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6 Signs DISASTER is BREWING For 2024 Economy
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- čas přidán 12. 08. 2024
- Once the FED announced they would be cutting rates at least 3 times in 2024 the markets jumped for joy but there are 6 wild cards that can easily tank the economy in 2024. Don't get too excited folks, the recession is right around the corner.
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Home Buyers NOT COMING BACK Even With DROPPING MORTGAGE RATES czcams.com/video/WDe1k_J8lCo/video.html
DOOM & GLOOM
That is the line the agents are using. Hey you have to buy now because when rates start dropping everyone will rush back in to buy.
Michael, we are already in a recession - We aren't Waiting For It! 🙂
Car insurance video please. It’s crazy how no one talks about it
Carter, Barack, Biden: we are in Recession headed for DEPRESSION !!!🎉
The current market/economy is unnecessarily tougher for boomers/senior citizens, I’m used to just buying and holding assets which doesn’t seem applicable to the current rollercoaster market plus inflation is catching up with my portfolio. I’m really worried about survival after retirement.
Just buy and invest in Gold or other reliable stock , the government has failed us and we cant keep living like this.
Yes, gold is a great investment and a good bet against the devaluating dollar, been holding some for awhile now, I’m grateful my adviser’s moment by moment changes in the market are lightening quick, cos who know how much losses I would’ve had by now.
I envy you, I’m still trying to recover from losses I incurred in 2021/2022, who is this investment adviser you work with, I’m intrigued and I could use some quality guidance
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Carol Vivian Constable turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
$34 trillion in national debt? This country is in big trouble, we're heading towards a huge recession.
The thing about DEBT is that one way or another it must be Repaid with Interest. And if it cannot be repaid, then we're essentially Bankrupted, Busted, or Broke.
Google:
U.S. National Debt Clock.
It's color coded to help you understand the chart.
Thus Green in good and Red is bad.
Revenue [coded in Green] growth is good. Debt [coded in Red] growth is bad.
But if Tax Revenue [coded in Green] is Falling, that is to say, the Tax Revenue number is shrinking, that means that the Economy is Cooling Off, which is bad.
If the National Debt [coded in Red] is Increasing, [which you can see by the rapidly increasing US NATIONAL DEBT number in the chart], that means that we are increasingly living beyond our means, which is bad.
But there's a whole lot more to the U.S. National Debt Clock chart. When you become familiar with the chart, [when you understand the U.S. National Debt Clock's message], you may realize that the proverbial fertilizer is hitting the proverbial fan, that we're Drowning in a Rising Sea of Red Ink!!
Not good.
Unfunded pension was decades ago 120 trillion
Even more of a reason to own a home.
@@HomesonLocke As long as you have a mortgage, you don't own it yet.
@@Trezker"own" means it's paid off. You don't own your home until it's paid off.
Funny how they claim xmas spending was up from last year and they fail to realize inflation is up from last year. But they won't subtract what is returned this week from those sales numbers either.
I knew they were going to say that.
I also know it’s a lie
Bingo!!
And I'm sure they are counting "buy now, pay later" too which is at an all time high!
Actually Xmas spend is low before even adjusting for inflation or not. It’s just low in absolute value. Casinos aren’t seeing as many patrons, package carriers are seeing less dropoffs, commercial foot traffic is lower, bars/nightlife is not as robust. Either ppl are adjusting quickly to less disposable income (good) or we’re in a consumer driven recession (bad).
In 1995 our home isurance was 300S Canadian a year. Gold plan. Best you could get. Now its 2000$ a year with a large deductable. But remember inflation is only 6% kids.
Our car insurance went up from $454 a month to $527 a month in 2023. No wrecks, no tickets. The biggest lie the government puts out is the inflation numbers.
Just these past couple weeks, I got notices that Disney+, Hulu, Netflix, my water delivery service, my prescriptions and car insurance have all gone up. I’m doing some big cuts this year.
Absolutely. But they’re saying inflation is tamed.🤷♂️
Did you cancel any of them?
We only have 3.4% inflation per the last social security cola. Yeah right.
Same! Already started the canceling…
I just dumped all my streaming services. I watch CZcams the majority of the time anyway. 😂
The anticipated rate cuts are merely optics and will have little or no impact on affordability in my opinion
It’s so true, Ins. Rent, essential products are unaffordable, my Auto & House insurance went up. We are paying 18% more for everything, to keep our style of living the same that was in 2019 we are paying 11K more per yr. So can anybody tell us what good has the Biden ADM done to make our lives better?
