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And so it begins……Car Repossessions Are Up 11 Percent Compared to 2020

ChargerChallenger

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#1

Paladin06

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Stormtrooper1320

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A recession is just weeks away if not already upon us. Let's go Brandon.
Yep......that's why I'm waiting on the purchase of the truck to build my excursion vehicle.

Let the dealers start sitting on trucks.
 


OP
ChargerChallenger

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Thread Starter #4
Interestingly yesterday I was getting my F-450 new Michelin front tires hate those crap Continentals and my Ranger serviced. Talked to the sales guys they claim 6 months before the shit hits the fan they are already preparing so they say. Car sales are half to a third of what they used to sell. But everyone’s paying premium so they are still making great money. And damn have to truly say if people start snubbing there noses to the high priced vehicles than what happens? Interesting Times ahead and whoever has Cash will be King for a day or so😎
 


Stormtrooper1320

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Interestingly yesterday I was getting my F-450 new Michelin front tires hate those crap Continentals and my Ranger serviced. Talked to the sales guys they claim 6 months before the shit hits the fan they are already preparing so they say. Car sales are half to a third of what they used to sell. But everyone’s paying premium so they are still making great money. And damn have to truly say if people start snubbing there noses to the high priced vehicles than what happens? Interesting Times ahead and whoever has Cash will be King for a day or so😎
Ok....I like what you're doing to the F450....now I need you to get this front bumper and a nice Warn 16k winch.

https://www.aluminess.com/ford/ford-trucks-2017-current-front-winch-bumper/

That way it's 2 less things I'll have to do when you trade it in :ROFLMAO::ROFLMAO:
 


OP
ChargerChallenger

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Thread Starter #6
Installing a 90 gallon fuel tank 😎
5AAE3B69-26DB-4A35-859D-4D87607128BB.jpeg
 


Stormtrooper1320

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#7
OP
ChargerChallenger

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Thread Starter #8
interesting article and I even question people at my local Costco in Va. imo the foot traffic has disappeared but yet the employees say no it’s all great. Car dealers the sales guys say yeh it’s less foot traffic but we make sane amount of money…..uh huh the truths shall prevail. Meanwhile the Top salesman at my Ford dealer asked for financial help 6 weeks ago and told me he was to ashamed to ask anyone besides me to help him..he still can’t pay me back and a guy who makes $150-$200k a year 20 years in the business.
Costco CEO: A Lot of People Are Experiencing a Recession Right Now and ‘Just Trying to Survive’
Costco CEO Craig Jelinek has warned that although the middle class is doing OK financially, people with less discretionary spending are having a difficult time in the current economy.

In a July 11 interview for CNBC’s “Squawk on the Street” program, Jelinek said that while overall “the consumer is not doing bad,” and the unemployment rate is down significantly, many are struggling with sky-high gas prices and the cost of living steadily rising.

“For a lot of people, right now, they are in a recession because they’re just trying to survive with just buying gas and making their house payments, rent payments,” Jelinek said.

However, the CEO noted that people from higher-income households still have “discretionary income to buy goods,” adding that Costco’s member base is generally middle to upper-middle class households.

“You don’t know what’s going to happen three months from now. Interest rates have gone down … but right at the moment, we think things aren’t so bad,” Jelinek added.

Jelinek’s comments come as President Joe Biden’s administration continues to downplay the possibility of a recession in the United States.

In June, Treasury Secretary Janet Yellen said that while she expects the economy to slow down, she does not believe a recession is “inevitable.”

Biden himself has repeated those claims, telling The Associated Press in June that the United States is “in a stronger position than any nation in the world to overcome this inflation.”

Economy Is ‘Very Strong’
On July 10, Commerce Secretary Gina Raimondo doubled down on those claims, telling ABC’s “This Week” that the U.S. economy is fundamentally “very strong” and that she doesn’t see any reason to think there will be a serious recession.

Raimondo pointed to job recovery after the COVID-19 pandemic, strong household balance sheets, and companies hiring and thriving as reasons for the lack of possibility of an economic downturn.

But other experts disagree.

Economists at Deutsche Bank and Morgan Stanley are among those forecasting a recession in the not-too-distant future.

Analysts at Wells Fargo & Company have also noted that “storm clouds are gathering around the broader U.S. economy,” while forecasting that a recession could take place by the end of 2022 and the start of 2023.
 


1971demon

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interesting article and I even question people at my local Costco in Va. imo the foot traffic has disappeared but yet the employees say no it’s all great. Car dealers the sales guys say yeh it’s less foot traffic but we make sane amount of money…..uh huh the truths shall prevail. Meanwhile the Top salesman at my Ford dealer asked for financial help 6 weeks ago and told me he was to ashamed to ask anyone besides me to help him..he still can’t pay me back and a guy who makes $150-$200k a year 20 years in the business.
Costco CEO: A Lot of People Are Experiencing a Recession Right Now and ‘Just Trying to Survive’
Costco CEO Craig Jelinek has warned that although the middle class is doing OK financially, people with less discretionary spending are having a difficult time in the current economy.

