Upcoming Financial trainwreck January 14, 2022 02:13PM
Lewis made a comment on the other board about a depression killing pulling. Unfortunately I think he is right.

A financial trainwreck has been put in motion over the last 20 or more years and accelerated to warp speed by the Federal Governments response to this Covid 'crisis'. Consider these points:
1. Imagine how much money is being spent on the 'free' Covid vaccine and the 'free' Covid tests. No way is the pharma industry footing the bill for those, they are being reimbursed and probably at very favorable rates
2. What is the total bill for all of the handouts? Stimulus checks + 'extra' unemployment checks + free school lunches for everyone + ???. Did I hear that Obama's 'shovel' ready projects from the 08 crisis are finally ready to kick off?
3. With the high unemployment tax receipts have to be down
4. Inflation is now over 7% with the Fed rate still near zero. To curb inflation they will have to turn off the money printer and increase interest. If they raise interest rates the interest on the federal debt will skyrocket and the last time they tried to turn off the money printer liquidity dried up and we nearly had a banking crisis. It's doubtful they will have the stomach to continue either for very long. If they do raise rates, how long before interest payments exceed tax receipts given the above?
4. It is very possible that the bad debt from the 08 financial crisis is still floating around in the shadows and it seems like Wall Street has been doing it again, just not with mortgage backed securities. If that is true the next financial crisis could make 08 look like a church picnic.

I hope I'm wrong on all of the above and I don't see a way for the average Joe to position himself to avoid the fallout, so I will continue to Keep Calm and Carry On.
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Re: Upcoming Financial trainwreck January 16, 2022 12:28PM
I think we're headed for some difficult financial times ahead. I don't know if it's in 3 years or 20 years but I think it's coming. We can't keep printing money that isn't backed by anything. I don't see inflation slowing soon (it's also way worse than being reported... it's not 7%... they continue to change how inflation is measured to make the number look artificially low).

The extremely wealthy will remain wealthy, but I think the middle class is being destroyed (intentionally) and the lower economic class is being enslaved through welfare. Sadly I think most of us will get to see the experiment of "democratic socialism" or "stakeholder capitalism" (or whatever they call it... both are just re-branded terms for socialism) in our lifetimes and it won't be a financially prosperous time for the overwhelming majority of us.


Jake Morgan
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Re: Upcoming Financial trainwreck January 18, 2022 11:51AM
Quote
Jake Morgan
I think we're headed for some difficult financial times ahead. I don't know if it's in 3 years or 20 years but I think it's coming. We can't keep printing money that isn't backed by anything. I don't see inflation slowing soon (it's also way worse than being reported... it's not 7%... they continue to change how inflation is measured to make the number look artificially low).

The extremely wealthy will remain wealthy, but I think the middle class is being destroyed (intentionally) and the lower economic class is being enslaved through welfare. Sadly I think most of us will get to see the experiment of "democratic socialism" or "stakeholder capitalism" (or whatever they call it... both are just re-branded terms for socialism) in our lifetimes and it won't be a financially prosperous time for the overwhelming majority of us.

Very true.

I'm looking for a graph (if one exists) of the year that the US started income taxes through 2021.
Showing the national debt, population, etc.
I'm pretty confident that the House and Senate don't have a copy of it.Eye Rolling
Totally reckless spending.
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Re: Upcoming Financial trainwreck January 18, 2022 05:29AM
I agree that a train wreck is coming and it will be of epic proportions..The longer they kick the can down the road the worse it will be..What year it will happen is anyones guess..
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