2 ms·

> It won't be 2007-2008 bad It will be far worse since we're still in the unresolved credit bubble that created that crash. We never actually solved the core p

> It won't be 2007-2008 bad It will be far worse since we're still in the unresolved credit bubble that created that crash. We never actually solved the core problems that created that crisis. What we're seeing now is the beginning of what we have avoided for over a decade, and narrowly dodged during the pandemic, start to finally unravel. Is it just bias from such a long, fun ride that tech has had that make people unable to see this? Back in 2019 there were plenty of people deeply worried about our credit system and the fragility of our global economy. Our actions to avoid catastrophe in 2020 only allowed the issue to become worse. We've been living in a fantasy economy so long people have started to believe that nothing is real (just a few days ago there was a post claiming that "natural resources" don't exist and everything is fantasy). But a variety of factors are coming together that so that we'll see the revenge of reality. I don't think it's going to be pretty.

VirusNewbie 4y ago
Yet not one of the doomers can articulate how a financial meltdown will happen with cascading failures. 2008 was a feedback loop of house values falling which caused banks to fail which caused people to liquidate housing supply which lowered values. What happens this time?
- PheonixPharts 4y ago
  > What happens this time? Unless you're deep in the financial industry you couldn't have possibly known the details of what was coming in 2008 in 2007. However you easily could tell, if you were paying attention, that something wasn't right in 2007. Plenty of analysts and economists much smarter and more informed than me have been worried about the massive credit bubble we're in and the consequences of that popping. While I agree, it would be far more interesting to know exactly what is going to cause the system to snap, it doesn't mean that observations that something is deeply wrong and we are very likely in for a lot of trouble are invalid "doomerism". Additionally, what's your evidence that this will be less severe than 2008?

VirusNewbie 4y ago

Yet not one of the doomers can articulate how a financial meltdown will happen with cascading failures. 2008 was a feedback loop of house values falling which caused banks to fail which caused people to liquidate housing supply which lowered values. What happens this time?

PheonixPharts 4y ago
> What happens this time? Unless you're deep in the financial industry you couldn't have possibly known the details of what was coming in 2008 in 2007. However you easily could tell, if you were paying attention, that something wasn't right in 2007. Plenty of analysts and economists much smarter and more informed than me have been worried about the massive credit bubble we're in and the consequences of that popping. While I agree, it would be far more interesting to know exactly what is going to cause the system to snap, it doesn't mean that observations that something is deeply wrong and we are very likely in for a lot of trouble are invalid "doomerism". Additionally, what's your evidence that this will be less severe than 2008?