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Recession - 2022 / 2023 / 2024

“The Fourteenth Amendment requires the President to meet obligations to the holders of federal debt,” the complaint states. “To do so, he must either borrow or find the necessary funds to do so from cancelling, suspending, or refusing to carry out spending already approved by Congress.”
1683576371528.jpeg

thehill.com

Government employees union sues Yellen, Biden over ‘unconstitutional’ debt limit law

The National Association of Government Employees (NAGE) filed a lawsuit to block enforcement of a law that sets the nation’s debt limit, arguing it is unconstitutional as a political divide over ra…
thehill.com thehill.com
 
Sounding like another situation that is being "Politicized".....


WASHINGTON, May 8 (Reuters) - Treasury Secretary Janet Yellen is reaching out to U.S. business and financial leaders to explain the "catastrophic" impact a U.S. default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday.
The Treasury secretary is having one-on-one conversations with individual CEOs to warn them about the "dangerous consequences of the current brinkmanship," one of the sources said.

www.reuters.com

Yellen is calling CEOs personally to warn on US debt ceiling, sources say

Treasury Secretary Janet Yellen is reaching out to U.S. business and financial leaders to explain the "catastrophic" impact a U.S. default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday.
www.reuters.com www.reuters.com
 
May 8 (Reuters) - LinkedIn, the social media network owned by Microsoft Corp (MSFT.O) that focuses on business professionals, said on Monday it would cut 716 jobs as demand wavers, while also shutting down its China-focused job application.
LinkedIn, which has 20,000 employees, has grown revenue each quarter during the last year, but it joins other major technology companies including its parent in laying off workers amid a weakening global economic outlook.

www.reuters.com

LinkedIn cuts over 700 jobs, phases out China app as demand wavers

LinkedIn, the social media network owned by Microsoft Corp that focuses on business professionals, said on Monday it would cut 716 jobs as demand wavers, while also shutting down its China-focused job application.
www.reuters.com www.reuters.com
 
BEIJING, May 9 (Reuters) - China's imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth.
China's economy grew faster than expected in the first quarter thanks to robust services consumption, but factory output has lagged and the latest trade numbers point to a long road to regaining the pre-pandemic momentum at home.

www.reuters.com

China's shrinking imports, slower exports growth darken economic outlook

China's imports contracted sharply in April, while exports rose at a slower pace, reinforcing signs of feeble domestic demand despite the lifting of COVID curbs and heaping pressure on an economy already struggling in the face of cooling global growth.
www.reuters.com www.reuters.com
 
Hobo Hilton said:
May 8 (Reuters) - LinkedIn, the social media network owned by Microsoft Corp (MSFT.O) that focuses on business professionals, said on Monday it would cut 716 jobs as demand wavers, while also shutting down its China-focused job application.
LinkedIn, which has 20,000 employees, has grown revenue each quarter during the last year, but it joins other major technology companies including its parent in laying off workers amid a weakening global economic outlook.

www.reuters.com

LinkedIn cuts over 700 jobs, phases out China app as demand wavers

LinkedIn, the social media network owned by Microsoft Corp that focuses on business professionals, said on Monday it would cut 716 jobs as demand wavers, while also shutting down its China-focused job application.
www.reuters.com www.reuters.com
Click to expand...
LinkedIn is a Leftist cesspool - cannot believe that US CEOs have not demanded that HR/Recruiting abandon LinkedIn. I guess most US major corporation CEOs are Leftists too.............
 
Hobo Hilton said:
Sounding like another situation that is being "Politicized".....


WASHINGTON, May 8 (Reuters) - Treasury Secretary Janet Yellen is reaching out to U.S. business and financial leaders to explain the "catastrophic" impact a U.S. default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday.
The Treasury secretary is having one-on-one conversations with individual CEOs to warn them about the "dangerous consequences of the current brinkmanship," one of the sources said.

www.reuters.com

Yellen is calling CEOs personally to warn on US debt ceiling, sources say

Treasury Secretary Janet Yellen is reaching out to U.S. business and financial leaders to explain the "catastrophic" impact a U.S. default on its debt would have on the U.S. and global economies, two sources familiar with the matter said on Monday.
www.reuters.com www.reuters.com
Click to expand...
The simple idea of reduce government spending is too easy and therefore they will not reduce spending.
 
