I so agree with you. This all is going to turn into a humungous poop storm financially.
Real estate bust is here. Texas (oil), Nevada, New York, California, Florida, Louisiana (tourism).
We're already seeing major breadlines, although, via cars in line, versus people standing.
It's going to be bad.
I actually think it's going to be the worst financial calamity we've ever seen in our lives.
The sooner we open up Carefully, the better we will all be.
Yes, I know, full well that people will die.
Hopefully, we've all learned ways to combat this virus and will keep on fighting it with distancing and heightened sanitation.
It's going to be hard and slow going.
For me. At this point, I honestly would keep China away from our borders until they PROVE that they have changed.
That may take a decade, which I am fine with.
Any country that continuously and historically releases viruses into our world needs to be shunned as much as possible.
This is So... my opinion.
My opinion is not going to change at this point via argumentative posts.
So, please don't. I do welcome other opinions.
I will certainly read them. But, I'm not up for an argument.
Sincerely, Kali, in California.
What a double-edged sword. Considering the population that lives paycheck to paycheck and have not worked for a month, they'll not be able to pay rent on May 1, car payments, insurance, etc.. Same for small businesses that didn't get in on the government PPP loans -- no business can survive without revenue and their recovery will not occur in 30 days.
It's now reported that mortgage lenders reacted last week by raising minimum credit scores and downpayment as they are fearful of the financially recovering borrowers after mandatory lock-down. Also suspended offering FHA (govt backed) mortgages.
Seems it's a disaster either way. Stay safe.
ETA: Add link about credit card debt
Credit Card Issuers Offer Customer Assistance In Response To Coronavirus | Bankrate