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Post by johngalt on Jul 31, 2024 13:45:45 GMT -5
do you honestly believe the majority of middle class and lower working americans arent struggling, at least feeling the pinch from the overall economy. honest answer please no blinded by trump hate or white guilt answer. First off, I don't hate Trump. I just don't want his brand of governance in office. And I certainly have no "white guilt". I was dealt the hand I've played from the get go. I had no choice in it. I just played it. Lower class Americans can either pull themselves up (like a lot of Americans) or live as they are. Middle class Americans are surviving nicely. Living much better as middle class then we did as middle class. Are they feeling the "pinch". Of course they are. It doesn't hurt someone if instead of buying Oreos from Publix, they bake some oatmeal cookies at home. You know something? Growing up, you are a lot better having no where to go but up than having no where to go but down. There is still a place for hard working Americans to improve their lot. This too will pass. Wages were way overdue for a correction and prices went up during covid. A confluence that created where we are. Demand is dropping and prices are adjusting. I tend to look at more macro than micro. I tend to agree but, As long as the government keeps out of the way things will improve and if left alone the free market will correct itself. Yes, in the meantime some people including a lot of investors will get a richly deserved haircut and over stretched people will also lose out. But that’s the way it should work even though we all know that the feds will step in and protect their friends, like what happened in 2008.
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Post by PolarsStepdad on Jul 31, 2024 13:48:43 GMT -5
do you honestly believe the majority of middle class and lower working americans arent struggling, at least feeling the pinch from the overall economy. honest answer please no blinded by trump hate or white guilt answer. I hear that. And from my own experience I tend to at least want to agree. But then I drive home in the afternoon and the local roads are clogged with people out joy riding. The restaurant parking lots are slam packed. So it's business as usual for a lot of people and places. However big ticket items (cars,trucks, toys, housing) are getting eaten alive by 9% interest rates. I deal with a couple of credit unions here and they are normally at least 1% lower than the banks. At least. Sometimes more. I checked last week and they were at 9%. So I can imagine 30-40k can Ams and 100k pickups aren't moving as much. And as far as I'm concerned they need to. Screw 100k for a pickup GGF.
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Post by johngalt on Jul 31, 2024 13:53:06 GMT -5
do you honestly believe the majority of middle class and lower working americans arent struggling, at least feeling the pinch from the overall economy. honest answer please no blinded by trump hate or white guilt answer. I hear that. And from my own experience I tend to at least want to agree. But then I drive home in the afternoon and the local roads are clogged with people out joy riding. The restaurant parking lots are slam packed. So it's business as usual for a lot of people and places. However big ticket items (cars,trucks, toys, housing) are getting eaten alive by 9% interest rates. I deal with a couple of credit unions here and they are normally at least 1% lower than the banks. At least. Sometimes more. I checked last week and they were at 9%. So I can imagine 30-40k can Ams and 100k pickups aren't moving as much. And as far as I'm concerned they need to. Screw 100k for a pickup GGF. Easy credit cards. Don’t believe me? Look up the personal debt rate.
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Post by olmucky on Jul 31, 2024 13:54:18 GMT -5
Kinda shocked but feds leaving the interest rate unchanged
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Post by johngalt on Jul 31, 2024 13:57:06 GMT -5
Kinda shocked but feds leaving the interest rate unchanged It should stay the same or even go up a quarter point.
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Post by ferris1248 on Jul 31, 2024 13:58:30 GMT -5
September will be the rate cut if the indices stay in line. The market built it in today.
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Post by PolarsStepdad on Jul 31, 2024 14:15:46 GMT -5
September will be rate cut if the indices stay in line. The market built in today. I agree. It won't help car sales much because they are already so far behind the 8 ball. There is a stealership in Montgomery with like 50 2023 explorers....25s are on the way
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Post by toldya on Jul 31, 2024 14:18:32 GMT -5
What would you expect from him? Don't start.
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Post by illinoisfisherman on Jul 31, 2024 15:33:13 GMT -5
Interest rates are hurting the economy. More than people realize
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Post by deepdropper on Jul 31, 2024 15:47:24 GMT -5
Oh please, interest rates were way too low for way too long. Bout time this country starts to learn to live with in its means and realize the cost of borrowing against future earnings is not sustainable.
A consumer based economy has to be fueled by cheap money? that is disaster in the making. It's been proven over and over with bubble crashes.
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Post by ferris1248 on Jul 31, 2024 17:11:53 GMT -5
Interest rates are hurting the economy. More than people realize I think most do realize it but they also realize we need to get inflation at a reasonable rate. But if you think rates are going back to 1% or 0% is a good thing you don't really understand. Those low rates we had for the past 10 years gave us a false sense of security. Just like the Fed needs to pull a substantial amount of dollars back off the market, rates need to be higher than what they were. I just don't understand how people who want less government talks about more government.
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Post by illinoisfisherman on Jul 31, 2024 17:18:06 GMT -5
I bought a 12 unit apartment building in 1974. The interest rate was 10%.
These young people just don’t understand how high the interest rates used to be.
Bought several investment properties in the early 80’s. Around 20% interest. Paid those notes off really quickly.
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Post by biminitwisted on Jul 31, 2024 17:21:58 GMT -5
Marry the house, date the rate.
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Post by toldya on Jul 31, 2024 18:07:25 GMT -5
Oh please, interest rates were way too low for way too long. Bout time this country starts to learn to live with in its means and realize the cost of borrowing against future earnings is not sustainable. A consumer based economy has to be fueled by cheap money? that is disaster in the making. It's been proven over and over with bubble crashes. Especially after Biden spent trillions that we don't have and there was no need to spend it .
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Post by ferris1248 on Jul 31, 2024 19:08:07 GMT -5
I hear that. And from my own experience I tend to at least want to agree. But then I drive home in the afternoon and the local roads are clogged with people out joy riding. The restaurant parking lots are slam packed. So it's business as usual for a lot of people and places. However big ticket items (cars,trucks, toys, housing) are getting eaten alive by 9% interest rates. I deal with a couple of credit unions here and they are normally at least 1% lower than the banks. At least. Sometimes more. I checked last week and they were at 9%. So I can imagine 30-40k can Ams and 100k pickups aren't moving as much. And as far as I'm concerned they need to. Screw 100k for a pickup GGF. Easy credit cards. Don’t believe me? Look up the personal debt rate. What would you have the government do? Control who can receive a credit card? Put a limit on the card commensurate with the income of the card holder? Control how many credit cards a person have? Set limits on the interest rates a company can charge a user?
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