Saturday, March 28, 2020

Collapse of the Mortgage System

Where do we suppose the Fed is going to come up with all the free money to bail out all these mortgages?
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The U.S. mortgage finance system could collapse if the Federal Reserve doesn’t step in with emergency loans to offset a coming wave of missed payments from borrowers crippled by the coronavirus pandemic.
Congress did not include relief for the mortgage industry in its $2 trillion rescue package — even as lawmakers required mortgage companies to allow homeowners up to a year's delay in making payments on federally backed loans.

https://news.google.com/articles/CAIiEH9w-Mo13gHwFN7pMSfFORMqGQgEKhAIACoHCAow4Zn5CjCu8uACMLTRlgY?hl=en-US&gl=US&ceid=US%3Aen

If $6 Trillion is OK, Why Not $350 Trillion?

History has warned us what happens when governments print/create unlimited amounts of money...eventually it becomes worthless.
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However, Massie's final point that was the punchline:
If getting us into $6 trillion more debt doesn’t matter, then why are we not getting $350 trillion more in debt so that we can give a check of $1 million to every person in the country?
Here the Kentucky Representative hit the bullseye, as this is precisely the endgame. However, since one can't unleash the full $350 trillion overnight without classical economists admitting the truth about what the real nature of this bailout is, it will be done piecemeal with other crises, and other "unprecedented" emergencies emerging in the near future and unlocking the path to what is the real goal of this unprecedented reflationary bailout of the world's most indebted nation. It also indirectly addresses Massie's final point:
This stimulus should go straight to the people rather than being funneled through banks and corporations like this bill is doing.  2 trillion divided by 150 million workers is about $13,333.00 per person. That’s much more than the $1,200 per person check authorized by this bill.

https://www.zerohedge.com/economics/if-getting-us-6-trillion-more-debt-doesnt-matter-then-why-not-350-trillion

Friday, March 27, 2020

European Union Unraveling Because of Coronavirus

It would seem that the people who consider themselves to be the "nicest" people, would greatly appreciate it if the world could all hold hands, agree with them, (because they ARE so nice) and then sing a glorious round of Kum-Ba-Yah.  That would followed up my Michael Jackson's, "We Are the World" and then John Lennon's, "Imagine."

Now let's do a reality check. The Europeans have a long, long history of killing each other.  You can look up all the reasons why. 

So following WWII when the Europeans killed millions and destroyed their economies as some united against the Germans and Italians, they decided they would like to create a union so they could finally stop the wars, killing and destruction.

Sounds good!!  (Oops!  I guess the Brits had enough. Brexit)

But now that the C -Virus is scaring the crap out of the Kum-ba-yah singers, we see how quickly the EU members resort to nationalism.  This is the VERY thing that they hate about Donald Trump!  He says "America first!" and they hate that.  But now they are saying "Germany first!" and "France first!" as they watch a virus scare THEIR people.

Please note that the Netherlands believe the best way to combat the virus is to allow healthy people to get it and recover so they can become immune.

As the coronavirus pandemic rages through Europe — where more than 250,000 people have now been diagnosed with Coronavirus Disease 2019 (COVID-19) and 15,000 have died — the foundational pillars of the European Union are crumbling one by one.

Faced with an existential threat, EU member states, far from joining together to confront the pandemic as a unified bloc, instinctively are returning to pursuing the national interest. After years of criticizing U.S. President Donald J. Trump for pushing an "America First" policy, European leaders are reverting to the very nationalism they have publicly claimed to despise.

Ever since the threat posed by coronavirus came into focus, Europeans have displayed precious little of the high-minded multilateral solidarity that for decades has been sold to the rest of the world as a bedrock of European unity. The EU's unique brand of soft power, said to be a model for a post-national world order, has been shown to be an empty fiction.

In recent weeks, EU member states have closed their borders, banned exports of critical supplies and withheld humanitarian aid. The European Central Bank, the guarantor of the European single currency, has treated with unparalleled disdain the eurozone's third-largest economy, Italy, in its singular hour of need. The member states worst affected by the pandemic — Italy and Spain — have been left by the other member states to fend for themselves.

The seeds of the European Union were planted in the ashes of the Second World War. In May 1949, Robert Schuman, one of the EU's founding fathers, boldly announced the creation of new world system:

"We are carrying out a great experiment, the fulfillment of the same recurrent dream that for ten centuries has revisited the peoples of Europe: creating between them an organization putting an end to war and guaranteeing an eternal peace."

