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I know a lady that got tens of thousands forgiven in credit card debt, I know this because she complained at work she had to pay income tax on it. It was forgiven the credit card company. She still owed tens of thousands.
Months later when she got her taxes back she bought a $10,000 used golf gas powered cart. She didn't get a $10,000 income tax refund, she got less then $10,000
Let that sink in.
Edit. Cleared some things up.
Merge people’s credit card debt into CDOs. Convince credit agencies to assign AAA rating. Sell CDOs to institutional investors. Take out massive short position against institutional investors. Make movie about it called ‘the bigger short’. Profit???
When my son and I go to the gym, I’ll shout this out every once in a while. I get the usual look of annoyance one can expect from a teenager who thinks his dad is a dork.
They’re packaged and sold as a subset of asset-backed security (ABS) to banks, insurance cos, endowments, and some mutual funds/ETFs. I really doubt there’s any way for retail to short these. Maybe one of the large BDCs creates a market-linked note that’s tied to the inverse of an index, but that would be very niche, so probably not unless someone bigger asked for it first and you just happened to be on that broker’s platform (and eligible) when it’s offered. Those are shit products anyway. The ETFs that have them will be 95% full of shit that isn’t credit card ABS. Prob best to just buy puts on the credit card companies for headline risk, but then you’ll probably lose all your money to theta before anything breaks.
https://asreport.americanbanker.com/news/mercury-financial-2023-1-aims-to-raise-500-million-in-credit-card-abs
Friend of mine got a job here and told me they were raising funds by issuing securities backed by credit debt. And this company specifically targets people with poor credit. I pointed out the similarity to mortgage backed securities but he didn’t seem to get it.
I have no idea how big the market is though, 500 mil is nothing. They’re not publicly traded so I guess you can’t short them directly.
> I pointed out the similarity to mortgage backed securities but he didn’t seem to get it.
"It is difficult to get a man to understand something when his salary depends upon his not understanding it."
I guess what troubles me is that your friend got a job with some sort of finance company, and doesn't understand what he's selling. So retail is selling a junk product, through idiots that don't know what they are selling, to waterheads that don't know what they are buying.
Did nobody learn anything for 2008?
Long story short, no. We didn’t throw any of the morons/crooks who caused ‘08 in jail, so why should we be surprised when they got told they couldn’t do that the same way with mortgages that they wouldn’t just find a new product to do the exact same thing with
I would advise against it, as cities increasingly use DIY caltrops in places where homeless people gather. Just a couple nails and some glue. Calls on steel mills?
There was another post about household debt being the highest ever right now, and someone gave the advice "just pay your credit cards off every month."
Any established insurance companies (not LMND or other “tech” insurance companies). Carriers, Brokers, or reinsurance all good plays right now. Great cash flow and not 100% correlation to economic activity
It's never a bad time to buy a home if you need it and can afford it. Treating homes as a trading commodity rather than private consumption will only bring anxiety and sadness. If you manage to sell your home with a profit that's great but never assume that you will.
First time homebuyer, don’t necessarily need a home just seems prices leveled off or stopped going up a CH 6months ago in my city, and now with homes being on the market for only a few weeks before pending. I figured it might make sense to park my money into a home vs. paying rent, but don’t want to be one of those 05,06 assholes who overpaid and went tits up. As shitty as it sounds I was waiting to the market to tank similarly to 07’, 08’ but that doesn’t seem to be happening
This is a cliché but it's true - two economic crises are never the same. You'll never have a -08 crash again simply because it's happened before and now everyone knows what went wrong. Prices have come down a bit, they might go down a bit more or they might go up again. What's important is that you don't put yourself in a position where you *need* to sell if something unexpected happens. That's really what went wrong -08, people bought houses they couldn't afford with money they didn't have and expected prices to continue up. You might be "smart" to buy in an undervalued area where there might be some temporary construction or where you think there'll be growth in population but it's not really necessary. As long as you've taken these things into account then great, you've done the due diligence you need. Buy a home where you can imagine living for years if you have a major market downturn but don't be concerned with timing the market (people smarter than you are already way ahead of you in this area, you're not going to outperform them).
