Now the Insurance Companies
As fewer and fewer people are able to afford insurance, and insurance comapnies suffer material investment losses....expect dramatic contraction with insurance companies.........
Cigna to cut 1,100 jobs, or 4% of workforce, by mid-year
Remember, if the sole bread winner loses his/her job, depending on the number of dependants, more than that individual is affected by the job loss. Then if the spouse is forced to start looking for a job to compensate for the loss of family income, than one job loss creates two unemployed people.
There is little doubt that we will be experiencing at least 30% unemployment in the very near future.
I have a friend who owns a successful retail store in a very affluent area in Washington D.C. He has been in business over 20 years with a very strong reputation in his market. Today, we spoke, and by approximately 5:00 PM today, more than a few retailers in his mall had zero sales for the day. ZERO!!!!!!!!!
Alstrynomics focus on boots on the ground data.....and let me tell you....these boots are walking all around America collecting data everyday. I am getting distressing data from insurance salespeople as well.
By the way, your personal experiences are welcome....after all, CAPs is about investors helping investors. If you work in a retail store or restaurant.....please share your experience.