The European Union, seven decades in the making, is now unravelling in real time — in weeks. After the dust of the coronavirus pandemic settles, the EU's institutions will almost certainly continue to operate as before. Too much political and economic capital has been invested in the European project for European elites to do otherwise. However, the EU's attraction as a post-national model for its own citizens, much less for the rest of the world, will have passed.

In an article titled, "Nations First: The EU Struggles for Relevance in the Fight against Coronavirus," the German newsmagazine Der Spiegel noted:

"As the pandemic takes hold in Europe, the decades-old union is showing its weaknesses. While the EU managed to survive Brexit and the euro crisis, the corona crisis may yet prove to be an insurmountable challenge.

"Instead of trying to come up with joint solutions, the Continent is becoming balkanized and is reverting to national solutions. Instead of helping each other out, EU countries are hoarding face masks like panicked Europeans are hoarding toilet paper. The early decisions made by some EU member states to refrain from exporting medical equipment to Italy — the EU country that has thus far been hit hardest by the pandemic — has even overshadowed the lack of European solidarity displayed by Hungarian Prime Minister Viktor Orbán in the refugee crisis.

"Europeans are even divided on the question as to how to combat the virus. Whereas Germany is eager to prevent as many people as possible from encountering the virus and becoming infected, the Netherlands wants to see as many healthy people as possible fight off COVID-19, thus becoming immune. The signal is clear: When things get serious, every member state still looks out for itself first — even 60 years after the founding of the community."

Here;  https://www.gatestoneinstitute.org/15803/coronavirus-european-union-unravels

At the heart of the matter is a vastly different world view.  Liberals and Social Justice Warriors almost always believe that "people are basically good, and if we treat each other well, we will all just get better and better!"

All you need to show those folks is what happens when you toss a little fear and uncertainty into the mix.  Within minutes humans will toss out the "basically good" behavior and start doing anything and everything to protect themselves and their families.


The Road to Coronavirus Hell Was Paved by Evangelicals

This is one of the most read articles on the New York Times today.  Notice the photo that leads the article.  It's of Donald Trump with evangelical leaders laying hands on him and praying for him.  They captured Trumps face with smug smile.  The author is quite certain that we are all idiots for voting for Trump.  And when dozens, hundreds or thousands of American's die, this will be the fault of evangelicals who believe in prayer and not so much in science...or so they say.

I am going to post the entire article below because many of you may not want to figure out how to log into the New York Times.

The Road to Coronavirus Hell Was Paved by Evangelicals

Trump’s response to the pandemic has been haunted by the science denialism of his ultraconservative religious allies.

Donald Trump rose to power with the determined assistance of a movement that denies science, bashes government and prioritized loyalty over professional expertise. In the current crisis, we are all reaping what that movement has sown.

At least since the 19th century, when the proslavery theologian Robert Lewis Dabney attacked the physical sciences as “theories of unbelief,” hostility to science has characterized the more extreme forms of religious nationalism in the United States. Today, the hard core of climate deniers is concentrated among people who identify as religiously conservative Republicans. And some leaders of the Christian nationalist movement, like those allied with the Cornwall Alliance for the Stewardship of Creation, which has denounced environmental science as a “Cult of the Green Dragon,” cast environmentalism as an alternative — and false — theology.

This denial of science and critical thinking among religious ultraconservatives now haunts the American response to the coronavirus crisis. On March 15, Guillermo Maldonado, who calls himself an “apostle” and hosted Mr. Trump earlier this year at a campaign event at his Miami megachurch, urged his congregants to show up for worship services in person. “Do you believe God would bring his people to his house to be contagious with the virus? Of course not,” he said.

Rodney Howard-Browne of The River at Tampa Bay Church in Florida mocked people concerned about the disease as “pansies” and insisted he would only shutter the doors to his packed church “when the rapture is taking place.” In a sermon that was live-streamed on Facebook, Tony Spell, a pastor in Louisiana, said, “We’re also going to pass out anointed handkerchiefs to people who may have a fear, who may have a sickness and we believe that when those anointed handkerchiefs go, that healing virtue is going to go on them as well.”

By all accounts, President Trump’s tendency to trust his gut over the experts on issues like vaccines and climate change does not come from any deep-seated religious conviction. But he is perfectly in tune with the religious nationalists who form the core of his base. In his daily briefings from the White House, Mr. Trump actively disdains and contradicts the messages coming from his own experts and touts as yet unproven cures.

