The Impact of the Recession on the Consumer

A lot of people have been talking about the fact that certainly households have come into this recession with good balance sheets or with balance sheets in good shape. That's something I've been thinking about is a lot of people locked in some favorable rates, but certainly on the corporate side, they eventually will have to be refinanced. The reason why is that 2019 to 2021, you had this enormous surge of borrowing that occurred all at extraordinarily low interest rates. When you add the other factors to it, it bodes for a very strong, significant recession over the next probably 18 to 24 months and maybe sooner.

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