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(Business Insider Deutschland)   Who's ready for a new debt crisis?   ( businessinsider.de) divider line
    More: Murica, Debt, BIS, Finance, Economics, Bank, debt, high debt service, nonfinancial corporate debt  
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4034 clicks; posted to Business » on 25 Jun 2018 at 8:10 AM (12 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2018-06-25 02:47:46 AM  
I still ain't recovered from the last one.
 
2018-06-25 05:56:05 AM  

doglover: I still ain't recovered from the last one.


You never were supposed to. This is another smash and grab by the wealthy. They will scream get bailed out and move on again.
 
2018-06-25 08:02:05 AM  
Not really, I need to make it back from the last time everything shiat the bed. Unfortunately, I live in CT, which is a perfect picture of income disparity.  I am being forced to move by new owners (as have many people whp lived here) because our rent is affordable. We found a place and while I never liked this neighborhood, all I can say is it is a nice sized apartment I am REALLY glad is on the second floor.  (Neither of my cats have ever been on stairs... I wonder how they will deal with them, since they lead into/out of the apartment. It will probably be sad and funny at the same time, neither are wildly graceful)

I digress. With me out of work, we are living on my husband's salary, so we took what we could. Jobs are scarce around here.  It's depressing. We had to borrow the deposit from my sister, who managed a good job that survived the last recession I call it a unicorn job,) With me being so sick and needing medicine and co-pays, we have a rough time.  I am just hapy they now make vegetarian ramen, fark.
 
2018-06-25 08:11:41 AM  

doglover: I still ain't recovered from the last one.


The last one ended?
 
2018-06-25 08:14:20 AM  
Make debt permanent and inheritable, no personal bankruptcy (corporate still okay).
 
2018-06-25 08:15:37 AM  

Summoner101: doglover: I still ain't recovered from the last one.

The last one ended?


On January 21, 2017, according to fox news.
 
2018-06-25 08:18:12 AM  

serpent_sky: Not really, I need to make it back from the last time everything shiat the bed. Unfortunately, I live in CT, which is a perfect picture of income disparity.  I am being forced to move by new owners (as have many people whp lived here) because our rent is affordable. We found a place and while I never liked this neighborhood, all I can say is it is a nice sized apartment I am REALLY glad is on the second floor.  (Neither of my cats have ever been on stairs... I wonder how they will deal with them, since they lead into/out of the apartment. It will probably be sad and funny at the same time, neither are wildly graceful)

I digress. With me out of work, we are living on my husband's salary, so we took what we could. Jobs are scarce around here.  It's depressing. We had to borrow the deposit from my sister, who managed a good job that survived the last recession I call it a unicorn job,) With me being so sick and needing medicine and co-pays, we have a rough time.  I am just hapy they now make vegetarian ramen, fark.


I wanted Bernie Sanders because every ten years or so, there is a recession. That's just how our economy works and there is no better alternative. I was hoping to have a recession because of us getting universal healthcare and education in stead of a few people getting really really rich. You see, I have no problem with being poor for a bit while our economy figures out universal healthcare and education. I have a huge problem with a few people getting rich with no repercussions.
 
2018-06-25 08:25:52 AM  

LarryDan43: Make debt permanent and inheritable, no personal bankruptcy (corporate still okay).


That's right, rewards the greedy old white guys that got us into this mess in the first place.
 
2018-06-25 08:27:41 AM  

LarryDan43: Make debt permanent and inheritable, no personal bankruptcy (corporate still okay).


I'd say not to give 'them' ideas but it is probably already on the to-do list.
 
2018-06-25 08:33:19 AM  

hoodiowithtudio: I wanted Bernie Sanders because every ten years or so, there is a recession. That's just how our economy works and there is no better alternative. I was hoping to have a recession because of us getting universal healthcare and education in stead of a few people getting really really rich. You see, I have no problem with being poor for a bit while our economy figures out universal healthcare and education. I have a huge problem with a few people getting rich with no repercussions.


The President doesn't have the power to give us universal healthcare. If you want that, then you want a socialist Congress.
 
