by mark000
So freaking obvious that a crash is coming.
via WSJ:
“The damage of the ECB’s sledgehammer approach during this past year is now beginning to show, and it’ll only get worse from here as the lagged effects of these past 12 months’ huge tightening rolls in over the real economy,” wrote Erik Nielsen, an economist at Italy’s UniCredit, in a note to clients.
Last time Fitch downgraded US credit ratings was Aug 5th 2011, the same exact week as today.
There it is, debt downgrade deja vu. pic.twitter.com/HDkpDMHNfZ
— Mac10 (@SuburbanDrone) August 2, 2023
US state and local governments just experienced the worst decline in income tax revenues ever recorded.
This was the second steepest year-over-year percentage decline in history, with only the GFC having a worse outcome.
Note that Federal tax receipts are also dropped again,… pic.twitter.com/jLa1hKTUcq
— Otavio (Tavi) Costa (@TaviCosta) August 2, 2023
September pic.twitter.com/plX0lCqO8K
— Financelot (@FinanceLancelot) August 2, 2023