Coronavirus & THE NEXT RECESSION? Loans from the Federal Reserve hint big banks are in BIG trouble
March 16, 2020
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20:56Now PlayingCoronavirus & THE NEXT RECESSION? Loans from the Federal Reserve hint big banks are in BIG trouble
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as posted by the channelConventional wisdom advises NOT to pull money from the stock market during times of panic because, usually, everything settles down sooner than it seems. But, Glenn just went ahead of conventional wisdom this weekend. Why? Because looking at the bigger picture hints at a long period of financial difficulty looming around the corner, including the possibility of our next recession. This weekend, the Federal Reserve loaned big banks 175 BILLION DOLLARS overnight. AND, last night, the Fed cut interest rates to near zero, and removed the ten percent cash requirement so banks now are under NO regulatory obligation to maintain reserves against their lending. Whether action taken against coronavirus is an overreaction or not, numbers show the economy will suffer either way. So let's all do what we can to alleviate the situation as soon as possible: STAY HOME.
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