What was expected from a FRAUDULENT "Administration," INJECTED after the obvious RE-ELECTION (LANDSLIDE) of our REAL PRESIDENT?
Faux Joe doesn't even know what month it is or even where he is, on any given day. Wandering the hallowed halls of the White House in DEPENDS, what a travesty!
Just check the comments. Plenty of people have great things to say about how well the Biden administration is doing.
@@MichaelBordenaro Mike, they must either be looking for a reaction or completely out of touch with reality. I am in tune with reality which is why I consistently watch your channel.
I donate to the pantry that my church runs, and the Pastor said that he can't recall a time when the need was greater than now. Especially from elderly, who literally choose between "heating and eating." We do monthly pasta dinners and people who can buy one meal and "pay one forward," so that those on hard times can come in to eat.
Everything is going up, up, up, from gas and grocery prices to home, auto and medical insurance/prescription plan costs.
I invested in a pizza maker, a pasta maker, bread maker, you name it. I plant my own vegetables, fruits and spices since I shudder to think what "they" are going to try to do to "us" in 2024, to prevent our real President from returning to office.
I have my pantry stocked with ingredients and I thank God that I can get fresh eggs from people who have chickens. I'm trying to be ready for "anything," so to speak.
@factualbreakdown3072 They are out of touch with reality. Here's the kicker, a 3.9% raise for those on SS which is "not" just given to those that worked and paid into the system along with the employer's contribution that equals 12.4, for ss and and 2.9, for medicare (combined contributions). Not sure about self employed.
Nobody wants to see people poor and struggling or do they (gov)? Almost seems the government wants to keep people poor and struggling?!
They give themselves raises, tax breaks, better insurance, spending allowance, the means to fly all over during a climate crisis, etc.
Just doesn't add up and so out of touch on purpose.
@@mike-uw6wt In August, Bank of America’s 2023 Participant Pulse report also found that more Americans were borrowing from their 401(k)s.
Prices of used boats are falling fast. That’s one sign things are not doing good. No one is buying and ppl need money so the price just keeps falling. There half the price compared to 2020
It was in the news that a robot attacked a worker at a Tesla factory in Texas and dug its claws into him. That is totally symbolic that the future of AI does not bode well for humans.
Wow, that is scary
Do you have a link to share about this ?
I think the fed Talking about three rate cuts in 24 is the fact that there's a major problem brewing that we don't even know about yet. And inflation is not as low as they say it is right now I don't know where they get their numbers. I know it cost me a lot more to live now than it did in 2019
That’s exactly it. They have no reason to cut rates if the economy is not in trouble, especially since rates are not high historically.
I don't fully understand it but economists call it a death spiral.
Seriously, who are these idiots thinking they can rent/sell these houses at these sky high prices? I get it that there is a lot of coke in FLA, but this is ridiculous!
Prices have gone up about 25% since this guy's first crash video.
And youve wasted 100k in rent on average renting.
He bought a condo in miami last year.
Let all that sink in.
Most people won't want to think about that. Lol
Rates are not going down for several years. It was market manipulation and no concrete word from Powell that there are to be rate cuts. The media pumped up something that the Fed never said. The markets surged. That was the goal to dump cash into the markets before it crashes hard in the next 6 months. The rates are historically low. 5% on a 10 year Treasury is not high. Nor is 7% on a 30 year mortgage.
I think your right, say Powell's lullaby's could push say the S&P beyond 5500, then say a 50% crash, back to 2750, roughly precovid levels, had we got the proper 2020 recession, S&P could have ended up at 1500
Fidelity tries to call me every time the market surges. To convince me to jump in. The market crashed again in late August
As a long time contractor and can tell you it’s slowing almost everywhere.. We have Facebook groups and talk economy and sales weekly. It’s been slowing and it’s gonna slow down even more in 2024. It’s inflation that’s it. Rents, groceries, insurance is nuts, and home sales. My customers have told me there gonna put off painting, remodeling etc.. Until they see what shakes out. It’s not good.
It cracks me up how wasteful people are nowadays. I have several neighbors that pay for a trash barrel cleaning service once a week after their trash s picked up. I just use a hose 😂 it’s nucking futs my man. That’s only one example of absurd services people are still paying for. I mow my own lawn too 😂
I bet the salesman smell them coming on the extended warranty!! 😂😂
I am 75 and still mow my own lawn plus shuffle snow.
If everybody did that we would be in a constant recession. why would I waste my time cleaning my house and cutting my lawn when I make 15 times what they do
You make 15 times what they do on your day off at home on the weekend? No one is suggesting you not go to work to cut your own grass@@ihave35cents95
@@ihave35cents95 it’s keeping active and fit.
