A Tsunami Of Evictions Could Make 40 Million Americans Homeless

A Tsunami Of Evictions Could Make 40 Million Americans Homeless




The GDP dropped by 32% for the second quarter. Employers have cut 55 million jobs since March, and they have not re-opened all those jobs. One million people a week are still losing their jobs. And with so much business closed or crippled, a lot of people close to the financial edge are getting pushed over it. And massive new homelessness could be a result. In fact, up to 40 million people in the U.S. could find themselves at risk of eviction over the next several months. Roughly a third of all renters nationwide failed to make a full housing payment as of the first week of August. Very soon, it is going to be a moving day for 40 million Americans. They’ll be moving from their homes and apartments, from the places they’ve raised families and made memories — not by choice, but because the evictions are starting soon. And now that the expanded unemployment benefits have expired, many renters could lose their homes. Millions of cases ready to go as soon as the moratorium on evictions ends. These people are tapped out by the millions; I can’t even imagine the hundreds of millions of collections accounts that will soon be filed. This is not going to be pretty. Forty million homeless with nothing. Sounds like the start of a massive tent city on the mall in DC, just like in the 1930s. Folks, if you thought you had seen riots so far, just wait until all those people suddenly discover everything they've been told about The American Dream is a lie. As Carlin said, "It's a big club, and you ain't a member!" They are either going to continue this Modern Money Theory and keep printing, or they are going to watch civil unrest unequaled in the nation's history. Massive federal spending has transformed America into a welfare state. The money printing goes parabolic. Civil War Cycle Heating up. The Federal, state, county and city governments of the US and similar governments around the world all caught the borrowing bug 40 plus years ago, and now none of them, nor the largest corporations, can afford to pay interest on all that debt -- so rates will go one way or another be tricked down. It is much more fun for politicians to SPEND the tax dollars they get than to waste it on paying interest for past-politicians pet projects. This will continue for some time, and anyone with a good credit score should take advantage of it before it all blows up. The future has nothing left to pull from. Everything has already been stolen from your kids. Central bank Economics is a carefully crafted scam of arbitrage to skim off of everyone's work. back in 1980, there were only 132 billion US dollars in existence … while today, there are 3,304 billion dollars in existence … that’s 25 times more US dollars in existence today than back in 1980. The FED is not the government. It is not. The FED wants the interest on money the government borrowed paid. In fact, if interest rates are raised, and the government cannot service the debt, the FED will get the money from you. You and every other citizen are ultimately responsible for the government's debts. Suppose that means a gigantic bail-in where the assets of every American are seized to pay that debt. Oh well. You see, this is not the first time this has happened. The last time the government went bankrupt, they stole all the Citizens gold to pay off the FED. What do you think they will take this time? The impending shut-down of college sports and the brazen knock-down of gold and silver prices - plus this eviction crisis - tell me that things are going from serious to really serious very fast. Everything points to even more massive fiat money-printing, which makes the 15-percent, one-day plunge in silver and the huge one-day decline in gold particularly surreal. Obviously, the economic fallout from this thing will be unimaginably worse than anything else. Elections and giving money away both have consequences. The government, which is all of us, won't be able to kick this bill down the road forever. The unemployment benefit was 900 per week from Mar to Jul. That's more than the 400 that a minimum wage worker gets a week. So why are people struggling with eviction now when they have been receiving double their usual amount for the past few months? The real world looks like this: the government stops evictions, so people don’t pay their rent for six months. After six months, when the eviction starts, you jam out of your place and leave your landlord with the unpaid rent and no way to get it from you. Find another place from all the vacant properties that were just vacated from someone else who burned their landlord for their back rent, which they didn’t pay either. Easy, happens every day all across the US. Maybe Americans need to get it through their heads. You need at least six months of safety cash. The landlord and the mortgage companies have people they gotta pay too. Most landlords are mom-and-pop operations. They have their own mortgages to pay on the property. Being able to make the monthly payment out of earnings doesn't mean you can afford a home or your rental. Having the cash to back up the next six months of living expenses does. We need to stop this outsourcing of personal responsibility. There's a saying don't bite more than what you can chew. I think the same should go to spend don't buy more than what you can pay. Drop