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Americans households are about to get hit by a devastating wave of bankruptcies

 
Anonymous Coward
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05/24/2020 12:00 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
yep retail too.. here comes the new landscape of homeless and abandoned malls full of trash and tumbleweeds.
Anonymous Coward
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05/24/2020 12:02 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
All wars are bankers wars.
 Quoting: ~Jazz~


FTW-GLP11
Anonymous Coward
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05/24/2020 12:03 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
[link to www.businessinsider.com (secure)]

Unemployment is soaring due to the coronavirus pandemic and a wave of consumer bankruptcies is almost guaranteed to follow.
But there are ways that lenders and Congress can help lessen the pain from this bankruptcy wave.
Sushrut Jain is an economist at Edgeworth Analytics. Dr. George Korenko is an economic expert witness at Edgeworth Analytics.

The US has been hit by an unprecedented wave of unemployment since the start of the coronavirus pandemic. Nearly 39 million Americans have filed new unemployment claims and the unemployment rate has hit a staggering 14.7%.

This crisis, however, has yet to roll over into a second wave of consumer bankruptcy filings, with fewer than 40,000 reported in April – a ten-year low for the month.

While businesses and individuals can declare bankruptcy, individuals make up the vast majority of filings. Due to the high correlation between unemployment and consumer bankruptcy, a surge of filings can be expected in the coming weeks.

This will likely result in the contraction of the credit industry, with the most in-need borrowers potentially finding it more difficult to access credit. The magnitude of this bankruptcy wave, however, will be determined by three factors: the amount US households owe divided by the amount they earn, the impact of Congress' attempts to rescue the economy, and what creditors do from here.

Two indicators of bankruptcy
Studies reveal Americans typically file for bankruptcy after costly economic events, like job loss, divorce, illness, or injury. Depending on the study, between 33% and 66% of bankruptcy filers cite job loss as the cause.

Per data from the Bureau of Labor Statistics and American Bankruptcy Institute, there is a near-perfect correlation between the quarterly individual bankruptcy and unemployment rates since 2006. Considering the current drastic unemployment spike, a bankruptcy surge is almost certain to follow.

A high aggregate household debt-to-income ratio can also indicate future bankruptcy filings. Household debt can include mortgages, credit cards, and auto and student loans. In 2007, just before the Great Recession, the aggregate household debt-to-income ratio peaked at 1.24, meaning on average, households had nearly 25%more debt than income. Today, that number is a much healthier 0.95, which should ease the severity of the bankruptcy crisis.
 Quoting: money$$$


But the banks and walstreet just got 10 trillion from Americans!

Something ain’t right

Thanks suspect a massive robbery just took place at very least !
 Quoting: Anonymous Coward 78948862


Those trillions are non-whites' money, because inflation they cause is exported. Without exporting inflation those trillions would be worthless.

Sadly, USA will soon lose that "exorbitant privilege".
Anonymous Coward
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05/24/2020 12:06 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
Already seeing it here in my Mpls. suburb. Homes around here are foreclosing.
Anonymous Coward
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05/24/2020 12:09 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
All wars are bankers wars.
 Quoting: ~Jazz~


FTW-GLP11
 Quoting: Anonymous Coward 78822256


Technically...most are veiled religious wars - fighting over who the real j ws are and searching for ancient technology that remains ...somewhere.
Anonymous Coward
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Slovakia
05/24/2020 12:12 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
So Wall Street got bailed out by Obama and Trump, all else getting bankrupted. You muricans have been fooled for so long, still not getting the outcomes.

rofl5
sandman1

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05/24/2020 12:26 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
Do you have a plan? I do.
Historically in the worst of times, 25 ounces of gold will buy a commercial block of real estate.

Inflation will destroy savers, as a million dollars will get you a dozen eggs. Billionaires will work for food.

My one acre zoned unlimited agriculture in so cal paid for.
No debts.
Micro farm ever expanding, now it is self sufficient for protein, fruit and most veggi's. would like to add dairy!
sandman
Lester
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05/24/2020 12:29 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
Americans are within the Tsunamic Wave that focuses the energy of a Currency Collapse.


