3rd round of stimulus: $1,400 per person and oh... $15 Fed minimum wage.

[kingjason]

Smells like Metamucil and Golden Age Syndrome in here. Kids today are smarter than they've ever been. Just like throughout the rest of history, when the old fucks took one example of something and applied it to an entire generation. I'm surprised most of you Gen X'ers don't remember the Boomers doing that to us throughout the 90's. Yet here we are, doing fine. Slackers indeed.

I never said they were not smart. I think the coping skills and self accountability are gone. Not all of them, but a lot.

Honestly, I was expecting that to happen in 2020, which was one of the reasons we didn't buy a house when we sold the old one. I was gun-shy and worried that I'd buy at these high prices and everything would tank as we fall into another recession.. I think covid and stimulus money have just been delaying the inevitable.

But I could also be drastically wrong! haha

I am ready for the crash. Fucking Jerry Jones just bought a corner of I35 and 287. I am so tired of my taxes jumping the max every year. Then they still want to up the percentages for more school taxes. We have lost our minds on what kids need to learn in this country. Not a baby white house that is for sure or a 500 million dollar stadium. I really thought I had longer before this place went nuts down here.

[Gasser64]

You're nuttier than a squirrel turd, but I'd sign up for this position in a heart beat.

I prefer the term "visionary"

Where this all ends is in a financial crisis. Every time they raise the amount of the national debt, it lowers the maximum interest rate that the federal budget can tolerate. Right now the debt is about $27T and it has been doubling every eight years. In sixteen years it will be over a hundred trillion.

The problem here is that the Treasury markets and not the Fed or the government determine interest rates. Today you saw the 10 year jump up fairly significantly and it scared some people. That happened because no one was buying the debt. Just wait until there is a single whiff of default and watch what rates will do. Go look at rates in 1983 for an example, people were paying 18% interest on cars. Those rates were caused by the Fed in reaction to inflation. The next time they go up I have a feeling it will be because of a lack of buyers, IE something they can't control.

Make no mistake, rates that are only slightly high in a historical context, say 6%, will destroy the economy overnight. It will be a fucking disaster, housing will stop cold, car sales will shit the bed (and the car companies will fail) and capital for silicon valley will disappear.

When this happens, is there any chance of those 2.5 million dollar mansions going back down to $800k? Asking for a friend.

[Broncojohnny]

When this happens, is there any chance of those 2.5 million dollar mansions going back down to $800k? Asking for a friend.

Prices may drop a little but generally speaking, people who own $2.5M houses don't have to sell them and they won't. Interest rates will go high as shit and no one will sell or buy unless they have to.

[scootro]

it passed last night now off to the senate for voting

[black2002ls]

Honestly, I was expecting that to happen in 2020, which was one of the reasons we didn't buy a house when we sold the old one. I was gun-shy and worried that I'd buy at these high prices and everything would tank as we fall into another recession.. I think covid and stimulus money have just been delaying the inevitable.



But I could also be drastically wrong! haha

Funny enough, I was expecting something similar, however, the housing market has stayed quite strong in this area. The comoany I work for has been in business 35+ years and we had a record year last year, and this year is looking to be just as strong. We typically have 20-30 presales in each neighborhood as they come online or as the next phase comes available.

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[Gasser64]

Prices may drop a little but generally speaking, people who own $2.5M houses don't have to sell them and they won't. Interest rates will go high as shit and no one will sell or buy unless they have to.

Maybe you can fill in the blanks for me here but..

When I bought my house the interest rates were at an all time low. And the house had just taken a price cut by $30k. Housing was generally in the shitter, it was a buyer's market.

Since I was looking so hard for a house, I ran across many that seemed like they should be worth millions, but they were only in the hundreds of thousands. Big, nice 8,500 square foot houses for $600k-900k. What would cause that to happen again?

Dunno, maybe they were poorly constructed McMansions or something. Then again maybe not.

[black2002ls]

Maybe you can fill in the blanks for me here but..



When I bought my house the interest rates were at an all time low. And the house had just taken a price cut by $30k. Housing was generally in the shitter, it was a buyer's market.



Since I was looking so hard for a house, I ran across many that seemed like they should be worth millions, but they were only in the hundreds of thousands. Big, nice 8,500 square foot houses for $600k-900k. What would cause that to happen again?



Dunno, maybe they were poorly constructed McMansions or something. Then again maybe not.

Build cost has gone up considerably, just in the last 10 years. I saw sales price increases based on cost of materials on the 20-30% range in a few years time.

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[Gasser64]

We seem to be in a bubble now though. Gotta pop eventually..

And I'll be waiting.