The upcoming recession.

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Slim Cognito
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Re: The upcoming recession.

#26

Post by Slim Cognito »

He wants the interest on his millions-in-dollars loans reduced but the people who mortgaged their lives for a higher education can suck it.
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Addie
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Re: The upcoming recession.

#27

Post by Addie »

Foreign Policy (Oct 2 2019) - Keith Johnson
Rumblings of Recession Get Louder

With U.S. manufacturing taking its worst hit since the Great Recession, signs of a global economic downturn are everywhere.


What appeared as distant rumblings of economic trouble have in recent weeks turned into a stampede, with most major indicators pointing to a generalized, global economic slowdown. Most recently, the key U.S. manufacturing index hit its lowest point in more than a decade, a sign of how U.S. President Donald Trump’s trade wars have become a self-inflicted wound that threatens to send the economy into a tailspin just in time for his reelection campaign.

The Trump administration likes to boast about the strength of the U.S. economy—one of the few successes the administration has arguably had in nearly three years in office—given near record-low levels of unemployment, steady GDP growth, and a buoyant stock market. In reality, Trump’s concerted effort to turn back globalization, upend global supply chains, and levy tariffs on almost all major trading partners has sown uncertainty throughout the U.S. and global economies, with disastrous consequences for the manufacturing workers and farmers who helped vote him into office.

“There is a global slowdown in manufacturing, and I do think it’s related to Trump’s war on trade,” said Richard Baldwin, a professor of international economics at the Graduate Institute in Geneva. “It’s not just an issue between the U.S. and China, but between the U.S. and Europe, between the U.S. and its NAFTA partners, and between the U.S. and Japan as well.”

Trump administration officials such as White House economic advisor Larry Kudlow blame the media for talking up a recession, but in reality it’s manufacturers who are talking about falling orders—especially for exports—and bulging warehouses, sending the U.S. purchasing managers’ index to its lowest level since the depths of the Great Recession a decade ago. Of the 18 manufacturing sectors tracked by the index, 15 showed contraction in the latest survey; in some sectors, such as metal firms hammered by Trump’s tariffs on steel and aluminum, bankruptcies have begun. Farm bankruptcies, collateral damage from Trump’s trade war with China, have been rising for a year.

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Addie
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Re: The upcoming recession.

#28

Post by Addie »

New York Times - Nelson D. Schwartz
Coronavirus Recession Looms, Its Course ‘Unrecognizable’

The U.S. economic outlook darkens daily, with millions facing unemployment and businesses in a steep decline.


The American economy is facing a plunge into uncharted waters.

Economists say there is little doubt that the nation is headed into a recession because of the coronavirus pandemic, with businesses shutting down and Americans being shut in. But it is harder to foresee the bottom and how long it will take to climb back.

Greg Daco, chief U.S. economist at Oxford Economics, says the economy is assured of a recession — at least two consecutive quarters of economic decline — with output falling 0.4 percent in the first quarter and 12 percent in the second. That would be the biggest quarterly contraction on record, but Goldman Sachs upped the ante on Friday, saying it expected a 24 percent drop in the second quarter.

“This is not just a blip,” Mr. Daco s said of the outlook. “We’ve never experienced something like this.”

The abruptness of the descent — and the near-lockdown of major cities — is unheard-of in advanced economies, more akin to wartime privation than to the downturn that accompanied the financial crisis more than a decade ago, or even the Great Depression.
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RTH10260
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Re: The upcoming recession.

#29

Post by RTH10260 »

Hmmm - so the Republicans will once again leave a strained economy to the Democrats to fix one more time :?: :think:

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kate520
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Re: The upcoming recession.

#30

Post by kate520 »

:yeah: :yeah:
DEFEND DEMOCRACY

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Frater I*I
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Re: The upcoming recession.

#31

Post by Frater I*I »

RTH10260 wrote:
Sat Mar 21, 2020 12:19 pm
Hmmm - so the Republicans will once again leave a strained economy to the Democrats to fix one more time :?: :think:
All of this has happened before....and all of this will happen again...

again...

again...
Gazer Into the SovCit Abyss

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MN-Skeptic
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Re: The upcoming recession.

#32

Post by MN-Skeptic »

Considering how great Trump believes himself to be, I propose that the coming recession be called The Great Trump Recession.
MAGA - Morons Are Governing America

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pipistrelle
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Re: The upcoming recession.

#33

Post by pipistrelle »

MN-Skeptic wrote:
Sat Mar 21, 2020 1:35 pm
Considering how great Trump believes himself to be, I propose that the coming recession be called The Great Trump Recession.
The Great Trump Depression, which some of us have been in since Election Night.

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MN-Skeptic
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Re: The upcoming recession.

#34

Post by MN-Skeptic »

pipistrelle wrote:
Sat Mar 21, 2020 2:02 pm
MN-Skeptic wrote:
Sat Mar 21, 2020 1:35 pm
Considering how great Trump believes himself to be, I propose that the coming recession be called The Great Trump Recession.
The Great Trump Depression, which some of us have been in since Election Night.
:yeah:
MAGA - Morons Are Governing America

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Atticus Finch
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Re: The upcoming recession.

#35

Post by Atticus Finch »

A bank in West Virginia failed. I have a gut feeling that we will see more bank failures in the coming months. Out of work people can't make their mortgage payments. Businesses will not be able to make loan payments. It is going to be a perfect storm.

Remember FDIC will only insured deposits for individuals up to $250,000 per type of account. For example, a person with individual account will be insured up to $250,000. As for joint accounts, FDIC will insured up to $250,000 per co-owner, i.e. two people $500,000 three people $750,000.

A married couple can be insured up to $1,000,000 by doing the following: Husband, individual account, $250,000; wife, individual account, $250,000; husband and wife, joint account, $500,000.

More info: fdic.gov.

Be Safe

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