I live in Winter Garden, Florida. The zip code is 34787. I see so many houses for sale by realtor and by owner. I am seeing moving trucks daily in my area. I see people moving out at 2am in the morning. I have no idea where people are moving too. Another store is closing at Disney Springs called Art of Shaving . This area near Disney is getting empty and dark.
I have a tip for meds. Always ask BEFORE picking your meds up what the cost is. Pharmacists cannot tell you thing because of a gag in place. Your med might only be $4 but if you tell them you have insurance they will charge you the $10 co-pay. This is just a money saving tip that applies to everything.
And check multiple places! One place my meds were $77, $190 without insurance, another place it was $31 and $400 without insurance. Ended up getting it for $24 without insurance at another location.
A lot of ppl are living day by day and spend it all now mode is why ppl are still spending.
The Costs for everyday items that most people require are not coming down . Inflation was at nearly 4% this quarter . Housing costs rose in October by 5% surprising most economists . The National Debt is approaching 35 Trillion and nobody even cares . Cutting Rates will only Super Charge the Housing Market . Think Homes are Unaffordable now ? Rate cuts will help a stagnant Car Market by lowering payments slightly . But doubtful that it will actually lower the cost of a Car . Bad things are coming in 24 . But it's an Election Year . So we shall see .
Did we really ever get out of 2008 recession? Printing money doesn’t solve the problem. The average home is still higher than 2019 & food seems 5-7% higher
I got a 50% increase in our trucks’ insurance. Never had an accident or claim ever.
What state and ins co?
@@justinallport9789 we have 2 trucks, a 2004 Toyota Tacoma and a 2021 Ram 3500 (we RV full time). We have our insurance out of South Dakota through a broker. I think we are with SafeCo. He shops around once a year.
Wow, that is a huge increase! i’m hearing this from people all over
The stock market is “ crashing up” just like it did in 1929. The market had a nine year run that saw the Dow Jones increase until September 3, 1929. What is needed is Deflation for the housing market to recover for average Americans. It would get ugly, but I see no other way. What got the U.S. out of this was WW2, and then another economic downturn was right after the War under Truman.
Spot on. I see a melt up happen right now.
i think our controllers are in love with a slow burn. they know an all at once big shebang event would eventually lead to saving this sinking ship, so that wont happen.
they are poking sewing needle size holes in our boat because this entire experience is some kind of sick humiliation ritual experiement.
Excellent point. Another huge thing that contributed to the post WW2 boom is that people were actually forced to save money through war bonds and rationing for a 5 year period so it was an unprecedented time for saving money in this country. Post WW2 the average Joe was flush with unspent cash, we had bad inflation for a few years until productivity could catch up. Another example was the early 80s and fed chief Paul Volcker set rates as high as 13 percent and kept them there to finally kill inflation. Like WW2, high interest rates for a long period of time encouraged people to save so by 1983 it was morning in America and Volcker finally decided to cut rates and Reagan decided to cut taxes, it unleashed together the greatest peacetime economic expansion in history. I think it is a huge mistake now to lower rates. The market needs to know that the Fed is disciplined in its policy like in the Volcker years. Inflation is about to spike badly with these cuts in 2024. The problem in the 70s is that Volckers predecessor Arthur Burns was completely undisciplined in his inflation policies
Absolute nonsense
This inflation rate is not correct, two years ago I could buy strawberries for 1.5 $a Pint now it’s 4 to 5 $ per pint how is that just a few % points?
They calculate inflation on a certain "basket" of goods. But you are right there are lots of things that are way more than the stated inflation rate.
Dems have a bill to raise federal minimum wage wage from $7.25 to $17 by 2028. Expect the strawberries to be even more expensive. Meanwhile social security checks get comparatively devalued.
doesnt include food typicaly
I live in LA. Something unfavorable is happening with the economy. Once I started noticing 25 to 45-year old professional looking men and women park abruptly, jump out of their newer model BMWs, Teslas and Mercedes to either deliver food or assist passengers retrieve luggage from the vehicles’ trunk, I knew layoffs were happening in higher paying job sectors. I admire their hustle to pay their bills but a major downgrade in lifestyle(s) should be seriously considered.
This just shows where the consumer is, IMO.
So what are you doing to notice this? Are you doing the same?
$1.2M to live on a street with no drainage or sidewalks lights. It appears to be very wet in that area. Good luck Homeowner
Yea that place looks like a dump. 1.2m...jeez
Watching a Video from Michael is my favourite way to get information about real estate and economy!