Lots Going On. The covid is more for distraction and bought some time. While you are seeking to recover your Constitutional Rights, the supply chains are drying up. All the while, the $23 Trillion of acknowledged Natl Debt has been increased to over $30 T by the emergency funds authorized for Corona contingencies.

In reality, the monetary collapse began before Fall of 2019. In reality, all fiat currencies are in collapse.
In reality, China is even worse-off than America, monetarily and politically.

But back to matter at hand. We're ALL caught-up in The Wave. All going to be impacted...

Your survival depends on your capacity for self-sufficiency.
Bankruptcy is the least of our worries.


Under the Keynsian Model, debt cannot ever be repaid, because the "money" to repay was never created and put into the system. It was known from the beginning that collapse was baked into the cake that was fiat money. The can has been kicked down the road all the way to a bricked-up alleyway. No more room to maneuver, collapse is upon us.

Betrayal and Treason was essential in the mix of political decisions. Bush Jr could have dealt with the derivatives fraud, but let them serve their WMD purpose. How does a contract work if it requires about .0001% of funding to execute it, and obligates both parties without either one actually delivering a service or capital payment? The fraud of the derivative serves to smokescreen and decoy responsibility away from the guilty parties. Rather like the Covid is being blamed for the events that began late last Summer.

The Chinese Factory shutdown began in mid-Jan 2020, in preparation for Chinese New Year Holiday. All existing export orders that could be shipped, are always shipped in anticipation of the Holiday shutdown. No one anticipated the Complete Shutdown, and there has been no real resumption of production, much less further exports, since Dec/Mid-Jan...

So... Import resources are gone.
What's in the Supply Channels of America is all there is.
International shipping data shows collapse.
There aren't new resources just awaiting orders to spool up and deliver.

The world has fucked itself; or those globalists who came to power to run things more efficiently have...

World supply lines mostly route through China... Raw material processing, manufacturing components, and finished products of all kinds; Most Everything routed through China. There is not enough capacity elsewhere or facilities, to enable smooth transition away from China.

Much more fucked than just bankrupt...

Bankruptcy only works when rule of law exists.
We've seen no rule of law is applicable to TPTB.

The society is in collapse.
Just look at the state governments acting with tyranical dictate. How long will their enforcement agents serve after the paper-money is no longer a working commodity?

All paper assets will lose their market values and conversion opportunity. What's a share of stock worth if there is no-bid? What's a contract worth if neither party can deliver?

How might the Chinese production lines resume if transport companies have bankrupted and their ships and planes have lien enforcement keeping them idle?


What's left in the supply chain, and mostly that means warehouses, is all there's gonna be. Too few goods being chased by too many people with money that's losing value hourly due to inflation.

Focus on your survival and get ready; or be swept away in the Tsunami that about to hit.


May God Be With You!
Digital mix guy

User ID: 78668696
United States
05/24/2020 12:30 PM

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Re: Americans households are about to get hit by a devastating wave of bankruptcies
bump.
Have no fear, Spock is here!!! LLAP
Triteia

User ID: 37760642
United States
05/24/2020 12:42 PM

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Re: Americans households are about to get hit by a devastating wave of bankruptcies
privately owned FED will at the end own everything, including you and your children while you'll be forced to live of food stamps, trust the plan
 Quoting: Anonymous Coward 77757394


^^^THIS^^^^

And take your “vaccine”.
Because they will have control over all aspects of our lives.
Triteia
Triteia

User ID: 37760642
United States
05/24/2020 12:55 PM

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Re: Americans households are about to get hit by a devastating wave of bankruptcies
Americans are within the Tsunamic Wave that focuses the energy of a Currency Collapse.


Lots Going On. The covid is more for distraction and bought some time. While you are seeking to recover your Constitutional Rights, the supply chains are drying up. All the while, the $23 Trillion of acknowledged Natl Debt has been increased to over $30 T by the emergency funds authorized for Corona contingencies.

In reality, the monetary collapse began before Fall of 2019. In reality, all fiat currencies are in collapse.
In reality, China is even worse-off than America, monetarily and politically.

But back to matter at hand. We're ALL caught-up in The Wave. All going to be impacted...

Your survival depends on your capacity for self-sufficiency.
Bankruptcy is the least of our worries.


