Jim Bianco "The 90% Recovery" Conference Call Clip 5/7/2020

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Wall Street analysts, ever the optimists, will proclaim any increase in economic activity as a signal “everything is returning to normal.” But this is not an absolute game. It is a relative game. A 90% recovery is a bad recession. In 2007-2009, U.S. GDP only fell about 4% from its high. Early evidence from China suggests their economy is still at roughly 90% of its pre-virus levels.