The CEO of Wells Fargo Charles Scharf has warned that there’s “no question” that life is going to get far harder for many Americans before it gets better.
This from slaynews.com.
During a Wall Street Journal event this week, Scharf warned that the U.S. economy is about to get far worse.
Scharf said.:
It’s going to be hard to avoid some kind of recession.
In a bid to cool the economy and deal with rampant inflation, the Federal Reserve has already raised interest rates twice so far in 2022.
From April 2021 to April 2022, federal data shows that inflation rose 8.3 percent, reaching 40-year highs.
However, Scharf stressed that the recession will likely be only mild, noting that consumers are still spending at healthy levels.
Scharf said:
The fact that everyone is so strong going into this should hopefully provide a cushion such that whatever recession there is, if there is one, is short and not all that deep.
Federal Reserve Chairman Jerome Powell said there may be some “pain” that is “associated” with higher interest rates.
According to Powell, the raised interest rates should reduce inflation and curb demand.
The Fed chair argues that strong labor markets and consumer spending are high points.
He warned during an interview with the Marketplace business news website last week:
It will be challenging, it won’t be easy.
No one here thinks that it will be easy.
Nonetheless, we think there are pathways … for us to get there.
Whether we can execute a soft landing or not, it may actually depend on factors that we don’t control.
Powell said in the interview that price increases are, in part, due to supply chain issues, although he didn’t delve into specifics about why.
He told the outlet:
What we can control is demand, we can’t really affect supply with our policies.
And supply is a big part of the story here.
But more than that, there are huge events, geopolitical events going on around the world, that are going to play a very important role in the economy in the next year or so.
So, the question whether we can execute a soft landing or not, it may actually depend on factors that we don’t control.
Nonetheless, top business leaders such as Tesla CEO Elon Musk and Amazon founder Jeff Bezos have recently issued warnings about inflationary pressures on the economy.
The top two richest men in the world are both flagging The Regime’s policy decisions and Congress-passed trillion-dollar spending packages.
Many of us are old enough to remember previous inflation periods and are not all that fearful based on what we experienced then.
However, keep in mind, Def-Con News readers, America is now being manipulated by a cabal of evil journeymen bent on bringing down Our Republic. They are being presented as experts in their respective fields, but they are not striving for our benefit. Expect hard times as The Regime negatively manipulates our economy.
Proper, smart time-tested measures will be cast aside for further complicated, problem enhancing overtures without any sensible explanation—all part of destroying America.
Will someone or something eventually scream ‘Enough is enough’?
God speed to Conservatism.
And God speed to the powers of right and true.
