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Financial Guys: "Three Times More Extreme than 2008"

Financial Guys: "Three Times More Extreme than 2008"

Every once in awhile, there's a chart that just blows your hair back.

In years of doing this, none stand out like this one.

Last week, institutional traders bought $8.1 billion worth of "put" options. They bought less than $1 billion in calls.

 

For what it's worth, this is 3x more extreme than 2008; when everyone who mattered **knew** things were going to crash . . .  and then did crash.

 Is this signaling "the mother of all crashes?"   Maybe.  But if it happens, it will by a HYPER-INFLATIONARY CRASH through demand destruction.

The way prices are rising, and costs of production are increasing, people are being priced out of buying and companies are being priced out of operating.   Everything might just . . .  stop.

 

In related financial news, the average 30-year mortgage rate climbed to 5.89%, the highest level since . . . 2008 . . . .  according to new data published Thursday by Freddie Mac.

Mortgage rates briefly declined for a period this summer even as the Federal Reserve raised the key interest rate to fight inflation. Markets have been closely watching the Fed's moves since the interest rate hikes began in March.

"Rates are reacting to Federal Reserve Chair Jay Powell’s comments following last week’s jobs report in which he reiterated his unwavering focus on bringing inflation down to its 2% target level," Lisa Sturtevant, the chief economist at Bright MLS, a real estate data firm, said in an email.

In remarks Thursday morning, Powell signaled the Fed intends to keep rates higher for longer.

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Comments

LadyMaid77
5 days ago
Thank you so much for explaining this. At least I can go back to just worrying about the Atlantic Ocean rising next week where I live in Virginia. LOL

These days there are many things to be upset about. But I'm focused on the Lord Jesus getting us through. God bless!
orion700ak
6 days ago
I’m an Alaskan. Dillingham is an isolated village on the west coast. I worked near there and also in Nome. In 2007 one gallon of orange juice was $12 in Nome. Everything in those areas is flown in. That’s why it’s expensive and always has been. Prices in places on the road system aren’t much higher than florida.
Paul Lambert
6 days ago
In fairness to Hal, now that I re-read the article, he does not make any claim that these prices are extraordinary in the context of a remote town in Alaska. Rather he is simply pointing out that food in Alaska is expensive and that those of you in the lower 48 might have to expect such prices in the future.

On a related note, however, I notice that the food being highlighted in the video is a bunch of unnecessary comfort food and the like. Certainly, a town like Dillingham on the coast and at the mouth of a freshwater river might have fish and crustaceans, as well as some hunted meat in the nearby lands. I would rather talk to some old Indian or Yupik or whoever else has a tradition in the area to find out what they ate. I would rather have a caribou steak than a peanut butter sandwich at those prices!
Adster
6 days ago
i got hairy legs, come on man
Eagleblack
6 days ago
Not to worry, after Putin takes back Alaska things will settle down.
PRIMEDELINC
6 days ago
These prices always like that in remote stores cz they have to fly there stuff
Eagleblack
6 days ago
I'm ready. you bet ya.
LassieLou
6 days ago
Hi Woodman! Yep, pretty sure it's chronic wasting disease free,we've had a few cases in the county..but it's a pretty big county. I'd really rather have an elk for the winter,but there's so many people that have moved in,and spread out everywhere,the animals are really having a hard time adjusting to it. Their calving areas have houses & garages built on them. Or are fenced out.Also the over population of wolves are a problem,it's really quite sad :cry:. Add to that the only three small business' were bought up by a bunch of lawyers from CA during covid......and are now putting in a "destination R.V. park"(which will end up being less than three miles from our house) We'd move but not really anyplace to go,with my gardens,green house,berries,we're set up ok...and we're getting to damn old to start over again......that old age sneaks up on a body! LOl
mike farrell
6 days ago
Thanks, Joe, for your wonderful economic policies. I know they have to ship everything in, but fuel prices make that even worse.
Rok
6 days ago
Coming to a town near you. Are you ready?
Red Deer
6 days ago
After seeing this I assume house prices will tumble.
Maybe an opportunity for someone with a boat, (a really big boat) to ferry groceries from Seattle to Dillingham. Who knows, maybe Walmart of Costco will help out.
Whydah
1 week ago
I watch several Discovery Channel programs on Alaska. Seems like everyone depends on gasoline to survive.... snow mobiles, airplanes, and boats. Fragile lifeline if you ask me. Its a disaster waiting to happen when things go bad. Even the Inuit depend of fuel. The old ways are mostly forgotten.
Bmm61@yahoo.com
1 week ago
As an Alaskan since 1991, I can tell you that some places in Alaska that aren’t on the beaten path are expensive like this. However, we traveled to Florida recently and our food is probably 10-30% more expensive than there when we are on the road systems. Alaska has already been the last stop in the line, so it isn’t surprising, just expensive…
CityBoyGoneCountry
1 week ago
Very thoughtful response.
Thank you.
Sludgehammer
1 week ago
I want some fucking jalapeño poppers, mutherfucker.
Paul Lambert
1 week ago
Yeah, that is an old Irish joke - the details differ, of course.

The punchline is: "Fine, I'll come back when you haven't got any".
Paul Lambert
1 week ago
Well, look. I checked out Dillingham, Alaska, online. Predictably, the town is not connected to the road system. The only way in or out is by boat or aeroplane.

This is also true of the Eskimo communities in northern Canada. They too are small communities that are remotely located. This means that small quantities of goods have to be shipped or flown in at tremendous cost and there is no economy of scale. A pack of six fresh apples can cost 17 dollars in Iqaluit.

Not to say that such prices are not coming to the lower 48, but that only means that the prices in Dillingham will rise even higher.
R.H. Smith
1 week ago
I was skeptical but I looked up a grocery store in Alaska (link below) and that is the prices. It's like that up in the upper peninsula of Michigan too (always has been) it costs more to get the stuff here.


https://greatlandgrocery.com/product-category/breakfast-cereal/
dmosey
1 week ago
A bit of fearmongering going on here. This store has a history of super high prices. Check Google Maps. The name of the store is 'Alaska Commercial Company'. You'll see reviews from years ago mentioning how expensive this store is, not only because it's in Alaska but also a more remote part of Alaska.
Plshepus
1 week ago
That is standard Alaska prices. Anyone that has travelled or lived in Alaska knows this
dmosey
1 week ago
This is classic fearmongering. Do some simple research and you'll find that this store has always been more expensive. Checked the reviews on Google Maps and you'll see reviews from years ago about how expensive this place is. This isn't "coming to a store near you" as the article wants you to believe. This is what really frustrates me about sites like this. They survive on keeping people in a constant state of panic and needing to get the next headline.
ConsLibertarian
ConsLibertarian
1 week ago
Coming soon to a store near you.
Jefferson
1 week ago
I like the borscht survival garden: beets, carrots, onions, potatoes, cabbages...they can all be stored for a while ..I'm a vegetable farmer so I grow almost every vegetable...winter squash, flint corn (supplies both grits and flour), and dry beans are good survival food as well. And of course the canned ones like tomatoes and cucumbers...
magoettel
1 week ago
That's crazy, but Dillingham is remote flying or boat in, not accessible by trucking. Like Naknek/King Salmon. (I see others commented below on this too.)
boxer7
1 week ago
Wait and see the people panic when that happens down here. With the inflation and supply chain issues it's only a matter of time. Ninety five percent of the people are totally clueless concerning what's about to drop one their heads! I wouldn't want to be anywhere near a city when this all happens.
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