CEO of JP Morgan Chase, Jamie Dimon, thinks we’ll be in a recession in six to eight months. We are to believe we aren’t in a recession now since employment is still high.
Dimon, the CEO of JPMorgan Chase, told CNBC News on Monday that Europe is already in a recession, and the U.S. is likely to go down that same path in 2023.
“These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they’re likely to put the U.S. in some kind of recession six to nine months from now,” Dimon told CNBC’s reporter at the JPM Techstars conference in London.
He said the feds waited too long and did too little.
EL-ERIAN SAID THE SAME THING
El-Erian told Bloomberg the Feds are sending the economy “through the windshield.” He, too, is saying we aren’t in a recession yet.
He called it a “totally avoidable crisis.”
The chief economic adviser at Allianz SE has been a frequent critic of The Fed in recent years for refusing to see the non-transitory nature of inflation. Then when it was obviously not transitory, they did nothing. Now the Feds are increasing interest rates too fast.
The rapid pace of interest-rate hikes in response to inflation “is not stepping on the brakes; this is slamming the brakes,” El-Erian exclaimed.
“This is the most front-loaded interest-rate cycle that we have seen in a very long time, and it didn’t need to be this.”
One has to wonder why they kept saying the inflation was transitory. It wasn’t believable, but it did allow Democrats to keep spending.
“The economy is starting to go through the windshield; the financial system is starting to go through the windshield,” El-Erian warned.
Watch:
Peter Schiff, not known for his positive outlook, predicts double-digit inflation year after year.
We could head for stagflation.
Problem – Reaction – Solution#FED infused excess MONEY into economy & people’s income with No labor or production.
Monetary Inflation
How to erode?
Taxation
InflationRaising rates are FED’s tools, however, they can lead us from Stagflationary Nominal Growth to STAGFLATION. pic.twitter.com/34Jy6r8Ssq
— Rosanna Prestia, MBA (@RosannaInvests) October 11, 2022
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This is what happens when the Federal Government maxes out your credit card, your children’s credit card, your grand children’s credit card and is now spending on your great grandchildren’s credit card. By 2024, cash will be trash because we will be in a Depression of Hyper Inflation.
The survivors will be the trades people who can barter and hide their “wealth” from the Government like the Welfare Queens who sell drugs on the side do. The next big move by the Government is going to be doing away with cash so they can monitor every transaction possible. In the near Future, the Government will attempt to control every transaction you make and ration all goods to the people who support them and withhold goods from the Patriots. That’s the plan at least.
It will not end well.
In the end most things are just common sense. The problem explained simply: Idiots who have no concept of how things work in the real world because they have spent their adult lives in politics or lived in ivory towers, are destroying the economy. How many people who are truly successful in business (I am not including people who just make money but never produce anything except their own wealth) are in elected offices with real influence. Most lawmakers seems to be left to the manipulations of crafty lobbyists.
What was reason the early Trump administration (before the swamp went to war with him) did so much for the economy?