Kevin Duffy on the coming recession

The reason I expect the worst recession of this generation is that the excesses of the previous boom, fed by a decade of ZIRP (zero interest rate policy), must be cleansed.  The magnitude of the bust is proportional to the boom that preceded it, and this one broke all records.  A one-year, garden variety bear market won’t do the trick.  If ultra-low rates encouraged too much debt, borrowing more money, at significantly higher rates no less, can only dig the hole deeper.

~ Kevin Duffy, The Coffee Can Portfolio, p. 18, January 24, 2023