00:00Fannie Mae just put out their thoughts this last weekend over the recession and what they predict,
00:05which is that a recession is also extremely likely in the second half of this year thanks to credit
00:10tightening. Remember all those failing regional banks we've talked about? Well, that's what
00:14happens when you party too hard at EDC and then the gravy train stops from Papa Powell and now
00:18the banks that are left are like, maybe I shouldn't party too hard so that I don't end up like my
00:22friends. That's when they tighten their lending standards. They stop lending as much money.
00:27That's what translates to lower consumer spending, which translates to a lower GDP,
00:32which eventually translates to a recession.
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