The same Bank of America that racked up $3.5 Trillion in bailouts during the previous part of the current (perhaps never-ending) depression sees arecession and a collapse on the way.
Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here.
“We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.”
The firm expects the economy to “collapse” in the second quarter, shrinking by 12%. GDP for the full year will contract by 0.8%, it said.
The Corona did it! Never stronger. Fully capitalized.
How much should we put them down for this time?