The Daily Blog Open Mic – Wednesday 24th July 2019

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Announce protest actions, general chit chat or give your opinion on issues we haven’t covered for the day.

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4 COMMENTS

  1. The Coming Economic Crash — And How to Stop It – Elizabeth Warren

    “Household debt. A generation of stagnant wages and rising costs for basics like housing, child care, and education have forced American families to take on more debt than ever before. The student debt load has “more than doubled since the financial crisis.” American credit card debt matches its 2008 peak. Auto loan debt is the highest it has ever been since we started tracking it nearly 20 years ago, and a record 7 million Americans are behind on their auto loans — many of which have similar abusive characteristics as pre-crash subprime mortgages. 71 million American adults — more than 30% of the adults in the country — already have debts in collection. Families may be able to afford these debt payments now, but an increase in interest rates or a slowdown in income could plunge families over a cliff.

    Corporate debt. Corporations are also deeply in debt. Leveraged lending — lending to companies that are already seriously in debt — has jumped by40% since Trump took office, spreading “systemic risk” throughout our financial system. These high-risk loans now make up a quarter of all American business loans, and they look a lot like the pre-2008 subprime mortgages: poorly-underwritten loans with minimal protections that are then packaged and sold to investors. I’ve warned regulators about my concerns — which experts share — but their tepid response shows they haven’t learned the lessons of the last crisis.

    Manufacturing recession. Despite Trump’s promises of a manufacturing “renaissance,” the country is now in a manufacturing recession. The Federal Reserve just reported that the manufacturing sector had a second straight quarter of decline, falling below Wall Street’s expectations. And for the first time ever, the average hourly wage for manufacturing workers has dropped below the national average.

    The administration may breach the debt ceiling in September, leading to economic turmoil that top economists say would be “more catastrophic” than the collapse of Lehman Brothers in 2008. Trump’s trade war with China threatens American manufacturing and has already hurt American companies that investors think of as “industry bellwethers,” while feedingan all-time economic slowdown in China that could have dramatic ripple effects on the American economy. And Trump is goading the U.K. toward a no-deal Brexit, which even his own administration acknowledges would have “immediate and significant spillover effects” to our economy.

    The financial markets agree that there is a serious risk of downturn in the near future. The U.S. Treasury yield curve — a barometer for market confidence — normally slopes upwards because investors demand higher yields for bonds with longer maturities. But this March, it inverted for the first time since 2007, signaling that investors are so worried that things are going to get worse that they’d rather lock in lower rates for the future today than risk long-term rates going even lower. The curve has inverted before each and every recession in the past half century — with only one false signal.

    And experts agree. In a recent survey of nearly 300 business economists, three-quarters expect a recession by the end of 2021 — with more than halfthinking it’ll come by the end of 2020.

    https://medium.com/@teamwarren/the-coming-economic-crash-and-how-to-stop-it-355703da148b

  2. Boris..Wow what an Etonian privileged dickhead. The trend of such people leaving their wives and children to shag young women without the voters realizing it or not caring about it, is a reflection on today’s family values I guess. Bit like the family values of Henry VIII..Even Simon calls him a buffoon..
    Would I love to see Jeremy thrash Boris and Bernie thrash Donald. YES YES please God, but unlikely with the corporate media bias.
    My conspiracy theory is that the US has worked hard to disintegrate the European Union, just as they have tried the same with other cooperative initiatives that threaten their dominance.No evidence.. just a feeling.

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