The Tsunami of bankruptcies begins….
See the US economy landscape :
- Biggest Car Rental company ( Hertz) filed for bankruptcy – they also own Thrifty and Dollar
- Biggest Trucking company ( Comcar) filed for bankruptcy – they have 4000 trucks
- Oldest retail company ( JC Penny) filed for bankruptcy – to be acquired by Amazon for pennies
- Biggest investor in the world ( Warren Buffet) lost $50B in the last 2 months
- Biggest investment company in the world ( Blackrock ) is signalling disaster in the world economy – they manage over $7 Trillion
- Biggest mall of America ( Mall of America) stopped paying mortgage payments
- Most reputable airline in the world ( Emirates) laying off 30% of its employees
- US Treasury printing trillions to try to keep the economy on life support – their balance sheet will become $7 T+
- Estimated no. of retail stores closing in 2020 – 12,000 to 15,000.
Massive mortgage loan defaults, credit card defaults and auto loan defaults are expected
The real impact of Covid -19 will be known in the third quarter of 2020.
The unemployment claims reached all-time high of 38+Million – unemployment is over 25% ( out of 160 million of working population, close to 40 Million are jobless). With no income, consumer demand will fall drastically and the economy will go into….
Any one with Common Sense should Appreciate that they have a job .