Posted on 10/22/2022 9:01:05 AM PDT by george76
Everything is NOT beautiful with the US economy.
Another crack in the dam (US economy) is buyer traffic for new homes. They are now down -64% since last year (YoY).
...
Of course, The Federal Reserve is removing its massive monetary stimulus. BUT commercial bank deposits have declined the most since 1973.
Guess branDUHn was right about the economy being strong as hell. Mannnnnn! Fidiot!
$300 billion in Deficit Reduction and $369 billion in Energy Security and Climate Change programs over the next ten years.
“Inflation Reduction Act”
Programs: Just the opposite.
But the national has nothing to do with it huh Moe.
With bank interests rates still at 0.01% on deposits, it no wonder people are moving money elsewhere.
Our “prep” method was to become debt free. It means we haven’t had any money in a bank for a very long time. We just “saved” by paying everything off. And that brought our cost of living down to under $1500 a month, a small portion of just what we gat back from SS. 🤣
We found a very unconventional place to store the money we save, and the monthly fee is quite low and very manageable.
A few months ago we were house rich and cash poor.
In a few more months we will be house poor and cash poor even as the cost of owning the home continues to climb. There will be no buyers and with interest rates continuing to rise you will struggle to sell the home anyways.
This administration is an absolute disaster of epic proportions for the economy.
The cost of everything is continuing to climb and I fear it will be much worse. If the GOPe takes back congress the best we can hope for is that they will slow down the descent, but they will be incapable of reversing it for another two years.
It is surreal that people are this dumb. Where is the protest against this? 401k is now a 201k and maybe a 101k before we know it. It depresses me to think that there are many lagging indicators that have not even landed on our heads yet, but that is coming too. Many small businesses will not survive this and many corporations are going to be laying people off.
If one hasn’t noticed, TSHTF. If the election is manipulated in three weeks this country is over.
That reminds me, I’ve got to move a couple hundred thousand out of my bank (credit union).
> We found a very unconventional place to store the money we save, and the monthly fee is quite low and very manageable.
Short term t-bills - and there is no fee!
Good, the faster this happens the sooner we start coming back from it. The Piper always gets paid.
“With bank interests rates still at 0.01% on deposits, it no wonder people are moving money elsewhere.”
Liquid bank accounts are paying me 2.2-2.35% right now. Local banks are for checking accounts only these days.
Marcus, American Express and Ally to name a few.
“bank interests rates still at 0.01% on deposits, it no wonder people are moving money elsewhere.”
These days there are high much higher yielding savings accounts available in accounts that technically qualify as “commercial banks”.
Here is one link that discusses some of those:
https://www.forbes.com/advisor/banking/savings/best-high-yield-savings-accounts/
“Short term t-bills - and there is no fee!”
And no risk and no taxes. Doing a lot of them, at 3.8-4.4%.
That sounds pretty “manageable”.😉
When I was in high school back in the early 70’s, some of my friends were arguing, regarding US Savings Bonds, “What if the government refuses to honor them?”
I told them that if the US government was not honoring Savings Bonds, we would have entered a world where that would be the least of our worries.
Same with T-Bills.
“And no risk and no taxes. Doing a lot of them, at 3.8-4.4%.”
That is a very smart move.
My father is a little bit older than you are.(1944 for Pop)
I’m trying to route him in the same direction.
people are broke.
I use to get the occasional “the bank is gonna take my car, will you buy it for what I owe”
now I get calls almost daily.
I read somewhere that the limit is $10,000.
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