Bank failures were a thing of the past—until a couple of weeks ago. After Silicon Valley Bank’s (SVB) fall from grace and numerous other regional and small-time banks going under, Americans are holding their cash with an iron grip, not knowing whether or not a recession or soft landing could be on the horizon. And with more economic instability comes more fear, panic, and doubt from the general public. Thankfully, we’ve got Mark Zandi, Chief Economist at Moody’s Analytics, to share some economic truths (instead of crash-fueled terror).
Mark knows the economy inside and out and understands the true impact behind these bank crashes. He gives his opinions on whether or not this series of bank crashes could lead to an even greater recession, why the government was forced to build a bailout, and how real estate and the economy will be affected as we try to rebuild from this fragile system collapsing. And, if you’re worried that the big banks could start to crumble under their own weight, Mark has some information that’ll quell your fears.
But we’re not just hitting on bank news. Mark shares how a “slowcession” could occur throughout the US, leading to a lackluster economy as unemployment grows and GDP growth slows. He also gives mortgage rate predictions and discusses the one real estate type that could be in BIG trouble over the next few years.
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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.