Not every pastor is behaving recklessly, of course, and not every churchgoer in these uncertain times is showing up for services out of disregard for the scientific evidence. Far from it. Yet none of the benign uses of religion in this time of crisis have anything to do with Mr. Trump’s expressed hope that the country would be “opened up and just raring to go by Easter.” He could, of course, have said, “by mid-April.” But Mr. Trump did not invoke Easter by accident, and many of his evangelical allies were pleased by his vision of “packed churches all over our country.”

“I think it would be a beautiful time,” the president said.

Religious nationalism has brought to American politics the conviction that our political differences are a battle between absolute evil and absolute good. When you’re engaged in a struggle between the “party of life” and the “party of death,” as some religious nationalists now frame our political divisions, you don’t need to worry about crafting careful policy based on expert opinion and analysis. Only a heroic leader, free from the scruples of political correctness, can save the righteous from the damned. Fealty to the cause is everything; fidelity to the facts means nothing. Perhaps this is why many Christian nationalist leaders greeted the news of the coronavirus as an insult to their chosen leader.

In an interview on March 13 on “Fox & Friends,” Jerry Falwell Jr., the president of Liberty University, called the response to Coronavirus “hype” and “overreacting.” “You know, impeachment didn’t work, and the Mueller report didn’t work, and Article 25 didn’t work, and so maybe now this is their next, ah, their next attempt to get Trump,” he said.

When Rev. Spell in Louisiana defied an order from Gov. John Bel Edwards and hosted in-person services for over 1,000 congregants, he asserted the ban was “politically motivated.” Figures like the anti-L.G.B.T. activist Steve Hotze added to the chorus, denouncing the concern as — you guessed it — “fake news.”

One of the first casualties of fact-free hyper-partisanship is competence in government. The incompetence of the Trump administration in grappling with this crisis is by now well known, at least among those who receive actual news. February 2020 will go down in history as the month in which the United States, in painful contrast with countries like South Korea and Germany, failed to develop the mass testing capability that might have saved many lives. Less well known is the contribution of the Christian nationalist movement in ensuring that our government is in the hands of people who appear to be incapable of running it well.

Consider the case of Alex Azar, who as secretary of the Department of Health and Human Services has had a prominent role in mismanaging the crisis. It seems likely at this point that Mr. Azar’s signature achievement will have been to rebrand his department as the “Department of Life.” Or maybe he will be remembered for establishing a division of Conscience and Religious Freedom, designed to permit health care providers to deny legal and often medically indicated health care services to certain patients as a matter of religious conscience.

Mr. Azar, a “cabinet sponsor” of Capitol Ministries, the Bible study group attended by multiple members of Mr. Trump’s cabinet, brought with him to Health and Human Services an immovable conviction in the righteousness of the pharmaceutical industry (presumably formed during his five-year stint as an executive and lobbyist in the business), a willingness to speak in the most servile way about “the courage” and “openness to change” of Mr. Trump, and a commitment to anti-abortion politics, abstinence education and other causes of the religious right. What he did not bring, evidently, was any notable ability to manage a pandemic. Who would have guessed that a man skilled at praising Mr. Trump would not be the top choice for organizing the development of a virus testing program, the delivery of urgently needed protective gear to health care workers or a plan for augmenting hospital capabilities?

Or consider Ben Carson, the secretary of Housing and Urban Development, a member of the White House Coronavirus Task Force and another “cabinet sponsor” of Capitol Ministries. As a former pediatric neurosurgeon, Mr. Carson brought more knowledge about medicine to his post than knowledge about housing issues. But that medical knowledge didn’t stop him from asserting on March 8 that for the “healthy individual” thinking of attending one of Mr. Trump’s then-ongoing large-scale campaign rallies, “there’s no reason that you shouldn’t go.”

It is fair to point out that the failings of the Trump administration in the current pandemic are at least as attributable to its economic ideology as they are to its religious inclinations. When the so-called private sector is supposed to have the answer to every problem, it’s hard to deal effectively with the very public problem of a pandemic and its economic consequences. But if you examine the political roots of the life-threatening belief in the privatization of everything, you’ll see that Christian nationalism played a major role in creating and promoting the economic foundations of America’s incompetent response to the pandemic.

