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Posted on 8/16/24 at 5:43 am to slackster
Dude, I made no claim that we’re in a recession. We’re not. At least not yet. I merely asked a simple question. You failed to answer it.
Posted on 8/16/24 at 5:44 am to DVinBR
quote:
I Was Told We Were in a Recession
Recession?
I was told the US economy, housing market, and the entire way of life in The West was on the brink of collapse.
And the only way to survive is load up on Bitcoin, emergency food supplies and guns, and possibly move to a 3rd world country while bilking the US Government as much as possible along the way.
Posted on 8/16/24 at 6:33 am to DVinBR
quote:you’ll get downvoted , but I agree. Heck, AA Admiral’s club in Buenos Aires (for the flight to Miami) was packed.
I Was Told We Were in a Recessionby
Posted on 8/16/24 at 7:13 am to SloaneRanger
quote:
Dude, I made no claim that we’re in a recession. We’re not. At least not yet. I merely asked a simple question. You failed to answer it.
I was just piggybacking off of your post since it seems to be a popular retort among those who do claim we’re in a recession.
Posted on 8/16/24 at 7:14 am to Big_Sur
quote:
I was told the US economy, housing market, and the entire way of life in The West was on the brink of collapse. And the only way to survive is load up on Bitcoin, emergency food supplies and guns, and possibly move to a 3rd world country while bilking the US Government as much as possible along the way.
Shots fired I Love Bama…
Posted on 8/16/24 at 8:33 am to DVinBR
quote:
I Was Told We Were in a Recession
It really is incredible how people continue to spend like there is no tomorrow. It's almost like they think they will be bailed out when the shite hits the fan. This will not end well.
Posted on 8/16/24 at 10:58 am to boogiewoogie1978
What a dumb conversation. A recession is defined by the feefees of a government agency retroactively. People use recession and depression in such a hyperbolic way they don’t mean anything anymore. Recession - economic activity contracting. Depression - an extended period of depressed economic activity or below trend growth. Both happen all the time but people use the terms as a proxy for WWZ zombie apocalypse so everybody’s talking pst each other.
Posted on 8/16/24 at 6:35 pm to slackster
quote:
Is that the board's definition of recession now?
A = When nearly everyone on this board said 2 quarters of real GDP contraction determined whether or not we were in a recession.
B = When nearly everyone on this board stopped caring about real GDP and started making up their own definitions of recession.
Pot, meet kettle.
Now account for inflation.
Posted on 8/16/24 at 6:58 pm to LSU2a
quote:See that word "real" in there that he used several times? That's literally accounting for inflation.
Now account for inflation.
Posted on 8/16/24 at 7:17 pm to LSU2a
quote:
Now account for inflation.
Well this is awkward.
Posted on 8/16/24 at 7:31 pm to DVinBR
Inflation is kicking my arse but OK Kamala.
Posted on 8/16/24 at 8:14 pm to Big Scrub TX
My bad, I'm used to people pointing to nominal GDP.
Posted on 8/16/24 at 9:27 pm to wutangfinancial
quote:
Recession - economic activity contracting
So we are in and have been in a recession for the most part
Posted on 8/16/24 at 9:28 pm to slackster
quote:
Shots fired I Love Bama
Those are common traits amongst the current Bitcoin crowd, not specific to anyone on TD!
Posted on 8/17/24 at 6:45 am to DVinBR
Just because the stock market is doing well doesn’t mean all aspects of the economy are booming.
Just look at the 1970’s, the nation’s economy was in the dumps due to the Arab oil embargo and other factors, but places like Louisiana were booming due to oil and gas exploration. Then in the 1980’s, nationally the economy started to boom as the oil embargo was lifted, but places in Louisiana went bust due to the decline in oil and gas exploration and other metrics.
There is an old adage if your friend or neighbor loses their job, the economy is in recession, but if you lose your job, then there is a depression.
The bust cycle of southeast Louisiana is slowly hitting now as offshore oil and gas dries up to a degree, insurance and government money from previous storms and disasters starts dwindling, and on top of that the insurance crisis affecting local homeowners making insuring homes too costly.
So just because Wall Street is doing well doesn’t mean your Main Street is booming.
Just look at the 1970’s, the nation’s economy was in the dumps due to the Arab oil embargo and other factors, but places like Louisiana were booming due to oil and gas exploration. Then in the 1980’s, nationally the economy started to boom as the oil embargo was lifted, but places in Louisiana went bust due to the decline in oil and gas exploration and other metrics.
There is an old adage if your friend or neighbor loses their job, the economy is in recession, but if you lose your job, then there is a depression.
The bust cycle of southeast Louisiana is slowly hitting now as offshore oil and gas dries up to a degree, insurance and government money from previous storms and disasters starts dwindling, and on top of that the insurance crisis affecting local homeowners making insuring homes too costly.
So just because Wall Street is doing well doesn’t mean your Main Street is booming.
This post was edited on 8/17/24 at 6:57 am
Posted on 8/17/24 at 7:30 am to Big_Sur
quote:
Recession?
I was told the US economy, housing market, and the entire way of life in The West was on the brink of collapse.
And the only way to survive is load up on Bitcoin, emergency food supplies and guns, and possibly move to a 3rd world country while bilking the US Government as much as possible along the way.
I did this and "won". Best decision of my life. I've lived 50 lifetimes of the average person holed up in Alabama. Learned multiple languages. Couldn't be happier with my life decisions.
OP - As others have mentioned, there is very little correlation between wall street and main street.
The game has always been the same. Make as much money as possible and buy stocks, land, guns and Bitcoin.
If you want to take to the extreme like I have, reduce expenses to nothing. My cost of living in 2023 was less than $30,000 while my income was mid six figures. Doing this the last few years and putting my money into Bitcoin and stocks has put me in the top 5%-10% net worth for my age in the USA and top 1% where i live in Colombia.
Good morning from my $50,000 weekend home in the hills of Pereira, Colombia
Posted on 8/17/24 at 7:36 am to I Love Bama
quote:
I Love Bama
You can be a bit of a twat, but assuming it’s not all bullshite, I’m happy for you, and that’s a hell of a view to have with your morning coffee
Posted on 8/17/24 at 7:41 am to Joshjrn
I've lived in 12 countries and nothing beats Colombia for the cost of living and quality of life.
People with the strongest opinions about Colombia have never even been here. It's hilarious.
Anyone on this board has an open invitation.
ETA: And I am a twat.
People with the strongest opinions about Colombia have never even been here. It's hilarious.
Anyone on this board has an open invitation.
ETA: And I am a twat.
This post was edited on 8/17/24 at 7:42 am
Posted on 8/17/24 at 7:44 am to Tarps99
quote:
hitting now as offshore oil and gas dries up to a degree
Offshore drilling is blowing and going
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