[quote=GH]I was doing some work in Rancho Santa Fe near the farms last week, and noticed one of those big repo trucks picking up a nice shiny 560 Mercedes from a very nice looking mansion.
Me thinks this one is hitting EVERYONE!
The “rich” can just go on credit cards longer than the “poor”
I have another customer who lost some 90% of his net worth since the crash in 2008. He apparently still has lots of money, but I suspect lots is now around $2 Million rather than 20…[/quote]
We know some people in RSF who said that they and a siginficant number of people they know in RSF are in financial trouble because they took on lots and lots and lots of debt that was collateralized against their houses.
I agree with you, GH. These people just had more resources to pull from when the SHTF; it doesn’t mean they aren’t being pulled down with the recession/deflation just like everyone else.
They can last longer, but everyone is waiting for the Inflation Fairy to bail them out. What if the Inflation Fairy doesn’t come? I think the distress will be overwhelming, and will be with us for many, many years to come.
