RE:RE:Some Words of Wisdomjx7000 wrote: Experienced wrote: Saw this today and figured I would pass it on.
Food for thought from somebody who has been around a long time and is successful
https://www.youtube.com/watch?v=v5UCmsXpngA
Comments as usual are most welcome for the benefit of all.
Saw that a few days ago. Boy did he hit a bunch of nails on the head (the guy's 98-years old). I remember those days of high inflation and double-digit mortgage rates in the mid teens. It did take a long time to correct the economic mess.
I've always equated recessions with high unemployment, downsizing, zero-wage increases, etc. I remember the signs, "Will Work for Food".
I bought 12% Canada Savings bonds for a six- or seven-year term as I recall--that was the only good thing about that time. But today... " when Charlie says (at 1:16), _"You may wish you had a Volcker-style recession instead of what you're going to get..."_ that's pretty scary. I don't know what to expect or do. I have no debts of any kind and some decent savings built up in my accounts so maybe that''' keeps going until the grim reaper calls ;-(
Yep
If you have been following my posts on the subject, this is exactly what I have been saying/predicting.
Things have been left so long that the pressure building for a correction keeps getting bigger and more powerful.
The thing Charlie mentioned over and over and something that frankly I haven't been focussing on as much as I should is the potential political ramifications of all this. His repeated references to Hitler following the collapse of the Weimar Empire is downright scary as well.
When you look at what is happening especially in the US with the Woke movement and focus on racial/identity politics and Critical Race Theory it smells a lot like pre Hitler Germany (curiously recently in the US the Democrats have been calling the Republicans facists so this thinking has already begun). And if you add in for dessert Putin's aspirations to rebuild the Russian Empire and what is going on in China it becomes scarier still.
None of this bodes well for the stock market.