the cable, don't eat out, get a pay as you go phone, etc. The point is, shelter is one of the basic needs, and the rent needs to get paid. Even if it means giving up what really are luxuries. There are a lot of millennials who stopped paying rent just because their friends are doing it. A lot of landlords are leaving their properties vacant until this moratorium nonsense is over. The landlords are also at risk of repo and defaults of their mortgage. They have property taxes and water bills to pay. I know landlords who are not renting out otherwise available properties until this crud is over. Landlords should get paid or be allowed to evict people. If the government wants to make payments, then fine. But you cannot force landlords to house people with no payment. The only winners in this deal will be the hedge funds and vulture capitalists who buy up rental properties that have been defaulted on by their mom-and-pop owners who can't make the payments. We've seen this movie before. Welcome back to The Atlantis Report. You are here for your daily dose of the truth, the whole truth, and nothing but the truth. Please take a second to smash that like button. And as You know friends, I rely on your donations to keep this channel functional, as you know, it takes a crazy amount of research and time to bring you this content on a daily basis, so I hope you consider helping with whatever donation you can afford. Thank You. We can also read this as 40 million people are not paying their rents, but want to continue to have free housing. How is this fair on the landlords? They bought the rental properties with their savings. Why should they be forced to provide free housing to tenants that choose not to pay their rent? Nobody gifted them those houses, and they got no stimulus check because they earn too much. How can the government justify forcing these landlords to provide free housing? How fair is that? If politicians care so much about renters, help them pay the rent. Don't shift all the burden on the landlords, because not all of them are billion-dollar corporations. Some people just don't realize that it costs money to own a house, and tenants don't take care of rental properties any more than people take care of rental cars. When they stop paying rent, the landlord is faced with a huge dilemma. Is it possible that people will learn a financial lesson from the rage of this pandemic, which is to "save for a rainy day"? It sounds antiquated but still makes lots of sense. Doubt many will pay heed to it, unfortunately. I suspect the biggest problem is the middle-class, who spent above their income level before the pandemic. Drive through some neighborhoods and see all of the new homes, SUVs, pickups, boats, etc. Probably most of them with loans with expensive full-covered insurance required. They maximized their purchasing power by financing everything, and now they can't make payments even with the [very generous] $600. Also, these forecasts are forward-looking into the next few months, so even people who did well with the $600 bonuses can no way pay a $3000 mortgage or even basic living expenses on their state's measly $300 regular unemployment. Who's fault is that? Millions of lazy, self-indulgent, and/or irresponsible Americans are their own worst enemies, failing to save for a rainy day while having babies, vacations, lattes at the Starbucks, and unlimited data latest iPhones. But the governments would like us to view them all as feckless victims of an evil oligarchy. I'm betting that most of those threatened with "housing insecurity" had every opportunity to live a fiscally responsible life but CHOSE to do otherwise and now expect responsible taxpayers to bail them out. The government is by the people. We all talk about fiscal responsibility when talking, but we don't want to sacrifice anything ourselves. We want lower taxes, we want to wage wars, we want to forgive student loans - and after all that, we complain about the government is broke. We should consider if the voting public is the problem. Those living below the poverty line have the highest rates of smoking, obesity, school dropouts, criminality, deadbeat dads, teen pregnancies, single-parent families, lottery ticket purchases, drug/alcohol abuse and (most expensive of all) BIRTH RATES among women of childbearing age. It seems like changing some of those habits could free up quite a bit of saving! If your state has a base rate of $300 and you get the $600 COVID bonus on top of that, it comes to $900/week or $22 an hour. That is three times the minimum wage. Ironically, those people getting unemployment checks will get more extra money every month than the ones still working would get back in the payroll tax deferral by the end of the year. The rest of us, the 140 million Americans, will be working to pay for all of this nonsense. This was The Atlantis Report. Please Like. Share. Leave me a comment. Subscribe. And please take some time to subscribe to my back up channels, I do upload videos there too. You'll find the links in the description box. You will also find a PayPal link if you want to make a donation. Thank you wholeheartedly to all those of you who have already donated. Stay safe and healthy friends!













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Nouriel Roubini is an American professor of Economics at New York University`s Stern School of Business and chairman of RGE Roubini Global Economics