Hi folks, Jack Spirko here. Today you are listening to an episode of TSP Rewind.

Commercial free versions of past episodes podcast blast from the past. I put these up when I

can't do a show due to professional commitments or rare vacations. These podcasts will appear

in standard iTunes, Stitcher, and other feeds, but will be titled TSP Rewind episodes and numbered

and today we are rewinding back to October the 12th, 2011. This was originally

called Downward Class Migration and was episode 761 of the Survival Podcast.

Quick word about why I'm doing a rewind today. I have a vacation coming up so I'm taking a rewind

day so I can make more rewinds. I also have to get ahead of things really, really quick here. This

vacation kind of snuck up on me, but I will be leaving toward the end of the month and then coming

back about a week into the following month. I'll be gone for about two weeks. I also got a little

bit behind today. We got new baby birds on the farmstead like you've seen if you've been following me

and I got a bunch of stuff to catch up on. I got to get the expert show ready for tomorrow. I just

got a ton to do today and I just decided to call an audible here and go ahead and run a rewind.

This is actually a rewind that's run as a rewind before but a long time ago. Last time I ran this

as a rewind was 2016 and I was listening to it myself this morning and I'm like this is what I

got to put up because there's a lot in this. Again this goes back to 2011 and so this is old

and you're going to hear me go through a litany of cities that declared bankruptcy or run the

verge of bankruptcy in 2011. You'll also hear me talk about the second side of the recession.

Remember by 2011 the green shoots and sprouted we were coming out of the great recession and it was

all pie in the sky ahead and for those that haven't been around a long time back in 0809 as I was

saying here it comes and there it was and here it is. I was saying this isn't it. There'll be a giant

false recovery. There'll be something in between these two before we really have the shit hit the

...