Source. Click image above for full image.When I start to see numbers like this - all I can see is the trickle down part. When people feel less wealthy - even if it's paper wealth - they retrench and stop spending. Home improvement is going to get hit. And everything down the line. It really creates an ugly feedback loop. Hopefully it will moderate before job loss comes.
Since this has really been snowballing since April of last year, I think there is ZERO percent chance that this isn't already affecting spending at all levels. This is why housing recessions almost always filter out to the greater economy.
Speaking of the economy. The U.S. Can bounce back. The EU won't. The next strike will destroy the EU and give the U.S. an opportunity...
ReplyDeleteif we have the right President at the helm.
Here is a snippet of a conversation we are having at a site I go to.
"Deutsch Bank hasn't dealt with all the bad debts from 2008/9 yet. It hasn't recognized and taken losses for those loans that aren't performing. Contrast this to the major US banks, where they recapitalized and got rid of the underperforming assets. Should another downturn happen soon, Morgan Stanley, Bank of America, JP Morgan Chase, Wells Fargo and even Citi will do ok. It isn't clear that there is anything that will save Deutsch Bank or Commerzbank, nor several others.
Worse yet, it looks like Germany is sliding into a recession.
So the Greek Issue is still there, a ticking time bomb."
I'm gonna "putin some ritz on now
https://www.youtube.com/watch?v=M2tcXI_Z3BM
I have almost posted about Deutsch Bank a dozen times. What is with that LOGO? Logos matter.
ReplyDeleteEvery time I see it I think /rm -rf. Because that is essentially what is happening.
a socialist bank. It's logo was created to show admiration for "collectivism".
ReplyDeleteYou would think that after having seen the horrific aftermaths of what it truly turned out to be, that they would change it.
So, either they truly are evil fucks or they are going with inertia, knowing that most people are thicker than the slab of fat back on a welfaire mommy eating oreos dipped in crisco.
Various possibly accurate interpretations of the Deutsche Bank logo:
ReplyDelete1. We're your ladder on the way up (even if we keep you from getting out);
2. We keep you (on the left) protected from you (on the right), both of which we keep boxed in (for your own "protection");
3. As above, so below ... but don't forget we're in charge (and you can't get out).
Cynicism tells me that it's number 3.
I have to hand it to the designer who slipped that one in ...
Actually, Deutsche Bank doesn't even have the most evil looking logo for a bank.
That (dis)hono(u)r goes to Royal Bank of Canada which has a logo that looks like a menacing lion squeezing the globe between its paws, and since 2017 it's part of the global network of Banks Too Big To Fail.
RBC literally wants everyone to know that if you do business with them, they totally own you ...
Again, I have to hand it to the designer who slipped that one in as well.
I don't know. It's a hard toss up. Bank 1 - we are going to strangle the life out of you. Bank 2 - we are just going to delete EVERYTHING.
ReplyDelete