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I have around 6 friends/family members that I know declared bankruptcy in the last 2 years. People with previously flawless credit. I know several guys that were worth millions 2 years ago who now have lost everything. One is living in a camper. I know a lawyer who are scrubbing toilets right now to make ends meet.
Maybe you do not think this is real, but the people I know who are greatly affected by it do and many are struggling just to get by every day. And things are just getting started...
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it is an interesting dichotomy to see malls and restaurants packed while I know friends who were riding high 2 years ago with huge commercial construction and plumbing companies who are now on the verge of bankruptcy, blown up credit ratings and short selling their personal homes. Granted they were tied to ill-fated industries, but the fall for them wasn't gradual.