9 year old delinquents, they should be in school not committing financial crimes!
Actually, they should be home sleeping so they can get to work in the slaughterhouses for their 2AM shift. Someone has to help their parents pay off their massive credit card debt!
Surprised it’s not higher. How are people living in constant debt while still managing paying bills?
IMO, there have been some pretty robust (comparatively) wage gains in America since 2020, relatively few layoffs until recently, a lot of savings from a bunch of places (deferred travel, a break from commuting and childcare costs), some other benefits (mortgage deferrals, locking in low mortgage rates, initially paying down debt, inheritances from dead relatives), and some really strong equities performance. Added together there are a lot of folks with sufficient resources to handle high interest rates so far when otherwise they wouldn’t have.
Of course, this is also why consumer spending and inflation have also been so resilient in the face of higher interest rates.
When is The Big Short Part 2: Financial Boogaloo?
It’ll happen when the banks write off their downtown commercial real estate. Someone’s holding those ten trillion dollar sinkholes and we still don’t have anything to make those massive skyscrapers valuable again. At least everyone sees it coming this time even if we can’t do anything about it.
Cries in Canadian housing crisis
The Canadian government just poured $40b into buying its own mortgage backed securities. Compre this to $150B in March 2020, and $68B from 2006-2009.
Sure looks like a liquidity crisis to me. Buckle up, buckaroo.
It’s supposed to be in theaters at the same times as Beheading 2: The Guillotines Come to America.
Isn’t the article about South Korea?
Isn’t The Big Short about America?
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