead of giving you the barter directly in return.
Trust, or less charitably Blind Faith, is the only thing that keeps the economy alive.
There's no genuine media, so why would there be any actual reporting?
Start buying chickens and growing veg so you have either food or supplies to barter with.
What do you think this means for the housing market and mortgages?
Same.
The difference is that 2008 affected all banks, and sectors outside of banking.
This is just poorly run dumpster fires flaming out. First Republic would still be around if the media wasn't constantly hammering it for how it was about to die. You also missed SilverGate Capital which got shorted to death by Soros Fund Management.
Those poorly run dumpster fires happen to be some of the biggest banks in the world.
Credit Suisse, by all comparisons is not a dumpster fire. However, they are all dumpster fires being compared to one another.
This is bigger than the 2008 financial crisis. That was a housing bubble that indirectly effected every other sector because the entire economy was over financialized. This is the entire financial system dying, along with the Petro-Dollar. This is a bigger financial collapse than the Fall of Spain.
Also, it's an intentional implosion. Demands to start putting your money into a CDBC are going to start coming soon. Genuinely, the DC rats are looking to stall the economic death of global economy by putting it on Trump in 2024, but I have no idea that they can wait that long.
What do you think this means for the housing market and mortgages?
https://kotakuinaction2.win/p/15Hbytp8ra/the-mortgage-industry-is-dead-th/c/
The mortgage industry is already dead. There's already tons of business closing, and there's continuing to be large layoffs. On top of that, there's going to be higher unemployment... which means higher mortgage defaults. Then on top of that, there's higher credit card debt.
Straight up: no one agrees with me on this, but I fear that the enormous debts may cause people to start selling their homes for liquidity. If people start selling their homes, a lot of those homes may start pouring onto the market, which could trigger a cascade failure of prices. If some housing prices start to come down because regular people need the cash, the investment banks that have been holding onto properties might start selling to other property owning corporations, who might start creating sell-offs to deal with dropping prices. I think the housing market is in a bubble that might implode.
The reason no one agrees with me is because there's so much pent-up demand for housing that people expect that even if there is a glut of houses on the market, people will snap it up. But I get the feeling that some people might decide to wait until the prices come down (since many are already unaffordable). It's not going to happen now, but it sure as hell looks like housing is in trouble.
Not to mention, Yellen got pranked with a fake call, and claimed she'd be okay with upping interest rates twice more. Those adjustable rate mortgages are going to look very ugly.
I personally think they will crash, but to what extent I am unsure. It also relies on what the government does in response to these markets going downward.
The recent actions by the government, by punishing people with good credit and rewarding those with bad, will probably act to somewhat "cushion" the crashes fall....at the expense of economic stability in its entirety (and also doing nothing to actually really solve the problem with the houses being too unaffordable to begin with, meaning the issue will absolutely show up again and probably as fast as it did from the 2008 crash, if not even faster).
We'll be watching your career with great interest.
Sounds familiar
Lol please down vote me 10 times