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Good one.... Oh, you weren't joking? Well then, go read "The Big Short", or if you don't have the attention span for a book, rent the movie.
Report back when you are done.
Isn't it quite odd, then, that the Federal Reserve bought $2 trillion worth of Fannie and Freddie MBS but none of the other mortgage products mentioned in the movie?
There's no Law of Economics that says Americans have to be paid more than workers in the rest of the World.
You've been overpaid for decades, and now the playing field is leveling out.
There seems to be this destructive law that states that those who dont even work must get an ever increasing rise to their wealth even though they don't actually contribute anything.
Wall Street is probably the most destructive element in the world.
What baffles me in all of this, is why has America recovered better than most of the remainder of the industrialized world. Look for example at the American stock market, vs. nearly any other developed nation's stock market. The Great Recession started right here. The most egregious abuses we're right here. And yet, the recovery was also the strongest... right here. Why?
It's only because we can print whatever wealth we want. That is not going to last forever because we abuse it.
How will the rising interest rate, combined with static income and rising costs of living, factor into the potential for a recession?
I see it going 2 ways, simultaneously. We'll have a household debt crisis as many people charge more and more on their credit cards, and many people will HAVE to cut back on their standard of living when they hit that credit wall and no bank/lender will extend them more.
I'm just happy that California is now letting me know when there might be an ICE raid. If I had to pay my illegal employees a decent wage, contribute to a 401k, unemployment insurance, follow safety regulations, etc, I would be in real trouble and would not be able to take nearly as many trips, have as many cars, etc. Thank God I live in California.
Unemployment is low but its largely service based and online low skilled entry level jobs with a fairly high turnover rate. Kids these days aren't learning trades or skills and steady illegal immigration is competition for these jobs and drives down wages. So you can't blame Trump or give him credit for that any more than you could Obama. You want to blame someone, go after Clinton and Al Gore, they facilitated a big manufacturing exodus to China.
The stock market is booming since profits rise from lower costs. But that is helped by the machinations of the Fed to keep interest rates low and money being lent with the government agreeing to take the loss when and if it occurs. Trump's again not to blame or to be given credit for any of that. If anything, give him some credit for trying to fix the trade imbalances of the last three decades. And give him credit for trying to stop the damage unchecked illegal immigration has done to our economy, past present and future. Millenials have a better friend in Trump than they ever did with Obama or Hillary. maybe someday they'll realize that, we can only hope.
This isn't a '90s economy. This is an '06 economy. It also doesn't feel like a 3% GDP economy. It feels more like 1-2%. I would say this economy is not bad per say but it's not as rosy as some would have you believe. I also think recession is coming sooner than people want to admit as well.
What are your thoughts on the current economy?
It still looks strong on the surface. But I'm concerned that it's becoming fragile, brittle, susceptible to cracking a bit.
Hope I'm wrong. I have lots of family members who depend very much on the economy remaining good.
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