Wall Street Banks eat their words on Brexit: Humiliating U-turn as they admit recession forecasts were wrong

Wall Street Banks eat their words on Brexit: Humiliating U-turn as they admit recession forecasts were wrong

Many of the major investment banks and financial institutions which forecasted major economic hardships if the “Brexit” became a reality are now backtracking on those predictions. Places like Goldman Sachs, JP Morgan and Morgan Stanley, who many believe fueled an economic hysteria about the effect of leaving the EU, have now stated they believe the UK will avoid a recession. In fact, since the referendum, certain parts of their economy are doing better than before Brexit occurred, causing even more people in this part of the world to question the judgement of the elites at the top of the financial sector.

 

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