May 9 (Reuters) - U.S. companies are feeling the heat of decades-high interest rates and sticky inflation, with several filing for bankruptcy protection as the era of easy money draws to a close.
The tally of U.S. companies that have gone bankrupt so far in 2023 is higher than the first four months of any year since 2010, data from S&P Global Market Intelligence showed.
There were 54 corporate bankruptcy petitions in April, down from 70 in March, S&P Global said. Still, the year-to-date count more than doubled to 236 from a year ago.
www.reuters.com

Factbox: U.S. corporate bankruptcies at highest level since 2010

U.S. companies are feeling the heat of decades-high interest rates and sticky inflation, with several filing for bankruptcy protection as the era of easy money draws to a close.
www.reuters.com www.reuters.com
 
In its report, Moody’s assigns a 10% probability to a breach of the debt ceiling, up from 5% previously.
“What once seemed unimaginable now seems a real threat,” Moody’s Analytics chief economist Mark Zandi wrote in the report.


Biden says GOP debt ceiling plan is 'devastating'
U.S. President Joe Biden piled pressure on Republican lawmakers on Wednesday to move quickly to raise the country's $31.4 trillion debt ceiling or risk throwing the U.S. economy into a recession that would kill thousands of jobs. Tamara Lindstrom
apnews.com

Biden goes after Republicans on debt limit in campaign-style speech

President Joe Biden is blasting Republican demands for federal spending cuts as “devastating." He made his case in a campaign-style speech to voters in Valhalla, New York, on Wednesday. At the same time, lawmakers met in Washington to try to find a path forward to lifting the government’s...
apnews.com apnews.com
 
Last edited:
lariat said:

MSN

www.msn.com
Click to expand...
A line from the article:
But prices probably won’t drop markedly until there are simply more homes available.

That is not true. The old theories of "Supply and Demand" are not working these days. "More homes" will be built with inflated material and labor cost. There was too much free government money for way too long. We are now "Paying the Piper" even though we did not get the money.
 
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I call a statement like this (Below) "Guilt by Omission"... It's not what they are telling you, it's what they are not telling you. Working middle class is existing on credit cards hoping things will get better, financially.

Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing.
The total for borrowing across all categories hit $17.05 trillion, an increase of nearly $150 billion, or 0.9% during the January-to-March period, the New York Federal Reserve reported Monday. That took total indebtedness up about $2.9 trillion from the pre-Covid period ended in 2019.

www.cnbc.com

Consumer debt passes $17 trillion for the first time despite slide in mortgage demand

The total for borrowing across all categories hit $17.05 trillion, an increase of nearly $150 billion, or 0.9% during the January-to-March period.
www.cnbc.com www.cnbc.com
 
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May 17 (Reuters) - Many U.S. regional lenders may have to consider selling off commercial real estate (CRE) loans at a steep discount after breaching key regulatory thresholds for exposure to the troubled sector, according to new data and market sources.
Regional banks, the largest lenders to the beleaguered U.S. CRE and construction markets, have reduced their exposure to the sector by tightening standards and making fewer loans, especially in the weeks after the collapse of Silicon Valley Bank [RIC:RIC:SIVBV.UL], Signature Bank (SBNY.PK) and First Republic Bank (FRCB.PK).
www.reuters.com

Analysis: Overexposed US regional banks could sell commercial property loans

Many U.S. regional lenders may have to consider selling off commercial real estate (CRE) loans at a steep discount after breaching key regulatory thresholds for exposure to the troubled sector, according to new data and market sources.
www.reuters.com www.reuters.com
 
Zombie firms are companies with earnings that are sufficient to allow it to continue operating and pay the interest on its debt, but not to pay off the debt, meaning any cash generated is immediately spent on debt. The company is therefore “neither dead nor alive.”

The global debt pile grew by $8.3 trillion in the first quarter to a near-record high of $305 trillion as the global economy faced a “crisis of adaptation” to rapid monetary policy tightening by central banks, according to a closely-watched report from the Institute of International Finance.
The finance industry body said the combination of such high debt levels and rising interest rates has driven up the cost of servicing that debt, triggering concerns about leverage in the financial system.
images

www.cnbc.com

Global debt nears record highs as rate hikes trigger 'crisis of adaptation,' top trade body says

Global debt grew by $8.3 trillion in the first quarter of 2023 to a near-record high of $305 trillion.
www.cnbc.com www.cnbc.com
 