For decades, Christian nationalist leaders have lined up with the anti-government, anti-tax agenda not just as a matter of politics but also as a matter of theology. Ken Blackwell of the Family Research Council, one of the Christian right’s major activist groups, has gone so far as to cast food stamps and other forms of government assistance for essential services as contrary to the “biblical model.” Limited government, according to this line of thinking, is “godly government.”

When a strong centralized response is needed from the federal government, it doesn’t help to have an administration that has never believed in a federal government serving the public good. Ordinarily, the consequences of this kind of behavior don’t show up for some time. In the case of a pandemic, the consequences are too obvious to ignore.

Katherine Stewart (@kathsstewart) is the author of “The Power Worshippers: Inside the Dangerous Rise of Religious Nationalism.”

If you can, open it here;  https://www.nytimes.com/2020/03/27/opinion/coronavirus-trump-evangelicals.html?smid=em-share

Can you see how those left-behind folks are going to let out a collective cheer when they find out that lots of the evangelicals that they can't stand have vanished from planet earth?  Once "the restrainer" of the Holy Spirit is removed from earth they will believe that they can finally build their Nirvana!  Throw in the power of Satan, the charisma of the Antichrist and the powerful leading of the false prophet, and you can see where this God-rejecting population is headed.

Even so, Come Lord Jesus!

Thursday, March 26, 2020

Women Intentionally Coughs on Produce

I know it doesn't sound very Christ-like, but I think the National Guard might have to start shooting some of these people if the USA continues to spiral downward.  Or maybe a military tribunal where she is found guilty and swiftly executed?

"But Dennis!  She might be mentally ill and she needs professional care, not a firing squad!"

Ummm....do you realize that when countries melt down that the "civilized" options of what "civilized" people do, or have the choice to do, suddenly melt down as well?

How many workers do you suppose will show up at the Mentally Insane Home to care for folks like this woman?  How many prison workers will show up to watch the millions of prisoners?

Martial Law is used because civilization breaks down.  Soldiers are tasked to shoot looters and "shoot to kill".  That means that if 5 guys are kicking the windows in on an O'Reilly Auto store in Los Angeles, and the US Army is patrolling the streets, they don't have to arrest these 5 guys and run them through the court system and send them to prison.  They can aim their rifles and shoot them all dead.

It would make you think twice about kicking in windows or coughing on the produce if you knew a soldier could kill you on sight.  And that's exactly what martial law is meant to do. Restore order.

A woman purposely coughed on $35,000 worth of food at a Pennsylvania grocery store, police said. She likely faces criminal charges for coughing, one of the primary ways the novel coronavirus spreads.

The unnamed woman entered small grocery chain Gerrity's Supermarket in Hanover Township and started coughing on produce, bakery items, meat and other merchandise, chain co-owner Joe Fasula wrote on Facebook.
Staff quickly removed her from the store and called Hanover Township Police, who found her a few hours later and took her into custody, Police Chief Albert Walker told CNN.
Hanover Township police said the woman "intentionally contaminated" the food, and they plan to file criminal charges against her once her mental health treatment concludes.
Officials don't believe she's infected with coronavirus but "will make every effort to see that she is tested," Fasula wrote.
Employees at Gerrity's Supermarket in Hanover Township disposed of $35,000 worth of produce that the woman had contact with and disinfected the areas where she coughed. 

Here;   https://www.cnn.com/2020/03/26/us/woman-coughed-on-produce-trnd/index.html

Hat tip to Dave G.

Wednesday, March 25, 2020

TP Hoarders

We couldn’t figure out why toilet paper was “the thing” to hoard?  This article says it was because the sheeple believed that Covid 19 was a virus that made you poop. And who wants to be stuck at home with the runs and short on toilet paper?  But now it appears that those same folks discovered it has nothing to do with poop...so the Horde is trying to return their hoard.  Costco will have none of it!
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Those who have regrets after realizing that COVID-19 isn't a 'pooping disease' were met with signs at various Costco locations informing them that they won't be able to return all that toilet paper, paper towels, sanitizing wipes, water, rice and lysol they bought in anticipation of a societal collapse, according to brobible

Costco, meanwhile, may have over-bought in anticipation of sustained demand which has petered out.
It looks like "the whole toilet-paper craze has calmed down," tweeted one shopper.
Enjoy your lifetime supply of toilet paper and wipes you crazy ! is not taking any more returns. Better start figuring out what you are gonna do with 10 bags of rice you bought!

https://www.zerohedge.com/personal-finance/costco-hoarders-discover-they-cant-return-toilet-paper?utm_campaign=&utm_content=ZeroHedge%3A+The+Durden+Dispatch&utm_medium=email&utm_source=zh_newsletter

Tuesday, March 24, 2020

Should America Just Let Virus Run It’s Course?

