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Inflation sucks bruh: JPow's Jihad


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Well fuck, I'm in a rent controlled apartment and the annual increase is pegged to inflation. So could be like a 6% increase come September. In the past has been around 2-3%. They also do a cap but I'm not sure how low they'll go with that, something I saw on a local Facebook said someone heard from a rent control board employee that the cap will be set such that it's not that much lower than 6% for me.

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On 4/28/2022 at 2:34 AM, Jason said:

Well fuck, I'm in a rent controlled apartment and the annual increase is pegged to inflation. So could be like a 6% increase come September. In the past has been around 2-3%. They also do a cap but I'm not sure how low they'll go with that, something I saw on a local Facebook said someone heard from a rent control board employee that the cap will be set such that it's not that much lower than 6% for me.

 

The gas company had to replace an outside control at my house and had a subcontractor remove my outside AC unit to access it. I guess that sub fucked it up and let all my freon out. My system is so old even the repair shops that stock freon don't stock this one. My furnace is just as old and so the whole thing needs to be replaced including the breaker box (not strong enough for two new units). Almost ten grand that I don't have and don't know what I'm going to do. 

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2 hours ago, Anathema- said:

 

The gas company had to replace an outside control at my house and had a subcontractor remove my outside AC unit to access it. I guess that sub fucked it up and let all my freon out. My system is so old even the repair shops that stock freon don't stock this one. My furnace is just as old and so the whole thing needs to be replaced including the breaker box (not strong enough for two new units). Almost ten grand that I don't have and don't know what I'm going to do. 

 

Is the contractor's liability insurance not going to cover any of it?

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2 minutes ago, Anathema- said:

 

I dunno nobody ever contacted me back, I'd probably have to get a lawyer to track them all down. 


Have you spoken with the gas company?

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I hear that. I had to replace both my furnace and air conditioner a few summers ago. It went out on a Friday on the hottest weekend of the year at the time, 5 days prior to when I left the country. It was incredibly inconvenient and it always sucks. 

 

Watch out for payment plans and stuff, because hvac companies will hide shit and take advantage of people. 

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8 minutes ago, Anathema- said:

I don't have enough time in the day for a legal fight and the system is almost 40 years old and needed to be replaced anyway. I was just hoping to not have to do that right now. 


I don’t think you necessarily have to prep for a legal fight. A couple of weeks back, a delivery company for the furniture store my MIL bought some items from backed the truck into the power drop to the pole next to her house which broke the pole and caused the drop to…drop almost to the ground (very dangerous!).

 

I ended up talking with the owner of the delivery company and they handled getting an electrician scheduled to replace the pole and secure everything to the new pole.

 

If you’re not a jerk about it, people will often surprise you. Play up the baby at home thing too 😉

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5 hours ago, sblfilms said:


I don’t think you necessarily have to prep for a legal fight. A couple of weeks back, a delivery company for the furniture store my MIL bought some items from backed the truck into the power drop to the pole next to her house which broke the pole and caused the drop to…drop almost to the ground (very dangerous!).

 

I ended up talking with the owner of the delivery company and they handled getting an electrician scheduled to replace the pole and secure everything to the new pole.

 

If you’re not a jerk about it, people will often surprise you. Play up the baby at home thing too 😉

 

The number the gas company gave me sounded like just some dude who was screening his calls :/

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On 5/2/2022 at 5:38 AM, ManUtdRedDevils said:

I keep hesitating to buy a car and each time I do the loan rate jumps. At this point, I will be driving my car until it dies. 

this is what im doing. and what sucks is i'll have to buy a new car and it'll be like having to start over on saving for a down payment on a house lol 

 

im trying to get my mom to sell me her hyundai elantra for a fair price because she wants to upgrade to an EV

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I know that American and Canadian mortgages are quite different, and I'm hoping someone can illuminate my ignorance on this: In Canada, mortgages are typically re-financed every five years (with a standard term being 25 years overall, with a 5-20% down payment). Because of this, both fixed rate and variable mortgages are common. e.g. in my case I was offered (and took) 1.39% fixed for five years last year, vs 1.19% variable (with the risk that rates could increase and you end up paying more). However, as far as I am aware, most modern variable mortgages do not increase monthly payments if rates go up. Instead, they extend the length of the overall mortgage. This prevents people from being priced out of paying their mortgage on a monthly basis if you see 1% increase in a few months (like right now, as Canada will almost certainly match this increase on June 1). Is this similar in the US? Or do monthly payments simply increase? My understanding is that variable mortgages tend to be less common in the US, but I'm not sure by how much.

