The Great Depression of the 21st century has just begun. In store for the future: more years of home mortgage defaults at unimaginable rates and a commercial mortgage debacle without historical precedent. One analyst says that we are maybe only a third of the way through the defaults and the consequent destruction of wealth with many years to go. In other words, we are years away from recovery being even a possibility. And after so much destruction of wealth, what could we recover with? The accumulated wealth of the post-WWII era is being wiped out in front of our eyes.
Watch the 60 Minutes report here
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