Yes, this point is lost on a lot of people here. Even if a bank gave me a huge mortgage for an ‘adequate’ house, what if I get fired? Or what if I go insane and can not keep working? It’s not easy to find another job at the same pay level.
And I’m very mindful of the global financial situation we’re in now, after Covid - rising inflation, almost every asset class already overpriced... it’s not sustainable. If they raise interest rates we’re utterly screwed..
Colin Lancaster's Fed Up has a lot to say on the "new normal" in the global financial system: permanent low rates, the impossibility of unwinding QE etc [1]
And I’m very mindful of the global financial situation we’re in now, after Covid - rising inflation, almost every asset class already overpriced... it’s not sustainable. If they raise interest rates we’re utterly screwed..