by furysnakes
The US economy is fucked. Housing is slowly collapsing, rent price are also slowly declining. Goods and services are now extremely overpriced even when accounting for inflation.
I am a truck driver, and let me tell you how I see things from the road.
Before the pandamic and this huge rise in costs, loads were paying about 3 dollars a mile when diesel was 2-3 dollars a gallon (even 1-2 dollars in some places) During COVID, people were getting 4-5 dollars a miles per load, while diesel was still 2-3 dollars a gallon.
Now it’s about 2-3 dollars per mile, and diesel is 4-7 dollars.
Solo drivers used to dominate the road. Now, companies are specifically seeking team only operations (2 drivers in one truck) to order to offset the cost of the fuel and also the decline/stagnation in pay rate from brokers/shippers.
In some places in the country, truckers are barely getting enough money from the loads to cover basic expenses.
The market does what it wants , correct. But the collapse is coming, and it WILL NOT be a soft landing.
the Yellow Cab trucking company was the first big one to go under, and they were not the first and won’t be the last.
Smaller companies and owner operators have been getting wiped off the map for almost 2 years now. The last 2 people I worked for had to close down shop.
What does that mean for you?
Trucking is the only way everyone in the country can have access to goods AND services that use any kind of tools or materials. If we are losing money and work, it will soon translate into you and the companies you work for, going down the same path.
I believe real-estate,auto, entertainment, and all major stocks and the underlying are headed to the ground in slow motion now and eventually at mach 10
I am not by any means calling the TOP here, but I am screaming Wolf.
Nvidia NVDA, close to a 16% off sale, all the way down to 39x sales 🙂
*Everyone's favorite stock, the beloved Cisco CSCO reached 39x in the year 2000 and then lost 85%. pic.twitter.com/Sw7rEzm3Gz
— Lawrence McDonald (@Convertbond) August 12, 2023
Americans said on average they'd need a salary of roughly $233,000 a year to feel financially secure, per CNN.
This is more than triple what the Census Bureau says the average worker made in 2021.
— unusual_whales (@unusual_whales) August 12, 2023
Interesting facts about 1929 vs 2023.
1st market peak:
Sep 2 (1929) + 4 months =
Jan 2 (2022)2nd market peak:
Apr 15 (1929) + 4 months =
Aug 15 (2023)? 🧐 pic.twitter.com/piLTmEDgIc— Financelot (@FinanceLancelot) August 12, 2023