« Reply #2 on: July 26, 2022, 04:57:36 AM »
From OP's article, and more toward the bottom line of it quoted below. The usual criminals - SharterJoe and Yellen - want to tell you that the sun rises in the west and sets in the east.
President Joe Biden, Treasury Secretary Janet Yellen, the entirety of the money printers who inhabit the Federal Reserve, and virtually all of the deep state of Wall Street are still busy trying to convince you that a recession is unlikely. Well, here’s some news for all of them. Whether or not we will have a recession is no longer a question. The recession is already here. The only question is, how deep the recession will become.
The consumer is getting attacked on all fronts, and their consumption accounts for nearly 70% of GDP. Falling real wages, spiking debt service costs, plunging cryptocurrencies, sinking stock prices, and battered bond values are seriously injuring their financial health. And coming soon to a theater near you, a real estate wreck is in the offing. Instead of home prices rising 20% per annum as they have over the last couple of years, the pace of home price appreciation should soon decline sharply. Home affordability is at a record low, while new listings and price reductions are on the rise. Home equity extractions have been severely depressed due to rising mortgage rates. And now, depreciating real estate values shut down the bad consumer habit of relying on equity extraction to boost consumption.
The final blow to this consumption story will be the labor market. A rising number of US corporations are now placing hiring freezes and/or engaging in outright layoffs.
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