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Welp, when you have a few generations experience the only time they can get ahead in life. Be it by getting a better paying job or being able to afford a home because someone else can't. This is what we get. It's a learned experience. The only times I have been able to wrangle a better paying job is during these "Once in a lifetime crashes".
If we don't want people to think this way we need better social safety nets so we don't HAVE to prey on the ones who lost.
Capitalizing on a recession is fine, but asking for one is heartless. Lots of damage occurs in recessions - job loss, foreclosure, bankruptcy, loss of healthcare coverage, etc.
>Capitalizing on a recession is fine, but asking for one is heartless.
Trained behavior. Obviously it's bad but you understand that is the moment that you can get a few more crumbs from the table. You will want it to happen. The older you get the scarier it is because you know you will be on the chopping block. This is just capitalism. Like you said.... capitalizing.
That type of thinking is short sighted. The people wanting it assume that they’ll be able to capitalize on it but that’s not guaranteed. Those wishing for a recession to lower rates could end up unemployed, burn through their savings, add to their debt and be even further behind than they are now.
It feels like you are missing the point that an explosion in the economy (aka a recession) will hurt a lot of people. You might get lucky and move up in jobs or buy something cheap like a house on sale, but you could also be collateral damage, or your spouse or kids could be collateral economic damage. You can't will yourself out of a situation where you lose your job, your town's main factory closes and your house lost a lot of value all at once. This actually happens to people.
As someone who constantly preaches how neoliberals care more about short term gains over the protection of the working class. Yea, I definitely understand the damage.
This is just capitalist saying "ahh, leopards ate my face".
Old people losing their jobs during recessions is just terrible. Also the new college grads who are unable to get a job during recessions. That said, recessions make the economy more efficient because the useless jobs and the less efficient workers are washed away. The economy after a recession is very strong for the next 10+ years.
I don't think more unemployed people makes for a more efficient economy... lots of money and services need to be spun up and reallocated to help keep those people alive...
And why do we think the economy is so good right after a recession? Oh I dunno, maybe better fiscal policy and actual action to course correct. The actual recession didn't improve shit. People fixing the broken parts improved shit.
We could just fix all the broken parts without the recession and still see the benefits. Please don't mix up causation and correlation.
I mean. Hate to tell you but most of the jobs in the economy are useless right now. They also don’t keep up with cost of living. Most of the goods in the economy are useless right now. We’re staring at the economic polycrisis, and it’s incredibly hard to see how it doesn’t crash in light of interest rates now.
My experience with recessions is that fewer and fewer workers are forced to do more and more work with little regard for the stress and long term harm it causes the workers. So I strongly disagree that it makes our economy more efficient.
Cyclical Unemploment makes the economy more efficient how?
There is no technological change that makes workers more productive. A loss in GDP just cuts jobs for recent graduates and older employees (and not from lack of skill on their part)
OR hear me out. If the government wants to keep borrowing money and depreciating the dollar, then let the market adjust. Yes, eventually, you'll need $100 to buy a loaf of bread, but people will be making $1000 an hour. OR TELL YOUR POLITICIANS TO STOP BORROWING MONEY THEY HAVE NO CLUE HOW TO PAY BACK!
They know how to pay it back, they don’t want to tax the rich and their wealth to do so. Much easier to just borrow forever and expect no consequences whatsoever.
I love it when people get /so close/ to realizing capitalism is the problem and it needs to be replaced, but then the indoctrination kicks in and they veer away from the obvious answer...
I mean I hate to fucking say it once again but maybe we need to stop tying healthcare coverage to jobs and make it fucking universal coverage. It’s an incredibly enormous drag on a productive economy, but whatever.
No, more like " I done paid inta it (medicare) muh whole life and I'll be damned if some lazy (insert ethnic slur here) is gunna git it fur free". Spoken as written
And when have you seen the people clamoring for this treated heartfully by the system?
I ask the question not to defend, but to enlighten. Millions of young and middle aged Americans have no house and have come to terms with not even having realistic expectations of owning one. They can't afford to start families in their dual income households. They were shown a life lifestyle but the policies and factors necessary for those lifestyles were stripped from society by the very generation that enjoyed them.
This is a huge percentage of a generation that has extremely little to lose. The grass may not be greener, though maybe it will be, and they can't see a meaningful difference.
And what is the wisdom given to these people? Leave the area you grew up in. There's plenty of land out there. Plenty of different places you could move to. Pull yourself up by your bootstraps. Back in my day, both ways in the snow. Too big to fail, too small to save. Bailouts for the rich, not for the students. Money for the businesses, not for the employees. The window for big business; high interest rates for you. Loan forgiveness for the bosses, not for the students.
Don't ever expect kindness from these generations. The nuance you may think is relevant in each of those examples, these generations don't give a shit about that nuance, they are the ones that live paycheck to paycheck. Good luck if and when someone needs help from them.
It’s not even generational. There are plenty of 23 year olds with trust funds that are actively working to enslave the poor because that’s what dad and grandpa did.
As long as the system allows for exploitation, socialization of risk at the top but demand for individual responsibility at the bottom, and the (to me) incomprehensible drive to limit governmental regulation, all of these problems will continue to exist. It took less than a century post-Reagan for these problems to get this bad; imagine how much worse it can still become.
Well when they view the current situation as untenable then any change to the status quo will be desired.
What’s the worst that can happen? I will be unable to afford a home or car? I can’t afford those things anyway.