LOL.... unexpectedly = The blind leading the blind.
1684414855978.jpeg


Feb 16 (Reuters) - Manufacturing activity in the Mid-Atlantic region dropped off sharply and unexpectedly in February, and goods producers reported input cost increases accelerated for the first time in 10 months while their own price increases slowed dramatically, signaling margin pressures were building.

www.reuters.com

Philadelphia Fed manufacturing gauge plunges unexpectedly

Manufacturing activity in the Mid-Atlantic region dropped off sharply and unexpectedly in February, and goods producers reported input cost increases accelerated for the first time in 10 months while their own price increases slowed dramatically, signaling margin pressures were building.
www.reuters.com www.reuters.com
 
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Zombie firm
May 18 (Reuters) - TuSimple Holdings Inc (TSP.O) said on Thursday it will cut 30% of its workforce in the United States under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector.
www.reuters.com

TuSimple to restructure US business, lay off 30% staff

TuSimple Holdings Inc said on Thursday it will cut 30% of its global workforce under a restructuring as the autonomous driving technology company looks to preserve its balance sheet amid a funding crunch in the sector.
www.reuters.com www.reuters.com
 
So, here we are.. Too much free Government money and a politicized FED Reserve. Unfortunately the Americans who got very little free money are bearing the brunt of inflation. Financially "treading water" while Jerome Powell continues to do too little, too late.

www.cnbc.com

Fed may be forced to defy market expectations and hike more aggressively, economist says

The U.S. Federal Reserve may be forced to defy market expectations hike interest rates aggressively again later this year, according to Daniele Antonucci, chief economist at Quintet Private Bank.
www.cnbc.com www.cnbc.com
 
Central banks have been credited with averting a global depression twice over the past 15 years: Once after the 2008 financial crisis, and again at the height of the coronavirus pandemic.


But the tactics they deployed to restore confidence and keep money flowing from banks to the economy amounted to a high-stakes experiment — one that may be impossible to unwind without destabilizing the financial system.


Central banks purchased tens of trillions of dollars worth of government bonds and other assets in a bid to bring down longer-term borrowing costs and stimulate their economies. This measure, known as “quantitative easing,” or QE, created a flood of cheap cash and gave policymakers newfound sway over markets. Investors called it the era of “easy money.”

 
No soft landing.
www.cnbc.com

Citigroup to spin off its Mexico business after efforts to sell unit collapse

Citigroup announced Wednesday it plans to pursue an initial public offering of its Mexico business, Banamex, making formal a long-telegraphed spinoff.
www.cnbc.com www.cnbc.com
www.cnbc.com

Meta has started its latest round of layoffs, focusing on business groups

Meta has begun its third round of layoffs as part of a cost-cutting plan that will eliminate more than 21,000 workers from the company.
www.cnbc.com www.cnbc.com
www.cnbc.com

Mortgage demand drops again as rates cross back over 7%

The average rate on the popular 30-year fixed mortgage crossed over 7% on Tuesday, according to Mortgage News Daily. The highest level since early March.
www.cnbc.com www.cnbc.com
www.reuters.com

UK inflation falls by less than expected, heaping pressure on BoE

Investors pile into bets for more BoE action.
www.reuters.com www.reuters.com
www.reuters.com

Higher interest rates boost hedge fund stock borrowing to record high - Goldman

Borrowing across the global hedge fund industry has hit record highs, Goldman Sachs said in a note to clients on Wednesday, as rising interest rates make it cheaper for speculators to borrow stock and bet on movements in company stock prices.
www.reuters.com www.reuters.com
 
JPMorgan Chase
cut about 500 positions this week, mostly among technology and operations groups, according to people with knowledge of the move.
The cuts were spread across the New York-based firm’s main divisions of retail and commercial banking, asset and wealth management and its corporate and investment bank, said the people, who declined to be identified speaking about personnel matters.

www.cnbc.com

JPMorgan Chase cut about 500 jobs this week, including technology and operations roles

Like many financial firms, JPMorgan periodically trims staff during the year, even as it hires thousands more workers to fill roles.
www.cnbc.com www.cnbc.com
 
Hobo Hilton said:
JPMorgan Chase
cut about 500 positions this week, mostly among technology and operations groups, according to people with knowledge of the move.
The cuts were spread across the New York-based firm’s main divisions of retail and commercial banking, asset and wealth management and its corporate and investment bank, said the people, who declined to be identified speaking about personnel matters.

