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Biden and Yellen talk down the April jobs report which shows an amazing labor force constraint. The fed sees no risk of inflation yet prices are way up all over.
We live in interesting times.
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Sic transit gloria mundi (so shut up and get back to work) -
Empirical evidence is hard to come by. Jobs? Unless I’m mistaken, 80 million people voted for an increase in the cost of living. We’re just getting started.
And now rents are soaring if you can find one. 40% of renters are now delinquent. It’s starting to get away from them.
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[quote quote=4711]Empirical evidence is hard to come by. Jobs? Unless I’m mistaken, 80 million people voted for an increase in the cost of living. We’re just getting started. And now rents are soaring if you can find one. 40% of renters are now delinquent. It’s starting to get away from them.[/quote]
Not starting. Been getting away for a while. 6% of all homes (2.7 million mortgages) were delinquent in February. And of course, a rise is coming:
As of January, 1/4th of all American renters were behind:
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I have a feeling of impending doom. What I see is a love child of 1979 inflation and the 2008 housing market crash.
In a couple of months, eviction protection for delinquent renters is going away. If tenants have not been able to pay rent for the last 15 months, where does the money come from now? Liz Warren to the rescue with Rent Forgiveness Program? I smell another multi-trillion $$ bailout coming.
Steel prices are skyrocketing. Yacht club I belong to has a project on the books to replace wooden bull rails on our guest dock with 4×6 galvanized tubular steel. In January, we were quoted $28,550 for materials. We are ready to purchase, and a revised bid was almost $90k, plus the quote was valid for only 24 hours. Analysts at B of A belief this rise is temporary as steel production catches up to demand post pandemic. I wonder….
Yacht club again. We are unable to hire servers or bartenders on the books. Everyone wants to work for cash or Bit Coin. Prices for food are way up, our cost for prime cuts of beef is up almost 50%.
“It’s the economy, stupid!” will be the 2022 election theme. Dem’s are going to find it tough sledding with double digit inflation, an increasingly desperate homeless situation, rising crime rates and no Donald Trump to run against.
Xi Jinping is going to eat our lunch.
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BD, I share your sense of doom, but it’s just surreal with how the market is performing these days. There’s nowhere to go with cash other than equities or hard assets, and ammo is expensive these days!
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Sic transit gloria mundi (so shut up and get back to work)
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