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Bank-Run Panic Strikes Wall Street
What in the world is happening?
2023 hasn’t exactly been a banner year on Wall Street.
2022 wasn’t any better. And did 2021 and 2020 ever even happen?
Some wealthy corporate power players — like Amazon — cleaned up during the pandemic. According to Oxfam, the 10 wealthiest people in the world doubled their wealth during Covid.
For everyone else, there’s Mastercard.
Americans, including those running small businesses, incurred a shocking amount of debt during the pandemic; it is a debt many are struggling to pay down month after month. Inflation has been tightening its grip, hitting the working class and lower-income Americans hardest.
The interest rate on a mortgage is currently an eye-watering 7%, putting home ownership even further out of reach than ever for millions of American families.
While the February jobs report was another stunner, mass layoffs, downsizing, and employee buyouts — at companies from Meta to General Motors — are happening weekly. Even previously untouchable companies like Amazon and Target have announced cutbacks.
Most people understand how a recession works. First, people stop spending money. Next, companies take a hit in profitability. Next, companies with nosediving profits start…