In a July 11 interview for CNBC’s “Squawk on the Street” program, Jelinek said that while overall “the consumer is not doing bad,” and the unemployment rate is down significantly, many are struggling with sky-high gas prices and the cost of living steadily rising.

“For a lot of people, right now, they are in a recession because they’re just trying to survive with just buying gas and making their house payments, rent payments,” Jelinek said.

However, the CEO noted that people from higher-income households still have “discretionary income to buy goods,” adding that Costco’s member base is generally middle to upper-middle class households.

“You don’t know what’s going to happen three months from now. Interest rates have gone down … but right at the moment, we think things aren’t so bad,” Jelinek added.

Jelinek’s comments come as President Joe Biden’s administration continues to downplay the possibility of a recession in the United States.

In June, Treasury Secretary Janet Yellen said that while she expects the economy to slow down, she does not believe a recession is “inevitable.”

Biden himself has repeated those claims, telling The Associated Press in June that the United States is “in a stronger position than any nation in the world to overcome this inflation.”

Economy Is ‘Very Strong’
On July 10, Commerce Secretary Gina Raimondo doubled down on those claims, telling ABC’s “This Week” that the U.S. economy is fundamentally “very strong” and that she doesn’t see any reason to think there will be a serious recession.

Raimondo pointed to job recovery after the COVID-19 pandemic, strong household balance sheets, and companies hiring and thriving as reasons for the lack of possibility of an economic downturn.

But other experts disagree.

Economists at Deutsche Bank and Morgan Stanley are among those forecasting a recession in the not-too-distant future.

Analysts at Wells Fargo & Company have also noted that “storm clouds are gathering around the broader U.S. economy,” while forecasting that a recession could take place by the end of 2022 and the start of 2023.
CC...if someone's knockin down 200k a year...and he's borrowin money..he's got an issue...drugs/gambling/drinking...not many average people cant manage on 200 large...
 


OP
ChargerChallenger

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Thread Starter #10
CC...if someone's knockin down 200k a year...and he's borrowin money..he's got an issue...drugs/gambling/drinking...not many average people cant manage on 200 large...
You’d be surprised……the Tech kids right out of College are pulling $150-200k. And in the Washington Dc area that’s nothing to brag about. 100k is barely middle class money in my neck of the woods. I mean does anyone here remember during te pandemic people sitting at home and buying stiuff all day long. Yes the spending way too much money buying way too many things is catching up that’s the real story. And the person making 100K ain’t making 100k anymore do to inflation. The 100K is now like 80k and the 200k is like 160k due to all the inflation. Also all the sit at home folks who are now having to commute again just took a possible 10k-20k hit on transportation expenses. Tons of people sitting at home saved a ton of money no longer commuting. I hear story after story of people who commute with not very efficient vehicles bitch about how they spend $30-$60 one day commuting not including tolls nor parking. Than add lunch and or breakfast a person can be spending in my neck of the woods close to $100 a day. Uh huh you think I’m making this stuff up…..most federal employees in my area commute 100 plus miles a day and then pay to,park downtown. Tolls in itself are $20-$30 and even more during heavy rush hour. The running joke is a person with a kid or two that drops them off to day care is basically just going to work to pay for day care.
 


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1971demon

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#11
You’d be surprised……the Tech kids right out of College are pulling $150-200k. And in the Washington Dc area that’s nothing to brag about. 100k is barely middle class money in my neck of the woods. I mean does anyone here remember during te pandemic people sitting at home and buying stiuff all day long. Yes the spending way too much money buying way too many things is catching up that’s the real story. And the person making 100K ain’t making 100k anymore do to inflation. The 100K is now like 80k and the 200k is like 160k due to all the inflation. Also all the sit at home folks who are now having to commute again just took a possible 10k-20k hit on transportation expenses. Tons of people sitting at home saved a ton of money no longer commuting. I hear story after story of people who commute with not very efficient vehicles bitch about how they spend $30-$60 one day commuting not including tolls nor parking. Than add lunch and or breakfast a person can be spending in my neck of the woods close to $100 a day. Uh huh you think I’m making this stuff up…..most federal employees in my area commute 100 plus miles a day and then pay to,park downtown. Tolls in itself are $20-$30 and even more during heavy rush hour. The running joke is a person with a kid or two that drops them off to day care is basically just going to work to pay for day care.
Well that's a pretty lofty neck of the woods....Hunter lives in the woods..and he survives on roots berries..and a cauldron of critters....I just find it hard to believe 200..which nets you what maybe 140...that's still almost 3g's a wk..(and most families have 2 incomes)...which may bump household income to 3500/4000 a wk...unless you have six kids..I find it hard to believe that kinda revenue should present a struggle...Hell...I live on 62.5 a year...and I don't live in the woods ;););)
 


