It appears that 42% fund managers from Bank of America are predicting a recession within the next 12 months. This isn’t good news for the country or the Biden administration, which still seems intent on embracing the idea that it’s better to have Ted Lasso’s cast in the White House than dealing with the imminent recession.
The collapse of Silicon Valley Bank and Signature Bank has revealed a crack in the financial system and will likely be remembered in history as a foreshock to a significant economic downturn.
Though many were hoping that we would skirt by a recession, much like many were hoping inflation would be “transitory,” but an increasing number of fund managers at Bank of America think that won’t be the case.
According to a report, 42% of those recently surveyed at the Charlotte-based financial giant believe that a recession will happen within the next 12 months. That’s up from just 24% in February.
The survey also revealed that 80% of the fund managers also expect stagflation to continue, which means that inflation will continue while the economy remains stagnant.
JPMorgan Chase, one of Bank of America’s main competitors, agrees.
As Fortune magazine puts it, the New York-based bank is asking their team “to rewrite their recession forecasts from scratch, as months of small victories against inflation and a relatively strong economy were potentially swept away in under two weeks.”
That’s not comforting in the slightest.
But never fear, Ted Lasso is here, and the Biden administration wants Americans to think positive thoughts and “believe.”
The cast of Ted Lasso, including stars Jason Sudeikis and Hannah Waddingham, joined White House Press Secretary Karine Jean-Pierre at the podium in order to talk about mental health. This was the same event where a journalist from Today News Africa’s expressing frustration that Jean-Pierre failed to call on him for months.
A huge question remains though about why the White House is hosting seemingly publicity stunts and promoting a television show while the national economy is on the brink?
“Believing” doesn’t make the economy better, policy does, and the Biden administration’s policies regarding spending have led the country to 40-year highs in inflation, stagflation and now likely a recession. Instead of dealing head on with these issues, the White House has now become a prop and advertisement for the Apple TV series.
Sadly, as the country heads further down the path into recession, mental health will become an increasingly important topic. There’s some reports that indicate that suicide may have spiked between 2007-2008. Mental health is an important issue, of course, but the Biden administration has failed to address or perhaps even caused the economic issues that could lead to an increase in suicide.
Wouldn’t it be better to address and tackle the government’s spending problems, which could potentially save lives, rather than hosting celebrities for cheap publicity points?
