The Federal Reserve is expected to cut rates for the 10th time. The presumed half point cut would bring the Fed rate to the lowest percentage ever. Today's article give a nice, short summary of the history of US recessions since the 70's. The article also mentions a staggering figure that should not have surprised me at all:
"In 2007, just before the current financial crisis, Americans owed $11 trillion in mortgage debt, or about 80 percent of the GDP."
I guess this is what you get with over-inflated home prices and 100% loans.
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