The U.S. and Japanese stock market rebounded slightly from Monday’s nosedive but the performance indicators haven’t. Inflation is still God Awful and the jobs market is a joke. But hey, CNBC is saying that this is just a “plain vanilla recession.” There is nothing special about it, it’s just what happens sometime.
What is a “plain vanilla recession”? Danielle DiMartino Booth, a former advisor to the Federal Reserve Bank of Dallas, says that Artificial Intelligence has led to mass layoffs at tech companies and high levels of inflation have crippled the Fed’s ability to fix anything. That doesn’t sound like plain vanilla, or something we’ve ever seen before but maybe she’s trying to make us feel like we’ve been here before and it will all come out in the wash?
This feels like gaslighting, making Americans think that the pain that they feel with increased prices is no big deal. It is a big deal. Americans say that they started to feel this recession 15 months ago.
