Man where have I seen this movie before?… oh yeah, 17 fucking years ago when the exact same kind of speculative housing market collapsed and led to a massive upward transfer of wealth.
I’m sure this time the bailouts will go to the workers though.
Yeah, it's literally the exact same dynamics again, but the difference is that the working majority is on far thinner margins today than they were in 2008.
Eventually buying homes here in the USA is going to be a thing of the past. Everyone will merely be a renter. But capitalism isn’t the problem if you ask the majority of Americans. Even the ones who will agree will say “we should be more like Denmark!”
In Canada, this is also happening. I think 2/3 of all the debt in the country is mortgage. Another crisis is coming...
Canada might actually be in a worse situation because mortgages are given for only 3-4 years and people have to keep renewing them at whatever rates are available at the time. At least in the US, you can get a mortgage for 20-30 years and you know what your rates are.
News from within the empire - From a leftist perspective