4 ms·

Seems like everything is hitting all-time highs. Housing prices, stock market, bitcoin. If you have a lot of assets, it's honestly the best time. Especially if

by disown 6y ago

Seems like everything is hitting all-time highs. Housing prices, stock market, bitcoin. If you have a lot of assets, it's honestly the best time. Especially if you owned a lot of tech stocks the past decade. If covid and the worldwide economic disruption can't put a dent in asset prices, then what will happen when the pandemic passes and the economy recovers in the next few years? I used to laugh when people said bezos or elon might be the first trillionaire in a few years, but now I think it's possible. Just have to cross your fingers and hope the good times continue.

rvense 6y ago
> Just have to cross your fingers and hope the good times continue. If you've got time for it between working two jobs and driving Uber to make rent, of course.
milkytron 6y ago
> If covid and the worldwide economic disruption can't put a dent in asset prices, then what will happen when the pandemic passes and the economy recovers in the next few years? Pure speculation, and I am not an economist, but I'd imagine that those with wealth will acquire more wealth. And those without wealth will encounter more difficult means to acquiring wealth. The last time the housing market crashed, investors bought a lot of the single family homes to use as wealth storage and rent them out. If housing prices go down or stabilize (we'll see what happens after forbearance periods), this will most certainly happen again, consolidating more wealth to the top while market rates for rent steadily climb. Housing shortages are high, and growing in the US. Other assets like stocks will likely increase as they have done, but entering into this market will be more difficult as consumers are spending more of their income on necessities (shelter, cars in the US, etc). All of which are becoming more expensive, and funnily enough, these assets aren't included in the Consumer Price Index, which is meant to measure inflation. Basically, I just see this as expediting wealth consolidation. Times will be more difficult for a lot of people for a long time. Strong cultural shifts and policy changes will likely be needed to avoid furthering the divide of the wealth gap. Neither of which is easy.
- moistly 6y ago
  > Housing shortages are high, and growing in the US. “Based on currently available numbers, there are about 31 vacant housing units for every homeless person in the U.S.” https://checkyourfact.com/2019/12/24/fact-check-633000-homeless-million-vacant-homes/ https://checkyourfact.com/2019/12/24/fact-check-633000-homel...

by disown 6y ago

rvense 6y ago

> Just have to cross your fingers and hope the good times continue. If you've got time for it between working two jobs and driving Uber to make rent, of course.

milkytron 6y ago

> If covid and the worldwide economic disruption can't put a dent in asset prices, then what will happen when the pandemic passes and the economy recovers in the next few years? Pure speculation, and I am not an economist, but I'd imagine that those with wealth will acquire more wealth. And those without wealth will encounter more difficult means to acquiring wealth. The last time the housing market crashed, investors bought a lot of the single family homes to use as wealth storage and rent them out. If housing prices go down or stabilize (we'll see what happens after forbearance periods), this will most certainly happen again, consolidating more wealth to the top while market rates for rent steadily climb. Housing shortages are high, and growing in the US. Other assets like stocks will likely increase as they have done, but entering into this market will be more difficult as consumers are spending more of their income on necessities (shelter, cars in the US, etc). All of which are becoming more expensive, and funnily enough, these assets aren't included in the Consumer Price Index, which is meant to measure inflation. Basically, I just see this as expediting wealth consolidation. Times will be more difficult for a lot of people for a long time. Strong cultural shifts and policy changes will likely be needed to avoid furthering the divide of the wealth gap. Neither of which is easy.

moistly 6y ago
> Housing shortages are high, and growing in the US. “Based on currently available numbers, there are about 31 vacant housing units for every homeless person in the U.S.” https://checkyourfact.com/2019/12/24/fact-check-633000-homeless-million-vacant-homes/ https://checkyourfact.com/2019/12/24/fact-check-633000-homel...