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I hope you and loved ones are surviving the rigors and challenges that have come with the Coronavirus preparation. Allow me to interrupt this understandable focus for something that hit me today.
I believe Steven Mnuchin, our nation’s Secretary of the Treasury, is dead wrong, clueless or just engaged in misleading “political speak.”
His words this weekend on Fox News Sunday were, “I expect we’ll have a big rebound later this year.”
Are you kidding me?
Based on what?
This is not your normal inventory driven recession that we are moving toward….instead it’s a reset of the balance sheet…..accordingly it will take time. And much financial pain.
Federal policy has elongated and deepened the duration and depth of what will come.
So while none of us could have been smart enough to predict the Coronavirus, all of us could look at the numbers and know that it was simply a matter of time before some catalyst kicked off the forest fire now starting to burn through people's retirement savings and more.
Most recently I warned about this in my short lived messaging race last fall. I’ve included it below and it's worth a longer conversation….
Sincerely,
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