First of all, you don't have to do the research work cause Michael already did it and secondly Michaels videos contains much more data then in most of the News on TV!
this guy is just doom and gloom click baiting....
I like Michael and I agree with most of what he discusses on the channel but if you’re not doing your own research to fact check the information being given to you, then you’re leaving yourself vulnerable to misinformation.
You should still always do your own research. I bet you blindly follow the mainstream media as well.
lol if Michael say jump off the bridge you’re jumping?
@@TexasCoffeeBeansexactly
Interesting point on AI. AI really is a huge questionmark, if it can replace even software developers there are going to be few jobs that won't be replaced. Even physical jobs and robotics will be looked at soon, if you have infinite software and design power through AI systems why not use them to create robotics? I really think it will snowball. We're in a very weird time... it's hard to tell what things will look like in 10 years from now.
AI has low intelligence, but it does write good code once you tell it what to do
I have not heard of a single software engineer replaced by AI as of yet. In fact there is opposite problem now. All companies are engaging now in AI "vaporware" marketing, basically stating that their software products are AI-powered, while in fact they have no IT resources (compute capacity nor AI engineers) to implement anything meaningful at this point. To have meaningful, long sustaining AI strategy they now need to invest massive capital, which they are leery of. The build up would take 3-5 years before labor structure goes into cliff due to AI.
This reminds me of a developmentally stunted guy from a print shop in 90s who lamented that computers took his job. Also reminds me how Internet was supposed to eliminate all travel agents and real estate agents. Sure, a lot of jobs were impacted, yet it was not end of the world. We just got used to doing things differently and having different expectations about experience.
AI is a joke, especially when it relates to customer service, and especially calling customer service on the phone. The AI will lead you down a rabbit hole of unanswered questions and time wasted on the phone if you arent aware of their limitations.
You mean that's Biden telling everybody to learn? How to code is gonna be replaceable
@@KS0102 just don’t answer anything it can understand, pure gibberish will get you to a human somewhere in the world, that needs to type in your request to speak to a supervisor, who will have to call you back.😂 But, if you are cancelling whatever business you are doing with that money sucking business, they have a retention team that can be quite effective, in order to retain you.
Thank you to our host for this outdoor segment during this busy holiday week. Always learn a lot
It’s Wednesday huh?
When it rains in Florida, EVERYONE has water front property :O
LOL
Ha ha good one
Hey Mike when you get a chance check out Texas. Lot's of new houses and developments and they sit empty because they can't get anyone to buy them. And I mean Lot's of houses empty.
Thanks for the heads up
I had a meeting a couple of weeks ago with a local commercial real estate agent and he said basically that market is pretty dead. I also met with a residential real estate agent who said her business has been dead for about a year.
Wow patty looks like you are on to something
Stay under that rock because you are dangerous
Under a rock? Hardly. What I said did not come from me. It came directly from both commercial and residential real estate agents who have been in their respective businesses since 2015@@markpaperhanger2481
Surprising that they admitted it. Lots of agents like to talk about how things are still going great
The commercial real estate agent talked all about himself for the entire meeting, so that was "interesting." The residential real estate agent was super nice, and also said she started a travel business about 6 months ago to supplement her income because of the state of real estate.@@MichaelBordenaro
If it is so dead and demand is nonexistent then why are prices still so high?
30,000 illigals coming here per month, is the biggest issue
You are soooooo correct.
30k a month? lol try more like 100k a month
I lived less than an hour from the Mexican border for many years. That, the high crime in beautiful neighborhoods now and complete destruction of communities due to politicians is the exact reason we left that state (CA) and will never return to it. A close family member works for the social services department right there.
Here's the facts: They get
Free Healthcare
Free medicine
Free Dental
Free transportation
Free rent
Free utilities
Free food
And a $1,500.00 per adult check, $3,500.00 per couple. $554.00 per child.
They are literally putting American renters out of their homes and putting illegals in them...at a much higher rent price guaranteed auto deposited by the government each month.. our neighbor's 13 year old daughter was pulled into the bushes on her way to school and Gan raped by illegals. 6 of them. They were arrested that day and released in 2 days. Never came to court for their cases. Many other kids get robbed of their lunches and money also.
And the neighborhoods actually smell now. Waste on the ground, overflowing trash, filth.
That’s the problem and they get to get everything free.
@@ragtie6177that’s so sad about the young lady. But I agree they get everything free, we all struggling just to make ends meet.
Someone needs to tell the government, the Central Bank and Wall Street that you can't force an economy to grow.
