The coming of the recession has been fiercely debated for some time now. No one can guarantee anything, but some clues may indicate much. One such indication may be the results of the big banks that reported this week.
Banks kicked off earnings season on Wall Street and released several quarterly reports on profits and losses last Friday morning before trading began .
And not for nothing have banks been called "canaries in the economic coal mine". Sort of like guinea pigs.
Analysts commented on the results, saying, "Big banks are increasing the amount of cash they are setting aside to cover loan losses. The big uncertainty hanging over the banking industry is what will happen in the economy. If there is a serious recession, then some of them may have problems."
At the moment, consumers are still doing quite well. But savings are shrinking and bank account balances are thinning. Plus record rates that are likely to rise even…