‘The economy is going to collapse,’ says Wall Street veteran Novogratz. ‘We are going to go into a r

[libertybele]

I predict we will see a depression worse than 'The Great Depression'.  November is a ways off -- I'm doubtful about our Republic making it to the mid term elections in tact.   

‘The economy is going to collapse,’ says Wall Street veteran Novogratz. ‘We are going to go into a really fast recession.’

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.”

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.

Before the Fed announced its decision, Novogratz speculated — accurately, it turned out — that the central bank would lift interest rates by 75 basis points and that the market would rally on that news. He also predicted that stocks will sell off in the coming days.

“They are hiking into the popping of a bubble,” Novogratz said, referencing the soaring price tags on luxury Swiss watches and other assets. ......................

https://www.marketwatch.com/story/the-economy-is-going-to-collapse-says-wall-street-veteran-novogratz-we-are-going-to-go-into-a-really-fast-recession-11655328960?mod=home-page

[Kamaji]

It seems like every generation has to learn anew the lessons that liberal/prog economic policies are ultimately a disaster.

[LMAO]

It seems like every generation has to learn anew the lessons that liberal/prog economic policies are ultimately a disaster.

Yup

[mountaineer]

It seems like every generation has to learn anew the lessons that liberal/prog economic policies are ultimately a disaster.

People are such idiots. The evidence is there - they just don't look at it.

I figure Mr. M and I have lost nearly 10% thus far of our investments, IRAs, etc., since March, 2022. I'm surprised it's not worse.

[libertybele]

People are such idiots. The evidence is there - they just don't look at it.

I figure Mr. M and I have lost nearly 10% thus far of our investments, IRAs, etc., since March, 2022. I'm surprised it's not worse.

We were actually up $3k from last month -- I'm sure that's been wiped out. 

[Free Vulcan]

That's a pretty typical end to a bout of inflation. It is either Weimar Germany/Venezuala/Zimbabwe or if a nation is disciplined enough, Paul Volker followed by Rust Belt.