Bank of America says the recession is already here: 'Jobs will be lost, wealth will be destroyed'

[LiberalArkie]

Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here.

“We are officially declaring that the economy has fallen into a recession ... joining the rest of the world, and it is a deep plunge,” Bank of America U.S. economist Michelle Meyer wrote in a note. “Jobs will be lost, wealth will be destroyed and confidence depressed.”

The firm expects the economy to “collapse” in the second quarter, shrinking by 12%. GDP for the full year will contract by 0.8%, it said.

Bank of America looked at the labor market as a way to understand the “magnitude of the economic shock.” The firm expects the unemployment rate to nearly double, with roughly 1 million jobs lost each month of the second quarter for a total of 3.5 million.

Snip

https://www.cnbc.com/2020/03/19/bank-of-america-says-the-recession-is-already-here-jobs-will-be-lost-wealth-will-be-destroyed.html

[Wellstone ruled]

1. Finally the friggin truth.

[The_jackalope]

2. Ain't that the truth!

[SWBTATTReg]

3. Yes, and I want to make sure that rump loses his buildings, properties, etc. first before anyone...

else loses theirs. Scumbag.

[lastlib]

4. A lot of my wealth is already destroyed....

I'm too scared to look at my (now) 201(k)s, but in non-retirement assets, I have lost over $65,000 over a couple days ago. I'm glad I took out what I did when I did awhile back, or the carnage would've been over $150,000 by my calculation.

[Wellstone ruled]

5. Similiar boat with a hole in it here.

And their are millions of Trumpers whom got whacked worse than us.