The banks are telling us the economy is in really bad condition
One should note the amount banks have set aside for defaults
Also no loans with out a 700 RICO score and 20% down payment for a house
This is JPM but I think other banks have followed JPM standards for loans
If JPM and other banks are worried then you can bet they know more than we do
People with 100,000 salaries have not been called back to work
Suddenly the upper class folks think they may be the people who go from prosperity to the bottom of the economic pile
Anybody think there may be a sharp increase in McMansion houses for sale as the folks try to unload the mortgage payments and down size, with what ever equity they can salvage
The economy will be in big trouble as folks who can't unload the payments unto somebody else, suffer the most
Did you know our banker told us the family car is the last asset the family will give up, assuming they own a a vehicle
Some people in power want the lockdowns to continue until the virus is gone. What if the virus is with us for a year or two?
Some 50 mill people have filed for unemployment support. How long can the gov. print money to pay for all this?
How many people are out of work but don’t qualify for unemployment?
How many business owners are dealing with zero revenue, but they still have to pay rent for their business property?
How many renters have not paid rent for the last 3 months, and how long can their landlords deal with this?
How many homeowners have not been able to pay their mortgages?
It seems to me, we are very close to seeing millions of people losing their homes, or get evicted out of their apartments… resulting in millions and millions of people being homeless. If so, the country will turn into a bloody war zone.
There is only one solution…. open everything up, in spite of Covid19. Let ‘em wear masks, let ‘em distance themselves, if possible…. but let ‘em go back to work!
I posted the same 50 million number filing for unemployment
Tim promptly corrected me and told me the number was approx 30 million [forget his exact number]
I only post what I read and if Tim is correct, who am I to say he is wrong
Tim is far better with stats than I am, and as sharp as they come, also
I respect Tim and his stats
30 million it must be
I agree with the rest of your post although there is some rumbling that eviction notices may be extended
A few on this forum tell us a lock down is the way to go
I think the majority of the country has had, up to the eye balls, it with lock down
But you know Fauci. His word is the law in many places
A crowd is not very wise but demonstrations are okay
What kind of double talk is that from Fauci
Remember Jordon and his question about demonstrations and the reply from Fauci
Just a friendly bet
I bet the virus is with us for longer than two yrs
What will our economy look like in 2 plus yrs???
Or even 1 yr??
Will Joe make presidential decisions from his basement??? lol