Over the weekend, I got a call from a very close friend who is on the verge of losing his home. I have several other friends who are on the brink of their own financial meltdown. I have other friends in the commercial real estate sector who confirm for me everything I’ve been hearing about the impending commercial real estate collapse. And now we’re beginning to understand how all of the craziness we’ve read about for years with private equity firms buying up various corporations is going to come crumbling down under the shear weight of the debt they brought on their various acquired companies.
And I can’t tell you how many baby-boomers I know of who have little to no savings, or have been riding the good times on their over-inflated home valuations.
All of this to me spells a lot of pain in our financial future as a country.
I’m sick and tired of seeing new shopping malls erected. We need more real businesses producing real goods that compete on the world stage, not more ways to spend money we don’t have.