... but you sure can fuck it up. 🤷♂️
@@gregorysagegreene 💯
They’ve been manipulating the numbers to bolster GDP since the 80’s. Back then, news channels actually called them on it - sadly, no one cared. Now that all the news channels are owned by just a few megacorps they’ve don’t even mention it. Sadly, most people still don’t care.😢
Look at all the variety of palm trees there! I'm enjoying the scenery.
Thanks for the videos. They never fail to put things in perspective about where we live. Those sale prices you mention are what you would have to pay us to live there. Simply eye opening to see people actually pay those prices for a postage stamp.
Homeowners can barely afford groceries right now and guess what here is your new property insurance bill that is 3 times higher along with your new through the roof auto insurance.
And property tax too.
Nah, it's all going to be painless. No worries. Peace and prosperity forever! I know this because I was told it by a bunch of guys who need to get reelected.
🤮🤮🤮🤮
Prices have reached their peak. High prices for goods and services are out of line. People will be scaling back. They have too. Property taxes, insurance costs for the single family home are now out of reach for the average family. The continued costs associated with owning a home is not sustainable. Leadership change in Washington must open up the energy sector to reduce costs for food, transportation, natural gas, gasoline for our vehicles. Turn on the oil faucet and flood the market with cheaper energy. Create competition for oil, natural gas, coal, solar, wind, electric vehicles competing for revenue. You will see prices drop. Encourage trade schools and give tax incentives to the people who want to be plumbers, electricians, construction workers, laborers, etc to reduce the cost of labor. If it means braking up the public unions, so be it. We don’t have enough housing, so flood the market with single family homes, apartments, ADU’s (which is in progress in some states). Change zoning laws to increase density. Build smaller homes on smaller lots and increase the number of units per acre of ground. Prices will drop like a rock. Sorry to hurt your feeling but current leadership in Washington is lousy. We need an independent thinker to think outside the box that is not bought and paid for by special interest groups. Frankly, we need another Ronald Reagan to shack everything up. I don’t care which party it is.
That would be possible if US was only country on this Planet or if US had absolute control over all the rest. Non of those 2 scenarios is our reality.
You can not make energy considerably cheaper as there are other countries whose existence depends on the price of energy.
You start producing more and they start cutting their production. That is exactly what has been going on for the past 2 years.
Additionally now US needs to export a lot more energy to Europe as it has destroyed Europe's ability to buy energy from Russia. That is obviously huge consumption that now needs to be provided by the US. Although US is earning more then ever but it is not capable to provide enough. And higher prices are destroying Europe, US only real ally. Who to destroy if there is no one left to be destroyed.
Prices will not come down if there is no substantial foreign buyers of US dollar. What is already issued will only continue coming back home. How to digest that what has never been in the US monetary system.
Then there is the issue of financing all the wars and the rest.
So, there are subjects that will not tolerate US manipulating the markets to their detriment and there is a whole crumbling Empire that now needs to be supplied and protected. Money cant be made as the Empires periphery has nothing more to provide towards HQ and HQ has no means to maintain the periphery as there are no more colonies that can be plundered.
@@jzm7543 your points make sense. However, we need to be energy independent of other nations. We need to use our own energy to reduce the amount paid for goods and services. If other nations reduce their production of oil, we need to be in a position to take care of our own needs. Perhaps it can be done gradually so not to disturb the global economy. It’s complicated but what we are doing now isn’t working well. Flooding the market with housing will create competition which in turn reduces prices. If we ultimately are energy independent and other nations reduce their production that will affect their own economy. Imagine if we used our own oil. We have reserves untapped and liquid gold is for example is under Alaska. We need at this time to put America first and at the same time protect the global economy that buys our goods and services. I am sure this can be tweaked for the mutual benefit of all mankind. Yes, it’s complicated.
I'm really shocked 50% of people didn't resume making student loan payments.... When that hits their credit scores? Interest rates for credit goes higher? Insurance can also go higher with a poor score. Could also affect getting a job or renting a house
No worries, they know the corpse in the WH will bail them out.
We tried to pay my student loan payment last month and it said we owe "$0" for the month.
Someyhings haopening and i promise im not refusing to pay mine, the federal gov are telling me i owe "$0", its interesting to say thr least
@@MG-fn9xwsame here.
I'm never too optimistic to hear realistic information... I appreciate the tap on the shoulder every single day..😊
No matter what shape the economy is in, overspending will continue. If a person is not responsible with money they will continue on the spending sprees..
