Who wants to bet Let’s Go Brandon heads to his beach house in Delaware on Friday?
Veteran investor and bitcoin bull Michael Novogratz doesn’t have a rosy outlook on the economy, which he described as headed for a substantial downturn, with the likelihood of a “fast recession” on the horizon.
“The economy is going to collapse,” Novogratz told MarketWatch. “We are going to go into a really fast recession, and you can see that in lots of ways,” he said, in a Wednesday interview before the Federal Reserve decided to undertake its biggest interest-rate hike in nearly three decades.
“Housing is starting to roll over,” he said. “Inventories have exploded.”
“There are layoffs in multiple industries, and the Fed is stuck,” he said, with a position of having to “hike [interest rates] until inflation rolls over.”
Hopefully he’s wrong. I certainly do not want even more pain for American consumers just for politics. Unfortunately, it may be baked into the economic conditions, here in the US and so much of the rest of the 1st World. And so many of Biden’s policies are making it worse here in the U.S.
Central-bank policy makers agreed to deliver an unusual 0.75-percentage-point rate increase, concluding a closely watched two-day policy meeting with a move that would push the Fed’s benchmark federal-funds rate rising to a range between 1.5% and 1.75% as it steps up the effort to quell an inflation rate that is hovering around a 40-year high.
It was the largest increase in the central bank’s policy rate since November 1994.
Remember, this was all just transitory
- U.S. mortgage interest rates jump to highest level since 2008
- The housing market ‘correction’ intensifies as layoffs hit Redfin and Compass. This interactive map explains why
- Mortgage rates hit 6.3%—the real cost to buy a house has officially spiked over 50% in just 6 months
- Fed’s biggest rate hike since 1994 means millions more homebuyers may be priced out of the housing market
- U.S. lifeguard shortage continues ahead of the summer
They can’t even fill lifeguard positions. Oh, and that whole housing doom.
Brandon has Top People working on this.
No worries.
#LetsGoBrandon
#BelieveTheLies
Bwaha! Lolgf
I am sure no stone has been left unturned, as time permits between persecuting Trump for imaginary crimes and trying to get the USA into a war in the Ukraine.
Just wait… Price controls are next. Maybe even racially adjusted price controls.
Same guy who said a Biden-Harris win would be “great for the country” back in 2020. Talks about this like it is a hurricane instead of taking blame for actually endorsing Biden and his (handlers) policies and accepting that everything that is happening is a natural consequence of Biden’s (handlers) policies.
GDP contracted, unexpectedly! 1.4% in the first quarter. The second quarter ends in two weeks, and while it will take a few weeks more to get the preliminary numbers, if there is a contraction in the second quarter, we’ll officially be in a recession.
Even if there’s an expansion in the third quarter, ending an ‘official’ recession, those numbers might not be released until after election day.
No one wants a recession, but if we have to have one, let it be one which destroys the Democrats at the polls.
Hahahaha. As if any part of the US Govt would say anything that could make Biden look bad before elections. Government statistics are created to support government policies, not to inform voters. We have known for a long time that GDP, money supply and unemployment numbers are highly manipulated to favor Democrats.
Instead I trust the evidence of my own eyes.
1. Everything costs a LOT more than it did last year.
2. My pay did not increase at the same rate.
3. The change seems to coincide with the outcome of the 2020 elections.
4. Government claims low unemployment, yet small businesses everywhere can’t find workers to fill customer demands even though demands are smaller than normal. Where did all those workers go? It is as if 15% of the work force just disappeared. I don’t know where they went, but I know they aren’t working and I know they didn’t die during COVID (population is up since last year).
Notice that as this —- gets very real that even the DNC propaganda division (news media) is beginning to notice and some outlets aren’t distorting as much.
Your evidence holds true for me as well, except I’m retired and my income is essentially fixed.