Are you ready for the next financial banking crisis worse than 2007?

[genie]

I've read articles that economics and banking experts who predicted the 2007/2008 global financial crisis are now predicting are worse one is on its way which will be much worse this time.

Anyone who has taken out a loan or mortgage is particularly vulnerable as most likely interest rates will go up rapidly. Brexit will also play its part adding to the toxic mix as will A.I technology with many jobs being replaced and made absolute with introduction of robots and A.I. 

So large number of repossessions of mortgaged houses will be likely, is our resilient Sikh community prepared to ride out the coming financial storm?

How are you preparing for the emerging crisis ahead?

[Singh559]

Citations or sources for this claim? 

[S1ngh]

Nobody predicted the Great Depression of 2007/2008 but we have many economic predictions of upcoming economic downturn next year. 

 

http://fortune.com/2018/06/04/recession-2020-trump-trade/

 

[Singh559]

1 hour ago, S1ngh said:

Nobody predicted the Great Depression of 2007/2008 but we have many economic predictions of upcoming economic downturn next year. 

 

http://fortune.com/2018/06/04/recession-2020-trump-trade/

 

Yikes, this could be really bad it seems.

Not sure what we could do about this given most people have loans and can't really get rid of them though.

[S1ngh]

3 hours ago, Singh559 said:

Yikes, this could be really bad it seems.

Not sure what we could do about this given most people have loans and can't really get rid of them though.

The housing market is ok this time as genuine loans were given this time as compared with loans given on “stated income” without verification back in days. The most trouble that may come is when budget cuts going to come due to trump’s false hope on tax cuts and trade issues with other countries being disrupted. UK is more fragile and may effect us due to their stupidity on brexit.

[Wicked Warrior]

In the UK at least when you apply for a mortgage, they want evidence of incomes but they will also stress-test to see if you can afford payments should interest rates go up by a certain percentage (think 15%). 

But I've heard similar comments. 

[vtheawesome]

On 9/16/2018 at 8:21 PM, genie said:

Are you ready for the next financial banking crisis worse than 2007?

no