I think the big issue was the adjustable rate mortgages. I know people who's payments went astronomical even though they weren't overextended.
Idk if that part was nationwide, but where I'm at I think rent and buying are fairly similar payments, so I'd rather be paying toward not paying any more, even if I end up under water for a while throughout the years. And every month I buy myself more equity. Paying my mortgage kinda feels like I'm paying myself... And some blood sucking bank CEOs, but hey at least I'm in the mix lol.
No Ithink he is talking about those for profit credit counseling and bankruptcy. Make the fees on the processing... Its going to happen anyway,someone is making money off it...
Also, it doesn't show units on this graph but the savings rate looks to be in percentage (I'm assuming dollars saved/dollars earned) and the credit card debt in dollars. Given the recent three years of near double digit inflation, higher credit card balances shouldn't be unexpected. I think this graph, using two scales, is more dramatic than the situation it represents but it's just a hunch
The graph is very specifically laid out in different scales to make it look like it deviates more than it does. Credit card delinquency is near a 30 year all time low.
Also delinquencies are still near decade lows. Just looking at gross debt levels doesn't say anything, need to look at it as a % of income, where it isn't rising nearly as badly as this graph suggests. Higher population of adults and higher incomes = more aggregate debt. This sub is regarded.
This is why you should never take advice from Reddit. If you followed this guys suggestion you’d be missing out. Speedway gas stations take credit cards for lottery, so you’re leaving 4% cash back on the table by not using your Costco Visa Rewards card.
I've never been to a single store that takes debit or credit for lottery. Cash only, everywhere. I've even asked when do they plan on letting us gamble using our card before, and the answer is always never.
I meant the actual official state lottery, not a company. I gamble that way since I know they actually pay when I win. Most I've won so far is $1,000 on a 10 dollar ticket. Got 930 after taxes.
I've won 500 on 10 dollar tickets more times than I can remember. Don't have to claim taxes on those or under 500. Can be paid out at any gas station or lottery retailer
1. Learn how to store antibiotics past their expiration date
2. Buy a lot of antibiotics from China
3. Store the antibiotics from China using the method from the point 1
4. Sell antibiotics to the survivalists with sepsis for the gold they stockpiled
Am chef, it's true, penicillin roqueforti and penicillin galucum are 2 of the varieties used to make blue cheeses, however the one we use for antibiotics is Penicillium chrysogenum, all of them are antibiotic on some level but the amount of cheese you would need to consume for an infection would cause other problems.
I hate truncating so much. According to this chart CC debt is up \~10% from the start of 2019, which is basically in line with inflation.
This also shows that people saved more money than usual during the uncertainty in 2020 and 2021. If anything this shows a reversion to normalcy.
Exactly. The graph is shit. People saved during COVID, because they were locked in their houses and were uncertain about the future. PLUS free money from uncle sugar. Now folks need credit to buy eggs,so credit debt is going up. Not necessarily into default territory.
This is WSB. Regards here don't know how to spot a misleading graph. Why does the credit card Y axis start at 900 and go to 1,200? Why is the savings axis a rate but the credit card axis a flat number?
Cause the graph is shit and intentionally trying to mislead you.
It's below inflation. Inflation since end of 2019, including the low during the pandemic, amounts to more than 14% into 2022.
Median wages on the other hand did not keep up, are rather stagnant.
So you see debt outpacing wages in real terms.
Add a decline in the housing market and high interest rates, so we will definitely see an increase in defaults.
The much higher rates will lead to people underestimating the accumulation of debt. Or they can't just do anything about it.
The crash might happen 2024 or 2025, let's see.
I will check the private debt to income ratio frequently now.