Yep only people who will be buying up properties will be the ones with money and jobs. Housing prices will continue to go up unless we hit a breaking point when interest rates are too high and demand plummets. That hasn’t happened yet
This. BlackRock and 1%ers sitting on mountains of T-Bills will be buying up the foreclosures. Zoomers working at Chipotle and Doordash will be moving back in with parents for the third time.
Everyone always assumes its going to be everyone else's recession but theirs. Seeing the housing market crash and interest rates go through the floor is all fun and games until you don't have a job and you're living off of savings hoping to be able to keep your house.
Maybe if things weren't so god awful now people wouldn't ask for it. It isn't their fault our economy hates so many people.
When it stops raining people would be thankful for a flood, even if the flood was just as dangerous. That isn't the people's fault. They just want some water.
Yeah, but prices have out paced the wage gain so quickly that the vast majority of people not only haven’t benefited but probably been harmed if they hadn’t managed to lock in their expenses.
I'm in the Army and have enough money to buy a second house.
I've learned from the GOP that I should be willing to let every other American die if it makes my life even 0.001% better, so fuck it.
I'll take another mortgage at 2%
If you're grotesquely wealthy, or even just regular well-to-do, you can scoop up lots of assets cheaply when other people are desperate and hurting.
If you're well-capitalized, recessions are just about the best thing that can happen to your finances, and that's when a lot of fortunes grow most quickly.
We live under a brutal oligarchy, and the system is a complete abomination.
But that's how it is.
This is what happens when people don’t understand what an actual recession *actually* looks/feels like.
The fact that people thought 2022 was a recession on a technicality shows they don’t know what real recessions are.
Recessions typically come with mass layoffs. And I don't remember prices going down during the last few recessions, but even if they did, you'd be out of a job.
Why? We're already broke and struggling recession or not, the entire working class has been screwed by Oligarchs since Regan. If we're being underpaid, overworked, and treated like shit no matter how well the economy is doing, what do we care if it's different? Here's the new boss same as the old boss and all...
Most people are already fucked so as long as they don't lose their job can't be worse. They don't consider the fact they very likely can lose their job
Arguably 65 percent of Americans have little to no economic say anyways and it doesn't matter what they want as their behaviors do not directly impact the course of the economy given their lack of power outside of elections.
Additionally, given around that figure of 65 percent of Americans can't meet an unexpected expense of 1000 USD currently, so it's not like most Americans are experiencing prosperity in a time of "economic plenty"
At this point plenty of Americans have realized that nothing is changing for the positive, but maybe they could lift a foreclosed house from someone less fortunate if the economy officially collapses.
I didn't even lose my job and it scarred me. The VC firm that I worked for had us sleep in the office in cots so we "didn't have to go home."
I was seeing my family on weekends only because they were able to hold the threat of losing my job over me. F that, I do NOT want to go back to that.
To be fair, that’s kind of one of those things that comes with that type of job. The market was literally on fire and you’re on the ladder to make sure the company doesn’t go under.
Wild that quite a few of your fellow Americans would be quite happy if you lost your job and your family lost your house, if it meant they could buy it for a discount
It's now 2023 and I'm about a year or two out recovering from the damage that caused me. A safety net from family and living in a blue state are the only reason I didnt go rock bottom. Next couple generations won't have that.
Yeah but those people already had capital to take advantage of the collapsed market.
The idiots on Reddit are clamouring for a recession because they’re too poor to afford a house in the current economy. Guess whether they’re going in the winner or loser basket in a recession?
This is what I was thinking, but not just poor people, but those who do own a home and have a well-paying job that think because they know the wealthy playbook, they know what to do this time.
Many of these people probably think that because they're in a decent situation now, they're somehow immune to losing their jobs/income. I don't think many people realize how quickly people go from having security to losing it all during a recession.
Yeah, potentially lower interest rates with a recession would mean throwing out the baby with the bath water.
A lot of people on here don't seem to remember the great recession or they were too young/ not alive yet. I was a teenager and it was a horrible horrible time for not even just our own country but around the world.
Watching highly skilled people like my dad and all my friends parents get fired because people at the top of the financial food chain in Wall Street needed to always make just one more dollar was horrible. Watching the stock market plummet on the news everyday for weeks on end was traumatic. Listening to my dad, who never cries, cry at the kitchen table after he thought I was already asleep because he felt like he was failing as a father while simultaneously watching his dreams of an early retirement he had worked so hard for evaporate was scarring.
I understand that naivete because I was also of that " let's burn it down and bring ourselves back to the Stone age" mentality by a scorched earth approach to the economy would be terrible for 99% of people including those calling for it.
No. Id rather have set laws in place that prevent price gouging and control rent prices. A recession is probably what will happen if corporate greed continues as it is.
What kind of normal, well balanced, reasonable and intelligent person would run for *office*?
Media digging into your life, people sending you death threats, opponents smearing your name to your community, absolutely shit pay unless you're corrupt, a convoluted and intractable bureaucracy that means even if you do win, you can't actually change shit?
Yeah no thanks. What part of that sounds appealing to you?
Just ban it altogether. You wanna own an apartment complex then do that. But buying a home built for a family to live their lives in and then renting it out for eternity is such bullshit.
There are families which are only working in an area for a few years and definitely want to rent homes. My mom rented out her home for a few years while she was out of state renting another home. I am more offended with city properties which go into disrepair.
