Originally Posted by Onebadcad
It is going to get A LOT WORSE, before it starts getting better.
Today, Fannie / Freddie, 30-year fixed is 6.875%, FHA and VA about the same.
10-year Treasury is at 3.90%, up 18 basis points today.
I predict we will be over 8.000% by Thanksgiving, we will definitely see 10.000+% before rates start falling.
The increase in mortgage rates will CRUSH the housing market, it already has, and then the rest of the economy will crater.
This will get much, much worse:
1) the fed raising the discount rate every six weeks has done nothing in the past nine months except hurt the economy
2) it will do nothing quickly, long-term, 18+ months, will work, as it will cra
ter economy, but the cost to the average person will be very severe
3) unemployment numbers are UTTER BS, how many people are not being counted, what is participation rate, AND those working are not keeping up with inflation, they buy less, or they do not buy
4) GDP will continue to decrease, unemployment will skyrocket, retailers will get crushed--walmart and target will get payback for their wokeness, as their employee costs with benefits and transportation costs will put ALL STORES in the negative
5) unemployment will increase greatly as retailers shut down, most do not have the deep pockets as walmart, expect to see many store closings and bankruptcies, due to increasing costs and decreasing revenues
6) consumers, at least those not on the taxpayer teat, have already amended their spending, they only buy what they need AND eat out less--restaurants will have a much higher fail rate than retailers, fedex gave the warning shot, they are down 43% in nine months
7) not all is bad, you can get your student loans forgiven, illegals will get free housing & food & clothes & cell phones & team mexico futbol polos, and manchin's supporters will get a huge return on investment
8) and best of all, that $50+T National Debt we will have by 2025 is just a number, it will not affect your income tax, cap gains, real estate values, retirement, social security and medicare--at least depends joe said so
|