By Josh Delk
Someone needs to complete and update this graph.
Leading investment banking group Goldman Sachs (click here) says the fiscal outlook for the U.S. "is not good," with new economic forecasts predicting massive increases to the federal deficit.
"An expanding deficit and debt level is likely to put upward pressure on interest rates, expanding the deficit further," wrote the firm's chief economist, Jan Hatzius, on Sunday, according to CNBC.
The economist notes that the ballooning deficit could spike interest rates, which would expand the deficit, and he predicted lawmakers, as a result, "might hesitate" in approving a high-dollar stimulus package to help with a future economic recession....
Something else about Goldman-Sachs that may be somewhat obscure from view; it started a consumer credit arm called "Marcus." Interestingly, it caters to the less optimal borrowers.
Some in the financial sector are still shaking their heads in disillusion since trading and investment banking has been the 'gig' at Goldman. But, in taking a good look at their target consumer, it is more or less aligned with JP Morgan, except, Goldman is providing a platform for CREDIT SCORES traditionally less attractive.
I have to wonder if Goldman is developing a heart for the consumers the 2008 global financial collapse left behind. Is this financial company experiencing remorse or more like hope for revitalizing an economy for the underserved? I welcome financial institutions that demonstrate a conscience to bringing those left behind up to speed.
Maybe Henry Paulson finally figured out what the USA Treasury is really about.
September 26, 2017
By Frank Chaparro
...Its new lending platform, (click here) Marcus, which targets prime borrowers with credit scores above 660 is issuing out loans at a fast clip, according to a new report by CB Insights.
Marcus, launched in October 2016, is the firm's first consumer lending platform. It offers no-fee personal loans of up to $30,000 for two- to six-year periods....
...In the presentation, delivered at the Barclays Financial Services Conference earlier in September, the firm outlined how it will "prudently grow" its lending business. Marcus is part of a broader strategy shift by the investment bank, which is best known for trading and investment banking.
It has been expanding its retail footprint, launching GSBank.com in April 2016. GSBank.com offers customers a 1.20% interest rate on their deposits, which can be as low as $1, as well as 12 month- and 5 year-term CDs. The retail platform has $15 billion in deposits, according to the presentation.