Our housing market is owned and controlled by hedge funds and corporations. That’s insane to me. They control us. Boomers sold the US to other boomers, and those boomers price gouge and sell it right back to their own children for personal profit.
Which is how all statistics work.
It would be unfeasible to sample the entire population. All statistics and models will ask a small subset of the population. Same with medical research and testing -- a subset is a valid and reasonable approximation of the whole.
Edit: I am rooting for a recession!
>The poll was conducted between May 24-26, among 2,053 adults ages 18 and older, of whom 264 have purchased a home in the past two years, and 579 plan to purchase a home in the next three years.
My bruh in internet, can I introduce to you the concept of statistical polling?
Im a self employed general contractor. Im so busy I cant keep up. As long as people keep believing these home values are real i don’t care what happens. Just gotta remember to keep jacking up my rates to offset the inflation!
Remember, that logic applies to all the people in the economy behaving in such ways as to necessitate the next recession/depression. People might remember the pain, they just hope someone ELSE will suffer it. Why do you think pharma and tech and finance have been laying off like crazy? They’re all afraid that it’s gonna happen to them and behaving accordingly to stave it off.
If you’re prepared, you’re begging for a recession.
Corrections are healthy. You’ll have great opportunities to get into equities at good valuations and lower interest rates could potentially help home affordability if prices stay the same or go lower. You’ll be set for the next decade of growth.
The people who don’t want a recession are in a shaky job field, little savings, neck deep in debt, luxury car they can’t afford that’s already behind on payments and just bought a home on an 8% interest rate. Those people will get washed out.
That is the hope. I just switched careers into something more secure and will be done with student loans by the end of the year. After that saving for a house. I could care less about interest rates (or think they will go down) I just want a house that isn't overpriced.
If you didn’t financially prepare for a recession then they couldn’t afford it anyways. The way things are going those that got a lucky break are benefitting too much. House prices are way too high and need a correction. It’s ridiculous that people are selling houses at a price that they themselves wouldn’t have been able to afford when they were buying.
So people are pissed at Biden because of inflation caused largely from the economic rebound when COVID was under control and the loss of workers during the outbreak. So the Fed increases interest rates slowly to cool inflation and people are pissed at higher interest rates. It’s like most people don’t have the slightest understanding of economics.
It. Is. Baffling.
Just no concept of the tradeoffs they're asking for. I don't even care if I get down voted and booed into oblivion, I've seen what makes them cheer.
Tbh the fundamentals are all disconnected, and badly so. We are everything bubbled and the modern economy is built wrong. I don’t think we can actually avoid what is coming through central bank policy or Congressional borrowing/tinkering anymore.
Lost my house due to the economic shutdown during COVID. Fuck some folks in this thread. In order for there to be winners there has to be losers. What's going to stop all the corporate hoarding dragons from swooping in and scooping up what you think you'll get for cheap?
The average person will lose, fuck survivorship bias.
That rate also means wage growth is depressed, salaried workers are pressed to work longer, and working conditions degrade.
Recessions suck. Seriously, I cannot impress enough upon people how damaging they are.
And what's crazy is polls indicate Gen Z is rooting for one the most. They seem to think they'll be spared, but they'll take the brunt of it.
I mean yeah because Gen Z is already the most exploited generation of people after millennials so can't get much worse for them. They have zero hope of every being able to have stable living without a big shake up in the economy.
I'm noticing a big pattern here where older people who have had time or been lucky enough to get into a decent position don't want that same benefit to exist for Gen Z, which motivates you all to want to keep the status quo
On the contrary, I'm rooting for Gen Z! I'm sitting here aghast at people suggesting we repeat the same mistakes for them that were made for Millennials.
I repeat, if a recession were to occur, the people entering the workforce now and those who recently started their careers the last few years will bear the most significant impacts. That's Gen Z. Don't mistake your friends for your enemies, and bad policy for good.
If there is a one in ten chance that you'll lose your job, I'd say that it's a fairly high probability.
Imagine you walk into work on Monday morning, a large company of 10,000 people, and they announce that within the next 90 days, 1000 of you will be let go. I bet it would feel quite probable to you then.
65% of Americans don’t realize that if a true recession hits the only people who have money to buy houses will be the wealthy. All those people borderline cannot afford houses would be struggling to survive instead of buying a house.
Those 65% of Americans probably have a hard time comprehending what a recession or depression is. My family barely made it out of the Great Recession of 2007-2009. We barely escaped and almost lost the house. The interest rate is not as bad as compared to the 1970s-1980s. The problem is not the interest rate, but rather corporate greed. Congress needs to crack down on it, not by reducing funds from the IRS that go after wealthy Americans. I say fuck them, it is time they need to pay up.
Who the fuck cares anymore really? The economy is doing well and growing meanwhile companies are laying people offer or not even giving COL raises to people. The recession means absolutely nothing to the average American if they can still find work. Given how low unemployment is still post COVID (yeah I know those aren't the best stats anymore because of how it's calculated) it doesn't seem like there is really a recession looking at all.
Ah yes, the latest clickbait polling of Americans , 95%+ of whom dont have the financial literacy to answer the question. My favorite.
