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submitted 1 year ago by yogthos@lemmy.ml to c/news@hexbear.net
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[-] freagle@lemmygrad.ml 59 points 1 year ago

I wish this was noteworthy, but it's a paltry sum. The thing that's noteworthy is that the banks are clear that people can't pay their bills. I wish we could get that data plotted on a chart over time and see what's happening to people in the USA at least monthly. With the commercial real estate sector being just a massive loss and most job creation being low wage, and more people in the gig economy with multiple jobs, and credit card debt rising, and medical debt rising, and boomerang sanctions, it's only a matter of time before the working class breaks.

[-] yogthos@lemmy.ml 31 points 1 year ago

Yeah, the direction of travel is not great.

[-] ProfessorAdonisCnut@hexbear.net 39 points 1 year ago

It's okay, we can guard against this by bundling large amounts of high risk debts and use them to back securities

[-] Red_Sunshine_Over_Florida@hexbear.net 38 points 1 year ago* (last edited 1 year ago)

Is this the beginning of households breaking under the taking credit with increased interest rates? I wonder what that would mean over the next couple of years?

[-] Rx_Hawk@hexbear.net 33 points 1 year ago* (last edited 1 year ago)

The economy is overdue for a recession. I don’t mean that facetiously, we’ve been in a growth stage since 2009.

Of course that’s all in the capitalistic framework, if we didn’t have the need for unfettered growth, recessions wouldn’t be needed either.

What would a recession with inflation look like? They look hesitant to lower rates like they did in 2008.

[-] Rx_Hawk@hexbear.net 24 points 1 year ago* (last edited 1 year ago)

shrug-outta-hecks

I have a very basic understanding of economics, but recession would definitely reduce inflation.

I think the real issue is that the "economy" and markets are so disconnected from the reality of the everyday American. Wealth inequality was already bad in 2008, but its only gotten exponentially worse. Who cares if the stock market is good and GDP growth is steady if none of that value is making its way to the workers' pockets. Shit is bad out here but the market movers fail to see that.

[-] Evilphd666@hexbear.net 23 points 1 year ago

Hundos are the new twenty.

[-] Red_Sunshine_Over_Florida@hexbear.net 17 points 1 year ago* (last edited 1 year ago)

So we're Japan then, where you have a new high sounding number as the new normal price.

[-] yogthos@lemmy.ml 33 points 1 year ago

Given that most people are living paycheck to paycheck, that means they're simply not able to absorb continued increase in cost of living. Meanwhile, we see inflation keep climbing while salaries are stagnant. Something will definitely have to give here.

https://fortune.com/2024/02/01/emergency-1000-expense-most-americans-broke-debt-bankrate/

[-] PoY@lemmygrad.ml 9 points 1 year ago

pg&e announced they'll be trying to curb their planned annual electricity and gas price increases to under 5% from the current nearly 20% over the past two years

[-] CDommunist@hexbear.net 13 points 1 year ago

STAGFLATION TIME BABY VOLCKER SHOCK INCOMING agony-yehaw

[-] flan@hexbear.net 34 points 1 year ago

i guess commercial real estate debt hasnt started hitting the fan yet huh

[-] chungusamonugs@hexbear.net 27 points 1 year ago
[-] DyingOfDeBordom@hexbear.net 27 points 1 year ago

Why's Benjamin Franklin on a 1 dollar bill

Jk it's because it's AI generated probably. There's a 100 next to the 1 lol

[-] Maoo@hexbear.net 19 points 1 year ago

Yeah it's an "AI" image.

The other text is nonsense as well just with familiar shapes and textures.

[-] sempersigh@hexbear.net 7 points 1 year ago

OP’s “source” is a cryptocurrency news site what do you expect

[-] joaomarrom@hexbear.net 26 points 1 year ago
[-] autism_2@hexbear.net 22 points 1 year ago

You could buy almost 10 twitters with that kind of money

[-] Ocommie63@lemmygrad.ml 16 points 1 year ago

Another crack in the foundation forms

[-] anarchoilluminati@hexbear.net 12 points 1 year ago
this post was submitted on 28 Apr 2024
100 points (100.0% liked)

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