Oh seer of seers, sage of sages, prognosticators of prognosticators. Come divine the entrails of the financial press, for the auspices spell doom.
Boston Fed’s Rosengren is the only public official being honest with us Rosengren calls out commercial real estate and corporate debt as massive risks to the economy. He also specifically states that he is concerned about the stability of the financial system and the prospects of liquidity tightening up (which is what precipitated the acute crisis in 2008).
1 in 5 small businesses are gone for good. 42 % say they won’t be around after Q4 2020
NYC & NY State debt downgraded by credit rating agency
frankly, this one makes me shiver more than anything else. I don’t care much about nyc, but the impact that Covid is about to have on state and local budgets scares the shit out of me. Tax receipts are going to get hammered, and meager as S&L services are, they are often the lifeblood of communities.
Personally I was rattled to see another local business in our community go under. It’s just another in the long line of stories about economic forces causing human misery, but it just feels like a portent of something much larger to me. I’m sure we all have stories of friends and family members losing jobs, or having to close small businesses etc. the hits are really starting to accrue, and it seems impossible to me that the flow of capital in the US can sustain itself as economic activity continues to slow.
2021 is going to be an incredibly painful year in the US . No doubt the meme about 2021 will be that people wish they were back in the good old days of 2020. Prepare for it as best as you can - both physically and emotionally. I know I am.
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it's a long trend towards consolidation in the largest businesses that don't really need much land. covid just skipped 10 or 20 years of that process.
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