Under the Keynsian Model, debt cannot ever be repaid, because the "money" to repay was never created and put into the system. It was known from the beginning that collapse was baked into the cake that was fiat money. The can has been kicked down the road all the way to a bricked-up alleyway. No more room to maneuver, collapse is upon us.

Betrayal and Treason was essential in the mix of political decisions. Bush Jr could have dealt with the derivatives fraud, but let them serve their WMD purpose. How does a contract work if it requires about .0001% of funding to execute it, and obligates both parties without either one actually delivering a service or capital payment? The fraud of the derivative serves to smokescreen and decoy responsibility away from the guilty parties. Rather like the Covid is being blamed for the events that began late last Summer.

The Chinese Factory shutdown began in mid-Jan 2020, in preparation for Chinese New Year Holiday. All existing export orders that could be shipped, are always shipped in anticipation of the Holiday shutdown. No one anticipated the Complete Shutdown, and there has been no real resumption of production, much less further exports, since Dec/Mid-Jan...

So... Import resources are gone.
What's in the Supply Channels of America is all there is.
International shipping data shows collapse.
There aren't new resources just awaiting orders to spool up and deliver.

The world has fucked itself; or those globalists who came to power to run things more efficiently have...

World supply lines mostly route through China... Raw material processing, manufacturing components, and finished products of all kinds; Most Everything routed through China. There is not enough capacity elsewhere or facilities, to enable smooth transition away from China.

Much more fucked than just bankrupt...

Bankruptcy only works when rule of law exists.
We've seen no rule of law is applicable to TPTB.

The society is in collapse.
Just look at the state governments acting with tyranical dictate. How long will their enforcement agents serve after the paper-money is no longer a working commodity?

All paper assets will lose their market values and conversion opportunity. What's a share of stock worth if there is no-bid? What's a contract worth if neither party can deliver?

How might the Chinese production lines resume if transport companies have bankrupted and their ships and planes have lien enforcement keeping them idle?


What's left in the supply chain, and mostly that means warehouses, is all there's gonna be. Too few goods being chased by too many people with money that's losing value hourly due to inflation.

Focus on your survival and get ready; or be swept away in the Tsunami that about to hit.


May God Be With You!
 Quoting: Lester 58915073


God be with you too Lester.

You are exactly right.
What is in the warehouses is all to be had.
The supply chains are broke down.
We are all going to feel this.

Prepare the best you can everybody.

I don’t know what this is going to look like when it is over but the value of things will sure be different.
Triteia
Anonymous Coward
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05/24/2020 01:06 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
Unemployment numbers in Georgia are already on the decline. Womp womp bitch.
Anonymous Coward
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05/24/2020 01:12 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
... individuals make up the vast majority of filings. Due to the high correlation between unemployment and consumer bankruptcy, a surge of filings can be expected in the coming weeks.
 Quoting: money$$$

How can you go bankrupt when you're getting more than $600 a week in funemployment?
 Quoting: Anonymous Coward 52969975

Because many of us have been waiting 2 months for unemployment and have received nothing. States are trying very hard to hold onto that 600.00 a week.
Anonymous Coward
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05/24/2020 01:12 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
SmoothSailing

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05/24/2020 01:14 PM

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Re: Americans households are about to get hit by a devastating wave of bankruptcies
I am seeing break down in the supply chains.

I am seeing way less employees at the businesses that are left.
Entire rows of real estate is for sale.

I just ordered some shoes and I had no problem with the first pair but I decided to get a summer pair too, lol! and there was a notice at the top of the page asking to allow additional time due to the employee availability from Covid-19.
They were also “Out of stock” with no waiting list for many, many items.
The few stores that you could get shoes from here have a line out the door.
They are only letting in a few people at a time.
With masks.

I would suggest getting a new pair of good shoes and some food storage and stuff right now.

This may be a long winter.
But we will get through these things.

I hope everyone is weathering the storm here and everyone is okay.

Bankrupt is the best way to go if you find yourself over your head.
Do it before you stress yourself out too much.
You can do a Chapter 13 and keep certain things or a Chapter 7 that just gives you a new start.

Financial times change in life.
Money comes and goes.
It is nothing to stress about.

