Three weeks ago, Deutsche Bank shocked the polite world of finance – where nobody dares to tell the truth if the truth is unpleasant and runs counter to the commission-boosting bias of being bullish on everything – when it became the first Wall Street bank to officially make a US recession in late 2023 its base case (here we of course exclude such uber-bears as BofA’s Michael Hartnett or SocGen’s Albert Edwards, who have pitched recessionary scenarios explicitly different from the banks’ bullish “base cases”).
Then last week, the bank doubled down on its shock factor when it came out with an even more bearish view in its latest “House View” note, in which the bank’ top economist explained that not only is a recession assured but that inflation expectations “will likely move significantly higher, ultimately leading to an even more aggressive tightening and a deeper recession with a larger rise in unemployment” which in turn will mutate into the outcome the Fed has been so desperate to avoid: a hard landing.
Fast forward to today, when DB has gone for the Trifecta and its head of research and chief economist David Folkerts-Landau, alongside chiefs of economic and thematic research Peter Hooper and Jim Reid, published a must-read piece (available to professional subscribers in the usual place) in which he makes two points:
THANK your Crooked Democrat Anti-American PARTY !!!!!
REVOLT is coming in AMERICA !!!! Just keep on screwing the Good people Over & see What Happens !!!!!!
And what do you think is going to happen when the serfs have to pay $8 a gallon for gas and a bag (ONE bag!) of groceries will cost them $40-60 and heating oil is so expensive that sweaters and blankets will be sold out (at $100 a piece)?
They will not be satisfied with the latest hero politician telling them, “we are working on it”…….
And when their children cry because they get one meal a day (third world country type conditions) it won’t help to see politicians flying to Europe to tell everyone how bad climate change is (“it’s our #1 priority!!”) and dining in Paris with 5 course meals.
I’m sure there will a war or a new virus they will use to distract the serfs, but when your family can’t go to the doctor (that became too expensive, too) and your kids are starving, bet your life (and that’s exactly what they will be doing), guns come out.
It’s the same story throughout history.
“We, the people” will kill the ones in charge and start over again.
Revolution.
Bankers, the wealthy elite, and politicians NEVER seem to see it coming. But it ALWAYS comes, much to their surprise. EVERY TIME.
Keep cheering.
The economy really hasn’t improved since the great recession of 2008. My income dropped by half and I had to sell some of my stuff to get my head above water. At least I have finally paid off my house, but my adult son still lives at home with me because jobs no longer pay a living wage to afford housing and food. Inflation has eaten up my 401K savings, so I see myself working in one form or another until I die, which will probably be within ten years. The present sucks, and the future doesn’t look promising.
I really don’t care. democrats few of whom are successful financially deserve to suffer. Vote stupidly and live with the consequences. Don’t come begging to me when what you all spawned needs school supplies or Christmas presents. You aren’t getting a cent.
a lovely site would be seeing EVERY Democrat on the street begging for something to eat starving would be a picture of total bliss screw every Democrat that is living
Thank goodness I saved and invested independently. Always bought used cars and don’t like to shop and eat out. The 4,000 a month I will get in Social Security will be money to finally play with or spend on my grandkids if I and IT holds out. If it doesn’t I am still well-positioned and won’t have to downsize I never lived above my means.
4000 for social security? Keep dreaming, did you forget taxes?
Do you also heal the blind with a mere touch???