There is no possible way to spin “the steepest decline in lending on record” to make it sound good.
Our economy runs on mortgages, auto loans and credit cards, and so a dramatic reduction in lending will inevitably lead to a dramatic reduction in economic activity.
A lot of people are comparing this new crisis to what we went through in 2008 and 2009, because that is the only downturn in recent memory that is comparable.
Unfortunately, I am entirely convinced that this new crisis will eventually greatly surpass what we experienced during the Great Recession.
So I would encourage you to do whatever you need to do to get ready for harsh economic times, because what is ahead is not going to be pleasant for any of us.
https://www.zerohedge.com/personal-finance/i-had-find-out-if-was-true