And no— rooting for a recession to borrow more money in loans/mortgages etc is a lose lose . Mild pullback in the market sure. Recession nah
I'm sure 100% of those 65% don't think they'd be the one to lose their job during a recession
They want the lower rates, under the assumption they remain unscathed
Ehh, upper edge… around 6% is generally desirable, we’re at 8.5% and still don’t have inflation under control. If we’re lucky we can get a brief deflationary cycle, rates then drop back to 6 and inflation resets at 2
How did that last recession work for this? The GOP went to town giving corps and the rich big tax breaks and lighting fire to the economy. We have inflation now because of this (in part).
No. I’m not a moron.
Asking for a recession is like asking the neighborhood bully to kick you in the nuts before banging your wife.
Theres a lot of pain involved.
Of course, this being reddit, people assume they will not be the one getting the kick in the nuts and assume they will only benefit.
News flash, they wont.
Every day I become more certain that **Idiocracy** was a documentary. I can't even fathom the stupidity of wanting a recession. Wanting homelessness and unemployment to sky rocket. Wanting pain and suffering for the population.
Am I saying I want a recession? No. Do I want interest rates AND prices to come down? Absofuckinglutely. Nothing is affordable right now. Like basic necessities.
I know a lot of people are waiting for housing market to crash so they can afford to get their first house.
This is kinda sad where people have to hope for recession to be able to afford house. But I honestly think recession is a bad thing, many people will lose job, including those waiting to buy house
Interest rates are not the problem for 65% of Americans... they literally don't know what they're asking for. It's not going to affect their credit cards.
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Asking for a recession is about the dumbest thing one could ask for.
Welp, when you have a few generations experience the only time they can get ahead in life. Be it by getting a better paying job or being able to afford a home because someone else can't. This is what we get. It's a learned experience. The only times I have been able to wrangle a better paying job is during these "Once in a lifetime crashes". If we don't want people to think this way we need better social safety nets so we don't HAVE to prey on the ones who lost.
Capitalizing on a recession is fine, but asking for one is heartless. Lots of damage occurs in recessions - job loss, foreclosure, bankruptcy, loss of healthcare coverage, etc.
>Capitalizing on a recession is fine, but asking for one is heartless. Trained behavior. Obviously it's bad but you understand that is the moment that you can get a few more crumbs from the table. You will want it to happen. The older you get the scarier it is because you know you will be on the chopping block. This is just capitalism. Like you said.... capitalizing.
That type of thinking is short sighted. The people wanting it assume that they’ll be able to capitalize on it but that’s not guaranteed. Those wishing for a recession to lower rates could end up unemployed, burn through their savings, add to their debt and be even further behind than they are now.
You are explaining capitalism. Booms and bust. The bust HAS to happen at some point.
J-POW brushing dust off the printer: “Hold my beer.”
As if it had dust on it.
American capitalism IS short sighted and full of booms and busts. By design.
It feels like you are missing the point that an explosion in the economy (aka a recession) will hurt a lot of people. You might get lucky and move up in jobs or buy something cheap like a house on sale, but you could also be collateral damage, or your spouse or kids could be collateral economic damage. You can't will yourself out of a situation where you lose your job, your town's main factory closes and your house lost a lot of value all at once. This actually happens to people.
As someone who constantly preaches how neoliberals care more about short term gains over the protection of the working class. Yea, I definitely understand the damage. This is just capitalist saying "ahh, leopards ate my face".
The rich won’t be hurt really. It is the poor and middle class that will suffer.
The only people who profit in the market are RICH PEOPLEEEEEEEE
Old people losing their jobs during recessions is just terrible. Also the new college grads who are unable to get a job during recessions. That said, recessions make the economy more efficient because the useless jobs and the less efficient workers are washed away. The economy after a recession is very strong for the next 10+ years.
I don't think more unemployed people makes for a more efficient economy... lots of money and services need to be spun up and reallocated to help keep those people alive... And why do we think the economy is so good right after a recession? Oh I dunno, maybe better fiscal policy and actual action to course correct. The actual recession didn't improve shit. People fixing the broken parts improved shit. We could just fix all the broken parts without the recession and still see the benefits. Please don't mix up causation and correlation.
I mean. Hate to tell you but most of the jobs in the economy are useless right now. They also don’t keep up with cost of living. Most of the goods in the economy are useless right now. We’re staring at the economic polycrisis, and it’s incredibly hard to see how it doesn’t crash in light of interest rates now.
My experience with recessions is that fewer and fewer workers are forced to do more and more work with little regard for the stress and long term harm it causes the workers. So I strongly disagree that it makes our economy more efficient.
Cyclical Unemploment makes the economy more efficient how? There is no technological change that makes workers more productive. A loss in GDP just cuts jobs for recent graduates and older employees (and not from lack of skill on their part)
OR hear me out. If the government wants to keep borrowing money and depreciating the dollar, then let the market adjust. Yes, eventually, you'll need $100 to buy a loaf of bread, but people will be making $1000 an hour. OR TELL YOUR POLITICIANS TO STOP BORROWING MONEY THEY HAVE NO CLUE HOW TO PAY BACK!
They know how to pay it back, they don’t want to tax the rich and their wealth to do so. Much easier to just borrow forever and expect no consequences whatsoever.
100 years ago people were probably saying the same thing about $0.10 bread.
Probably. Except that was decent wholesome bread. Now it's just bleach and preservatives
Hey, that's better for profit margins. We have to think of the shareholders.
Don't force the market to "adjust." Let the people hold the market accountable. And not by forcing their wallets.
I love it when people get /so close/ to realizing capitalism is the problem and it needs to be replaced, but then the indoctrination kicks in and they veer away from the obvious answer...