This is really something everyone should read. 10 years ago, when Obama was President, the Swine flu pandemic infected 61,000,000 Americans and killed upwards of 18,000 Americans and yet businesses never closed, schools stayed in session and life went on.  So far in MN the Covid 19 Virus has killed 1 person and we have shut down the entire nation.  What is really going on here?
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As I write this, the total number of cases of the COVID-19 is still a minute fraction of the Swine flu pandemic which hit our nation and the world in 2009 and 2010.  Back then, when it ran its course, the Swine flu was in 70 countries, infected approximately 1.5 billion people, and killed anywhere between 300,000 to 700,000.
Here in the United States, over 60 million were infected, approximately 300,000 hospitalized, and upwards of 18,000 Americans lost their lives.

https://townhall.com/columnists/douglasmackinnon/2020/03/22/should-america-vote-on-letting-covid19-run-its-course-n2565441

US Senate Floats "Digital Dollar"

We know it's coming.  A cashless system that will ultimately require a "mark" for anyone to access it. The C virus could push it closer to being a reality.  Remember, the Secret Powers of This Earth won't ever let a calamity pass by without getting something from it.  In this case they could make a few claims about why it's in everyone's best interest to get rid of cash.

1.  Money is dirty.  Swapping cash around between folks is a sure way to spread the C virus. Quit it!
2.  Only drug dealers, sex workers and human traffickers use cash anymore. Put them out of business!
3.  We need to get relief to American workers FAST.  What better way than electronically?

And here is the headline from our own US Senate.

US Senate Floats ‘Digital Dollar’ Bill After House Scrubs Term From Coronavirus Relief Plan

The bill, introduced by Ranking Member Sen. Sherrod Brown (D-Ohio), is not proposing a crypto dollar but a digitized version of the existing dollar, a process advocates including former Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo have called for to maintain U.S. financial hegemony.

According to the draft, the digital dollar will be “dollar balances consisting of digital ledger entries recorded as liabilities in the accounts of any Federal Reserve bank.”

The bill even notes that such wallets should be branded as “FedAccounts.”

Like a pair of draft bills in the U.S. House of Representatives, the proposed digital dollar would be operated and maintained by the Federal Reserve (the U.S. central bank). The Fed would be responsible for maintaining the digital wallets to support the funds, on behalf of individuals. 

Federal Reserve member banks could create a “pass-through digital dollar wallet,” which would hold a person’s share of a pooled reserve balance that the member bank maintains at any Fed bank.

“Each member bank shall establish and maintain a separate legal entity for the exclusive purpose of holding all assets and maintaining all liabilities associated with pass-through digital wallets,” the bill states.

States might also designate some non-member banks to offer these wallets.

The House draft bills mentioned a digital dollar as one potential method for distributing relief funds to U.S. residents during the ongoing coronavirus outbreak. Unemployment numbers have spiked as social distancing and “shelter-in-place” orders have cut sharply into retail revenues.

However, the Senate version appears to exist independently of any such relief.

Here;  https://www.coindesk.com/us-senate-floats-digital-dollar-bill-after-house-scrubs-term-from-coronavirus-relief-plan

Hat tip to Dave G.



US Senate Floats ‘Digital Dollar’ Bill 

The World's Governments are Controlled by Non-Human Entities

The Bible is clear about WHO controls the entire world.

1 John 5
19 We know that we are children of God, and that the whole world is under the control of the evil one. 20 We know also that the Son of God has come and has given us understanding, so that we may know him who is true. And we are in him who is true by being in his Son Jesus Christ. He is the true God and eternal life.

So who is the evil one?  Satan.  And is Satan a human?  No.  So is Satan a non-human entity? Yes.

Since we agree on that, take a few minutes and watch this interview of David Icke.  As far as I know he is not a follower of Jesus Christ but he has been sounding the alarm that some type of "non human reptilian entities" have been controlling the world.  And this corona-virus shutdown that we are all enduring is part of their overriding plan.

Remember, this is what the Bible has said all along.  We know that Satan and his demons are responsible for this, but lots of non-Bible folks think it might be "aliens" from some far off planet who have reptilian features.

