Poor Man Survival
Self Reliance tools for
independent minded people…
ISSN
2161-5543
A Digest of Urban
Survival Resources
OVID-19 has created an enormous amount of fear, and that fear is
doing far more damage to the economy than the actual virus is. In an
environment of fear, financial institutions become a lot tighter with their
money, and that inevitably causes economic activity to slow down. For
example, just consider what happened in 2008. Mortgage lending standards
suddenly became much more strict, and that greatly contributed to the horrific
housing price crash which left millions upon millions of Americans underwater
on their mortgages. Unfortunately, this coronavirus pandemic has created
a wave of fear that is far greater than what we experienced during the last
recession, and that has enormous implications for the months ahead.
Extremely loose lending standards helped create debt-fueled
“booms” throughout our economy in recent years, but now lending standards are
going in the complete opposite direction very rapidly.
For instance, Chase is now requiring a credit score of at least
700 for all new home loans, and they are one of the financial institutions that
is now requiring a down payment of at least
20 percent…
A Chase spokesperson confirmed that starting April 14, new
mortgage applicants will need a minimum credit score of 700 and a down payment
of 20%. Refinancing applications for non-Chase mortgages will also need the
same score. Chase didn’t disclose its previous lending standards but the
average downpayment for first-time home buyers is around 6%, according to
a 2018 survey from the
National Association of Realtors.
If you own your home, would you have been approved for a mortgage
under the new Chase standards?
And Chase is far from alone. In fact, most major mortgage
lenders have now tightened up, and Redfin is estimating that about a quarter of
all home buyers last year would not have qualified under
the new standards.
So if you remove about a quarter of all buyers from the
marketplace moving forward, what happens to the housing market?
Yes, there will be an implosion, and it will happen no matter
whether coronavirus lockdowns are in effect or not.
And home equity loans are going to be hit even harder. As I
discussed last week,
Wells Fargo is no longer taking HELOC applications at all.
So now matter how good your credit is, you simply cannot get a
home equity line of credit from Wells Fargo at this point.
This is what fear does.
We see similar things happening in the credit card industry.
Standards have been greatly tightened for new customers, and in some instances
existing customers are having their limits slashed or their cards suddenly
canceled. The following comes from Newsweek…
Analysts warn that credit card companies are lowering credit
limits and canceling cards—often without warning—amid the pandemic-induced
economic crisis, just as they did during the Great Recession.
If you think that this won’t have a dramatic impact on the U.S.
economy, then you probably haven’t been paying attention.
Our economy is a consumer driven economy, and if consumers don’t
have access to easy credit there is no way in the world that economic activity
will return to previous levels.
Of course even if they did have access to easy credit, many
Americans are so afraid of this virus that they have no intention of resuming normal
economic patterns any time soon…
Here’s hoping you enjoyed the last movie or concert you attended,
because if the results of a new survey are accurate, it may be a long, long
time before such events are ever popular again. According to the research, 40%
of Americans plan to avoid public spaces unless “absolutely necessary” long
after the coronavirus pandemic has subsided.
The survey, commissioned by Vital Vio, asked 1,000 U.S. adults
about how they envision every day life in the wake of the coronavirus. All in
all, it looks like there are suddenly a whole lot more germaphobes in the land
of the free. Over four in five (82%) said they are now more aware of, and
concerned about, cleaning protocols in public areas. Additionally, 58% are more
suspicious about their friends’ and family’s hygiene habits.
And a lot of companies are also going to be extremely hesitant to
“return to normal” because of the threat of lawsuits.
Earlier today, I was stunned to learn that 771 coronavirus-related
lawsuits have already been filed…
Hundreds of lawsuits stemming from the coronavirus pandemic are
rapidly amassing in state and federal courts, the first wave of litigation
challenging decisions made early during the crisis by corporations, insurance
companies and governments.
Claims have been filed against hospitals and senior-living
facilities, airlines and cruise lines, fitness chains and the entertainment
industry – 771 as of Friday, according to a database compiled by Hunton Andrews
Kurth, an international law firm tracking cases that emerge from the pandemic.
Isn’t that insane?
I have repeatedly warned my readers that it will be exceedingly
difficult to “return to normal” in our overly litigious society, but even I
didn’t expect so many lawsuits so soon.
And this is just the beginning. Eventually there will be
thousands upon thousands of coronavirus lawsuits, and they will tie up our
courts for the foreseeable future.
This pandemic just seems to be magnifying everything that is wrong
with our society, and at this point the future looks so bleak that even
perpetually optimistic Warren Buffett is throwing in the cards…
A 95% plunge in passengers. Billions in losses. A rush for new
debt. A recovery that executives expect to take years. Coronavirus is
roiling the airline industry and the Oracle of Omaha has seen enough.
Warren Buffett told investors Saturday that Berkshire Hathaway has sold its entire
stakes in the four largest U.S. airlines — American, Delta, Southwest, United — as the pandemic upends another bet
on the sector that the famed investor had shunned for years before a surprise
return in 2016.
