Wednesday morning, financial analysts at numerous news outlets and business centers sounded the alarm for what CNBC called “one big global recession.” This was largely due to the inversion of the so-called “yield curve.” As Jamie McGeever at Reuters explained it on Twitter, “the US 2s/10s yield curve inverts for the first time since 2007. This development has preceded every US recession over the past 45 years.” And sure enough, by the end of the day, the Dow plummeted 800 points before closing.
And there it is – the US 2s/10s yield curve inverts for the first time since 2007. This development has preceded every US recession over the past 45 years. pic.twitter.com/I7UAeuhzGf
— Jamie McGeever (@ReutersJamie) August 14, 2019
Of course, all of this may seem frightening to you, and it should be. The “Great Recession” that lasted from December 2007 through June 2009 was not a particularly wonderful time for the global economy. While President Trump responded to the increasingly dire economic news by ridiculing Federal Reserve Chairman Jerome Powell — the very many he appointed to the job — on Twitter, everyone else responded to the developing situation with a mixture of anger, confusion and concern.
The warning signs for another recession are flashing. We need to pay attention and act now, while we still have time to avert a downturn. I'm calling on Congress and regulators to take action before families lose big—again. https://t.co/cglzQUWDX4
— Elizabeth Warren (@ewarren) August 14, 2019
Fears of a global recession, delayed tariffs on Chinese goods, failure of massive tax cuts to deliver as advertised, a growing deficit. Pres. Trump’s image may have been honed by “reality television.” But his chaotic and capricious economic record cannot escape the real reality.
— Dan Rather (@DanRather) August 14, 2019
Let's be clear. Trump inherited a strong economy with a lot of steam behind it. But the bond markets just sent another clear warning that we are dangerously at risk of recession. The Dow just had its biggest drop this year. We were fine, now we're teetering. And that's on Trump.
— George Takei (@GeorgeTakei) August 14, 2019
Of course I'm only saying that because the last GOP crew passed giant tax cuts for rich people, caused a massive recession, and then used the recession to argue for austerity. Maybe this one will be differe…hahahaha
— David Roberts (@drvox) August 14, 2019
Though to be honest, it was the response of self-identified Millennials, many of whom had previously lived through the Great Recession a decade ago, couldn’t help but crack a few (mostly) self-deprecating jokes about the day’s economic woes. After all, this is Twitter we’re talking about.
millennials to Gen Z as the recession nears pic.twitter.com/K1w45bpIZi
— Gene Park (@GenePark) August 14, 2019
millennials trying to fit in while talking to boomers and gen x about a potential recession: yeah totally it'd be a huge bummer if all my …..assets….. lost…. value
— Kate Aronoff (@KateAronoff) August 14, 2019
the great thing about being a millennial as we apparently towards another recession is that we already have no savings to worry about thanks to the last one
— Hayes Brown (@HayesBrown) August 14, 2019
oh god President Trump gonna be so lit in a recession, he will just blame cnn the whole time
— Asawin Suebsaeng (@swin24) August 14, 2019
Gearing up for the next recession like pic.twitter.com/vPuU9zOzHS
— Andrew Husband (@AndrewHusband) August 14, 2019