2018-06-25 08:34:12 AM  
I'm ready. In the last 18-24 I paid off all debt except the mortgage, built the emergency fund, now just socking everything I can on top of that.

I'm not spending a dime on anything I don't need.
 
2018-06-25 08:34:23 AM  
We have no debt at all. We save diligently. We should be on track for on-time retirement, maybe a year or two early. Instead, I expect our investments to be severely dinged, maybe simply wiped out, because bigoted rubes voted for a festering asshole who is rolling back everything that keeps the banking casino closed. And they're also going to try to kick the SS and Medicare out from under me, for which I've been paying my entire working life.

On the other hand, I don't have armed guards separating me from my loved ones and throwing us into separate cages.

Yet.
 
2018-06-25 08:37:39 AM  
Is it me?

img.fark.netView Full Size
 
2018-06-25 08:39:03 AM  
I managed to buy a modest house for a modest price in 2012 when the market in New Zealand had bottomed out. I didn't time the market or anything, it was just good fortune. My mortgage is cheaper than renting a place. I'm not much of a gardener, but I'm looking into planting out a plot in the backyard.

I've got a good job as a librarian at a university and 25 years until retirement, so there's time for my retirement plan to recover if there's another shock to the system. Still two years of student loan payments to go, though - post-grad in your late 20s can do that to you.

I wouldn't say I'm ready, but I'm better positioned than I was in 2008. And thankfully the government is a left-of-centre one this time around.
 
2018-06-25 08:51:14 AM  
Just wait until trump can't re-fi one/all of his credit lines because the interest rate is too high and he tries to fark with the federal reserve....

/Currency crisis anyone?
//Maybe I should buy a wheelbarrow cat.jpg
///^36 Slashies adjusted for hyperultrainflation
 
2018-06-25 09:08:35 AM  
Ten years later, I have a car that's paid off, no student loans, and a job that pays well enough that I can survive on only 30 hours per week (enough for benefits). I just need to keep maintaining the car and banking what I can.

My job is fairly recession-proof (people always need pills) so I'm not overly worried. I'm putting what I can into my savings and putting in enough to get the full company match on my 401k. The wife and I are looking to move somewhere that's not quite so flammable, so we'll keep selling our souls to the company store so we can hopefully transfer stores and maintain employment.
 
2018-06-25 09:18:18 AM  
How can one protect oneself from a global debt collapse? There's no way the FDIC can cover everyone if every bank folds. The only people that would be largely immune to that kind of economic ruin would be those living a Grizzly Adams existence.
 
2018-06-25 09:20:02 AM  
Yeah, seems like we're about due.   I signed on my last house about a week before the first of the "too big to fail" banks failed.  Now I am gettong ready to sign on a new house in a few weeks.
 
2018-06-25 09:23:14 AM  
Primed to begin immediately after the mid-term elections.

And so, the cycle begins again.
 
2018-06-25 09:23:14 AM  
Thanks Obama...
 
2018-06-25 09:24:43 AM  
I consider it a primary indication (warning) of the state of the economy when the infomercials for the classes on flipping houses (for big profits!) come back. The last year or so I have seen a marked increase in these. That usually means house prices are near topping out, but buyers are still thinking they can only go higher. Here we go again.
 
2018-06-25 09:29:05 AM  

Day_Old_Dutchie: LarryDan43: Make debt permanent and inheritable, no personal bankruptcy (corporate still okay).

That's right, rewards the greedy old white guys that got us into this mess in the first place.


Oh look. Yet another racist on Fark.
/day ending in Y
 
2018-06-25 09:31:33 AM  

BafflerMeal: Is it me?

[img.fark.net image 356x330]


Stop touching yourself at night.
 
2018-06-25 09:32:45 AM  
The word of the day is "inverted yield curve".

// yes I know that's three words
 
2018-06-25 09:38:49 AM  

LarryDan43: Make debt permanent and inheritable, no personal bankruptcy (corporate still okay).


What about debtor's prisons? Do you also like those?
 
2018-06-25 09:42:30 AM  

not enough beer: doglover: I still ain't recovered from the last one.

