2008 took months to unravel because of the nature of the crisis. Foreclosure is a process and in some areas can take up to 6 months or more from the time you stop paying your mortgage.
Here we had state governments practically shutting down their economies overnight. Overnight, every restaurant in my state was no longer allowed to have dine in. Only maybe half in my local area stayed open for carryout, and at least 80% of those have closed in the few weeks since.
The speed at which this happened is astronomical, but that doesn't necessarily mean that it's going to be multiple times worse than 2008. Just that the onset was very quick.
Here we had state governments practically shutting down their economies overnight. Overnight, every restaurant in my state was no longer allowed to have dine in. Only maybe half in my local area stayed open for carryout, and at least 80% of those have closed in the few weeks since.
The speed at which this happened is astronomical, but that doesn't necessarily mean that it's going to be multiple times worse than 2008. Just that the onset was very quick.