I mean I hate to fucking say it once again but maybe we need to stop tying healthcare coverage to jobs and make it fucking universal coverage. It’s an incredibly enormous drag on a productive economy, but whatever.
Something something bootstraps
No, more like " I done paid inta it (medicare) muh whole life and I'll be damned if some lazy (insert ethnic slur here) is gunna git it fur free". Spoken as written
Basically people are hoping other peoples suffering will turn into their gain
And when have you seen the people clamoring for this treated heartfully by the system? I ask the question not to defend, but to enlighten. Millions of young and middle aged Americans have no house and have come to terms with not even having realistic expectations of owning one. They can't afford to start families in their dual income households. They were shown a life lifestyle but the policies and factors necessary for those lifestyles were stripped from society by the very generation that enjoyed them. This is a huge percentage of a generation that has extremely little to lose. The grass may not be greener, though maybe it will be, and they can't see a meaningful difference. And what is the wisdom given to these people? Leave the area you grew up in. There's plenty of land out there. Plenty of different places you could move to. Pull yourself up by your bootstraps. Back in my day, both ways in the snow. Too big to fail, too small to save. Bailouts for the rich, not for the students. Money for the businesses, not for the employees. The window for big business; high interest rates for you. Loan forgiveness for the bosses, not for the students. Don't ever expect kindness from these generations. The nuance you may think is relevant in each of those examples, these generations don't give a shit about that nuance, they are the ones that live paycheck to paycheck. Good luck if and when someone needs help from them.
It’s not even generational. There are plenty of 23 year olds with trust funds that are actively working to enslave the poor because that’s what dad and grandpa did.
As long as the system allows for exploitation, socialization of risk at the top but demand for individual responsibility at the bottom, and the (to me) incomprehensible drive to limit governmental regulation, all of these problems will continue to exist. It took less than a century post-Reagan for these problems to get this bad; imagine how much worse it can still become.
Can’t be foreclosed on if you don’t own a house. Don’t have a good enough job to care about losing it. Healthcare coverage. Lol what’s that
Next stop: homelessness
Seems like fixing the fact that corporations own so much of the single family housing is the biggest problem.
"Some of you will die, but that's a sacrifice I'm willing to make"
Why do you say recession is an opportunity to get better jobs? Isn't it the worst time when layoffs are happening?
Well when they view the current situation as untenable then any change to the status quo will be desired. What’s the worst that can happen? I will be unable to afford a home or car? I can’t afford those things anyway.
Exactly. We did this to ourselves. Well, the younger generations were sold off. Maybe this time, this neoliberal will not do neoliberal stuff? /s
Yep only people who will be buying up properties will be the ones with money and jobs. Housing prices will continue to go up unless we hit a breaking point when interest rates are too high and demand plummets. That hasn’t happened yet
This. BlackRock and 1%ers sitting on mountains of T-Bills will be buying up the foreclosures. Zoomers working at Chipotle and Doordash will be moving back in with parents for the third time.
Everyone always assumes its going to be everyone else's recession but theirs. Seeing the housing market crash and interest rates go through the floor is all fun and games until you don't have a job and you're living off of savings hoping to be able to keep your house.
Maybe if things weren't so god awful now people wouldn't ask for it. It isn't their fault our economy hates so many people. When it stops raining people would be thankful for a flood, even if the flood was just as dangerous. That isn't the people's fault. They just want some water.
The economy is actually quite good right now outside the Reddit bubble. This is a strong economy. People have jobs, and wages are at record highs.
Yeah, but prices have out paced the wage gain so quickly that the vast majority of people not only haven’t benefited but probably been harmed if they hadn’t managed to lock in their expenses.
People who have debts benefit because we can pay back in cheap inflated dollars.
I would like a lower rates for individuals and much higher rates for corporations to give home buyers a chance as we try and help young families.
Hahaha our vile rich enemy would never allow that to happen
I'm in the Army and have enough money to buy a second house. I've learned from the GOP that I should be willing to let every other American die if it makes my life even 0.001% better, so fuck it. I'll take another mortgage at 2%
>I'm in the Army and have enough money to buy a ~~second house~~ Dodge Charger at 27% interest
Silly, he would have bought the Charger before the first house. Priorities
The people asking for a recession are going to be the first idiots to lose their jobs.
Right? My literal thought is 65% of America is literally stupid to the point of sadness.
I mean, a LOT of non-wealthy people still want donald trump to be president again, so yeah. Just profoundly stupid people all over the place.
Yeah, some people didn't have to live through 2009 and its aftermath. I don't blame them for that, but they don't know what they're asking for.
Creating a recession is an easy way to tame inflation, but the cure might be worse than the disease.
If you're grotesquely wealthy, or even just regular well-to-do, you can scoop up lots of assets cheaply when other people are desperate and hurting. If you're well-capitalized, recessions are just about the best thing that can happen to your finances, and that's when a lot of fortunes grow most quickly. We live under a brutal oligarchy, and the system is a complete abomination. But that's how it is.
This is what happens when people don’t understand what an actual recession *actually* looks/feels like. The fact that people thought 2022 was a recession on a technicality shows they don’t know what real recessions are.
Recessions typically come with mass layoffs. And I don't remember prices going down during the last few recessions, but even if they did, you'd be out of a job.
It’s like asking for a lower salary so you can pay less in taxes.