You never were supposed to. This is another smash and grab by the wealthy. They will scream get bailed out and move on again.


There is an old saying:  "You owe the bank $1 million and can't pay, you have a problem.  You owe the bank $100 million and can't pay, the bank has a problem."

Too big to fail means too big to exist.  Here's the solution:

img.fark.netView Full Size
 
2018-06-25 09:44:17 AM  
Most people haven't gotten over the Bush recession yet, so who gives a damn.
 
2018-06-25 09:44:59 AM  

thisispete: I managed to buy a modest house for a modest price in 2012 when the market in New Zealand had bottomed out. I didn't time the market or anything, it was just good fortune. My mortgage is cheaper than renting a place. I'm not much of a gardener, but I'm looking into planting out a plot in the backyard.

I've got a good job as a librarian at a university and 25 years until retirement, so there's time for my retirement plan to recover if there's another shock to the system. Still two years of student loan payments to go, though - post-grad in your late 20s can do that to you.

I wouldn't say I'm ready, but I'm better positioned than I was in 2008. And thankfully the government is a left-of-centre one this time around.


Ditto. In London. We were farking lucky.

Literally 18 months later my friends were all 'oh we'll just do what Lord and Lady J did'... [googles] ... 'ok, no we won't.'
 
2018-06-25 09:47:25 AM  
Interest rates will eventually go sub-zero in the United States, too. And you would think the pitchforks would come out, but given the low rate of savings we already have in this country only the frugal and fiscally responsible will be impacted. And those are hardly the people who will start a revolution.
 
2018-06-25 10:11:17 AM  
A Republican is in the WH, of course there is going to be a recession. It's literally been this way for over 50 YEARS.

Every. Single. Time. And somehow, they still get elected.
 
2018-06-25 10:14:57 AM  

AsparagusFTW: I'm ready. In the last 18-24 I paid off all debt except the mortgage, built the emergency fund, now just socking everything I can on top of that.

I'm not spending a dime on anything I don't need.


A really big THIS.    Debts paid off, including the house, and no intentions of trying to keep up with the Joneses..  shait will happen, so don't ignore obvious issues : fix them now, don't put them off. When you are driving, be aware of your surroundings and have a way out, a safe lane, so to speak.. same goes for living. If you pay attention, you can see things coming and prepare.  Also, if you are capable, use common sense.. too many people are not.. you can identify them by how far their faces are buried in their phone.
I see lots of things that might be fun to buy and play with.. just because I want something doesn't mean I need it, 'need' being the key word.  Better to put that money aside for actual needs. Don't have three things : debt, credit cards and 'smartphone'.. don't miss them, either.
 
2018-06-25 10:22:04 AM  

Arkanaut: The word of the day is "inverted yield curve".

// yes I know that's three words


img.fark.netView Full Size
 
2018-06-25 10:31:40 AM  

OlderGuy: AsparagusFTW: I'm ready. In the last 18-24 I paid off all debt except the mortgage, built the emergency fund, now just socking everything I can on top of that.

I'm not spending a dime on anything I don't need.

A really big THIS.    Debts paid off, including the house, and no intentions of trying to keep up with the Joneses..  shait will happen, so don't ignore obvious issues : fix them now, don't put them off. When you are driving, be aware of your surroundings and have a way out, a safe lane, so to speak.. same goes for living. If you pay attention, you can see things coming and prepare.  Also, if you are capable, use common sense.. too many people are not.. you can identify them by how far their faces are buried in their phone.
I see lots of things that might be fun to buy and play with.. just because I want something doesn't mean I need it, 'need' being the key word.  Better to put that money aside for actual needs. Don't have three things : debt, credit cards and 'smartphone'.. don't miss them, either.


I'm a big fan of being thrifty, reducing debt, and not buying things you don't need.

However, if everyone behaved that way the economy would crash and burn.
 
2018-06-25 10:32:28 AM  

thisispete: I managed to buy a modest house for a modest price in 2012 when the market in New Zealand had bottomed out. I didn't time the market or anything, it was just good fortune. My mortgage is cheaper than renting a place. I'm not much of a gardener, but I'm looking into planting out a plot in the backyard.

