Special Report: U.S. Economic Outlook
|CUNA Senior Economist Steve Rick|
The unthinkable has become routine, Credit Union National Association Senior Economist Steve Rick maintains during a Credit Union Magazine Webinar.
Such events have a major impact on the economy and credit unions, he says, namely:
- The events of Sept. 11;
- The financial meltdown on Wall St.;
- Bank bailouts, as more than 600 banks received more than $200 billion to remain solvent;
- The Great Recession, the greatest economic slowdown since the Great Depression;
- The conservatorship of Fannie Mae and Freddie Mac. They’re now run by the U.S. government;
- The failure of AIG. The Treasury Department had to bail out the world’s largest insurance company to prevent widespread financial collapse;
- The conservatorship of U.S. Central and Wescorp; and
- The possibility that 90% of credit unions have negative earnings this year.
He says the “new normal” will be marked by subdued economic growth, a new era of thrift, high unemployment, less investment, stagnant household income, and higher tax levels.
What will this mean for credit unions? And where is the U.S. economy headed in 2010?
Find out now: Watch Steve Rick’s presentation on the U.S. economy.
Note: For a better playback experience, please install the Acrobat Connect Add-in when prompted.