As No One Watched, Trump Pardoned 5 Megabanks For Corruption Charges

submitted by Drewski from thefreethoughtproject.com

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[–]wecandobetter 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

Ahh ok we're going way back to before 2008. Then yes. The banks were incentivized by govt pressure and promise of handouts to write loans to people who had no business taking out those loans. The process has been more or less repeating itself albeit more slowly this time. Programs to let first time buyers buy without down payments, etc etc. The burbs are fulllll of house poor people even today. This time the recession wasn't caused by collapse of liquidity though. So it'll be interesting to see how the housing market responds. My bet is lower prices, more stock in the small starter home category.

[–][deleted] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (2 children)

yeah lower prices, but even there you have to ask how low, will it be like 5% less than the already overpriced homes we had before, which is still overpriced, or will they go down by a lot. I have been paying attention to home prices and they still haven't gone down with this pandemic. I know economy was good before but now it seems like there'd be less people with good jobs that could get a house so you expect to see prices go down. Not yet tho we know home prices are a lagging indicator.

[–]wecandobetter 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

Lagging is the key word. People who had money saved for a house went ahead and bought one. The rippling effect of the restaurant/entertainment sector collapse haven't been fully felt in other industries yet, but they will. It won't be the dramatic bubble collapse of '08, but a slow sinking of conditions.

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

it all depends, will this lockdown end soon after the election, if biden wins, many think it is done just to hurt the economy, because when it was booming Trump was going to get an easy win. The recovery will be quick soon as the lockdown ends because it is an artificial dampening of what was a good economy. There were people with good jobs. Will they get hired back quick, why not. The economy of 2008's crash never really recovered, I mean those good jobs never came back but the ecomoy did change and there were people with good jobs buying houses for sure up till around march 2020. I think this is one reason housing prices haven't gone down, the bankers and those in the know realize this is a temporary thing and there will be a boom soon where people buy those high priced houses so why lower the price now, just for a quick sell, why not wait. Restaurants, entertainment sector, musicians, bars etc, those have been hit bad. But they all mostly made low wages, besides the owners of those businesses. But the majority were min wage workers, and musicians never made a lot of money besides the top 1% that hit it big. Real good paying middle class jobs like docotrs, lawyers, nurses, engineers, construction workers, those have been still doing ok. And they are in for business to pick up soon I think. Now maybe I am wrong and this pandemic never ends and this is the new normal and the economy just keeps declining and we have a depression and never get out, I doubt it though. I have seen many booms and busts in my time altho none caused by a pandemic. What I don't like recently is Trump saying to Woodward, on tape, how the conornavirus is real and a big deal and hurts young people and he played it down despite being real. That has me worried but I know Trump is actually in on this with the elites and just plays the 2 minute hate role.