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Ruh-roh! Here Comes the Trumpcession [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-05-20
Well, ladies and gents, it didn’t take long for Trump to once again destroy the economy and send the country into an economic tailspin. It took 3 years during his first term. But this time, with help from Project 2025 and Elon Musk and a highly motivated Trump Fiscal Insanity Team, it only took a bit over 3 months.
There’s this:
Moody’s Ratings cut its ratings for deposits at some of the biggest banks, including Bank of America Corp., JPMorgan Chase & Co., citing Friday’s downgrade of the US and the government’s weakened ability to support the firms. Long-term deposit ratings at units of Bank of America, JPMorgan and Wells Fargo & Co., were lowered by one step to Aa2, Moody’s third-highest level. The bond grader also downgraded the senior unsecured debt ratings for some units of Bank of America and Bank of New York Mellon Corp, cutting them to Aa2 from Aa1. Source: NDTV
And this:
JPMorgan Chase & Co. says recession fears in stocks acutely tied to America’s economy have spiked to nearly 80%, while credit investors remain sanguine even as funding stress threatens to build. The small-cap focused Russell 2000, which has been battered in the recent selloff, is now pricing in a 79% chance of an economic downturn, according to JPMorgan’s dashboard of market-based recession indicators. Other asset classes are also sounding alarms: the S&P 500 is pricing in a 62% chance of an economic downturn, while base metals show a 68% chance and five-year Treasuries indicate a 54% chance. Source: Ibid.
Plus a personal anecdote:
I have a plethora of credit cards and a healthy credit limit and a very good credit score. For the past couple of years, I’ve received 0% interest credit cards and balance transfer offers almost daily. Most recently, a 21 month 0% offer good through June 30th. That offer suddenly vanished today. My bank knows something is afoot and it’s battening down the hatches.
Welcome to Trumpcession 2.0. [The first was in 2020.]
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