Bzzt! Another phony claim from Joe Biden's happy economy falls apart: Consumers are maxxing their cr

[mystery-ak]

June 13, 2022
Bzzt! Another phony claim from Joe Biden's happy economy falls apart: Consumers are maxxing their credit cards
By Monica Showalter

Earlier this month, Joe Biden told us all that the economy was hunky-dory, other than that little issue with the gas prices. I wrote about that here:

    The job market is the strongest it's been since just after World War Two.  We've got more evidence of that today.  We learned that in May the economy added another 390,000 new jobs, bringing the total since I took office to 8.7 million new jobs — an all-time record.
     
    We learned that more Americans entered the labor force in May.  In fact, working-age people have come back into the workforce at a faster rate in this recovery than at any point in the last 40 years. ...
     
    But it isn't only about jobs.  Since I took office, families are carrying less debt; their average savings are up.
    A recent survey from the Federal Reserve found that more Americans feel financially comfortable than at any time since the survey began in 2013.

Nice try, Joe. The financial markets are seeing something different. Carl Quintanilla, who's a respected financial journalist, reports this from the market watchers at Bank of America:

https://twitter.com/carlquintanilla/status/1536145513917075461

more
https://www.americanthinker.com/blog/2022/06/bzzt_another_phony_claim_from_joe_bidens_happy_economy_falls_apart_consumers_are_maxxing_their_credit_cards.html

[Cyber Liberty]

A lot of Bankruptcies are coming.  The Financial Sector will take a big hit.

[roamer_1]

A lot of Bankruptcies are coming.  The Financial Sector will take a big hit.

Wait for the coming real estate crash... that is likely what will be the first domino. And it will make the last real estate crash look like nothing. I am happy I own... Even if I get mo further than this place on the outskirts of town.

Right now ALL rural property of any kind is stupid expensive... And not just here. I get the same report out of my kin. The insane drive-up of property value is being driven by city folks fleeing lockdown and peaceful protests and homeless encampments....

I paid 40 grand for this place just 10 years ago... I would have no problem getting200 or 250k out of it right now, and the lion's share of that value happened in the last two years. Crazy. Two of my buddies are living in campers because the cost of rent is up so high as to be un-affordable. 3 bedrooms used to rent here for around 800/month. Now even if you can find something to rent at all, the price starts above 1500.

It is not sustainable. It is going to crash. And thousands and thousands of properites are going to be way, way under water.

[catfish1957]

Wait for the coming real estate crash... that is likely what will be the first domino. And it will make the last real estate crash look like nothing. I am happy I own... Even if I get mo further than this place on the outskirts of town.

Right now ALL rural property of any kind is stupid expensive... And not just here. I get the same report out of my kin. The insane drive-up of property value is being driven by city folks fleeing lockdown and peaceful protests and homeless encampments....

I paid 40 grand for this place just 10 years ago... I would have no problem getting200 or 250k out of it right now, and the lion's share of that value happened in the last two years. Crazy. Two of my buddies are living in campers because the cost of rent is up so high as to be un-affordable. 3 bedrooms used to rent here for around 800/month. Now even if you can find something to rent at all, the price starts above 1500.

It is not sustainable. It is going to crash. And thousands and thousands of properites are going to be way, way under water.

I don't even include homes, farms, and forrests in my portfolio as net worth. This sector is even more overbloated than equities right now.
But when that bubble bursts.....   I hope to go hog wild on farm land. 

[roamer_1]

I don't even include homes, farms, and forrests in my portfolio as net worth. This sector is even more overboated than equities right now.
But when that bubble bursts.....   I hope to go hog wild on farm land.

I am in a terrible dilemma. I CAN sell right now. The profit off this place would buy me a hella nice tractor, probably fund water turbine generation and solar for up at my place in the holler... As well as updating my pickup, pay for a 4 wheeler or side by side, and maybe even a snow machine - All necessary pieces for my transition to the sticks.The thing that is missing is the cabin and the barn, bare minimum... And I just can't build all that fast enough to be settled in by winter, unless I buy store-bought materials... But with sticks at 8-12 bucks, and T1-11 paint-grade plywood at over 60 bucks a sheet, the cost of putting the buildings up would negate the rest...

SO CLOSE, but the same problem applies to me as everyone... I could sell and cut a fat hog, but I can't afford another place to be. Sh*t. 

[Smokin Joe]

I am in a terrible dilemma. I CAN sell right now. The profit off this place would buy me a hella nice tractor, probably fund water turbine generation and solar for up at my place in the holler... As well as updating my pickup, pay for a 4 wheeler or side by side, and maybe even a snow machine - All necessary pieces for my transition to the sticks.The thing that is missing is the cabin and the barn, bare minimum... And I just can't build all that fast enough to be settled in by winter, unless I buy store-bought materials... But with sticks at 8-12 bucks, and T1-11 paint-grade plywood at over 60 bucks a sheet, the cost of putting the buildings up would negate the rest...

SO CLOSE, but the same problem applies to me as everyone... I could sell and cut a fat hog, but I can't afford another place to be. Sh*t. 

I went through the same quandry during the big boom here. Yeah, I could have sold at near 1000% profit, but then where would I live? Hunkered down, and it's paid for.

[roamer_1]

I went through the same quandry during the big boom here. Yeah, I could have sold at near 1000% profit, but then where would I live? Hunkered down, and it's paid for.

Kinda where I am at too... Everything up there right now has been done with an Alaskan Chainsaw Mill... I have about half the trees I will need felled and stacked. Been trying to put together a PTO driven mill and get a tractor lined up... Till then I am just clearing and felling. It is a monumentally slow process. Money would grease it up, no doubt, but the way I get at money is to sell this place and commit to living in an outfitter's tent for a couple years.

When I was twenty that would not even be an issue. At 60, it's a thing.