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is housing costs. let s show you how things have changed in the last year. just under 2.5% was the average cost of a mortgage back in january 2022. by may this year, that had more than doubled, as those repeated interest rate rises took hold. and it s become lot higher since, with the average two year fixed deal now above 6%. that ll hit you in different ways depending on your circumstances. but a £150,000 mortgage over 25 years will now cost you nearly £300 a month more than it did 18 months ago. nearly half of mortgage borrowers are already struggling to pay their bills, with many already reliant on loans, credit cards and overdrafts to cover basic expenses. the expectation is that
invested in to banks as we said. but instead pocketed by him and then not paid to others in the process. 150 years in prison was bernie madoff forfeit 170 billion, six up to 6 billion. 170 billion when you re talking about a ponzi scheme this thing was huge. that s why ftx has potential of crypto market completely it was such a big part of the market. on that point of what the fallout could be that brings us to this example of a famous financial crime. how about lehman brothers invested in mortgage back securities remember this from 2008, 2009, there and when same thing when the tide goes out, the famous saying is for warren buffett when tide goes out you see who is swimming naked when interest rates go high who has been speculative or criminal when the tide went out lehman brothers went out. mortgage back securities were a bundling of high risk mortgages and when housing market dropped, those were worth
they ought to go 100 bases points, they are behind the curve. the fed is still buying mortgage back bonds, ok. so home prices on average are setting record highs, report up 20% and the fed is buying mortgage back bonds, really? i mean, doesn t make any sense at all. one of the stupider things i ve ever seen. so, yeah, you ve got issues here and the wage gains are going to be battling the inflation gains. right now the wage gains are slightly ahead of inflation. i don t think that s going to be the case. i don t think the job picture is going to stay this strong. but look at, we have talked about this, sandra, it s an inflationary boom. that s what we have. and in the early going it looks good, and then all of a sudden we have to take the punchbowl away, because inflation starts to gobble up income, gobble up wages. a result of surging demand,
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