And if you want some idea of where the next economic bubble-popping may occur, check out real estate not so much in Boston, Seattle, New York, San Francisco et al. Check out Australia, home to the homey kangaroo and a lot of fuck-you-all speculators with their gaggles of wannabes lined up around the block.
“I’m surprised there isn’t a lot more, not rioting in the streets, but close to it,” he says....
Figures prepared for Guardian Australia by BIS Oxford Economics
show the Sydney housing market is as unaffordable as any time over the
past 26 years. As of December 2016, 42% of the average disposable income
of a New South Wales household was swallowed up by monthly mortgage
payments on a median-priced house in the capital – after a 25% deposit.
It was the same in 2008, still the highwater mark of housing unaffordability in all but one Australian capital.
But not to worry. There is no linkage with declining U.S. auto sales:
US car sales from some of the industry’s largest producers declined faster than expected in April, underscoring fears over the speed of cooling in the market and the broader economic outlook for the US.[Financial Times].
As long as someone is making money, everything's OK, right? As long as those who never dripped a drop of sweat can bring home the bacon ... hey, the "economy" is OK, right? As long as someone -- but not me -- is getting fucked, things are OK, right?
It seems suspicious to me that you can go to school to major in and acquire degrees on the subject of don't spend more than you earn.
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