Economic crash worse than in 2008?

This Covid stuff was much worse than 2008. But that’s just part of it. The usual culprits are right around the corner. The spring thaw is next. How every year, the Mississippi floods over and the flood makes its way down from Canada to the Gulf of Mexico. Big tornadoes in metro areas. Hurricane season will be starting up. The big problems that normally hit every year will be a much bigger problem. Much more devastating.

 

I don't have to read all the posts, Cat sdp said it early on, this, I bet, will go down as the worst time in history, only because the "ripple effect" will be devastating. It's not like the Great Depression, where everybody worked for Ford,( or whatever) Our economy is so intertwined today, some businesses might never come back. That's a HUGE part of the population today. If you got money, and if you're reading this, you probably don't, but housing, classic cars, and such, will be the bargains. Tell you one thing, if there's more of this crap a'comin', I don't want to be anywhere there's a high concentration of people. Goodbye Colorado, UP of Mich.,, here I come!!

 

Worse than 29 and self inflicted.

 

You will have a hard time getting a mortgage. Better get to work on it now while you have income. The market hasn't died yet, at least here in Tennessee, but I can see 2008 happening all over again, but much worse. This is why they are letting people go back to work, even though people are still dying from the virus. The economy can't stand it any longer. The 2008 was a self correction because the market was so inflated, this is very different. I would hold on to every penny I could right now. But a house is an asset, not a liability. I would get a letter of approval, then just be patient and see if rates and the market doesn't drop.

 

I would not be surprised if our debt problem finally come out mess everything up. We can't keep spending money we don't have on personal and state and federal level. Once they open auto factories again. Who's going go buy a car without job or working full-time. It going to take time to get people back to work

The shutdown is so big we might not get it going again. The PA turnpike can't s make their $400 million dollar payment to the state because not enough people paying tolls now. Lots of trucking companies will probably go under because of the low rates. NY State wanted the federal government to bail them out a week or two ago. That's show how desperate NY State is for money I think. Because they keep spending money they don't have just like every state does. You can only tax the people so much and we see on the news all these small business saying they can't afford to stay closed anymore. They did not get the government free money. Seem like lots of people saying they are not getting the unemployment money.

 

I've always had such a huge crush on Nietzsche's sister, Elisabeth Nietzsche.

 

Thats a mortgage industry lie. Ask an accountant which side of the balance sheet your home goes on. No, a deduction on the interest doesnt make it an asset either.

Assets generate cashflow. Liabilities consume it.

A house is the biggest liability most people will ever own in their lives. A rental home is much different than a private home.

 

Yeah, especially places like Hollywood.

 

When you get right down to it and break it down to the nitty gritty, the greatest asset you can have in life, is your health and faculties in check. From there you can survive most anything if you have the will and drive.

I consider a home an asset if you’ve paid it off in full and nobody else has interest in it. Paying a mortgage is indeed a huge liability as this virus is teaching everyone.

 

I agree on the health. I will add good relationships. When i was spiraling around the toilet bowl it wasnt govt that lent a hand, it was my friends and loved ones. And i was truly humbled to find the first thing i couldnt do completely alone. It brought me down to earth pretty fast.

A cash bought house is a vastly different thing than a mortgaged one. The one i bought cash has gone up about 30% and cost me very little. The mortgaged one was 100k, i paid $72k worth of mortgage payments and still had negative equity when i lost it. Thats a funny thing aint it? Thats not counting the 20-30k of taxes and improvement i put in. Anything i do to the purchased place i keep with no risk.

Keeping myself from borrowing against it to buy more land right now is a constant struggle.