Jul 12, 2022
Summary:
A major concern in the economy is preventing recession, but it
looks as if we are already in one. I sit down and chat with Michael
Pento, the President and Founder of Pento Portfolio Strategies, and
he has been accurately predicting the Fed’s moves for quite some
time. People are losing their jobs, home prices are about to tank,
and we are experiencing the direct effects of a recession. Tune in
for more insight from Michael.
Highlights:
-Michael Pento has been predicting the Fed’s moves very
accurately
-Powell is saying that there is no recession in sight, but we seem
to be in one now
-A recession is two consecutive quarters of negative GDP growth
-The Fed is forced to hike into a recession because they have no
other choice
-They keep raising and the dollar is going higher, which is killing
manufacturing and exports
-If they want to get to neutral, they have to be restrictive
-They’re just now starting to flight inflation, but we’re already
in a recession
-With a deflationary collapse in the economy, we would need
cash
-Employment fell last month
-The household survey shows that 315,000 people lost their jobs
-The banks are the big winners on inflation; they get
-When lending begins again, that’s when the banks take off
Useful Links:
Financial Survival Network
Pento Portfolio Strategies