RECESSION, THE SECOND WAVE. IS IT COMING?

[cooldude]

Hey guys, here is a short video about the old cars of Cuba. It starts out with an interview of a 58 Dodge owner...


https://www.youtube.com/watch?v=w15k4yh1Pyw


I gotta hand it to their ingenuity.

[cooldude]

Back to the economic stuff...It has become a firm trend in later years, that Americans have very little in savings. In fact, about 69% of Americans have less than $1000.00 in savings.


http://time.com/money/4499957/savings-less-than-1000/


So, most of us are poorly positioned for a severe economic downturn.

And to make matters worse, it isnt just the lower classes that arent able to save.Its people making up to $150,000 a year who have less than $1000.00 in the bank too.

As for the so called "Bail In"strategy that banks have devised to deal with another severs economic downturn, it probably wont work in America for the reason above.

A "Bail In",is basically where the banks just confiscate all or a portion of depositors private money, and the bank keeps it. That is a bail in, and it has already been done in Europe. Legislation, so I hear, has already been quietly passed in America to do the same, if we see another 2008 type crash.

But if nobody has much money in savings, how effective could a bail in possibly be in America?

Japan is a big savings place, and so is much of Europe. But the US is right at the bottom among developed nations, for personal savings.

Just another cloud in the perfect economic storm that s forming over us.