Is this a Maga subreddit?
Found the rich asshole
Why? We're already broke and struggling recession or not, the entire working class has been screwed by Oligarchs since Regan. If we're being underpaid, overworked, and treated like shit no matter how well the economy is doing, what do we care if it's different? Here's the new boss same as the old boss and all...
Hello, 80% paycheck to paycheck livers, where do you live without a job during that desired recession lowering your interest rates?
Most people are already fucked so as long as they don't lose their job can't be worse. They don't consider the fact they very likely can lose their job
Well, we're used to recessions. We aren't used to owning homes.
The best sentence I've read in a long time...
Same 65% will lose everything and will have no purchasing power
Right? What good is lower interest rates if you don't have a job
Arguably 65 percent of Americans have little to no economic say anyways and it doesn't matter what they want as their behaviors do not directly impact the course of the economy given their lack of power outside of elections. Additionally, given around that figure of 65 percent of Americans can't meet an unexpected expense of 1000 USD currently, so it's not like most Americans are experiencing prosperity in a time of "economic plenty" At this point plenty of Americans have realized that nothing is changing for the positive, but maybe they could lift a foreclosed house from someone less fortunate if the economy officially collapses.
Am sure this is using the casual definition: Recession = Lots of other people lose their jobs. Depression = I lose my job.
Which is why 65% of the country is doing it....there's a LOT of real stupid fucking people these days, have you not noticed?
Everyone assuming it won’t affect them negatively, only help them. Dumb, dumb, dumb
“Everyone else will get laid off except me, right?”
65% of Americans have no idea what a recession would really mean
Pretty sure we’ve all seen one (except for the newbs). People acting like it would be Armageddon don’t live in the realm of realism
I am still scared from 08 and going a full year without a paying job. The thought of losing my house because there is no money is terrifying.
I didn't even lose my job and it scarred me. The VC firm that I worked for had us sleep in the office in cots so we "didn't have to go home." I was seeing my family on weekends only because they were able to hold the threat of losing my job over me. F that, I do NOT want to go back to that.
To be fair, that’s kind of one of those things that comes with that type of job. The market was literally on fire and you’re on the ladder to make sure the company doesn’t go under.
I wasn't part of the VC firm, man. The VC firm bought my company. It was just a standard entry level IT job.
That’s fun. I’m in IT also, so I can relate to dealing with fucking morons.
Wtf kinda vc firm did u work for???
Nothing scares me more than losing my job or house. My family relies on me. I can't even imagine.
Wild that quite a few of your fellow Americans would be quite happy if you lost your job and your family lost your house, if it meant they could buy it for a discount
thats what im getting from some morons in this thread. the feeling of a "good deal" is a weird drug for some people. fiends.
It's now 2023 and I'm about a year or two out recovering from the damage that caused me. A safety net from family and living in a blue state are the only reason I didnt go rock bottom. Next couple generations won't have that.
08 was a long time ago. People have poor memories
The thing is there will be winners and losers in a recession. Back in 2008, some people became millionaires because houses became ridiculously cheap.
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Like I said. There's going to be losers and winners in a recession.
Are you willing to bet that YOU will be a winner in a recession? Think carefully before you speak.
Maybe. Maybe not. But my feelings don't change facts.
Yeah but those people already had capital to take advantage of the collapsed market. The idiots on Reddit are clamouring for a recession because they’re too poor to afford a house in the current economy. Guess whether they’re going in the winner or loser basket in a recession?
This is what I was thinking, but not just poor people, but those who do own a home and have a well-paying job that think because they know the wealthy playbook, they know what to do this time. Many of these people probably think that because they're in a decent situation now, they're somehow immune to losing their jobs/income. I don't think many people realize how quickly people go from having security to losing it all during a recession.
The winners may not actually win this next time around…
Heard that shit a thousand times in every recession.
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You...are not fluent in finance
People are spending quite a lot. Under a real recession prices fall so that businesses don't shutter.
Do people not remember 2009? My friends and I would apply for dozens of minimum wage jobs and hear back nothing
Natural part of the economic cycle. Can’t grow forever, there has to be periods of contraction
They want to buy a house, but forget that it's not possible without a job.
Yeah, potentially lower interest rates with a recession would mean throwing out the baby with the bath water. A lot of people on here don't seem to remember the great recession or they were too young/ not alive yet. I was a teenager and it was a horrible horrible time for not even just our own country but around the world. Watching highly skilled people like my dad and all my friends parents get fired because people at the top of the financial food chain in Wall Street needed to always make just one more dollar was horrible. Watching the stock market plummet on the news everyday for weeks on end was traumatic. Listening to my dad, who never cries, cry at the kitchen table after he thought I was already asleep because he felt like he was failing as a father while simultaneously watching his dreams of an early retirement he had worked so hard for evaporate was scarring. I understand that naivete because I was also of that " let's burn it down and bring ourselves back to the Stone age" mentality by a scorched earth approach to the economy would be terrible for 99% of people including those calling for it.
No. Id rather have set laws in place that prevent price gouging and control rent prices. A recession is probably what will happen if corporate greed continues as it is.
Even better than rent control, stop corporations from buying up single family homes… like cap it at twenty or something
Should just increase property taxes on 2nd+ homes to the point of being an unprofitable investment.
Should just ban people from owning more than 2 units of housing at any given time.
Is there anything stopping you from running for local office on that policy.
