Bankruptcy Tsunami Begins: Thousands Of Default Notices Are “Flying Out The Door” by Zero Hedge
The Tsunami of bankruptcies begins….
See the US economy landscape :
Nissan Motor co may close down in USA
- 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. Following big retailers have announced closing: — J. Crew
— Victoria’s Secret
— Bath & Body Works
— Forever 21
— Pier 1 Imports
— Destination Maternity
— A. C. Moore
— Art Van Furniture
— Olympia Sports
— Specialty Cafe & Bakery
and many more…………….
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….