It's amazing how much this present administration and the Fed fear a recession. Years ago, a recession was just part of the cycle. The way they are scrambling to prop this economy up, they must see more in their crystal ball than just a recession.
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They fear a recession because it's an election year. The market is going through a natural adjustment, it's correcting itself. Trying to delay the correction or lessen the impact through a economic stimulus package plays well in voters minds, even though it's not going to have too much of an effect.