Florida is one record Hurricane season away from a complete housing collapse. As far as the US economy goes it is completly dependent on the dollar being world reserve currency as we make nothing. Everybody is on the Governmnet dole today weather directly or inderectly. The Gov is the economy.
You are absolutely right. One powerful hurricane will wreck Florida. I can’t imagine what will happen to insurance rates.
ASIA has had a Booming Economy for 16 montbs....why...how...everyone buying luxury Vehicles buying luxury Condo's...a rat race of greed and false prosperity....where is all the Money coming from...most businesses have few Customers...only construction and motor vehicle and Travel...its a Scam...a brainwashing...an illusion...No Way in Hell...it can last forever or that Stock Values are Real...Reality will catch up with even the Rich.
The fact that you touched up on AI shows that you have really though this out… many “experts” don’t realize that technology is around the corner and it’s going to completely change the game when it comes to the labor market and our economy… 💯
When credit slows the economy really slows, business credit tightens, credit card companies reduce limits, overdrafts are pulled.... and it all feeds on itself in a reinforcing downward spiral. But, i really think with all the QE and lower interest rates in 2024 we could see workers hit hard, and those with capital (rentiers) being reasonably ok so long as they're not exposed to consumer defaults.
Im am worried about AI. Even some AI developers are. People have no idea just how dangerous it can be. Some AI developers have detected it becoming self aware! And writing its own code that nobody could decipher. With the entire world tied to the Internet, including infrastructure, an out of control AI system could cripple a country. God help us in these strange times
Throw in UFOs and it's like living in the Twilight Zone.
Find her father stop Skynet.
'everything bubble', good analogy, as that is what it will be... every aspect of the economy one can think of.
My girl says your the bear of bad news 🤣😂 I tell her it’s reality 😂💯
You know it! Some people can’t face the reality, my friend
Remember the 2001-2008 real estate bubble? They started cutting rates at the end of 2007 and the market stagnated, then in 2008 the whole thing blew up- then the Fed financed the biggest bailout yet. Houses around me in Miami that were selling for 400K fell to as low as 90K. It was funny how Diesel prices went from 5.00 a gallon to less than 2 dollars by the end of 2008. Up till 2012 you could find really good deals. I was making out buying tools and equipment from people desperate for money. The stock market fell at the end of 2008 but as of March 2009 the Fed's funny money stopped the drop and the climb has continued to this day. My car insurance went up as well despite my coverage only being the minimum which has not increased benefits in decades.
Either people don’t remember this or worn around to experience it so they’ll have to learn the hard way that that’s where we’re headed once again. Insurance on everything is getting completely out of control.
I bought in 2008 and got 6.75% mortgage. Refinancing twice after to get down to 3.5% eventually in 2011.
Netflix up 15%
Spectrum up 21%
2008 really??????? Its almost 2024 wake up
You are amazing with your perspectives. Keep the videos coming. Commercial businesses have been way overbuilt over the years. Remote tech and support job are remote like you said and Amazon is making strip malls go away.
It's coming and there's nothing we're going to be able to do about it..... The amusement park will be closing.. end of an era
6:48, Prudent and relevant info, thanks for keeping it real!
You’re welcome!
Thank you, Michael. Good analysis.
Glad you enjoyed!
Thank God for good people like you!
Michael, I enjoy your videos. Inflation does not go down. only the rate of increase changes. While we has deflation in 2007 it was very brief.
Predictor for mortgage rates is 3% added to the 10 year treasury bond... now its at 3.7% thus MR is 6.7% appx
13:00 yep! My premium, co-pay, and deductible all went up. Still get the same crappy coverage, tho. You would think you would get something out of having to pay more, but nope!
This time is different. When have we ever seen the type of response from the Fed as we did after the pandemic? How distorted the economy became from that response is like nothing else. The old play book can be looked at with skepticism
Would love to see you talk a little bit about insurance, 100%.
Thanks for letting me know
I think that is the ticking time bomb for coastal real estate everywhere in the southeast, but worse for Florida because it has so much real estate susceptible to hurricane damage. I live in dread of our new hurricane policy rates every year, ($770 increase in 2023).
My Local food banks and county, are having budget shortfalls, like you said, how bad is it going to be, this time "
$18,500.00 Property tax per year? What the hell! So, if you finish paying your home, property taxes got you by the balls like paying monthly rent of $1,550.00. What is the point of paying off your home if you still be paying a monthly rent? My granparents bought homes in the 70's and there property taxes are like $500.00 bucks.
