"Interest rates move off zero and everyone loses their sh*t."
It appears that you're playing down the fact that 2 years ago, many thousands of people were buying their new homes. Many of them under the (provided) impression that interest rates would not rise until 2023. Now that little rug has been pulled, many owners are defaulting on their mortgages. Not forgetting that there's going to more rate rises throughout the year. So in your terms - That should sort the men from the boys, hey?
"I’m pretty sure the doomsayers on this thread are over 40, so should have some idea of how insane ‘the world is ending’ rhetoric is after going through the GFC"
Not sure how you could deduce the age of the 'doomsayers' on an internet forum, but if you're referring to me, well done picking up on the '75' at the end of my username... Also, "going through the GFC" as you put it, wasn't felt all around the world. The UK for example, felt it, property prices crashed etc. but overall not too bad. Here in Australia, it was nothing more than a ripple for most.
But the next 'GFC' will make the Great Depression look like a tea party.
Anyway, while you're logged off from HC, being intelligent and thinking critically, spare a thought for us, down here.
Cheers.
RAC Price at posting:
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