 

Historically in Canada variable has outperformed fixed by quite a bit...but I locked in at 1.39% for five years because the difference between it and 1.19% was too low on an absolute level to justify the risk of increase...and I am glad I did, lol.

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3 minutes ago, CitizenVectron said:

I know that American and Canadian mortgages are quite different, and I'm hoping someone can illuminate my ignorance on this: In Canada, mortgages are typically re-financed every five years (with a standard term being 25 years overall, with a 5-20% down payment). Because of this, both fixed rate and variable mortgages are common. e.g. in my case I was offered (and took) 1.39% fixed for five years last year, vs 1.19% variable (with the risk that rates could increase and you end up paying more). However, as far as I am aware, most modern variable mortgages do not increase monthly payments if rates go up. Instead, they extend the length of the overall mortgage. This prevents people from being priced out of paying their mortgage on a monthly basis if you see 1% increase in a few months (like right now, as Canada will almost certainly match this increase on June 1). Is this similar in the US? Or do monthly payments simply increase? My understanding is that variable mortgages tend to be less common in the US, but I'm not sure by how much.

 

Historically in Canada variable has outperformed fixed by quite a bit...but I locked in at 1.39% for five years because the difference between it and 1.19% was too low on an absolute level to justify the risk of increase...and I am glad I did, lol.

Fixed rate mortgages of 15 year and 30 years have been overwhelmingly popular the past decade here in the US. You still get adjustable rate notes but for our portfolio it’s ~10% of our consumer real estate. I am not sure what exactly the number would be nationally, maybe a tad higher but I would be shocked if it was much higher. 

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12 minutes ago, johnny said:

this is what im doing. and what sucks is i'll have to buy a new car and it'll be like having to start over on saving for a down payment on a house lol 

 

im trying to get my mom to sell me her hyundai elantra for a fair price because she wants to upgrade to an EV

I want an EV but the prices are ridiculously high and now dealers are adding $5k market adjustments due to limited inventory. I pivoted to the used market and it is just as ridiculous. All the while rates continue to climb. 
Tired Mondays GIF by MOODMAN

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1 minute ago, ManUtdRedDevils said:

I want an EV but the prices are ridiculously high and now dealers are adding $5k market adjustments due to limited inventory. I pivoted to the used market and it is just as ridiculous. All the while rates continue to climb. 
Tired Mondays GIF by MOODMAN

 

The tactic being used here (completely illegally) is that they will advertise a vehicle for MSRP (dealers typically can't sell above MSRP), but when you sit down to buy it they will tell you that the undercoating, rustproofing, and all the other BS add-ons are all mandatory. If you don't take them, they won't sell. But the law in most of Canada is pretty clear—whatever you advertise must be the final purchase price (plus taxes). So if you insist on that, and that you know your consumer rights, then they will typically cave and sell for the legal price. But most people don't know that and so right now are paying $2k-$3k above MSRP for new vehicles. The entire industry needs to be dismantled.

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So say you aren’t really following housing at all and you might be wanting to buy a house in the near future, like pay it off up front not make payments on it, is the coming year looking to be a good time or a bad time?

