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FINANCIAL DOOM! Multiple Disasters-Harvey, Irma, Puerto Rico, Santa Rosa, the impacts on the Banks, Are we looking at a complete COLLAPSE!!
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Has anyone even stopped to think about the financial impact on the US and its Banking Mortgage Industries, in addition the Insurance Industries? Well let's talk about it, it could be the thing that financially causes the whole house of cards to come tumbling down.
First, let's talk about Harvey, whoa, quoting from an article from Zero Hedge, "Black Knight Financial Services estimated 300,000 borrowers in the vicinity of Houston could become delinquent on their loans and 160,000 could become seriously delinquent." That's just for Harvey.
[link to www.zerohedge.com]
Let's take a look at Irma, Florida. Again, quoting the Zero Hedge article, "Florida FEMA - designated disaster areas related to Hurricane Irma include a whopping 3.1 Million mortgaged properties." No designation regarding any commercial properties for either Harvey or Irma.
Now we have Puerta RICO which was what appears to be an almost total loss on all residential and commercial properties to a majority of the properties. So bad in fact, President Trump vowed to nullify Puerto Rico's debt. Hmmmnn.
On the radar at this exact moment are the fires in Anneheim and Santa Rosa, CA. Acres after acres, miles after miles of residential and commercial properties completely burned to the ground, total losses. My heart goes out to all these people who have lost anything and everything in any one of these disasters. Seriously the way it's looking we'll probably have a couple more before the end of the year, still to early to say.
The "Big "Question", when do the insurance companies fail because there is just not enough revenue to cover the totality of all the claims. In addition to the fact that the biggest banks in the world will be facing the largest delinquencies on mortgages in the history of the banking industry. What happens???? Can somebody smarter than myself open their mind and think this through and give me a rational explanation as to how we/they will weather or recover from this.
COULD THIS BE THE BRICK THAT BREAKS THE BACKS OF THE BANKING AND INSURANCE INDUSTRIES????????
The above information doesn't even touch on the credit card debt that will go delinquent as people become dispossessed, loss of homes, loss of jobs, loss of revenue.
Hold on everyone, I think it's going to be a white knuckle ride.
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