No, it wasn’t mainly consumer credit that triggered the 08 GFC.
It was mostly collateralized debt oibligations made by basically sandwiching together a whole bunch of home loans together, and then those being traded around and held as assets in a largely opaque way.
Then the housing market did a whoopsie and crashed, and oops it turns out a whole lot of thr mortgage CDOs … were actually sandwiches made out of a bit of loans to people with good credit, and fair credit, and also fucking terrible credit.
So that all blew up rather fantastically.
The good news about whats going on now is:
CDOs still exist, the housing market is also crashing right now, the auto market and associated loans are also crashing and repos are hitting …all time? decade highs?.. and also general consumer credit is astoundingly overextended and failing, and the US under Trump is undermining the legitimacy of the USD as the de facto world currency with all these tariffs, which has also shocked the bond market which is now demanding higher interest rates on US govt debt (which means higher debt payments for thr US govt) and oh right of course the tariffs and purging all the immigrant workers will just generally crash the US economy.
… Oh did I say good news? Whoops, wrong word.
Yeah, 08 was the Great Recession.
25 is gonna be the start of the Second Great Depression, significantly worse.
thats why they secretely meeting in the middle of the night to amend the tax cut bills , the gop. they dont want thier dimwitted supporters and the news to cause panic.
No, it wasn’t mainly consumer credit that triggered the 08 GFC.
It was mostly collateralized debt oibligations made by basically sandwiching together a whole bunch of home loans together, and then those being traded around and held as assets in a largely opaque way.
Then the housing market did a whoopsie and crashed, and oops it turns out a whole lot of thr mortgage CDOs … were actually sandwiches made out of a bit of loans to people with good credit, and fair credit, and also fucking terrible credit.
So that all blew up rather fantastically.
The good news about whats going on now is:
CDOs still exist, the housing market is also crashing right now, the auto market and associated loans are also crashing and repos are hitting …all time? decade highs?.. and also general consumer credit is astoundingly overextended and failing, and the US under Trump is undermining the legitimacy of the USD as the de facto world currency with all these tariffs, which has also shocked the bond market which is now demanding higher interest rates on US govt debt (which means higher debt payments for thr US govt) and oh right of course the tariffs and purging all the immigrant workers will just generally crash the US economy.
… Oh did I say good news? Whoops, wrong word.
Yeah, 08 was the Great Recession.
25 is gonna be the start of the Second Great Depression, significantly worse.
thats why they secretely meeting in the middle of the night to amend the tax cut bills , the gop. they dont want thier dimwitted supporters and the news to cause panic.
I do like sandwiches tbf
Sorry, they’re now 30% to 60% more expensive.
but at least my salary has increased to match infla-
fuck