Another thing to add is how many people who diligently planned for retirement had their pension funds and 401Ks decimated by the market. We're gonna see a lot more boomers moving in with their kids as they age.
Exactly. It's the middle class that keeps cleaning services going. (The wealthy have live-ins). And when the middle class ends up becoming cleaning staff, it means that there are less of them to clean for.The woman who presently cleans my house, is an artist from a nearby town, who just 2 years ago owned and operated a profitable frame shop, selling artworks, making frames etc.
That business has now gone belly-up. She and her husband (disabled) ... are still paying the mortgage on the shop ... has it up for sale ... and NO buyers!
Know what else ... she was damned lucky to get a job cleaning houses in the first place, as many former customers of the cleaning service she works for, can no longer afford to pay for such services!
This recession started under Bush, but Obama has allowed it to run amuck.
A pox on all their houses.
The housing mess, was started way back in the late nineties by Fannie Mae, at the urging of the the Clinton Administration.
I can't believe that I found the following writeup still online, but it is, and from the New York Times, yet! Wonder of wonders!
Take note of the date: By Steven Holmes ~ Sept. 30, 1999
Pay close attention to the third and seventh paragraphs.
Gotta run ... or else could spend all day in this thread! Want to look up much more re warnings given, but musn't.
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