I was talking with my insurance lady the other day – they handle both my car and home insurance. She told me that there is currently a 2nd wave of foreclosures now hitting. She said all day long on Monday the phone kept ringing off the hook with people canceling their insurance because they are all foreclosing. She said she didn’t even want to answer the phone anymore by lunch time.
I remember about a year and a half ago I was watching Fox News and they had some financial analyst on. This was during the time when the foreclosures were big and the unemployment rates were just starting to go up. I remember distinctly he was saying this was only the first wave of foreclosures that we would be seeing and that there definitely would be another big huge wave of them. Well, he was right. Here they come. Because if my insurance lady is seeing them this week, then you know it’s here. What is even more sad is that I will be one of those statistics and so is my other good friend.
I’m wondering how long it will take for the numbers to roll in and it makes the news. Could be a few months before we see the media starting to mention it. But it’s hitting right now as we speak.
Pretty soon you are going to see more businesses fold. Yep. That’s what is going to happen.
Inflation has already started as well. I have noticed it. Prices are going up. I notice gas has been sneaking it’s way up every few days now. Certain food items, pet food… This is what happens when you have a president who raises taxes and spends money on social programs in a very poor economy where unemployment is high. This is EXACTLY what happened when Jimmy Carter did the same thing.
Because of this, I’m sorry to say that the economy is going to take 5 to 10 years to be 100% back on it’s feet like it once was. Yes. Believe it. Mark my words. Things will slowly improve over time but it will take that long to be where it was again. America is in for a very rocky road. Of course this is something we all knew and know but what I don’t think people realize is how long it’s seriously going to take.