On 3/19/2020 1:07 PM, Keyser Soze wrote:


Bank of America's top U.S. economist on Thursday warned that the country is
now in a recession in a note to investors.

CNBC reported that Michelle Meyer wrote in a letter to the company's
clients that the U.S. economy is in a "deep plunge" brought on by the
global coronavirus outbreak, which has sickened thousands across the
country and more than 200,000 globally.

“We are officially declaring that the economy has fallen into a recession
... joining the rest of the world, and it is a deep plunge,” Meyer
reportedly wrote. “




Not by the classic definition of a recession but still true.


What is weird though is that a recession is always marked by
a decline in spending by consumers due to economic uncertainty
and rising unemployment.

The situation we are in right now is not the result of the
above. It was brought on suddenly and without warning for
a reason that had nothing to do with economic uncertainty.

People would spend if they could but nothing is open.



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