www.cnbc.com

JPMorgan Chase cut about 500 jobs this week, including technology and operations roles

Like many financial firms, JPMorgan periodically trims staff during the year, even as it hires thousands more workers to fill roles.
www.cnbc.com www.cnbc.com
Click to expand...
I just read an article that said the tech industry layoffs were trying to go to Wall Street. Whelp…
 
lariat said:
I just read an article that said the tech industry layoffs were trying to go to Wall Street. Whelp…
Click to expand...
I have witnessed "movement" as the past 4 recessions took hold. Memorable one, during the '70's, was to watch the displaced Detroit Auto Workers come to Louisiana to work in the oil patch or on an off shore rig, a refinery or a shrimp boat... Deja Vu
 
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From this article:
U.S. consumer spending increased more than expected in April,
Of course it did. Consumers are trying to keep their head above water. The FED is attempting to paint a lovely picture. The consumer knows better.

www.reuters.com

Strong US consumer spending, inflation readings put Fed in tough spot

U.S. consumer spending increased more than expected in April, boosting the economy's growth prospects for the second quarter, and inflation picked up, which could prompt the Federal Reserve to raise interest rates again next month.
www.reuters.com www.reuters.com
 
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According to a new report from the National Association of Realtors and Realtor.com published Wednesday, U.S. households earning the median wage are seeing a pool of homes they can afford.
Households earning $75,000 or less per year in annual income—about 51% of households—could afford a home for up to $256,000. They could buy only 262,580 or 23% of the 1.1 million home listings that existed in April 2023.
That share has shrunk significantly over the past five years: In April 2018, households earning $75,000 a year — who could afford a $281,480 home — had 810,000 listings in their price range, less than 50%.
“There are more homes available for sale now that middle-income buyers can afford than in 2018,” the report said.

rotasi.co

A family earning $75,000 can afford less than 25% of homes for sale.

According to a new report from the National Association of Realtors and Realtor.com published Wednesday, U.S. households earning the median
rotasi.co rotasi.co
 
To at least one market veteran, the stock market’s resurgence after a string of bank failures and rapid interest rate hikes means only one thing: Watch out.
The current period reminds Bob Michele, chief investment officer for JPMorgan Chase’s massive asset management arm, of a deceptive lull during the 2008 financial crisis, he said in an interview at the bank’s New York headquarters.
For Michele, who began his career four decades ago, the signs are clear: The next few months are merely a calm before the storm. Michele oversees more than $700 billion in assets for JPMorgan and is also global head of fixed income for the bank’s asset management arm.
www.cnbc.com

JPMorgan bond chief Bob Michele sees worrying echoes of 2008 in market calm

Economic crosscurrents have divided the investing world into roughly two camps: Those who see a soft landing and those who envision something far worse.
www.cnbc.com www.cnbc.com
 
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The FED is simply "prolonging" the agony..... No rate change is not going to bring inflation down. It's causing Americans to charge more on the credit cards and pay more for essentials while wages are not going up. The FED / Jerome is hoping the bankers and big business will get him out of this mess. Big business and banks will profit from his foot dragging while American's suffer.
Plot your course carefully..... No one is coming.

www.cnbc.com

Fed holds off on rate hike, but says two more are coming later this year

The Federal Reserve on Wednesday released its decision on interest rates.
www.cnbc.com www.cnbc.com
 
Article is "very carefully" worded.

Goldman Sachs became the latest Wall Street bank to downgrade its growth forecast for China, as the world’s second-largest economy stutters and loses momentum after its coronavirus reopening.


www.cnbc.com

Goldman joins Wall Street banks in cutting China's growth outlook as post-Covid bounce fades

Goldman Sachs sees further turbulence ahead for the Chinese economy as the recovery from its stringent Covid measures continue to disappoint.
www.cnbc.com www.cnbc.com
 
Article from 16 August 2021, 11.12am........ Almost 2 years later we are seeing it unfold.

The set of conspiracy theories around the Great Reset are nebulous and hard to pin down, but piecing them together gives us something like this: the Great Reset is the global elite’s plan to instate a communist world order by abolishing private property while using COVID-19 to solve overpopulation and enslaving what remains of humanity with vaccines.

www.opendemocracy.net

Conspiracy theories aside, there is something fishy about the Great Reset

It’s a corporate takeover of global governance that affects our food, our data and our vaccines
www.opendemocracy.net www.opendemocracy.net
 
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