We are familiar with the five stages of grief. However, it is not a stretch to apply those stages to what is happening to the banking system. Right now, we are in the second stage: anger.
A "soft landing" is impossible unless the government cuts both taxes and government spending at the same time interest rates are rising. This won't happen, so get ready for a hard landing.
President Biden recently claimed that "trickle-down economics" doesn't work but transferring wealth from taxpayers to politically connected people is the real trickle-down economics.
A new Fed survey shows that banks are cutting back on lending big time. Over the past thirty-five years, this almost always predicts recession. Our economy can't survive without endless new infusions of easy money.
Calls for black consumers to "Buy Black" can be interpreted as socially divisive, but they are also a way to encourage black entrepreneurs in a free market.
