“they fell way behind the curve and are now playing a dangerous game of catch up,”
Anybody with two brain cells to rub together knew this was going to happen. Money was free for over a decade and then they gave away $5 trillion for no good reason. That $5 trillion didn’t go into investment to improve productivity one iota — it just paid people to stay home after the needless shutdown of the country.
well... on the plus side, that will make is much easier to remove Resident Biden.
So what is the official definition of recession? I would imagine it depends on your net worth and/or income. (or whether or not you're a bank)
I've been trying to off load some used items I don't need anymore but no one is buying. Tried selling a 1950 chevy truck in need of restoration. Would have sold for $3-4000 a few years ago and people were buying every single one at prices like that. Top bid on ebay was $600. Like new tiller that's $814 at Home Depot right now. Maybe 10 hours of use, no paint worn off tines, 2 years left on 5 year warranty, listed on craigslist for two months. Lowered it from $500 to $400, no bites. Like the old truck, would have sold in a heart beat 3 years ago.
About the only used item selling right now is used cars that get 30mpg.
This is a recession for a lot of people. I guess it will be a recession for BofA when people can no longer run up their credit or can no longer make payments on their loans.