So the 2008 housing collapse was NOT caused by poor subprime borrowers, but rather, by a speculative mania.
So glad we didn't do that again, otherwise we might be in huge trouble pic.twitter.com/1FxS7YWaMS
— Darth Powell 🦈🇺🇲🇺🇦🇵🇱🇫🇮 (@GRomePow) March 14, 2024
The echoes of the 2008 housing collapse reverberate as we navigate the perilous waters of speculative mania once again. Contrary to popular belief, it wasn’t poor subprime borrowers who caused the crisis but a frenzy of speculation that threatened to topple the economy.
As housing costs spiral out of control, squeezing budgets and enriching landlords while leaving the rest struggling to make ends meet, the harsh reality sets in: the American dream is slipping further out of reach.
In a city like NYC, once a beacon of opportunity, the exorbitant cost of living is driving even the most accomplished individuals to reconsider their choices. Tales of financial professionals losing money simply by virtue of their location paint a stark picture of the housing affordability crisis gripping the nation.
According to Bloomberg, housing affordability has hit its lowest point on record, requiring drastic measures to restore balance. Yet, with inflation on the rise and unemployment looming, the prospect of stagflation looms large, threatening to exacerbate an already dire situation.
In this climate of uncertainty, the American dream hangs in the balance as millions of migrants replace lower-end workers, driving wages down and further fueling the divide between the haves and the have-nots.
NYC just isn't worth it anymore.
I heard a story last night about a guy who works at a large financial institution and is losing money by working in finance in NYC.
He has an MBA from a top 3 school, he’s a military veteran and an ‘A’ player.
Here is the breakdown: 👇… pic.twitter.com/8kQoBKVQOu
— Scott L (@IamScottlarson) March 15, 2024
Housing affordability is the worst on record, per Bloomberg.
— unusual_whales (@unusual_whales) March 15, 2024
Inflation has been mildly re-accelerating over the past several months on a month-over-month basis, and if it persists like this, it would start to result in headline year-over-year inflation going up again. pic.twitter.com/w9hwRULz9i
— Lyn Alden (@LynAldenContact) March 15, 2024