The recessions already here

[billy the kid]

The talking heads are babbling about the possibility of a recession....the government is telling us
everythings fine.....blah blah blah....

Folks..... the recessions already here......that's why theyre cutting rates...…...

A mate of the family has recently told us that a friend of his who is a group buyer for Pickles Motor
Auctions in recent years would buy about 150 cars per month....now he's flat out buying 40....
No-ones buying new cars...no ones buying second hand cars....
Another mate tells me that his mate who is in the Stihl power tools business is telling him
that his turnover is down 30%...no-one wants a lawnmower...no-one wants a whipper snipper.....
People arent spending their money..they are up to their bottom lip in debt....and they cant
cope...hence all the domestic violence, crime and road rage etc....social unrest over flowing.....
People will still go out and buy a hot dog or a big mac....cos theyre cheap....
And yet the bureacrats will still lie to us......

Believe what you want to believe.....

[Neferti]

Rubbish. Some people are over-extended and use the credit card for "stuff". Your income should at least cover general costs. If not, you are living above your means .... that means trouble.

I don't need "stuff" and when I get the urge to reduce my Bank balance, I do it online, use the CC and then transfer the cost immediately, thus avoiding Bank charges.

However, that is just ME. Everybody is different.

[billy the kid]

So what part of my post is rubbish....

[Black Orchid]

[Neferti]

So what part of my post is rubbish....

The bit about people trying to keep up with the Jones' ... too much pressure on families to be "middle class" ... BIG HOUSE, latest car (by 2) ... it is ridiculous that young people feel the need to over-extend themselves to be accepted at the local Woollies.

[billy the kid]

So what part of my post is rubbish....

The bit about people trying to keep up with the Jones' ... too much pressure on families to be "middle class" ... BIG HOUSE, latest car (by 2) ... it is ridiculous that young people feel the need to over-extend themselves to be accepted at the local Woollies.

I dont thinking I mentioned anything about people keeping up with the Jones' or young people being over extended....
Nor did I mention anything about a big house or the latest car (by 2)....

Im saying overall that people cant cope full stop....they have no money full stop....they cant upgrade the old car because
even though it may have done 200,000k....they CANT afford it.....they cant even afford a whipper snipper.....
Thats not keeping up with the Jones....thats simply an inability to SURVIVE.......
People once bought a car on finance because they could now afford the vehicle due to a reduction in the interest
rates they were being charged for the purchase....before the reduction, they couldnt afford it...now they can....
BUT NOW the purchases are drying up completely....car sales are the most accurate way to gauge the economy of a country.....
Even with the most recent reductions in rates, they STILL cant afford it.......
WE ARE IN A RECESSION..........
A mate of mine who once visited the USA told me that the people over there if they couldnt afford a house or a unit, they would splurge all their money on beautiful motor vehicles....thats how it was....
Nowadays....show me the Australians that are splurging their money on motor vehicles....see the contrast....\
WE have no money…….
NO....instead they are buying hot dogs and big macs....a nite out on the piss costs them a hundred bucks...
People have no money....everything is way too expensive.....
You may be thrifty...I may be also....but many people arent......
They are all on struggle street....and its a dead end street.........

[billy the kid]

theeconomiccollapseblog.com/archives/middle-class-death-spiral-consumers-have-never-been-in-more-debt-and-bankruptcies-are-surging

Who doesnt get paid when someone declares bankruptcy....
Creditors.....
Back in the day...we had an account with the butcher, the baker, Mitre Ten...Bunnings...the paper shop for our
daily newspaper delivery...maybe even an account at the green grocers shop....
I remember paying my first television and my first lounge suite off through Waltons...a finance company...
I paid all my bills at the end of the week....
What happens today......
Everything we buy is either through eftpos or its put on a credit card and we attempt to pay the balance
at the end of the month...failing that..we just pay the minimum....
Who doesnt get paid if bankruptcy is declared....
THE BANKS..
The banks are now substituting for Waltons, the butcher, the baker...etc...
If any of us go bankrupt...the bank doesnt get paid...
What happens if the banks dont get paid.....
THEY FAIL......
What happens then...
A bank bail in could occur....and depositors funds are raided.....
Keep an eye on Australian bankruptcies...
But then again if someone wants to enter into a Part 10 agreement and offer his creditors say
30c in the dollar...the bank will get something...
I see the grubberment has announced that pensioners will be getting another dollar per day...
Helicopter money in an attempt to prop up the economy....
The talking heads havent twigged yet that this is helicopter money....
Just like the basic wage increase recently and the amendment to the deeming rate for pensioners....
Helicopter money in a recession where interest rates are heading to zero or lower.........

[Bobby]

Total Govt. debt is nearly $1 trillion.


https://australiandebtclock.com.au

[billy the kid]

AND Australian Banks hold 45 trillion in derivatives...about a fifth of the US at 217 trillion …….
Big numbers aren't they......

[Bobby]

AND Australian Banks hold 45 trillion in derivatives...about a fifth of the US at 217 trillion …….
Big numbers aren't they......

That's scary.
Where is the economic modelling to show
that our Govts and banks have made sensible decisions?