"... Investors seem to have decided that the wonders of AI matter more than Trump’s tariff madness, so we’re seeing a stock market surge dominated by technology companies. Aside from the question of whether this is a bubble, it’s important to be aware that the top 10 percent of households own 87 percent of equities, while the bottom half own almost no stock at all and gain nothing from a rising market. [snip]
"Many economists — actually, all the economists I know — are worried about a potential downturn. The AI boom is troublingly reminiscent of the 90s tech bubble. After the sudden bankruptcies first of a subprime auto lender, then an auto parts supplier built on hidden loans, JPMorgan’s Jamie Dimon suggested parallels between bad lending in the private credit market and the bad subprime lending that brought on the 2008 crisis. To quote Dimon: 'I probably shouldn’t say this, but when you see one cockroach, there are probably more.'
"But I’ll try to assess these concerns another day. My point for now is that even though we haven’t had a recession yet, the frozen state of the U.S. economy has already made life much worse for many workers.” -- Nobel economist Paul Krugman, in his Substack, on one reason why "The U.S. Economy is in Worse Shape Than it Looks." Krugman, of course, brings the receipts on other fronts such as the rate of business hiring, job postings, unemployment, and wage growth. Nobody in their right mind is cheering for a recession, or worse, but knowing what the incompetent Malignant Fascist is leading us into is fair warning, especially to those who thought this multi- bankrupted, functionally illiterate "business genius" president was the only one who could "fix it." He seems to be "fixing" the economy all right.
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