Depends on where you live, of course. My property taxes this year was $1300
That’s right mine are 3200 on 57 acres and a 5500 square-foot
I would bet that some of these people that have homes that they try to rent and then ask high prices for when they list it have purchased these houses to park their money in instead of keeping that money in the bank or the stock market. Some people keep their money in precious metals and others hold on to real estate or both.
Michael, please provide your Top 10 picks of what your viewers should do to ride this storm out. What are your Top Survival tips.
FOOD will be everyones Problem and not Money...the huge Cities will be evacuated as the Food becomes Scarce and suppliers are reluctant to ship it to the Megatropolis areas...Reality is coming and Home Values are a Joke....buy a Tent is the only advised action.
That’s a good suggestion. Thanks for bringing that up.
Michael I love your posts and your videos. Some of the vacuous people living there respond to my negative comments about the ridiculously high taxes, insurance and home prices in Florida. I am amazed at how many people there tolerate the abuse from the state legislature that they are imposing on the property owners there. I would never set foot in Florida no matter how rosey the picture is that is painted in the media. I would not buy anywhere in the south from Texas to the Carolinas and north to Tennessee or Kentucky.
Thank you.
$5 million dollar with a puddle of water by the mailbox😮 king tide or hight tide on a sunny day,,🤔
FL is out of control. $5M will get you a giant house on 5 acres in Utah.
I like your take but I can't get myself to sell out of the stock market. Just feel that time in > timing. Could be wrong but even during 08 if you never sold off you are up way higher than before that crash. Great content as always!
I'm in the same predicament. I've always found it easier to spot a market-bottom than a top. I'm guessing that rates will go no higher, and even fall, and that that will be good for asset values.
Michael, do people actually rent a place monthly for $15K, or $20K, $30K or more?…..I can see how a celebrity or rich person would, but I’m wondering the average citizen…..
Like you said, only somebody very rich occasionally will. I do see some nice houses rent for that much, but these are not those houses lol.
A doctor, not sure if he was a specialist was paying 20K a month for a condo in Naples during the winter months. This was four years ago. I asked what was so special about the place, and he said the pool even though he was at the sandy beach. It was all about location, not the pool. You know that special street and area that starts with a V. Location and view.
@@irritatedkitty7301 $20K a month for rent?..Wonder what kind of house(s) and cars that doc owns…lol
Those landlords are hoping to rent to short term/vacation tenants during the high tourist season. Many of those properties are marketed as your short term tropical paradise based on the wording in the listing. Hoping that families or groups of people looking to spend a month or two in Florida will rent these homes instead of going to a hotel etc. you’ll notice that’s why many of them remain furnished to provide both amenities and convenience. Florida can be a paradise for people who have the freedom to stay and leave as they please. For year round residents it feels more like being in a tropical hell hole than a paradise.
@@diedonner299 Visited Florida several times, but only out of necessity…..could not stand the heat and humidity….definitely would not live there, especially knowing that it has a large population of pythons, various other snakes, crocodiles and gators…not to mention the on-going threat of hurricanes…..
Thanks for making these videos.
Car insurance ain’t nothing. 5 years ago. My aircraft was only 1200 bucks a a year. Today. Its 5 k a year !! I got 2. .. I love getting high but toys have to go away !!
Try a boat in a hurricane zone. Our boat insurance went up from $1500 in 2017 to$ 2800 in 2023. We just sold it a couple of months ago. We couldn't justify the insurance and slip rent (and, we didn't even have a note on it, we paid cash for it).
Theres one reason to think this time is different.
Our money supply went up 40% and we can expect any bad times in the future to further increase that. That’s the US’s new strategy
The problem is that strategy fails in the end. You can’t print money forever and expect the economy to stay afloat. Eventually will reach hyper inflation and the average Joe will not be able to afford a cup of coffee.
That is exactly what they will do. They are going to try and print their way out of this. As inflation gets worse people will demand a fix, which will be CBDCs.
Don't worry Michael. When interest rates come down next year and the Spring season starts, buyers will return to the market by the millions and house prices will increase exponentially due to the enormous pent-up demand, Winter season is always a slow time for real estate..
Great video Michael ❤
Thanks for all your research Michael. People are so out of touch with this part of the news. They carry on as business as usual. Then they wonder why this, why that? People keep spending like there will be no recession. They may be unemployed if inflation keeps rising. The 1-3% will be better off than the other 90%. Even though this is an election year, what ever happens will carry onto ‘25. If the fed drops rates and consumers rates fall, a recession will still happen. ‘07-‘08 is proof. As consumers, prices will remain high. Insurance video would be helpful Michael.