Rock n’ Roll baby!
 Quoting: Triteia


It’s the small things like trying to buy a pair of shoes that get your attention and make you pay attention. Spent “hours” trying to purchase new bed sheets. This should have taken me 5 minutes! Even went to Target, shelves were almost empty. Shelves were empty of other items as well. If supply chains were healthy or coming back this should not be a problem. Shut down has always been about more than Chinese virus.
"A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murderer is less to fear."
Marcus Tullius Cicero
Terrebonne

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05/24/2020 01:19 PM

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Re: Americans households are about to get hit by a devastating wave of bankruptcies
This is like watching a train wreck in slow motion. We just had the initial impact but the derailment and the momenteum of the wreckage is yet to happen.
 Quoting: Anonymous Coward 78918241


Slow Motion Train Crash High Definition

[link to www.youtube.com (secure)]

popcorn


.
INFJ; We are the protectors.
Anonymous Coward
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05/24/2020 01:53 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
... individuals make up the vast majority of filings. Due to the high correlation between unemployment and consumer bankruptcy, a surge of filings can be expected in the coming weeks.
 Quoting: money$$$

How can you go bankrupt when you're getting more than $600 a week in funemployment?
 Quoting: Anonymous Coward 52969975


You would be amazed at the debt and expenses some people have. They are so leveraged that $1000/wk doesn't cover it.
 Quoting: Jon Titor ™


Right. In debt up to their eyeballs trying to keep up with the Jones's. Smart people live below their means. Know a mega rich couple and they both drive used cars.

Also, the newly employed often do not have enough time on the books to qualify for UI. Know someone that applied and was turned down because they needed one more month of employment to qualify for benefits.
 Quoting: Anonymous Coward 1298661


Watch them get bailed out while making it harder for people living below their means (price inflation/tax hikes/etc)
ruser

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05/24/2020 01:59 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
Lester stated it incredibly well - (thank you). You want the truth? Come to GLP - we have been warned
ruser
Anonymous Coward
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05/24/2020 02:21 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
How about bank FAILURES and BAIL In instead of bail outs?

Thats the law now.Bank fails your deposits become THEIR assets. If you have money in the bank,they fail....and they are, they just havent told the sheep yet,you will get the 1929 haircut just like they did.

Pro active move? Get YOUR money into YOUR hands or very possibly kiss it goodbye.

monster
Anonymous Coward
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05/24/2020 02:28 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
I am seeing break down in the supply chains.


I would suggest getting a new pair of good shoes and some food storage and stuff right now.


This may be a long winter.
But we will get through these things.


 Quoting: Triteia


This is a very important point PREPARE NOW! If you dont you are going to suffer some very bad mojo coming up.


This isnt a vacay,its a chance to get your shiite together.

But as always,95% of us are sheeple who cant grasp this and will do nothing.
Anonymous Coward
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05/24/2020 02:31 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
All wars are bankers wars.
 Quoting: ~Jazz~





and this is war ... make no mistake about it

 Quoting: Anonymous Coward 71594995


100%. Too bad people didnt learn in 2008,or werent around and wont look up 2008,or 1929 for that matter.

The roadmap can be found right there in history,LEARN IT! You have the time now you all sitting at home.
Vision Thing

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05/24/2020 02:31 PM

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Re: Americans households are about to get hit by a devastating wave of bankruptcies
They knew where to hit us...small businesses. How many of the local population do local businesses hire? quite a bit I would imagine, maybe even on of the main drivers of the local economy.

the wave has just started and this thing is going to be huge and ugly. I don't think much will be left standing when it goes back out. Except for the large interconnected businesses that have access to the magical money tap of the fed
 Quoting: Anonymous Coward 71594995


Wave is a good analogy, because a tsunami has the water impact and dislodgment of structures on the way in, but on the way out it is laden with debris that demolishes and pulls everything with it as it recedes..
Anonymous Coward
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05/24/2020 02:39 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
I am seeing break down in the supply chains.

 Quoting: Triteia


It’s the small things like trying to buy a pair of shoes that get your attention and make you pay attention.
Spent “hours” trying to purchase new bed sheets. This should have taken me 5 minutes! Even went to Target, shelves were almost empty. Shelves were empty of other items as well. If supply chains were healthy or coming back this should not be a problem. Shut down has always been about more than Chinese virus.
 Quoting: SmoothSailing


Yes,its everything pretty much from china. I have been getting my vehicles dialed in,and my house repairs and needs done NOW as things just arent going to be there,its coming at light speed now.

