‘The consolidation of the states into one vast empire, sure to be aggressive abroad and despotic at home, will be the certain precursor of ruin which has overwhelmed all that preceded it.’ Robert E. Lee. (1807-1870).
‘I saw a sign at a gas station. It said ‘help wanted’. There was another sign below it that said ‘self service’. So I hired myself. Then I made myself the boss. I gave myself a raise. I paid myself. Then I quit.’ Steven Wright. (1955- ).
Stanley is correct about the banks getting paid. However, higher rates do bite the real economy and shrinks collateral already held by banks, brokers, etc. And the problem today is finding quality collateral to be able to borrow against.
Are you confused? We’re certainly not …but still know a duck when we see one!
Americans Who Think We’re in a Recession Are Actually Just Confused: White House Adviser
White House economic adviser Jared Bernstein said recently that Americans who think the country has fallen into a recession are basically confused about the source of their economic pain, while doubling down on the Biden administration’s view that the U.S. economy isn’t, in fact, in a contraction, despite two back-to-back quarterly negative GDP prints.