I've got a good job as a librarian at a university and 25 years until retirement, so there's time for my retirement plan to recover if there's another shock to the system. Still two years of student loan payments to go, though - post-grad in your late 20s can do that to you.

I wouldn't say I'm ready, but I'm better positioned than I was in 2008. And thankfully the government is a left-of-centre one this time around.


Lucky.
I'm in no position to ride out another recession.   We've only just recovered from the last one, and finally have a little bit of savings to pull from here and there.   But I have too much student loan debt to feel comfortable.
 
2018-06-25 10:33:18 AM  

madgonad: OlderGuy: AsparagusFTW: I'm ready. In the last 18-24 I paid off all debt except the mortgage, built the emergency fund, now just socking everything I can on top of that.

I'm not spending a dime on anything I don't need.

A really big THIS.    Debts paid off, including the house, and no intentions of trying to keep up with the Joneses..  shait will happen, so don't ignore obvious issues : fix them now, don't put them off. When you are driving, be aware of your surroundings and have a way out, a safe lane, so to speak.. same goes for living. If you pay attention, you can see things coming and prepare.  Also, if you are capable, use common sense.. too many people are not.. you can identify them by how far their faces are buried in their phone.
I see lots of things that might be fun to buy and play with.. just because I want something doesn't mean I need it, 'need' being the key word.  Better to put that money aside for actual needs. Don't have three things : debt, credit cards and 'smartphone'.. don't miss them, either.

I'm a big fan of being thrifty, reducing debt, and not buying things you don't need.

However, if everyone behaved that way the economy would crash and burn.


This type of economy anyway.
 
2018-06-25 10:36:54 AM  
The last one didn't have any effect on me, but now that I saw how it went, I might be able to take advantage of the next one
 
2018-06-25 10:36:55 AM  

hoodiowithtudio: I wanted Bernie Sanders because every ten years or so, there is a recession. That's just how our economy works and there is no better alternative. I was hoping to have a recession because of us getting universal healthcare and education in stead of a few people getting really really rich. You see, I have no problem with being poor for a bit while our economy figures out universal healthcare and education. I have a huge problem with a few people getting rich with no repercussions.


I fully supported Bernie and worked very hard to get him elected, down to calling NJ until 9pm and the CA until 12 pm, (I live in CT) and spending whole weekends doing it.  My cat actually responded to "calls for Bernie" and sat next to me with my laptop and phone.  He would have done so much good.
 
2018-06-25 10:44:36 AM  

madgonad: I'm a big fan of being thrifty, reducing debt, and not buying things you don't need.

However, if everyone behaved that way the economy would crash and burn.


As with all things, there's a middle ground.

There's buying the biggest, fanciest cars, TVs, phones, sound systems, hot tubs, and getting the biggest cable internet packages with unlimited data, etc, and paying for it all with credit that'll ruin you.
But a normal TV or a Smartphone are relatively cheap, and can provide hours upon hours of cheap entertainment. You can buy these. They can keep the economy going. And you'll still have them, debt free, when the bad times hit. But there are folk, many of them gloating about their lack of debt here in this thread, that will howl to high heaven should you hit a rough patch and avail yourself of these "luxuries" instead of staring at an unadorned wall while you eat rice and beans when you're not at one of your multiple jobs.
 
2018-06-25 10:45:26 AM  

BafflerMeal: madgonad: OlderGuy: AsparagusFTW: I'm ready. In the last 18-24 I paid off all debt except the mortgage, built the emergency fund, now just socking everything I can on top of that.

I'm not spending a dime on anything I don't need.

A really big THIS.    Debts paid off, including the house, and no intentions of trying to keep up with the Joneses..  shait will happen, so don't ignore obvious issues : fix them now, don't put them off. When you are driving, be aware of your surroundings and have a way out, a safe lane, so to speak.. same goes for living. If you pay attention, you can see things coming and prepare.  Also, if you are capable, use common sense.. too many people are not.. you can identify them by how far their faces are buried in their phone.
I see lots of things that might be fun to buy and play with.. just because I want something doesn't mean I need it, 'need' being the key word.  Better to put that money aside for actual needs. Don't have three things : debt, credit cards and 'smartphone'.. don't miss them, either.