One other interesting point;  How did Satan first appear to Eve?  As a reptilian.

WORLD GOVERNMENTS ARE CONTROLLED BY NON-HUMAN REPTILIAN ENTITIES:

Watch YouTube interview here;  https://www.youtube.com/watch?v=tCTX7qzB-ug&feature=youtu.be

Also notice that he claims that these reptilian creatures have been creating a blood line of hybrid humans by interbreeding with them.

Hmmmmm.....??  Have you read Genesis 6 lately? 

Monday, March 23, 2020

California Inches Closer to Tyranny

We have heard that CA is getting ready to round up all the homeless people and put them in specially prepared camps.  Of course this is to try and control the spread of COVID...we are told.  Just remember that the Prince of This World is pushing for ultimate control.  There is no catastrophe that will go by without the government taking some of our freedoms and/or anonymity.  We will be told it is in the "best interest of society".  

One day, maybe soon, Antichrist will say, "Take this mark on your arm so that we can better protect you and keep you safe. It will also allow you to buy or sell anything that you need. This will drastically cut down on crime and fraud so is in the best interest of society."

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California’s “progressive” Democrat Governor Gavin Newsom is a piece of work. He has alerted the state’s National Guard Commander to be ready in case he has to impose “Martial Law” as part of California’s war on the Coronavirus. 
Governor Newsom has already closed the Golden State’s public schools and said earlier this week that few if any will reopen at all this year. He also stated that he is seeking a federal waiver so that while parents are being urged to take advantage of on-line learning, California’s students will not have to be tested on whatever they learn this year because, as he put it, “it is totally inappropriate for kids to worry about coming back and being tested.” 
Meanwhile bars, clubs and gyms are also closed – and the state is reopening several closed hospitals and negotiating with some 900 hotels to rent tens of thousands of rooms in case California’s hospitals can’t handle all those needing help.
Actually, many if not most of the hotel rooms the Governor wants are not slated to house patients, but to house the state’s burgeoning homeless population. Nearly half of all the homeless in the United States are to be found in California according to a recent government study – and the Governor has been arguing that the state should provide them housing at taxpayer expense. It looks as though he is making that happen – under the guise of protecting them from the Coronavirus. 
It seems that like former Clinton White House Chief of Staff Rahm Emanuel, Newsom doesn’t want to let a crisis go to waste when he can use it as cover to accomplish other goals.
Newsom reminded people in a press conference that “we have the ability to do martial law … if we feel the necessity” if citizens don’t do as instructed by the state’s political leadership.
Across the state, residents have been told not to leave their homes except for food, medicine and other essentials and groups of more than ten in any location are discouraged if not banned. Much of this parallels what other states and cities are doing, but in California one group of “essential” retail establishments that are being allowed to remain open are the hundreds of marijuana shops in places like San Francisco. 
The state’s potheads need marijuana and the Governor isn’t going to stand in their way. Marijuana retailers are classed with grocery stores and pharmacies as essential to the survival and “well-being” of state residents.

https://americanactionnews.com/opinion/california-inches-closer-to-tyranny/

This Could Dwarf the Great Depression

If USA stays shut down for months with 80,000,000 people not working as they “shelter at home”, we could start a domino effect that leads to a financial mess bigger than the Great Depression.  Please note this article isn’t from the National Enquirer.  It’s from Bloomberg via Yahoo Finance.  Pretty mainstream news that Americans are reading.
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(Bloomberg) -- Real estate billionaire Tom Barrack said the U.S. commercial-mortgage market is on the brink of collapse and predicted a “domino effect” of catastrophic economic consequences if banks and government don’t take prompt action to keep borrowers from defaulting.
Barrack, chairman and chief executive officer of Colony Capital Inc., warns in a white paper of a chain reaction of margin calls, mass foreclosures, evictions and, potentially, bank failures due to the coronavirus pandemic and consequent shutdown of much of the U.S. economy. The paper was posted late Sunday on online publishing platform Medium.
“Loan repayment demands are likely to escalate on a systemic level, triggering a domino effect of borrower defaults that will swiftly and severely impact the broad range of stakeholders in the entire real estate market, including property and home owners, landlords, developers, hotel operators and their respective tenants and employees,” he wrote.
Barrack said the impact could dwarf that of the Great Depression.

https://finance.yahoo.com/news/real-estate-billionaire-barrack-says-230309693.html