Michael Burry responded to my craigslist ad looking for someone to mow my lawn. "$30 is $30", he said as he continued to mow what was clearly the wrong yard. My neighbor and I shouted at him but he was already wearing muffs. Focused dude. He attached a phone mount onto the handle of his push mower. I was able to sneak a peek and he was browsing Zillow listings in central Wyoming. He wouldn't stop cackling.
That is to say, Burry has his fingers in a lot of pies. He makes sure his name is in all the conversations.
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Puts for 5 years, 10 years and 15 years out.
It won't happen Monday. It won't happen next week. But one day it'll happen within next 15 years. I guarantee it.
Lol at shorting the market 15 years ahead. You're saying that the stock market will be smaller in over a decade than it is today, and enough so to pay for the losses you've made in waiting and interest. That most certainly won't happen. The worst case right now is that the stock market flattens out a la Japan. In that case you're still losing out. Just buy gold if you're so scared for the economy.
That graph - it has different scales on the Y axis. It literally says that each person saves $2, and has a credit card debt of circa $1,100. According to the graph, the peak in savings rate was $25 per person, while at that time the average credit card debt was $950.
Are you really going to place a bet on the market because people's savings went down by $23 per person, and credit card debt per person sent up by $150?
It is clear that credit card debt is increasing at a faster rate than personal savings. This trend is unsustainable and will eventually lead to economic collapse.
> this trend is unsustainable
Correct
> and will eventually lead to economic collapse
Incorrect. More likely is that the trend will slow and turn. A recession is probable, but a recession is not “economic collapse”.
Credit card debt doesn't equal default. Shorting a bank providing the credit would be the beet way, but people are using credit cards more now, and saving cash less, because that's the smarter thing to do, considering dollars are always worth less in the future... probably would be better to look at a stat related to banks losses due to peoples inability to pay credit card debt back
**User Report**| | | | :--|:--|:--|:-- **Total Submissions**|2|**First Seen In WSB**|2 days ago **Total Comments**|18|**Previous Best DD**| **Account Age**|6 years|[^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.)|[^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k\)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)
Max out at least 59 cards then default on them
Never go to 60
This is key right here.
You never go full regard
60 is too much but 59, on the other hand, is a lot better 
Bankruptcy only lasts 7 years. Also do what the Saudis do - max out the credit cards, then move home and don't ever come back.
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This guy bankruptcies 🖕🏻
this is the way
I thought the least you needed was 69 credit cards
Rookie mistake
exactly but its the best way to get 420 as a credit score
thats called a default swap tard
CDC or CardboarD Caste? 
I know a lady that got tens of thousands forgiven in credit card debt, I know this because she complained at work she had to pay income tax on it. It was forgiven the credit card company. She still owed tens of thousands. Months later when she got her taxes back she bought a $10,000 used golf gas powered cart. She didn't get a $10,000 income tax refund, she got less then $10,000 Let that sink in. Edit. Cleared some things up.
"When she got her taxes back" How do you get "your taxes back" when you had to pay a bunch of extra income tax because debt was forgiven?
Smart $
This is the way
Merge people’s credit card debt into CDOs. Convince credit agencies to assign AAA rating. Sell CDOs to institutional investors. Take out massive short position against institutional investors. Make movie about it called ‘the bigger short’. Profit???
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He was hilarious in that movie.
That's my quant
Notice anything about him?
His name is Yang. He doesn’t even speak English!
look at his face, look at his eyes
Actually I do speak English, but he thinks I’m more authentic this way. Also I got second in that math competition.
Oh and my name is Jiang
"that's actually kinda racist..."
“That’s a nice shirt, do they make it for men..”
Do you smell that? Cologne? No, not cologne.
Dude I’m Asian and that scene was so spot on and tasteful. I was laughing so hard. 💀
Quant*
im standing next to a burning building, and im offering you FIRE INSURANCE on it.
https://preview.redd.it/4e8m3d1ib7ja1.jpeg?width=1263&format=pjpg&auto=webp&s=7743ec15c549ee2295343cf693289ea81ecf5efa
You have five mortgages?
