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Honored Social Butterfly

Bank of America: "Recession is Here"

Bank of America: “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%. GDP for the full year will contract by 0.8%, it said.


Bank of America looked at the labor market as a way to understand the “magnitude of the economic shock.” The firm expects the unemployment rate to nearly double, with roughly 1 million jobs lost each month of the second quarter for a total of 3.5 million.


The coronavirus outbreak has already sent global markets into a tailspin as travel comes to a near standstill and businesses shut their doors.


“Although the decline is severe, we believe it will be fairly short lived,” Meyer added.


https://www.cnbc.com/2020/03/19/bank-of-america-says-the-recession-is-already-here-jobs-will-be-lost...

Honored Social Butterfly

The coronavirus outbreak has already sent global markets into a tailspin as travel comes to a near standstill and businesses shut their doors.

“Although the decline is severe, we believe it will be fairly short lived,” Meyer added.

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"it will be fairly short lived"

I hope so but do not think it will be short lived....more like a few months

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Honored Social Butterfly

   I fear that the recession is going to be larger and longer than predicted by BoA.    The people that will be harmed will not have much of a voice in the economy.     For example:   Renters will not be protected from minimal protection suggested by HUD.    The one time check proposal will not do anything but postpone the situation for maybe a month.    Unemployment insurance should be extended, but shut down by GOP.

PRO-LIFE is Affordable Healthcare for ALL .
Honored Social Butterfly

I agree, afisher, this recession will last longer than most people expect. 

 

I think the last line in the post is meant to keep people in the market. In other words, don't panic.

 

We were heading to a recession, anyway. It was just a matter of when. Corona will make it much, much worse.

 

We're already $23 Trillion in debt. Any recession would sink us deeper into debt. 

Interest rates are artificially low (to prop up the market. 

The Fed never completed Quantitative Easing.

Automation and technology will be erasing more jobs. 

Jobs will continued to be moved to other countries.

We can't blame this all on Trump. We can probably go back 5 presidents who share the blame. 

 

I don't see how they can kick the can down the road any further.

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Honored Social Butterfly


@gordyfl wrote:

 

We can't blame this all on Trump. We can probably go back 5 presidents who share the blame. 

 

I don't see how they can kick the can down the road any further.


I agree, we can't blame all of this on tRump but he has exasperated things, and so have the politicians that have allowed him to.

 

I don't know how they can "kick the can down the road" an further, but I think that's what they will try to do. The next POTUS is inheriting a complete calamity. There is so much damage to undo and there will be more by the time a new POTUS takes over.


Man learns from history that man learns nothing from history.
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Honored Social Butterfly

Thanks for the info?  It's best to know and be prepared...

 

 


"FAKE 45 #illegitimate" read a sign at the Woman's March in DC, 1/27/2017
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