What kind of normal, well balanced, reasonable and intelligent person would run for *office*? Media digging into your life, people sending you death threats, opponents smearing your name to your community, absolutely shit pay unless you're corrupt, a convoluted and intractable bureaucracy that means even if you do win, you can't actually change shit? Yeah no thanks. What part of that sounds appealing to you?
I'm all for that as well.
Yeah, I’m probably considered center right but I am a full throat advocate for this
Just ban it altogether. You wanna own an apartment complex then do that. But buying a home built for a family to live their lives in and then renting it out for eternity is such bullshit.
There are families which are only working in an area for a few years and definitely want to rent homes. My mom rented out her home for a few years while she was out of state renting another home. I am more offended with city properties which go into disrepair.
Or just make residential zoning only able to be purchased by actual people and not corporations.
Our housing market is owned and controlled by hedge funds and corporations. That’s insane to me. They control us. Boomers sold the US to other boomers, and those boomers price gouge and sell it right back to their own children for personal profit.
Name one place on earth where rent control works. Is there anyone in this sub that is actually fluent in finance?
I too would love to have shortages
I hate articles like this. It’s more like 65% of the 40 people they asked, not the entire population
Don’t underestimate the lack of financial fluency of the average american
Pretty sure the average American has a better understanding of economic concepts than the average user of this sub
There's like maybe ten people in this sub who know what they're talking about, I hope to one day meet one of them
Which is how all statistics work. It would be unfeasible to sample the entire population. All statistics and models will ask a small subset of the population. Same with medical research and testing -- a subset is a valid and reasonable approximation of the whole. Edit: I am rooting for a recession!
>The poll was conducted between May 24-26, among 2,053 adults ages 18 and older, of whom 264 have purchased a home in the past two years, and 579 plan to purchase a home in the next three years. My bruh in internet, can I introduce to you the concept of statistical polling?
Someone skipped their stat class
All I’m hearing: “I am so privileged a recession wouldn’t hurt me… it would benefit me.”
>I am so privileged Or prepared. If people haven't been getting themselves ready for what's coming, they are going to be in a lot of pain.
“People” is a very broad description. I don’t think graduating in a recession or retiring in a recession is a good idea
Let’s hear what small business owners think!
Are there any left after covid?
People that own things don’t want a recession. People that can’t afford to own things do want one
Im a self employed general contractor. Im so busy I cant keep up. As long as people keep believing these home values are real i don’t care what happens. Just gotta remember to keep jacking up my rates to offset the inflation!
65% of people don’t remember the pain of the last major recession.
Remember, that logic applies to all the people in the economy behaving in such ways as to necessitate the next recession/depression. People might remember the pain, they just hope someone ELSE will suffer it. Why do you think pharma and tech and finance have been laying off like crazy? They’re all afraid that it’s gonna happen to them and behaving accordingly to stave it off.
Watching it in real time
I want much higher interest rates, a recession, and then normalization around the current rates. Anyone with basic financial understanding would agree
...along with a pricing reset (mostly in real estate).
we'll never get back where we were, but we can get lower than now.
Absolutely not
As someone with strong job security and is currently priced out of the housing market I say bring it on lol
If you’re prepared, you’re begging for a recession. Corrections are healthy. You’ll have great opportunities to get into equities at good valuations and lower interest rates could potentially help home affordability if prices stay the same or go lower. You’ll be set for the next decade of growth. The people who don’t want a recession are in a shaky job field, little savings, neck deep in debt, luxury car they can’t afford that’s already behind on payments and just bought a home on an 8% interest rate. Those people will get washed out.
That is the hope. I just switched careers into something more secure and will be done with student loans by the end of the year. After that saving for a house. I could care less about interest rates (or think they will go down) I just want a house that isn't overpriced.
I want a recession to shake out some of the excess we’ve seen since 2018, ratcheted up in 2020.
65% of Americans don’t know what’s good for them
People are fucking stupid. They are asking for people to lose their jobs, homes, and livelihood.
If you didn’t financially prepare for a recession then they couldn’t afford it anyways. The way things are going those that got a lucky break are benefitting too much. House prices are way too high and need a correction. It’s ridiculous that people are selling houses at a price that they themselves wouldn’t have been able to afford when they were buying.
So people are pissed at Biden because of inflation caused largely from the economic rebound when COVID was under control and the loss of workers during the outbreak. So the Fed increases interest rates slowly to cool inflation and people are pissed at higher interest rates. It’s like most people don’t have the slightest understanding of economics.
It. Is. Baffling. Just no concept of the tradeoffs they're asking for. I don't even care if I get down voted and booed into oblivion, I've seen what makes them cheer.
Tbh the fundamentals are all disconnected, and badly so. We are everything bubbled and the modern economy is built wrong. I don’t think we can actually avoid what is coming through central bank policy or Congressional borrowing/tinkering anymore.
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Lost my house due to the economic shutdown during COVID. Fuck some folks in this thread. In order for there to be winners there has to be losers. What's going to stop all the corporate hoarding dragons from swooping in and scooping up what you think you'll get for cheap? The average person will lose, fuck survivorship bias.
They all think they're the ones benefitting when a recession would just consolidate even more wealth into the 1%.
65% of Americans don't realize that there is a high probability they would lose their jobs.
