i think we plunged like 3.2% after powell dropped the hammer, i believe you posted like 90 minutes before market close but yeah, we caught an ass whipping.

the housing crisis from 2008 was basically a disconnect between the ratings being provided to synthetic debt securities that made them sound like they were backed by mortgages with AAA ratings when they were hyper predatory adjustable rate loans given to people who, at best, thought they would simply be able to refinance or sell when the higher rates kicked in and they were left with no one to sell to when the music stopped.

this is a bubble, not a crisis imo. very few of the people buying million dollar houses are on adjustable rate mortgages for one thing. for another, the banks have actually been incredibly stingy about extending credit the last few years. so you dont have these fleets of foreclosed ghost houses rotting and poisoning the rest of the market even further, you just have people who made bad decisions or maybe just expensive decisions (getting out of the city during covid) and now the piper is playing for them.

inflation issues are sus. are they rooted in a deliberate effort to tarnish this regime? probably. will they go away for a little while once the capitalist robber barons sweep the midterms and then the 2024 race? yeah i think they will.

and then they will start QE again, core out its value and use the stock market to harvest its marrow and probably get us nuked in the process because people have fucking had it with the dollar. like 💯.

but yeah for a little while, it will feel pretty normal i bet.

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i lucked into a convo about this today...

cost of loans goes up
tech companies on razor thin margins can no longer afford those loans

and thats where we start to see the tech sector contract, which drags down other sectors as people go to cash or migrate investments into monolithic empire stocks like apple.

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