Ripped From The Headlines, November 18, 2022
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“US Existing-Home Sales Fall for a Record Ninth Straight Month”
“Sales of previously owned US homes fell for a record ninth straight month in October as a steep climb in mortgage rates continues to pummel the housing market.
Contract closings decreased 5.9% to an annualized pace of 4.43 million last month, the slowest since May 2020, according to data from the National Association of Realtors on Friday.
Home sales have fallen every month since February, marking the longest string of declines in data back to 1999. The Federal Reserve’s efforts to combat inflation through interest rates have fueled a rapid run-up in borrowing costs, crushing demand and pushing homeownership out of reach for many families.”
“Rail strike threat escalates as third union rejects deal”
“The International Brotherhood of Boilermakers (IBB) announced Monday its members voted against ratifying a tentative agreement with the major freight railroads, making IBB the third labor group to turn down the deal brokered by the Biden administration and upping the chances of a nationwide strike.”
“Oaktree’s Marks Sees ‘Great Bargains’ Coming as Recession Looms”
“Oaktree Capital Group LLC co-founder Howard Marks is gearing up for one of the best buying opportunities since the global financial crisis as higher interest rates and a looming recession push more companies into distress.
Marks predicts US inflation has likely peaked, and expects rates to stay near the 5% mark in the next 5 to 10 years. An accompanying shift in consumer appetite alongside higher borrowing costs will lead to “significant distress” at many companies, he said.
‘A year ago the outlook was considered flawless and I think we’re going to reach a point where they consider it hopeless,” he said of investors. “And that’s when you get the big buys. That’s when you get to be a buyer of assets cheap and a maker of loans at high yields with safety.’”
What a week, Ripped From The Headlines. Things To Ponder:
Home sales… falling.
That’s historically been a leading indicator…
Of bad stuff happening.
Salaries don’t increase + increased lending costs + inflation = Rough 2023.
The rail strike news is back too…
That’s REALLY bad. If the rail groups can’t agree on terms and they go on strike, pretty much everything stops.
That ain’t good either.
Ah yes, Howard Marks at Oaktree Capital showing you how the game is played:
“A year ago the outlook was considered flawless and I think we’re going to reach a point where they consider it hopeless,” he said of investors. “And that’s when you get the big buys. That’s when you get to be a buyer of assets cheap and a maker of loans at high yields with safety.”
What do you think Howard knew?
What does this mean?
Things going back to normal is next to impossible at this point.
Sometimes, you just have to say it.
In a recent call with someone who invests in companies, we had this conversation.
Having never talked with this person before, they came to the same exact conclusion we did when we posed the question about what will happen with the economy.
This won’t be like before, when one sector of the economy tanked…
What happens when nearly ALL sectors of the economy tank?
Nothing good.
Why should I care?
There’s so much to unpack…
Your wealth…
Your legacy…
Anything you plan to leave for future generations…
Getting the basics to live…
All of these things are teetering on the edge.
You should REALLY care.
What should I do?
Take a moment… right now if you can… to take inventory of what you’re seeing in this newsletter each day.
Have you ever seen a time quite like this?
Ok good, you’re paying attention.
That’s the point.
If you’re not paying attention, and trapped in the hustle and bustle of a busy world (with a ton of useless stuff, by the way), this stuff will come up on you like a thief in the night.
You need to take the time to prepare as best you can for a time where good supplies, strong communities, and strong connections are the difference between surviving and thriving, or being in bad shape.
GET MOVING ASAP.
Also, please share what you get from this newsletter.
It’s OK if you don’t understand it all.
Tell them to ask us.
Your future, and theirs, depends on it.
James Wesley, Rawles, publisher of SurvivalBlog.com has put together a “bookshelf” list of key things you should have. CLICK HERE to access the list.
Plus a recap of the 50 things you should have handy to barter.
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Ripped From The Headlines is your daily digest of what’s happening in the world. We help you to understand what it means, why you should care, and what you should do.
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