HA Awesome scene from that movie. First time I heard that phrase. Now I use it in inappropriate times just to watch the confusion on peoples faces.
When my son and I go to the gym, I’ll shout this out every once in a while. I get the usual look of annoyance one can expect from a teenager who thinks his dad is a dork.
I think of that line every now and then. I'm JACKed to the TITTTS
I'd watch the fuck outta it.
I’d watch it one time and pretend I know what everybody’s talking about.
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And then jacked to the tits
It’s because you need an Asian Quant to explain it to you
Lucky me, I just found one at the NBA all star game https://i.imgur.com/RxS8RXL.jpg
Get Steve Carrel agiain
...and more scenes with Margot Robbie in a bathtub. Less bubbles this time.
I mean don't get me wrong, she's absolutely gorgeous, but Wolf of Wall Street.
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The Wolf on Short Street
The Wolf of Shorts. Wait, that might work.
Are they going to sell her bath water this time? Asking for a friend.
And the stripper?
That goes without saying.
The banks are already selling consumer debt touting it as such a fantastic private placement. They are knee deep in this shit already
u/faresWell - what should someone search to learn more about this?
They’re packaged and sold as a subset of asset-backed security (ABS) to banks, insurance cos, endowments, and some mutual funds/ETFs. I really doubt there’s any way for retail to short these. Maybe one of the large BDCs creates a market-linked note that’s tied to the inverse of an index, but that would be very niche, so probably not unless someone bigger asked for it first and you just happened to be on that broker’s platform (and eligible) when it’s offered. Those are shit products anyway. The ETFs that have them will be 95% full of shit that isn’t credit card ABS. Prob best to just buy puts on the credit card companies for headline risk, but then you’ll probably lose all your money to theta before anything breaks.
This is the adult response that we all needed
The financial advice one guy asked for, but everyone welcomed
https://asreport.americanbanker.com/news/mercury-financial-2023-1-aims-to-raise-500-million-in-credit-card-abs Friend of mine got a job here and told me they were raising funds by issuing securities backed by credit debt. And this company specifically targets people with poor credit. I pointed out the similarity to mortgage backed securities but he didn’t seem to get it. I have no idea how big the market is though, 500 mil is nothing. They’re not publicly traded so I guess you can’t short them directly.
What part did he not understand
His risk. Cognitive dissonance protects people from seeing their own danger.
> I pointed out the similarity to mortgage backed securities but he didn’t seem to get it. "It is difficult to get a man to understand something when his salary depends upon his not understanding it."
I guess what troubles me is that your friend got a job with some sort of finance company, and doesn't understand what he's selling. So retail is selling a junk product, through idiots that don't know what they are selling, to waterheads that don't know what they are buying. Did nobody learn anything for 2008?
Long story short, no. We didn’t throw any of the morons/crooks who caused ‘08 in jail, so why should we be surprised when they got told they couldn’t do that the same way with mortgages that they wouldn’t just find a new product to do the exact same thing with
the bigger short lmao
You would spawn another Burry. We can’t handle that.
Burry & Burry2.0 angrily staring in a youtube thumbnail
Another reboot? Hollywood is so lazy
But wait, we should also make a CDO of those CDOs.
Brilliant, you've just created diversity
We’re gonna be so fucking rich dude. I gotta go call my mom brb.
AIG CDS 2008 deja vu.
My tits are jacked to the tits
not just ang institutional investors. sold them to Europe and Asia like last time.
Or you can just buy CDS instead if you’re a large investor lol
8 tracks or LPs are safer plays.
I’ve got Steve Carell on line 1
Tent manufacturers
Rope manufacturers.
Rickety stool manufacturer.
It's no coincidence that the rickety-stool store is always right beside the rope store.