I'm a big fan of being thrifty, reducing debt, and not buying things you don't need.

However, if everyone behaved that way the economy would crash and burn.

This type of economy anyway.


Correct
If we would like to continue with the import-driven consumer economy the consumers will have to play ball.

It really is all about velocity. If you are a nation of savers (Germany, Japan, Korea...) you simply have to be export-driven. Otherwise you become like Greece or Spain. The US does export a lot of products - entertainment, software, agriculture products, but nowhere near enough to cover all of the tech we get from Asia, the labor intensive food and energy from central/south america, the energy and raw materials from Canada, and the luxury/industrial products we get from Europe.
We have a pretty good thing going here. We export dollars instead of goods and most of the world is happy to do so. If Trump farks it up the recession is going to be beyond epic.
 
2018-06-25 10:45:53 AM  

serpent_sky: He would have done so much good.


No.  He would have been sabotaged at every turn and vilified as a communist.   It's better that we've got the flaming, orange ball of shiat steering the ship of state into the rocks.  Even the most dim stigginit types will have had enough....if they survive it.
 
2018-06-25 10:47:28 AM  

OlderGuy: A really big THIS. Debts paid off, including the house, and no intentions of trying to keep up with the Joneses.. shait will happen, so don't ignore obvious issues : fix them now, don't put them off. When you are driving, be aware of your surroundings and have a way out, a safe lane, so to speak.. same goes for living. If you pay attention, you can see things coming and prepare. Also, if you are capable, use common sense.. too many people are not.. you can identify them by how far their faces are buried in their phone.
I see lots of things that might be fun to buy and play with.. just because I want something doesn't mean I need it, 'need' being the key word. Better to put that money aside for actual needs. Don't have three things : debt, credit cards and 'smartphone'.. don't miss them, either.


It must be nice to not need many prescriptions, a therapist, and a psychiatrist - all with co-pays. I picked up two prescriptions and said "damn, being crazy is expensive".  And I need a phone. I am sick and if something goes wrong, I need to contact my husband. I also text my therapist. And get calls about jobs.  Its not some luxury, I have an iPhone 6S that I got for free when  my husband and I got married in 2014 and combined our plans.  He'd be terrified if I didn't have a phone with me, with my conditions.

People are so farking righteous without thinking "huh, some people may need that".  Like we have cable, because internet only would cost more.  Absurd, but how they do things.  We save anywhere we cam (again, thank you vegetarian ramen) but between Fark posts, I am applying to jobs all day, as many as I can find.

Some of us struggle for reasons you cannot even fathom, I guess.  I pay $120/month for therapy/pssych and $165/month on my medication.  That is a lot of money.  Being bipolar with a panic disorder sucks. I pay more than a dollar a day for the mood stabilizer I take, for example.

Universal healthcare is essential.
 
2018-06-25 10:51:38 AM  
The last one wiped me out, so now my retirement plan is "voting socialist"
 
2018-06-25 10:51:49 AM  

Sophont: As with all things, there's a middle ground.

There's buying the biggest, fanciest cars, TVs, phones, sound systems, hot tubs, and getting the biggest cable internet packages with unlimited data, etc, and paying for it all with credit that'll ruin you.
But a normal TV or a Smartphone are relatively cheap, and can provide hours upon hours of cheap entertainment. You can buy these. They can keep the economy going. And you'll still have them, debt free, when the bad times hit. But there are folk, many of them gloating about their lack of debt here in this thread, that will howl to high heaven should you hit a rough patch and avail yourself of these "luxuries" instead of staring at an unadorned wall while you eat rice and beans when you're not at one of your multiple jobs.


This too.  My TV and my phone didn't go away when I lost my job. Neither did my iPod or anything we own.  When hard times hit, the things you actually own do not disappear.  My tattoos are still on my body as well...  I got them when I had the money to. I used to make a very nice salary.  Do we have take away food? No.  Do we buy ANYTHING that isn't essential (prescriptions, co-pays, food, rent)? NO. But we still have things.  And if I lost my phone, I'd lose a major way to communicate with potential employers - the same with the internet, where one can find jobs.
 