Buffett understands that fear of this virus is going to paralyze
air travel for a very long time to come, and he is getting out while he still
can.
But if our society cannot even handle COVID-19, what will things
look like once much worse things
start happening?
It has been sobering to watch how rapidly our “snowflake society”
has melted during this pandemic.
Now virtually the entire nation is paralyzed by fear, and the once
great U.S. economy is crashing all around us.
And the really bad news is that this is just the beginning…
About the Author: I am a voice
crying out for change in a society that generally seems content to stay asleep.
My name is Michael Snyder and I am the publisher of The Economic Collapse Blog, End Of The American Dream and The Most Important News, and the articles that I publish on those sites are
republished on dozens of other prominent websites all over the globe.
NOTES: Last week I fell off a moving truck
[transporting a fridge] and broke my left hand/wrist in two places, bruised a
rib and jammed my thumb on the right hand.
It’s in a cast and painful; making typing and many others tasks very
challenging.
The majority of people
have lost the ability to discern the difference between what's real vs. fake. They think their stock
valuations are real, while they believe the coronavirus is fake, for example.
Failing to know the difference will lead to self-destruction
during the chaos that's coming. Being able to accurately identify real vs. fake
is a critical survival skill.
In today's important article, I list 12 things that are real,
and 12 more than are fake. Read this list and gain this lifesaving knowledge.
Bill O’Reilly: Media a bigger threat to the country than the virus
7 Coronavirus Protection
Strategies for Seniors: Older adults are at higher risk for
severe COVID-19, as well as other viral and bacterial illnesses. Know how to
stay safe. Consumer Report
Facebook Monitors "Off-Facebook Activity"
You will be
shocked if you look at the new "Off-Facebook Activity" section of
settings in the Facebook app or website. You will see hundreds if not thousands
of websites reporting to Facebook where you have visited. Here's how you
can control that information to a degree.
Small-business guru Barbara Weltman has a new
book out: "Home
Business Magazine's Home-Based Business Start-Up Guide: A Step-By-Step Road Map
- with Checklists - to Get You Started Up, Profitable, and Successful in Your
Own Home-Based Business." Good timing, with so many people
shifting careers right now, voluntarily or involuntarily.
Running Your Online Business During Difficult Times -
This is not the first time I have seen my business crash. First there was 9-11 and then the financial meltdown of 2008. In both cases, I wrongly assumed with high unemployment and people hurting financially, that there would be a rush by people wanting to start selling online. But Continue Reading
This is not the first time I have seen my business crash. First there was 9-11 and then the financial meltdown of 2008. In both cases, I wrongly assumed with high unemployment and people hurting financially, that there would be a rush by people wanting to start selling online. But Continue Reading
Stunning: Pelosi Blocks
Investigation Of China And Origins Of Wuhan Virus — Puts All Resources Into
Another Hoax Investigation Of Donald Trump
Emergency
Dynamo Powered Radio w/ Flashlight
Federal and State Agencies Advise
You Get Emergency Radio!
You Get Emergency Radio!
Staying
informed could be a matter of life and death
AM/FM/NOAA Radio-Portable
Powered by cranking/USB Charge/AAA Baterries+Charge Out USB
port for charging Cellphones & more.
Shipping included-two versions at our storefront – click on the link
below!
Yours for saner
living,
Bruce, the Poor Man!
A Final Note…
Useful
Resources from our storefront-See new items!
Our phones are extremely important in a crisis.
They hold information and special functions that are essential for survival.
Essential information like important contacts, incoming public alerts, and they give us online access to survival strategies and life-saving techniques.
Your phone also has special functions like digital compasses, levels, and even the tiny flashlight that can be the difference between life or death in a crisis.
Your phone is that important, and should not be overlooked as an essential survival device.
THE MAJOR PROBLEM: Your phone’s power fails quicker than any survival tool you own.
THE SOLUTION: Fortunately, when you grab this "forever charger," your phone will always be charged…available at our storefront!
They hold information and special functions that are essential for survival.
Essential information like important contacts, incoming public alerts, and they give us online access to survival strategies and life-saving techniques.
Your phone also has special functions like digital compasses, levels, and even the tiny flashlight that can be the difference between life or death in a crisis.
Your phone is that important, and should not be overlooked as an essential survival device.
THE MAJOR PROBLEM: Your phone’s power fails quicker than any survival tool you own.
THE SOLUTION: Fortunately, when you grab this "forever charger," your phone will always be charged…available at our storefront!
You Can’t
Buy Life Insurance After You’re Dead-Prepare NOW for Emergencies…
NEW! Home Circuit Power Saving Device-Save 30—90% on Your
Electric Bill.
Home Circuits Power
Saving Device-Environment Friendly!
…as advertised in Reader’s Digest
Power Electricity Energy Savings Device- 30% or
more Savings 90V-250V 50Hz-60Hz
Easy-to-use---No
Maintenance Provides or a more stable environment for your household electrical
grid…invented in Germany