WAKE UP PEOPLE!!!


Prepare to live in a DEPRESSION,do it now or it will be too late..guaranteed!


Im trying to be prepared on the financial side for several years of total FUBAR. Cash in hand,not in the banks.

On the supply side,get NOW what isnt going to be around after current supply sells out.It wont be replenished for a long time its looking like.
Cannabis Kills People!

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05/24/2020 02:40 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
haha2
Anonymous Coward
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05/24/2020 02:40 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
Crime is gonna skyrocket.
Breaking Quarantine Slide
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05/24/2020 02:43 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies


Who is getting on????


iamwithpopcornpump2
Anonymous Coward
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05/24/2020 02:44 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
... individuals make up the vast majority of filings. Due to the high correlation between unemployment and consumer bankruptcy, a surge of filings can be expected in the coming weeks.
 Quoting: money$$$

How can you go bankrupt when you're getting more than $600 a week in funemployment?
 Quoting: Anonymous Coward 52969975



The real truth will be apparent. We are screwed.

When you take into consideration that we will have a second wave, it's apparent that things are not getting better in Mid August, it will be worse. How bad remains to be seen.
 Quoting: girlie45
Anonymous Coward
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05/24/2020 02:47 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
... individuals make up the vast majority of filings. Due to the high correlation between unemployment and consumer bankruptcy, a surge of filings can be expected in the coming weeks.
 Quoting: money$$$

How can you go bankrupt when you're getting more than $600 a week in funemployment?
 Quoting: Anonymous Coward 52969975



The real truth will be apparent. We are screwed.

When you take into consideration that we will have a second wave, it's apparent that things are not getting better in Mid August, it will be worse. How bad remains to be seen.
 Quoting: girlie45

 Quoting: Anonymous Coward 77888403


The fauci/Mengele cold virus is the least of our worries.The only threat is if he will release virus 2.0 on us,a truly deadly virus.

They already have us trained on how they want us to react from the initial release..
Loup Garou

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05/24/2020 02:48 PM

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Re: Americans households are about to get hit by a devastating wave of bankruptcies
This is the wet-dream of TPTB, their Agenda 21 being served to them on a silver platter.

WE have the numbers to turn this disaster around, but no we cower in our homes eating soup made from cold hard stones, our children hungry our wives crying in desperation. Yet we sit, and sit and sit.

1998, a Bug's Life, they rule us by FEAR, fear only. We gave them our power.


Just because YOU don’t believe
in the Rougarou; or the Loup Garou, don’t make you safe; No !

The Constitution is a blend of 'moral certitude' -- which is one of the reasons that criminals are determined to be rid of it and We the People must be even more determined to defend it.

"If there must be trouble, let it be in my day, that my child may have peace." - Thomas Paine

The only thing the Illuminati fears is an independent person who can live, eat, sleep, stay warm and defend themselves separate from Federal help. Pray that the Lord gives us more time! The End is near and time is short!

A fool takes no pleasure in understanding, but only in expressing his opinion. ~Proverbs 18:2


For those who understand, no explanation is needed. For those who do not understand, no explanation is possible

"A candle loses nothing by lighting another candle" - James Keller

Checkd, Keked, and Rekt!

#Kids2
Anonymous Coward
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05/24/2020 02:50 PM
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Re: Americans households are about to get hit by a devastating wave of bankruptcies
Do you have a plan? I do.
Historically in the worst of times, 25 ounces of gold will buy a commercial block of real estate.

Inflation will destroy savers, as a million dollars will get you a dozen eggs. Billionaires will work for food.

My one acre zoned unlimited agriculture in so cal paid for.
No debts.
Micro farm ever expanding, now it is self sufficient for protein, fruit and most veggi's. would like to add dairy!
 Quoting: sandman1


You sound like the type who understands property taxes need to be paid too or lose it.Sounds like zoning in Norco,Calif.

Good luck friend,lets hope the hoardes dont materialize and take it all down,us included.





GLP