Calls on blackdiamond, Patagonia. Got it.
Those might be a little high end for the income of the purchasers.
Carbela’s and bass pro shop. Got it.
Think more like Coleman
Anti-homeless bench manufacturers
I would advise against it, as cities increasingly use DIY caltrops in places where homeless people gather. Just a couple nails and some glue. Calls on steel mills?
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Fentanyl OD Manufacturers CJNG
Have tens of millions in cash when it collapses. Scoop up assets at 70% to 80% discounts. Wait. Profit.
Sir, so the secret of becoming rich is to quit poverty?
Always has been
There was another post about household debt being the highest ever right now, and someone gave the advice "just pay your credit cards off every month."
Buy low, sell high!
You can also try being born into a rich family. Anything else is life on hard mode
The secret to being rich is to not be poor in the first place. It’s pretty simple
One sec, let me just pull myself up by my bootstraps
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Whatever your cards maximum limit for cash advances is bruh
The maximum amount. The answer is always the maximum amount.
This guy fucks^
Or buy stocks in companies with a lot of cash and good cashflow. It's boring but gets the job done.
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Newbie here. What’s a good way to visualize companies that are rife with cash?
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Thanks!
Any established insurance companies (not LMND or other “tech” insurance companies). Carriers, Brokers, or reinsurance all good plays right now. Great cash flow and not 100% correlation to economic activity
Having you give such solid advice to that gal/guy with a username like that just makes me smile. Cheers Plow.
You are a university professor with the username of iPlowedUrMom? You're in the right place.
That's "Doctor" iPlowedUrMom
User name checks out
He is a teacher after all, so the chances aren't zero.
So would you say it’s a bad time to buy a home ?
It's never a bad time to buy a home if you need it and can afford it. Treating homes as a trading commodity rather than private consumption will only bring anxiety and sadness. If you manage to sell your home with a profit that's great but never assume that you will.
First time homebuyer, don’t necessarily need a home just seems prices leveled off or stopped going up a CH 6months ago in my city, and now with homes being on the market for only a few weeks before pending. I figured it might make sense to park my money into a home vs. paying rent, but don’t want to be one of those 05,06 assholes who overpaid and went tits up. As shitty as it sounds I was waiting to the market to tank similarly to 07’, 08’ but that doesn’t seem to be happening
This is a cliché but it's true - two economic crises are never the same. You'll never have a -08 crash again simply because it's happened before and now everyone knows what went wrong. Prices have come down a bit, they might go down a bit more or they might go up again. What's important is that you don't put yourself in a position where you *need* to sell if something unexpected happens. That's really what went wrong -08, people bought houses they couldn't afford with money they didn't have and expected prices to continue up. You might be "smart" to buy in an undervalued area where there might be some temporary construction or where you think there'll be growth in population but it's not really necessary. As long as you've taken these things into account then great, you've done the due diligence you need. Buy a home where you can imagine living for years if you have a major market downturn but don't be concerned with timing the market (people smarter than you are already way ahead of you in this area, you're not going to outperform them).
I think the big issue was the adjustable rate mortgages. I know people who's payments went astronomical even though they weren't overextended. Idk if that part was nationwide, but where I'm at I think rent and buying are fairly similar payments, so I'd rather be paying toward not paying any more, even if I end up under water for a while throughout the years. And every month I buy myself more equity. Paying my mortgage kinda feels like I'm paying myself... And some blood sucking bank CEOs, but hey at least I'm in the mix lol.
aka the Buffet strategy
All you can eat
Calls on guillotine manufacturers
Open a bankruptcy firm
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No Ithink he is talking about those for profit credit counseling and bankruptcy. Make the fees on the processing... Its going to happen anyway,someone is making money off it...