OP
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Thread Starter #12
Well that's a pretty lofty neck of the woods....Hunter lives in the woods..and he survives on roots berries..and a cauldron of critters....I just find it hard to believe 200..which nets you what maybe 140...that's still almost 3g's a wk..(and most families have 2 incomes)...which may bump household income to 3500/4000 a wk...unless you have six kids..I find it hard to believe that kinda revenue should present a struggle...Hell...I live on 62.5 a year...and I don't live in the woods ;););)
Uh huh Loudoun County Va richest median income area in the Country and that where I live. You’d be amazed how many people are not doing so great and your a poor man in my neck of the woods making 100k. People have lost over 30 percent in the markets and it ain’t over it’s gonna be a 20k
Market by the end of the year. I hear a lot of stories of retirees that we’re making 100-200k off their stock portfolios and uh huh yeh that’s all dried up. My mother in law is confiding in me she’s now struggling with her pension to pay the bills😳. Her late husband left her a very nice portfolio in the markets and made a lot of money in the markets for over 6-7-8 years bits that all gone now and she’s relying now on just her pension without touching the portfolio. Interesting Times upon us and as always those you think have the money don’t and those you don’t think have any money have it. Damn this is hitting to close to home😂
 


1971demon

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Uh huh Loudoun County Va richest median income area in the Country and that where I live. You’d be amazed how many people are not doing so great and your a poor man in my neck of the woods making 100k. People have lost over 30 percent in the markets and it ain’t over it’s gonna be a 20k
Market by the end of the year. I hear a lot of stories of retirees that we’re making 100-200k off their stock portfolios and uh huh yeh that’s all dried up. My mother in law is confiding in me she’s now struggling with her pension to pay the bills😳. Her late husband left her a very nice portfolio in the markets and made a lot of money in the markets for over 6-7-8 years bits that all gone now and she’s relying now on just her pension without touching the portfolio. Interesting Times upon us and as always those you think have the money don’t and those you don’t think have any money have it. Damn this is hitting to close to home😂
Well that doesn't sound encouraging by any stretch,,,I'm just thankful I have 100% equity in all my real estate....taxes in WNY are high...but manageable...cost of living has escalated like everywhere else..but again manageable..no children at home...my wife and I still work (and get SS)..my business has performed well all through Covid...I can honestly say financially the past ten years have been my most productive...what tomorrow holds..is anybody's guess...I'm just glad I carry no debt in these times...
 


1971demon

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Well that doesn't sound encouraging by any stretch,,,I'm just thankful I have 100% equity in all my real estate....taxes in WNY are high...but manageable...cost of living has escalated like everywhere else..but again manageable..no children at home...my wife and I still work (and get SS)..my business has performed well all through Covid...I can honestly say financially the past ten years have been my most productive...what tomorrow holds..is anybody's guess...I'm just glad I carry no debt in these times...
My Grandfather came to this country as an Italian immigrant @ the age of 13...as a functional illiterate...he died a very wealthy man..he always told me...you can never borrow your way to prosperity..stay liquid..and have cash on hand..money can be made when times are bad if you have cash..and save 10% of every dollar you make...religiously..for a man with a less than 4th grade education..he had vision..he lived to be 97..I was very close to him..he taught me well...
 


mopar madness

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CC...if someone's knockin down 200k a year...and he's borrowin money..he's got an issue...drugs/gambling/drinking...not many average people cant manage on 200 large...
🤣🤣🤣 I resemble that remark
 


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If you can’t manage your finances, it doesn’t matter if you make $50k or $200k. Borrowing money is a valuable tool to build wealth and the usually the smart choice when rates are super low but if you can’t do basic math and you’re living beyond your means, well it’s going to catch up to you at some point.

Same with the stock market. Investing is all risk based and people choose how to do so based on their level of risk tolerance. If you’re in a position where you rely on your investments for income, then you should be managing your risk properly.

Don’t get me wrong, inflation definitely sucks and I understand when someone loses a job or some life changing event happens that is out of their control. And I feel for those people but that isn’t the average American. The average American has just chosen to not be fiscally responsible.
 


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When I sit down with my financial advisor, it usually involves me yelling SPLIT THE JACKS!!!! SPLIT THE JACKS!!!!! at some point during our meeting.

1658259871325.png


It doesn't always end well.....but hey....them's the breaks sometimes.
 


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#18
CC...if someone's knockin down 200k a year...and he's borrowin money..he's got an issue...drugs/gambling/drinking...not many average people cant manage on 200 large...
Fuck.
I'd be in heaven.......
 


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When I sit down with my financial advisor, it usually involves me yelling SPLIT THE JACKS!!!! SPLIT THE JACKS!!!!! at some point during our meeting.

View attachment 76173


It doesn't always end well.....but hey....them's the breaks sometimes.
Dont get me wrong, I’ve been known to double down on a hard 12 before…
 




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