Why the U.S. is now experiencing the first wave of the Great Recession
A few weeks ago, I was at a conference in New York.
It was called the Future of Financial Markets Conference.
I had attended a number of similar conferences in the past few years, and I’d seen the same kind of thing happen.
It happened all over the place.
There were big banks, there were big savings banks, and there were a few smaller banks that were doing really well.
But they were all struggling.
I was struck by how many of the big banks were starting to experience similar things.
They had been bailed out by the taxpayer, they had gone out of business, and the government had been unable to make them solvent.
And what was happening to those banks was, I think, really striking.
The financial markets were starting in trouble.
They were starting with a lot of liquidity issues.
They’d been bailed back by the government, they’d gone out and lost money, and they were losing a lot more money than they had made.
That meant the banks were struggling to keep up with the demand for their services.
It meant that the markets weren’t really taking advantage of the huge amounts of liquidity that the government was throwing around.
That’s when you start to see a slowdown.
There was a slowdown in the markets a couple of years ago.
It wasn’t as bad as it used to be.
Then, over the past couple of months, things have gotten really bad.
People are starting to lose faith in the financial markets.
We’re seeing a slowdown, it’s really bad, and we’re starting to see banks have trouble.
The big banks are starting their own problems, as well.
I have a sense of what’s happening.
And the big banking industry is the biggest one of all.
And they’re in a position where they have a lot less to lose.
I think that that’s where we’re going to start seeing the first signs of a recession.
The Federal Reserve is going to be raising interest rates at some point, and that’s going to cause a lot havoc with the financial system.
There are going to have to be very severe consequences to the banks and the people who work for them.
And that will have a huge impact on the economy, because they have all these people who are employed by the banks.
And if the government doesn’t bail them out, then that’s a lot worse for the economy than it is for the banks, because that means they’re going out of the business.
There’s also the risk of having a very bad credit crisis, and people can’t get loans.
So you have a very dangerous situation.
That was a big warning sign for me.
What I learned from those events is that the biggest banks are going out, and it’s not just the big ones.
There is a lot going on at the smaller banks.
So I don’t know how big they are, but it’s the big players.
What the banks are doing is they’re using their leverage to buy the government debt, which is a very risky business.
That debt is worth about 30% of what it was back in 2008.
So they’ve got to use their leverage, they’ve used their leverage and now they’re taking on the risk.
And you know, that’s what the government’s doing.
They’re borrowing $15 trillion a year in the Treasury bond market, which means the government is borrowing more money from banks than it’s buying.
That means they have to pay a higher interest rate than they would have had to pay in a normal market.
So the big money players have had a lot to gain from the government getting into the market.
That is a huge incentive to take on more risk and more risk-taking.
So what’s going on there is that those big banks have been very, very clever, very savvy, and are starting off with very large amounts of debt.
That has to come down a lot sooner than people think.
And I don’ t know how fast it will, but I do think that the banks will be able to weather it.
And some of the other big players, such as the big hedge funds, they’re doing really good.
So there are a lot things going on, but the banks have made the most of their leverage.
And this is the beginning of a new phase in the Great Depression, which will start in a few years.
It’s going be a long process.
But if we’re not careful, it will be very painful for everybody.