Buzzsteem Ep 17 [My thoughts on the 3 Big Upcoming Bubbles]
Hey guys!
So it was a pretty slow news day on Steemit!
Today I talked about:
- User @clayop and his article about Steemit getting a B+ rating on Weiss
And today I focused on something a little different. I discussed what I believe to be another real estate bubble, coupled with a credit card bubble and of course student loan bubble, and how I believe that will inevitably effect crypto!
Thanks for watching and continue to help me #fight4steem
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I can so relate to this video absolutely. I used to work for a bank called Northern Rock in the uk. We used to securitise a pool of mortgage accounts with American banks for money. It was good money was cheap but we called the mortgages in the US Ninja Mortgages (no income no job.) The housing market in the uk was at its peak it was climbing and things seemed good, we got loans and credit cards and when the payments got too high we remortgaged the house and took the equity out of them to consolidate the debt to pay off over the remaining term.
I remember that day in 2008 that my employer was on the news because they had to go to the bank of England for a hand out and they told us that it was a short term thing but every thing was fine and no one was going to lose their jobs. Oh how wrong we were, I was told when I started working at the bank I had a job for life that is when I learned the lesson no job is ever safe. If this is happening again the next time around it will be a lot worse than it was before.
Ugh!
Firstly, love The Big Short... and I would recommend anyone to watch it.
Secondly, Portland's property has been insane the last two years... the entire West Coast is way way way over-priced in property. San Francisco and Seattle have been driving people out for years because they can no longer afford to live there.
Australia never had the housing crash or GFC in 2006... China propped us up and so real estate has been rising ever since... especially since you can't buy land in China (the govt owns it all) so when their new middle class emerged, they all decided to buy property around the world... and Australia is super close. Gen Y has no chance of buying property in Melbourne or Sydney... it's all way way way too expensive. I thought the market was going to crash years ago, but last year property prices went up in Melbourne by 20%... that is nuts.
I try really hard to pay off our credit card each month, it honestly freaks me out when I can't... but it's super hard and we have to spend a heap of time budgeting and waiting until payday before we can buy things... but that's the way it's always been.
You raise some amazing points, I hadn't really thought about it regarding crypto before... once SALT and BitBay get their projects underway, we should be able to live entirely off crypto. Screw you jerk banks!
"Hammer me out a payment I can live with" and "I can always file for bankruptcy" are things I often heard. I'm still really pissed off; my 4 level split level house dropped from 265K to 135K overnight, just because my neighbor went bankrupt and got foreclosed on. But wait, ..I paid my mortgage on time and in full, so WTF?!? There were more shenanigans besides the bailouts. The banksters ended up with a mountain of foreclosed properties and let many of them go into tax default, so in about 2010 Counties started selling houses at public auction that in my opinion wasn't entirely public. Where I lived, properties for the online auction were listed, but one day per week there was a live auction at the court house for which the properties were not listed in advance. Out of curiosity one day I attended said auction and was immediately questioned as to why I was there. This auction was amazing to say the least. A handful of lawyers and bank employees (public record since they had to state who they were representing) were buying up lots of 5, 10 or 20 houses at, get this: $100.00 per House! ...no counter bids!
As a side benefit, all mechanical leans on a property are wiped out at a public auction in that State. Do your own research and draw your own conclusions. Greetings!
I loved the info and passion in this talk.
I used to speak and research into a economic collapse, I used to make vids and spoke to family, friends and coworkers about it.
Things have lasted a lot longer than I thought they would, and I acknowledge that I may simply have been wrong in my assessment. However, another global economic crash would not surprise me.
The part at the end about bank of America charging poor people for not having enough money in their accounts... Insane. They literally might as well hang up posters saying 'Fuck poor people' - Signed Bank Of America.
Great post. Unfortunately many Americans are not paying attention. We are headed for several busts of EPIC proportions - all at once. On top of that, we are way beyond being able to pay our debts, thus QE. No one really wants our treasuries, and there is a move by several countries to not even use dollars for trade anymore. The CPI calculator shows a sad state for the dollar ...and no one sees it. Love your post. :-)