Slow moving train wreck. The damage is already done though there isn’t much recovery at this point. People will either get evicted now or in a year there is no way people who don’t have 500 in savings can magically come up with 3k. Moreover if they actually had 3k they would be kicked off programs like food stamps and other assistance.
It reminds me of radiation sickness. You get hit, and you don't even know you're fucked if you aren't looking at the gages. Then you start to feel bad, and they start to do everything to save you. Then there's a prodromal period where you feel much better, but it's kinda hard to enjoy it because you're about to die horribly. And then you die horribly.
Yeah, except this radiation sickness is kind of contagious. People can't pay rent, landlords can't pay mortgages, banks can't do whatever it is that banks do, more businesses suffer, more people can't pay rent and mortgages, banks can do even less and whatever happened to hundreds of thousands of American's being underwater on 7 and 10 year car loans and predatory loans from buy here pay here dealerships? Now's probably not a good time to realize that's still a thing.