As stocks take a breather due to massive government bailouts and Fed bailouts, let’s catch up on the most recent recession facts. That’s while I take a morning breather to lay them out as I enjoy my coffee before getting back to laying out the massive bailouts.
Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here. “We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.” The firm expects the economy to “collapse” in the second quarter, shrinking by 12%.
I have no argument with where this is going or with stating a recession is already here. Why wouldn’t it be? A recession was already clearly coming down on us and, at least, partially here. I do think calling it the “coronavirus induced recession” could be an attempt by BofA to blame all this on the coronavirus and take the pressure off of banksters and the rest of Wall Street for their roll in assuring it would come.
Nevertheless, it’s certainly fair to say the coronavirus is a massive contributor to what was already building; but look at what was already here economically (red line), and look at what is happening in stocks (green line):
Read the rest here: https://thegreatrecession.info/blog/short-take-on-long-line-to-recession/
Bank of America owned by the Saudis’ Ha!Ha!Ha!