Unemployment could reach 30% in the U.S., says St. Louis Fed’s Bullard
If this were to happen things would be considerably more dire than even The Great Depression.
Bullard also said there (could be a temporary 50%) plunge in gross domestic product.
But fear not. The Fed rep says things get better pretty quickly. Nothing to worry about.
I would see the third quarter as a transitional quarter,” with the following six months “quite robust” as Americans ramp up consumerism.