Fed Chairman Powell said “GDP could shrink more than 30%,” but he doesn’t see a Depression.
Well, that is a ridiculous statement. The technical definition of a Depression is “GDP contraction of more than 10% in a given year and economic recession of more than 3 years.”
So, since it may not last 3 years, the shocking, radical and unprecedented 30% drop in GPD doesn’t count?
That is like saying, “The plane didn’t technically crash, since it ran out of fuel before it hit the ground.” C’mon . . .
OK, enough editorializing, I do have technical analysis to offer and it is in this weeks video.
Check it out: