Biden Warns Banking Crisis Isn't Over | Here's What Happens Next

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Sources:
1.https://finance.yahoo.com/news/biden-says-banking-crisis-not-201940185.html
2. https://markets.businessinsider.com/news/stocks/citadel-ken-griffin-inflation-recession-housing-market-fed-interest-rates-2023-3
3. https://www.bloomberg.com/news/articles/2023-03-16/jpmorgan-says-fed-s-loans-will-provide-2-trillion-of-liquidity#xj4y7vzkg
4. https://www.cnn.com/2022/08/16/success/credit-card-debt-rates-cfpb/index.html
5. https://www.cnn.com/2022/08/16/success/credit-card-debt-rates-cfpb/index.html
6. https://markets.businessinsider.com/news/commodities/high-electricity-prices-20-million-homes-behind-utility-bill-payments-2022-8
7. https://www.forbes.com/sites/qai/2023/03/29/could-the-us-dollar-collapse/?sh=7114cfec518a
https://www.cnbc.com/2023/03/28/ai-automation-could-impact-300-million-jobs-heres-which-ones.html

Joe Biden said that Bank Runs are not over just yet and that there could be more economic instability coming. We just left the most favorable economic environment of all time with low interest rates and unlimited stimulus, PPP loans and grants that allowed Americans to live very well. Now we are seeing record high mortgage rates, record high defaults on commercial real estate loans, credit cards and auto loans and soon a pending housing crash. This is all happening at a time when bank depositors are withdrawing funds at a very fast rate and banks can not withstand what is happening to their business model.

I believe we are entering a period in which we will see record high unemployment coupled with incredible innovations through AI (artificial intelligence) followed by UBI that will be demanded by the 25% of US jobs that will likely be lost over the coming few years.

#economy #recession