The Wells Fargo CEO Just Said That Recession Is Coming
‘It’s going to be hard to avoid some kind of recession,’ Chief Executive Charlie Scharf says
Wells Fargo & Co. CEO Charlie Scharf said today that there was, and I quote:
“no question”
…that the U.S. is headed for an economic downturn.
The Federal Reserve has raised interest rates twice this year, (which I have previously said was needed) and plans to keep doing so in the attempt to cool the overheating economy and curtail the insane inflation.
Higher rates have already pushed up borrowing costs for mortgages, credit cards, and other loans, but the Wall Street Bulls (aka delusional eternal optimists) are still holding firm that consumer spending is up, and therefore, all is well in the world.
“Today’s numbers suggest that domestic demand momentum is very robust”
So says an economist who works for a major international bank. Sorry if I’m a bit skeptical.
On one hand, we have an executive economist from a bank that is heavily invested in consumer spending saying publically that consumers need not be afraid and should just keep spending, while on the other side, we have the CEO of the h…
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