We are back to "the left isn't perfect so Its hard to stay with them." Meanwhile the best thing about the republicans taking the white house would be the dark comedy (like putting Scaramucci's in the cabinet) that would come before the actual dark days.
We’re basically living in Weimar Germany with the far right with like a 51% chance of obtaining power next year. Bread and milk is expensive but I’d hate to see the alternative.
The swings of the mortgage industry are brutal and Covid exacerbated to an even further extreme. As a participant in that I’m sure you are rightfully frustrated and angry at the world as we went from an epic boom to virtually zero refis. The rest of us talking about how the economy is good and all the positive things Biden has done is almost certainly going to be difficult to believe if you are in the mortgage industry - the place most directly impacted by higher mortgage rates and interest rate volatility. Stepping slightly to the side here - despite the overwhelming increase in interest rates, property values are higher because wages have gone up and people are saving enough to handle the higher rates. I would have expected home prices to plummet ~30%+ with 8% interest rates. We are nearly 2 years into this hike cycle, so the economy has clearly been resilient enough outside of the mortgage industry to support these prices. Part of the economic resilience is the strength and diversity of the American economy. But, Biden’s policies have helped. Parts of the economy are huge beneficiaries of the poorly named inflation reduction act which funds substantial infrastructure investments around the country - every day you will see a Senator from both parties touting the money raised and projects breaking ground as a direct result. We also have more stable leadership in every single department of the executive branch which helps in small ways that aren’t as easy to define but essential in ensuring government services work and the economy keeps humming. Just in the transportation sector, we’ve seen the ports become far more efficient and handle the flows faster as the administration worked to improve speed and labor relations - which helps boost economic activity, but isn’t an easy thing to show on the nightly news. It is extremely difficult to see the positive benefits in your life from continued fighting in Ukraine, but the U.S. is heavily assisting the efforts to protect against a chaos agent. The U.S. economy has been resilient and you’ve seen an administration that has largely been able to hold together a huge global coalition on the same side of this. The administration is heavily involved in assisting the rapid change in supply chains which has ensured Europe hasn’t completely gone into disarray. And, tensions appear to be thawing with China. Not having a recession in year 2 of a massive rate hike cycle designed to substantially slow economic excess is extremely difficult yet so far that’s been the case. If you were to say that Biden would’ve faced the following events and we didn’t have a recession, would anyone have believed it? - Inflation to 9% and back to 3% - Russia invading Ukraine and fighting a continual war for over a year - 3 of the top 25 largest banks failing - Interest rates going above 5% and above 8% for a 30 year mortgage - The VC market nearly shutting down for over a year
i know extremely little about the housing market but its been fun seeing the housing market experts being unable to figure out the market for the last year+ because american consumers will absolutely not change behaviors we fucking love to buy shit and will do all we can to keep god damn buying
There’s more going on that that - I haven’t been able to see data justifying it, but rates have gone up so much and home prices have also gone up so much that the median home price is the most expensive it’s ever been as a payment versus the median household income. I think there’s a mix shift going on due to lack of supply where it’s only those that can pay large cash down payments or are down sizing who are buying. New homes are also able to eat the cost of a lower mortgage for the buyer and solve some of that problem. At the end of the day, the consumer will always stretch and be house poor, but we’ve hit limits that make it so they can’t do it without being rejected on the mortgage.
As an aside the Russian invasion and boycotts had a huge economic impact on the prices of petroleum products like roof shingles and many others as well like you said us trying to contain a chaos agent
i dont disagree. just saw the consensus be like you that 8+ mortgage rates would drop housing prices substantially but basically it just led to people chilling and waiting or making it work while the housing finance guys lose their minds that prices aren't shifting substantially. just been a goofy market response.
I don't imagine you'll see decrease in home prices unless/until you have building outpacing buying and building is still expensive due to inputs so it's not like there's an alternative to higher priced existing homes.
rents have dropped a bunch here and housing prices have been decently flat but we build a lot, you could say we're built different
Over short periods of time it can happen without impacting price, but over the medium term - absent a meaningful shift in behaviors, it will go back to normal payments as a percentage of income. It is plausible that WFH is that driver that can result in a long term shift in consumers willingness to spend more on their mortgage - but it will come from somewhere, likely cars or vacation spending. But, I don’t know why WFH would be that driver to higher payments to mortgages when it wasn’t that way when rates were 2%.
These people are gonna run outta products and services https://www.msn.com/en-us/entertain...theo-von-over-political-interview/ar-AA1jVkSp
Honest question - what do you think a good President would have done over the last 2.5 years to make an impact on your life?
“I’m friendly to the left in general, but where they lose me is with insisting that every person be treated like a person. If you just let me stop thinking about unpleasant things, they’d go away.”
perhaps media consumption choices is why so many white millennial males feel like Biden is old, Biden is incompetent, Biden economy bad
$5.50/gal for gas explains the 4 burgers and fries/$140. They’re either full of shit or traveling in a major city/airports
Could also be delivery. I joked about Five Guys because I doordashed it for my Dad and me yesterday and it was like $62, including delivery fees and tip.
even in NYC, you could probably find somewhere it costs that much, but you're an idiot for paying it because you could probably find close to $2 cheaper not far away.
Try hard unfunny guy with problematic political views. Most college football fans prob love him unfortunately
I feel like I caught a lot of criticism about my algorithms early ITT, but he clearly is suddenly now everywhere.
Had no idea who this guy was. I have a group text with a bunch of old friends from college days. We say roll tide to each other every Saturday kind of thing… Dude in there described him as a top 5 comedian right now… based on the friend that said it, I’m going to assume he sucks
Funny when our bammer fans drop the facade and reveal they are indeed the lame stereotypical Bama fans we perceive them to be.
Tell him to send you the funniest 1-2 min clip of him. I'm curious how funny the "funniest" clip would be
Nah I don’t care enough to bring it back up. I just wanted to see the consensus on him. This friend thinks Kat Williams is hilarious, so I was skeptical