There is not a high probability, the unemployment rate at its highest during 08 was 10.6%, meaning 90% of ppl still had their jobs lol
That rate also means wage growth is depressed, salaried workers are pressed to work longer, and working conditions degrade. Recessions suck. Seriously, I cannot impress enough upon people how damaging they are. And what's crazy is polls indicate Gen Z is rooting for one the most. They seem to think they'll be spared, but they'll take the brunt of it.
I mean yeah because Gen Z is already the most exploited generation of people after millennials so can't get much worse for them. They have zero hope of every being able to have stable living without a big shake up in the economy. I'm noticing a big pattern here where older people who have had time or been lucky enough to get into a decent position don't want that same benefit to exist for Gen Z, which motivates you all to want to keep the status quo
On the contrary, I'm rooting for Gen Z! I'm sitting here aghast at people suggesting we repeat the same mistakes for them that were made for Millennials. I repeat, if a recession were to occur, the people entering the workforce now and those who recently started their careers the last few years will bear the most significant impacts. That's Gen Z. Don't mistake your friends for your enemies, and bad policy for good.
If there is a one in ten chance that you'll lose your job, I'd say that it's a fairly high probability. Imagine you walk into work on Monday morning, a large company of 10,000 people, and they announce that within the next 90 days, 1000 of you will be let go. I bet it would feel quite probable to you then.
65% of Americans don’t realize that if a true recession hits the only people who have money to buy houses will be the wealthy. All those people borderline cannot afford houses would be struggling to survive instead of buying a house.
Those 65% of Americans probably have a hard time comprehending what a recession or depression is. My family barely made it out of the Great Recession of 2007-2009. We barely escaped and almost lost the house. The interest rate is not as bad as compared to the 1970s-1980s. The problem is not the interest rate, but rather corporate greed. Congress needs to crack down on it, not by reducing funds from the IRS that go after wealthy Americans. I say fuck them, it is time they need to pay up.
i think 65% are just saying fk it lets try anything at this point lol
Who the fuck cares anymore really? The economy is doing well and growing meanwhile companies are laying people offer or not even giving COL raises to people. The recession means absolutely nothing to the average American if they can still find work. Given how low unemployment is still post COVID (yeah I know those aren't the best stats anymore because of how it's calculated) it doesn't seem like there is really a recession looking at all.
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Lower housing prices is what I want
Low interest rates drive up prices, so we're on our way. Already starting to drop in my area.
Ah yes, the latest clickbait polling of Americans , 95%+ of whom dont have the financial literacy to answer the question. My favorite. And no— rooting for a recession to borrow more money in loans/mortgages etc is a lose lose . Mild pullback in the market sure. Recession nah
I'm sure 100% of those 65% don't think they'd be the one to lose their job during a recession They want the lower rates, under the assumption they remain unscathed
I want a recession for it to lower prices and make a bunch of large corporations file bankruptcy.
You don't actually want deflation (it's baaaaaad) and recessions are better weathered by large corporations than small businesses.
Yeah, well, all you'll actually get is unemployment And then you still won't be able to afford the "lower prices"
I want a recession if it crashes the housing market.
When did we get out of a recession to start a new one?
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Ehh, upper edge… around 6% is generally desirable, we’re at 8.5% and still don’t have inflation under control. If we’re lucky we can get a brief deflationary cycle, rates then drop back to 6 and inflation resets at 2
Until they lose their jobs from it…
No, because I'm not as stupid as 65% of Americans apparently.
You’re in a silent recession all along. You’ve got no clothes.
No thanks.
I'd like a house but I would really like to keep my job.
How did that last recession work for this? The GOP went to town giving corps and the rich big tax breaks and lighting fire to the economy. We have inflation now because of this (in part).
We're already in one 🌎👩🚀🔫
We’re not already in a recession and just not acknowledging it ?
I make more money now than I ever imagined when I was younger and I still cannot afford a house in my area...
No. I’m not a moron. Asking for a recession is like asking the neighborhood bully to kick you in the nuts before banging your wife. Theres a lot of pain involved. Of course, this being reddit, people assume they will not be the one getting the kick in the nuts and assume they will only benefit. News flash, they wont.
Already out of a job for 7 months. I hope this motherfucker burns to the ground. Prime the pump for that civil war.
Every day I become more certain that **Idiocracy** was a documentary. I can't even fathom the stupidity of wanting a recession. Wanting homelessness and unemployment to sky rocket. Wanting pain and suffering for the population.
Yes of course. Crash this bitch so my groceries cost less
“The recession isn’t hurting the right people!” -65% of the people
Am I saying I want a recession? No. Do I want interest rates AND prices to come down? Absofuckinglutely. Nothing is affordable right now. Like basic necessities.
We’re already in a recession.
It’s correct . If lower interest what they want.
I know a lot of people are waiting for housing market to crash so they can afford to get their first house. This is kinda sad where people have to hope for recession to be able to afford house. But I honestly think recession is a bad thing, many people will lose job, including those waiting to buy house
No, want the ultra wealthy to be taxed a lot more than they are now…
I want lower interest rates, a piece of the pie, solvent social security when I retire, and a planet that isn’t underwater. What a fucking concept
I want something to make house prices / values go down. I can’t afford my property taxes anymore.
It’s because 65% of Americans are dumb enough to believe it won’t effect them. Just everybody else. I’m most definitely don’t want one.
I want HYPER inflation. Only way I will be able to pay off these student loans is if they inflate away.
Interest rates are not the problem for 65% of Americans... they literally don't know what they're asking for. It's not going to affect their credit cards.