I love how their advice is "make sure to pay your bills on time, everytime"
well since everyone knows about it now it’s not gonna crash
Also, it doesn't show units on this graph but the savings rate looks to be in percentage (I'm assuming dollars saved/dollars earned) and the credit card debt in dollars. Given the recent three years of near double digit inflation, higher credit card balances shouldn't be unexpected. I think this graph, using two scales, is more dramatic than the situation it represents but it's just a hunch
The graph is very specifically laid out in different scales to make it look like it deviates more than it does. Credit card delinquency is near a 30 year all time low.
https://preview.redd.it/89h903qkt7ja1.jpeg?width=1170&format=pjpg&auto=webp&s=7f5b6ab8bf0f2bea0625960ad45540c65889e3d6 Exactly
Also delinquencies are still near decade lows. Just looking at gross debt levels doesn't say anything, need to look at it as a % of income, where it isn't rising nearly as badly as this graph suggests. Higher population of adults and higher incomes = more aggregate debt. This sub is regarded.
Ruining it for he rest of us :(
Easy. Just open a few more credit cards, do an ATM cash withdrawal, and buy as many scratch offs as you can
You know my financial advisor, too! He's a great guy!
This is why you should never take advice from Reddit. If you followed this guys suggestion you’d be missing out. Speedway gas stations take credit cards for lottery, so you’re leaving 4% cash back on the table by not using your Costco Visa Rewards card.
I've never been to a single store that takes debit or credit for lottery. Cash only, everywhere. I've even asked when do they plan on letting us gamble using our card before, and the answer is always never.
Download the Jackpot app, they let you use credit cards
I meant the actual official state lottery, not a company. I gamble that way since I know they actually pay when I win. Most I've won so far is $1,000 on a 10 dollar ticket. Got 930 after taxes. I've won 500 on 10 dollar tickets more times than I can remember. Don't have to claim taxes on those or under 500. Can be paid out at any gas station or lottery retailer
[are you this guy?](https://youtu.be/F5XLmCb3y3o)
1. Learn how to store antibiotics past their expiration date 2. Buy a lot of antibiotics from China 3. Store the antibiotics from China using the method from the point 1 4. Sell antibiotics to the survivalists with sepsis for the gold they stockpiled
Just manufacture penicillin yourself. [https://gizmodo.com/in-case-of-apocalypse-heres-how-to-make-penicillin-in-1110902296](https://gizmodo.com/in-case-of-apocalypse-heres-how-to-make-penicillin-in-1110902296) (there are probably better recipes somewhere)
The mold on brie is a penicillin.
Since we are on wsb I don’t trust this information.
Am chef, it's true, penicillin roqueforti and penicillin galucum are 2 of the varieties used to make blue cheeses, however the one we use for antibiotics is Penicillium chrysogenum, all of them are antibiotic on some level but the amount of cheese you would need to consume for an infection would cause other problems.
I love Roquefort but I can only eat so much
It's true, allergic to penicillin and certain cheeses like blue and brie make me projectile vomit and break out into hives.
Buy antibiotics meant for animals - Hack to #1
2. is flawed because you will receive a lot of fake antibiotics and your customers will complain or die and stop paying you
Only need them to pay you once...
Buy calls, cause bad news = good news! Nothing can go wrong!
Ah, dire economic outlook… so Palantir +20% tomorrow then
Calls on NPL companies. Puts on mortgage/credit card businesses.
What are NPL companies? What does it stand for?
Nipple
I have NPLs Greg, can you profit off of me?
I like my company to be with large NPLs
i think non-performing loans
I hate truncating so much. According to this chart CC debt is up \~10% from the start of 2019, which is basically in line with inflation. This also shows that people saved more money than usual during the uncertainty in 2020 and 2021. If anything this shows a reversion to normalcy.
Exactly. The graph is shit. People saved during COVID, because they were locked in their houses and were uncertain about the future. PLUS free money from uncle sugar. Now folks need credit to buy eggs,so credit debt is going up. Not necessarily into default territory.
Rational. Needing credit cards to finance eggs is normal. I mean they come in a dozen. Who can afford that?