2018-06-25 10:52:21 AM  

madgonad: We have a pretty good thing going here. We export dollars instead of goods and most of the world is happy to do so. If Trump farks it up the recession is going to be beyond epic.


The reason the rest of the world allows us to do that is because we have a dozen of these:

img.fark.netView Full Size
That ensures that this stuff keeps flowing around the world:

img.fark.netView Full Size
 
2018-06-25 11:14:33 AM  
When it hits, the important thing is that we all put aside our personal differences and come together to find some way to blame it on Obama.
 
2018-06-25 11:17:33 AM  

Fissile: madgonad: We have a pretty good thing going here. We export dollars instead of goods and most of the world is happy to do so. If Trump farks it up the recession is going to be beyond epic.

The reason the rest of the world allows us to do that is because we have a dozen of these:

[img.fark.net image 850x636] That ensures that this stuff keeps flowing around the world:

[img.fark.net image 850x478]


Yep. They either like us or need us. The military ensures the flow of trade that is crucial to Pax Americana.

We are driving off our historical allies, that like us, and making the nations that need us reconsider their options.

Those carriers and the rest of the military require a steady flow of funding - something that cheap debt has allowed. A general default or global shift from buying dollars (US bonds) will quickly reduce the force projection. Also, you only get to use the air bases and ports of friends.
 
2018-06-25 11:34:30 AM  

Lady J: thisispete: I managed to buy a modest house for a modest price in 2012 when the market in New Zealand had bottomed out. I didn't time the market or anything, it was just good fortune. My mortgage is cheaper than renting a place. I'm not much of a gardener, but I'm looking into planting out a plot in the backyard.

I've got a good job as a librarian at a university and 25 years until retirement, so there's time for my retirement plan to recover if there's another shock to the system. Still two years of student loan payments to go, though - post-grad in your late 20s can do that to you.

I wouldn't say I'm ready, but I'm better positioned than I was in 2008. And thankfully the government is a left-of-centre one this time around.

Ditto. In London. We were farking lucky.

Literally 18 months later my friends were all 'oh we'll just do what Lord and Lady J did'... [googles] ... 'ok, no we won't.'


if you've got a place in London now, how much did it go up in value?
 
2018-06-25 11:36:59 AM  

madgonad: Fissile: madgonad: We have a pretty good thing going here. We export dollars instead of goods and most of the world is happy to do so. If Trump farks it up the recession is going to be beyond epic.

The reason the rest of the world allows us to do that is because we have a dozen of these:

[img.fark.net image 850x636] That ensures that this stuff keeps flowing around the world:

[img.fark.net image 850x478]

Yep. They either like us or need us. The military ensures the flow of trade that is crucial to Pax Americana.

We are driving off our historical allies, that like us, and making the nations that need us reconsider their options.

Those carriers and the rest of the military require a steady flow of funding - something that cheap debt has allowed. A general default or global shift from buying dollars (US bonds) will quickly reduce the force projection. Also, you only get to use the air bases and ports of friends.


First time a US base gets kicked out of a long term ally is going to be funny as hell for the administration to explain away.  Looking forward to it.  As far as I can tell the current "plan" by everyone is "he and the republicans will be gone shortly, no need to do anything permanent".  If we're as stupid as I think we are, 2021 is going to be when the realignment takes place.
 
2018-06-25 11:37:52 AM  

Fissile: madgonad: We have a pretty good thing going here. We export dollars instead of goods and most of the world is happy to do so. If Trump farks it up the recession is going to be beyond epic.

The reason the rest of the world allows us to do that is because we have a dozen of these:

[img.fark.net image 850x636] That ensures that this stuff keeps flowing around the world:

[img.fark.net image 850x478]


Half a dozen.
 
2018-06-25 11:38:13 AM  
Oh and By the way many European banks are now using the same accounting trick Lehman Brothers used to use to hide the true extent of their Debt to capital ratio ya know, just befor ethey collapsed and spaked the Great Recession
 
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