Fair enough. Though I said I’m not particularly bothered by it as I know you’re just jabbing at me. Which is what we do here. Are you saying zero response is the appropriate response?
Im a first year millennial. So I’m more gen x than anything in temperament, work ethic, and general outlook. At least according me too haha. I actually find it hard to get along or work with my supposed peer group
When they first made these generational distinctions I was Gen X. Somehow, I ended up Millennial. I didn’t have full access to the internet until college, therefore I’m Gen X IMO.
Funny, I was working as a computer salesman when I first heard of the "internet" from one of my coworkers. Before that I vaguely knew of local bulletin boards. Still, I'm a solid Gen X and I am now the "go to" for explaining and for fixing anything computer (or "cell phone") related for my Gen Z children, or my Boomer parents/family members. Weird in between... Yet the only social media I'm on is FaceBook and that's VERY minimal. VERY... as in I respond to someone's post maybe once or twice a year and it's been at least 5 years since I posted anything. Marketplace is the sole reason I'm still there.
I have a feeling…. this whole low credit housing program…. Maybe its entire premise is to tank the housing market on purpose. Like “inflation didn’t do it?….Fuck it hold my beer.”
its almost as if supply deficiencies + flippers/large speculator conglomerates + foreigners looking for safe havens for their money + developers learning that building mcmansions and luxo-condos didn't create the perfect storm where prices and supply are all driven up by those with free capital and inflation only matters if you need a mortgage and there's disincentive to build affordable housing. who woulda thunk it. i do appreciate the irony that capitalism is trying EVERYTHING but just admitting that our version of capitalism is to blame haha. its funny watching the dance. but hey... AKdrift just moved into a new-build rental in San Diego that's never been lived in that's owned by a dude who's never set foot on American soil, for an astronomical price. ain't life grand? maybe we should curtail that as half the rest of the world does perhaps? or maybe we should regulate giant property investment funds from gobbling up neighborhoods just to rent the entire thing out? but again... i guess that wouldn't be "American" of us. i for one welcome our new feudal overlords as we devolve into the serfdoms of old. next up: MORE BOOM TOWNS OWNED BY THE COMPANY YOU WORK FOR!!! YAYYYYY!!!
#1 rule in investing is to not pay your kids for chores. Save that money for motorbike parts and pay them with invaluable life lessons instead! @chobes
Copied from elsewhere: JPM has more work to do: PacWest Bancorp, $PACW, down 29%, stock halted. Western Alliance Bank, $WAL, down 25%, stock halted. Metropolitan Bank, $MCB, down 24%, stock halted.
You mean our tax dollars have more work to do buying up small banks so the massive banks will gladly take up the new fedcoin? Naaahhhh, it's just our failed version of capitalism!
The banks in question all seem to have the same 2 common denominators. High numbers of depositors with accounts that far exceed the FDIC guarantees. These depositors pull their money at the first signs of trouble. Secondly they have a 1/3 to 1/2 of their assets tied up in commercial real estate and construction loans. There were rules about this that got watered down so who could have predicted the outcome. Oops.
a ton of them also have US Treasuries who's current yield is less than the APR they have to offer their customers to try and keep their monies in their savings accounts. that's also a bad recipe. I love that we threw Dodd-Frank in the trash. and I love that your ho hum customer bank gets to invest in a ton of stupid shit while simultaneously holding tiny reserves. [/sarcasm] they should regulate banks to holding 30-40% reserve ratio. not overnight cause that would tank the economy, but a phase in. its also insane to me that banking is just seen as a money faucet, like it can never have a bad year so why plan for anything bad. we created moral hazard bailing these idiots out before, and any other company would plan to, oh i dunno, maybe have a bad year of losses from time to time. if they had 30-40% reserves they could probably weather these payouts and interest rate fluctuations and not pay their execs bonuses for a year or two, but that i guess is no longer an option ever. wait til all these people holding 7yr. commercial real estate loan have to go refi or just decide to walk away from their vacant properties in the next couple of years here. this is gonna be fun.