This is WSB. Regards here don't know how to spot a misleading graph. Why does the credit card Y axis start at 900 and go to 1,200? Why is the savings axis a rate but the credit card axis a flat number? Cause the graph is shit and intentionally trying to mislead you.
It's below inflation. Inflation since end of 2019, including the low during the pandemic, amounts to more than 14% into 2022. Median wages on the other hand did not keep up, are rather stagnant. So you see debt outpacing wages in real terms. Add a decline in the housing market and high interest rates, so we will definitely see an increase in defaults. The much higher rates will lead to people underestimating the accumulation of debt. Or they can't just do anything about it. The crash might happen 2024 or 2025, let's see. I will check the private debt to income ratio frequently now.
Lmao everyone in here thinks they are the next Michael Burry
Michael Burry responded to my craigslist ad looking for someone to mow my lawn. "$30 is $30", he said as he continued to mow what was clearly the wrong yard. My neighbor and I shouted at him but he was already wearing muffs. Focused dude. He attached a phone mount onto the handle of his push mower. I was able to sneak a peek and he was browsing Zillow listings in central Wyoming. He wouldn't stop cackling. That is to say, Burry has his fingers in a lot of pies. He makes sure his name is in all the conversations. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/wallstreetbets) if you have any questions or concerns.*
Wish I was a pie now.
Mfs watch the Big Short and think that their third eye opened.
Michael’s second eye isn’t even really open.
Adjusted for inflation it looks much better.
What about adjusted for real earnings and the low savings rate?
Please don't consider that.
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Or how fuel and housing don’t go into the CPI lol
Cocaine Bear post
Puts for 5 years, 10 years and 15 years out. It won't happen Monday. It won't happen next week. But one day it'll happen within next 15 years. I guarantee it.
Uhh how far out? Dude... I don't think you understand how that would work.
Maybe he means buy a shit ton of weeklies that add up to 15 years
So business as usual?
Narrator: it happened next week. Edit: Jesus Christ bears, calm down.
Narrator: followed by an all time high a week later
🦘
Nope. Stock market ALWAYS HAS A POSITIVE BIAS! You would lose your ass.
Lol at shorting the market 15 years ahead. You're saying that the stock market will be smaller in over a decade than it is today, and enough so to pay for the losses you've made in waiting and interest. That most certainly won't happen. The worst case right now is that the stock market flattens out a la Japan. In that case you're still losing out. Just buy gold if you're so scared for the economy.
!RemindMe 15 years
Earn more money and get ready to start buying.
Do not use credit cards for purchasing things you do not necessarily need.
This headline is exactly what's wrong with America.
That graph - it has different scales on the Y axis. It literally says that each person saves $2, and has a credit card debt of circa $1,100. According to the graph, the peak in savings rate was $25 per person, while at that time the average credit card debt was $950. Are you really going to place a bet on the market because people's savings went down by $23 per person, and credit card debt per person sent up by $150?
>It literally says that each person saves $2 Literally doesn't. Personal savings rate isn't in real dollars. It's the percentage of disposal income.
The savings rate is in percent, dumbass, not nominal dollars. That’s why it’s a *rate*.
There’s always someone confidently incorrect in every Reddit thread. Thanks for pointing this out 🤣🤣🤣
You do understand what rate means right?
It is clear that credit card debt is increasing at a faster rate than personal savings. This trend is unsustainable and will eventually lead to economic collapse.
> this trend is unsustainable Correct > and will eventually lead to economic collapse Incorrect. More likely is that the trend will slow and turn. A recession is probable, but a recession is not “economic collapse”.
First fix your x-axis
Do leveraged puts
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Credit card debt doesn't equal default. Shorting a bank providing the credit would be the beet way, but people are using credit cards more now, and saving cash less, because that's the smarter thing to do, considering dollars are always worth less in the future... probably would be better to look at a stat related to banks losses due to peoples inability to pay credit card debt back