'The Next Bankruptcy Wave is Just Starting'

Stansberry Investor Hour

Stansberry Research

America, How, To, Crash, Money, Learn, Stansberry, Income, Research, Debt, Stocks, Porter, Business, Realestate, Banking, Investment, American, Investing, Invest, Howtosave, Sjuggerud, Ferris, Eifrig, Jubilee, Buck, Sexton, Market, Bonds, Churchouse, Savings, Options, Lashmet

4.4 • 677 Ratings

🗓️ 24 April 2023

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this week's Stanberry Investor Hour, Dan welcomes fellow Stansberry Research analyst Mike DiBiase to the show. Mike came to Stansberry in 2014 after spending nearly two decades in finance and accounting. He now serves as our bond-investment expert.

To kick the episode off, Dan and Corey discuss the latest home-sales data, how these numbers compare with the previous year's, and what this means for the economy going forward. Dan emphasizes that the housing market is a crucial indicator of a looming recession, and he questions the potential impact of inflation when the market collapses...

"Yes, we're going to cry uncle at some point... when the market [does], where will inflation be?"

Mike then joins the conversation, and the three delve deeper into recessionary trends and post-pandemic inflation. Mike explains why the current inflationary period reminds him of a famous quote by economist Milton Friedman – "Money-printing is like alcoholism" – and that the bad effects have to come first to cure inflation.

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Transcript

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0:00.0	Hello and welcome to the Stansberry Investor Hour.
0:03.6	I'm Dan Ferris.
0:04.6	I'm also the editor of Extreme Value and the Ferris Report, both published by Stansberry Research.
0:10.6	And I'm Corey McLaughlin, editor of the Stansberry Daily Digest.
0:14.6	Today we're going to interview StanesBerry's Credit Opportunities editor, Mike DeBias.
0:19.4	Before we do that, Corey and I will talk about home sales, mortgage applications, the beige
0:24.0	book, and this crazy new generation of investors.
0:27.9	And remember, if you want to get in touch with us, send us a note at feedback at
0:31.8	investor hour.com and tell us what's on your mind.
0:34.4	That and more right now on the Stansberry Investor Hour.
0:41.3	So lots of data, we're awash in data, of course, more numbers than we know what to do with.
0:48.2	And this morning, what I'm looking at is home sales from the National Association of Realtors and
0:56.1	they're saying that home sales fell 2.4% in March versus February okay and
1:05.6	that March sales fell are you ready for, 22% from a year earlier. So that just sounds like a lot
1:16.1	to me. I mean, sounds like a slowdown or recession, no? Yeah, it really does. It sounds like the housing market is saying, whoa, whoa, you know, rates are up too
1:31.8	fast. We can't handle this. And of course, you know, a couple months ago, the mortgage applications
1:37.9	hit a 20, 28 year low. So, you know, people aren't borrowing for houses and they're not they're just not buying on
1:46.8	they're not bidding on them and the sales are slowing mortgage application slowing and the
1:52.5	prices are actually falling as well so uh housing is like one of the, you know, big, important leading indicators, and it's not looking so good.
2:06.9	No, it's certainly a long way away from when people were 30 people deep for putting offers on houses in the middle of the pandemic, right?
2:16.6	Or the zero rate era. It's a long way from
2:21.6	that. And it's at the point where it's, I mean, to me, if you look at this housing data, we can
	...

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