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9 minutes ago, CitizenVectron said:

 

The tactic being used here (completely illegally) is that they will advertise a vehicle for MSRP (dealers typically can't sell above MSRP), but when you sit down to buy it they will tell you that the undercoating, rustproofing, and all the other BS add-ons are all mandatory. If you don't take them, they won't sell. But the law in most of Canada is pretty clear—whatever you advertise must be the final purchase price (plus taxes). So if you insist on that, and that you know your consumer rights, then they will typically cave and sell for the legal price. But most people don't know that and so right now are paying $2k-$3k above MSRP for new vehicles. The entire industry needs to be dismantled.

In America, you sit down and they show you the price on paper, cross it out, add $5k to it and write market value .  They look you in the eye and say “what the fuck you gonna do about it?”.  Since someone is willing to pay it, nothing much. 

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10 minutes ago, ManUtdRedDevils said:

In America, you sit down and they show you the price on paper, cross it out, add $5k to it and write market value .  They look you in the eye and say “what the fuck you gonna do about it?”.  Since someone is willing to pay it, nothing much. 

Just 5k?

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30 minutes ago, stepee said:

So say you aren’t really following housing at all and you might be wanting to buy a house in the near future, like pay it off up front not make payments on it, is the coming year looking to be a good time or a bad time?


Probably bad due to prices and rising rates, unless the market takes a hit (which is quite possible!)

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1 minute ago, b_m_b_m_b_m said:

There’s an acute housing shortage that’s not going anywhere anytime soon. It would take a lot to drop demand as buyers are usually very well qualified right now and there’s lots of them


Yeah but he’d be walking in with a big settlement and an even bigger dick so he can go toe to toe with those jamokes. 

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Given the relatively low interest rates and relatively high inflation and home price appreciation unless you’re just debt adverse I don’t really see an upside to waiting. Unless there’s something I’m missing.
 

that said there’s services that can front you money for all cash offers (for a handsome fee) if you’ve got something as collateral 

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20 minutes ago, Chris- said:


Yeah but he’d be walking in with a big settlement and an even bigger dick so he can go toe to toe with those jamokes. 

 

Hey hey I’m just asking for my friend here!

 

Edit: And ya my friend wasn’t planning on using collateral or lending or anything just paying cash. BUT if it was an exceptionally high time that would soon change then he isn’t in the biggest rush in the world though he does hate living on the second story with stairs and wants to move.

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  • 3 weeks later...
3530a6ff79bfc1fedaee2266940bc87e
FINANCE.YAHOO.COM

(Bloomberg) -- The late Nobel Prize-winning economist Paul Samuelson once quipped that Wall Street had predicted nine out of the last five recessions. This time, the stock market may be right.Most Read from BloombergOne of the World’s Frothiest Housing Markets Turned Into a Seller’s Headache OvernightElon Musk Gets Defensive Over Twitter Meme as Harassment Report SurfacesChina in Talks With Russia to Buy Oil for Strategic...

 

 

The number of analysts/economists signaling that a 2023 recession is likely has increased markedly in the last few days. 

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Also, don't read this article with Peter Schiff if you value your sanity and the ability to sleep at night:

 

GettyImages-57636937-scaled-e16526394658
PUCK.NEWS

Peter Schiff, a notable “Gloom and Doomer,” accurately predicted the 2008 recession. Want to know what he thinks is headed our way this time around?

 

Note: Schiff is a notorious libertarian "gold bug" that I personally can't stand but that doesn't make him entirely wrong :p

 

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How anyone can look at the cpi and not immediately come away with a major solution being “build a lot of dense housing where you don’t need a car for everyday living” is beyond me. 
 

like it won’t help food prices going up but it blunts the appreciation in new and used cars, shelter, and lessens the impact of the increase in price of energy. Like just look at the cpi components and that shit just jumps off the screen. 

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3 minutes ago, b_m_b_m_b_m said:

How anyone can look at the cpi and not immediately come away with a major solution being “build a lot of dense housing where you don’t need a car for everyday living” is beyond me. 
 

like it won’t help food prices going up but it blunts the appreciation in new and used cars, shelter, and lessens the impact of the increase in price of energy. Like just look at the cpi components and that shit just jumps off the screen. 

 

But mah freedom to be stepped on by the giant boot in the sky.

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