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U.S. Economy and its Mess

At the time that FDR implimented the 30 year mortgage, most people resided in their homes for 20, 25 or 30 or more years. So, a 30 year mortgage was a relistic goal. Today, I wouldn't be surprised if the average length of time that most people reside in a house is less than 10 years. A 50 year mortgage is just OBSCENE ](*,) Just like an automobile loan that runs more than 36 months.
 
smokeshadow said:
At the time that FDR implimented the 30 year mortgage, most people resided in their homes for 20, 25 or 30 or more years. So, a 30 year mortgage was a relistic goal. Today, I wouldn't be surprised if the average length of time that most people reside in a house is less than 10 years. A 50 year mortgage is just OBSCENE ](*,) Just like an automobile loan that runs more than 36 months.
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You might be interested in this analysis from Morning Joe today.

The majority of people buying homes are in older age groups. The number of 20-somethings buying homes has declined because of the affordability gap and their lack of capital to contribute to the purchase. The average first time home buyer is now 40 years old, which means that they would not pay off the mortgage until they were 90 years old.

 

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Here we go again.

The Republicans creating the foundations for the next future crash.

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And we're not yet seeing the fallout from the government layoffs, the mass arrests of immigrants and the loss of the social safety net.

  • Foreclosure starts, which are the initial phase of the process, rose 6% for the month and were 20% higher than the year before.
  • Completed foreclosures, the final phase, were up 32% year over year.
  • Florida, South Carolina and Illinois led the nation in state foreclosure filings.
Florida, South Carolina and Illinois led the nation in state foreclosure filings. On a metropolitan area level, Florida’s Tampa, Jacksonville and Orlando had the most filings, with Riverside, California, and Cleveland rounding out the top five.
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By the end of Novemeber, the strain is really going to start showing and I am predicting that the Christmas retail season is going to fall flat.

I see and hear about it all over now.
 
This is why economic data is not being released.


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Uncle Scam has been running around talking about how the Trump economy is the best economy ever.

Meanwhile, on Earth I:

Home Depot is reporting that consumers are delaying home improvement projects. Their forecast was that after the pandemic was over and mortgage interest rates fell, consumers would start spending more. Home Depot has since revised their forecasts, citing uncertainty and the effects of tariffs on retail prices and on their profit margins.

www.reuters.com

Home Depot forecasts steeper drop in annual profit as Americans delay big projects

Home Depot forecast a bigger drop in full-year profit after missing Wall Street estimates for quarterly earnings on Tuesday, as tariff-driven economic uncertainty dampened demand for big-ticket renovations and do-it-yourself projects.
www.reuters.com www.reuters.com
  • Home Depot trims annual comparable sales forecast
  • CEO Decker cites consumer uncertainty impacting demand
  • Home Depot falls about 4%, Lowe's slips 2% in early trading
Nov 18 (Reuters) - Home Depot forecast a bigger drop in full-year profit after missing Wall Street estimates for quarterly earnings on Tuesday, as tariff-driven economic uncertainty dampened demand for big-ticket renovations and do-it-yourself projects.

The shift in tone from the company comes as executives said that a widely expected pick-up in demand from easing U.S. interest and mortgage rates had failed to materialize, likely amplifying concerns over a slowing economy.
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And the crypto market is declining:

www.reuters.com

Bitcoin rebounds after falling below $90,000, a 7-month low

Bitcoin was trading slightly higher on Tuesday after hitting a seven-month low below $90,000, finding buyers in a market where some investors have been reluctant to embrace risk.
www.reuters.com www.reuters.com
  • Bitcoin down nearly 30% from peak
  • Mood is turning quickly, traders say
  • $1.2 trillion wiped off value of crypto since October 7
SINGAPORE/LONDON, Nov 18 (Reuters) - Bitcoin fell below $90,000 for the first time in seven months on Tuesday, marking the latest sign that investor appetite for risk is drying up across financial markets.
The risk-sensitive cryptocurrency has lost all this year's gains and is now nearly 30% below a peak above $126,000 in October. It was last down 1.1% at $92,891, after slipping as low as $89,286.75.
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I think that crypto could also precipitate or deepen a crash, depending on how deep some of the hedge funds and pension funds are invested in it

But the truth is at the till this season.

Target is a symptom of the illness, except it has its own bad faith self-inflicted wound to overcome and a lot of customers are likely now permanently lost.

On the eve of a likely recession where thousands of Target staff are likely going to get pink slips after Xmas, their 10-4 strategy seems like re-arranging deck chairs on the Titanic.

www.mprnews.org

Target directs store employees to smile, interact more with customers

Target says the change is part of an internal training program called “10-4,” encouraging employees to smile when within 10 feet of a customer and interact when within four feet of a customer. But it comes amid struggles in the brand’s sales, stocks and perception.
www.mprnews.org www.mprnews.org

Maybe it will work...but if Target is also one of those stores paying so poorly that its employees are on food stamps they will now be forced to re-apply for...I suspect most of them won't be in a smiling mood.
 
Tyson Foods is closing its beef processing plant in Lexington, Nebraska, which is the largest employer in the area, affecting over 2,500 jobs.

In a community of 11,500. Who voted 77% for Trump.

The company plans to optimize production by converting its Amarillo, Texas facility to a single shift and increasing output at other plants.

The reason is the dwindling US beef supplies.
 
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