You’re welcome! it’s baffling how many people think it will be different this time when history shows us it never is. I’ll definitely make the insurance video. Just put up a community post asking viewers for some help.
Car insurance is ridiculous, boat insurance is insane, health insurance always goes up, and quality goes down.
If I told you what All State from my old state was compared to the state of FL, I think it would make you laugh hysterically and then cry.
Not sure how the person who gave me the new quote could actually say that amount without laughing maniacally.
Plus, the car insurance industry wants everyone to have the driving app, not even the plug-in gadget. That's AI at work in your vehicle. No, thank you.
I stick with BUD stock because everyone is an alcoholic
@@benjaminpauldimedio1683actually beer sales just had their worst quarter in a super long time.
But yea you’re on the right track I think. As long as by invest you don’t mean you got 1725 cases of tall boys stacked in your basement lol
Yeah a friend works in retail and she’s seen more declined cards than ever before but it’s not stopping people from spending money
Good information. Yes, please do a video on car insurance thank you.
Michael always an amazing show. Please discuss Car Insurance Premium increases. Clean driving record for Florida with GEICO on my 2015 Audi A5 at 413/month. Prior to my Audi was paying 200+ on my Kia Stinger.
They are going through the roof with these premiums on car insurance, but folks more concerned about the housing market
Thanks, Michael!
You bet!!
what people fail to realize is that you can''t have a good economy without a bad economy. people want the economy to do better every year. same with with financial markets, positive gains will eventually drop.
Thanks for saying that. Finally someone who gets it.
Didn't you hear? The market is sky high, and the recession was called off by the financial gurus in their ivory towers. Happy Days are here again!
An aside: all these waterfront homes have windows that no manufacturer warranty will cover them. Why? They are 5 miles or less from the ocean and fail they do.
Yes. Do talk about your auto insurance increase
I cut out cable. We just have internet service now. One car paid off. One current car payment. Boy this is tough out here!
How many layoffs are coming since the holiday shopping rush is over??
Love your videos! Thank you, you put in words what’s in my head.
Thanks really glad to hear you’re enjoying them!
So you're listening to yourself thru Michaels voice? Interesting.
Thanks so much!
You’re welcome!
Risk in the stock market is just as risky as waiting out the market. Inflation took some of the money that was on the sidelines.
Thanks Mitch
Good video.
Why does the government cut interest rates? Because the economy isn't doing well.
What about inflation? If rates are cut and the money printer is turned on again to save a floundering economy, inflation is likely going back up. Is JP willing to undo all the inflation progress we made?
And lastly, we've NEVER seen interest rates being cut in any meaningful amount unless the stock market crashes or has a large pull back.
I don't know what's going to happen in 2024, but every other time in history, something has had to break before we see meaningful rate cuts, and JP won't shut the hell up about higher for longer. Guess we'll wait and see!
Inflation for services. Such a good point! Thanks Michael!
ETA- yes, please to another insurance video!
Keep going Michael!!!
Thank you, Michael. The true problem of commercial real estate is that it wants stood as the investment in an edifice which pays from the churn of an enterprise. Now the real estate is undervalued, and no one has an interest in purchasing it as... Churn of Enterprise dwindles!
The commercial real estate crash is going to take down much with it... As shrinking GDP and GDI continues in 2024, the pull for political power in election years averts popular scrutiny on ECONOMIC reality. 😅 There is a generalized to hope that 'my guy' will fix it...
The price of new cars has skyrocketed. So, it’s no surprise that insurance for these expensive new cars is rising as well…
There is a house on my block that has been for sale almost a year. Usually homes in our area sell within 60 days. The house is NOT overpriced. It is immaculately clean. I honestly don’t know why it hasn’t sold.
Great video Michael
Thanks, Dennis!
I’ve been watching your videos for a while now and I’ve felt disconnected with what you’re saying because of where I live. If you can make a video about the housing market in New York, NYC to be specific, that’ll be fantastic. Housing has been out of reach for most people here, I don’t know how people are surviving. It feels like this suffering will never end.
I was in town today (Lake City, Fl) and it's usually very busy. I was wondering, where is everyone ? Recession is obvious IMO.
Property tax ugh.
Yes, service inflation is “sticky” and hard to bring down. Along with Jay Powell being adamant about bringing inflation down to 2%, something is bound to “break.”
Google is going to lay off 30,000. Wonder if they will be able to keep up their mortgage payments.
Will you help? Nope just noisy and minding other folks business
I remb when u had less then 9,000 subs 😊😊😊 look at. The grow and you have not switched up. Wow 👏🏾 👌🏾 😍 👍🏾
Shout out from NYC