Wells Fargo is ending all personal lines of credit the last time they did this was in 2008 right before the crash. This was after the federal gov gave 600 to 1200 checks to people during recession in 2007. The bubble is about to pop— Michael Kofi A.||♤🇬🇭 (@MikeKofiA) July 11, 2021
I know this tweet was posted a few days ago, but it didn't show up here. Shit's about to get real bad, real soon.
I’m also immediately reminded of Stafford Beer’s Designing Freedom where he talks about institutions, how they can vary from very rigid and brittle (few avenues of response), or flexible (many avenues of response). It is equally plausible to me that the modern financial system is quite rigid (you see what happens if you step out of line!); that the major players have relatively few institutionally-sanctioned options to deal with the changing conditions. So the train stays, quite remarkably, on the rails. Until of course it doesn’t.
I’m not confident that this is the case tbh, but it does seem equally plausible to me
That’s one possibility.
I’m also immediately reminded of Stafford Beer’s Designing Freedom where he talks about institutions, how they can vary from very rigid and brittle (few avenues of response), or flexible (many avenues of response). It is equally plausible to me that the modern financial system is quite rigid (you see what happens if you step out of line!); that the major players have relatively few institutionally-sanctioned options to deal with the changing conditions. So the train stays, quite remarkably, on the rails. Until of course it doesn’t.
I’m not confident that this is the case tbh, but it does seem equally plausible to me