Bank of America CEO Brian Moynihan has slammed Joe Biden’s economic rhetoric and issued a warning about his regime’s attempts to twist the definition of a recession.
This from slaynews.com.
The Obiden Regime repeatedly downplayed the definition ahead of an economic report that showed the United States experienced two consecutive quarters of GDP contraction.
The traditional definition of “recession” is met after two consecutive quarters of GDP contraction.
Contrarily, however, Brian Deese, director of the National Economic Council, said:
In terms of the technical definition, [two negative quarters of growth] is not a recession.
The technical definition considers a much broader spectrum of data points.
He told the Associated Press:
Splitting hairs over whether the U.S. is actually in a recession demonstrates how out of touch [the Regime] is with the sentiment of everyday Americans.
Moynihan said:
Recession is a word.
Whether we are in a recession or not is really not the important thing.
It’s what it feels like for the people going through this.
Moynihan said:
Gas prices are coming back down, but rents are going up 10, 12, 15%. And rent can end up taking 40% of these households’ income.
We are worried about, for the U.S. broad-based consumer, is the increased rents as we go into the natural turn of rents.
On the question of whether the U.S. is, in fact, experiencing a recession, Moynihan told the AP he would leave that decision to the National Bureau of Economic Research.
Indeed, according to the Bureau of Labor Statistics, shelter prices rose 5.7% year-over-year in July, which the agency explained amounted to “about 40% of the total increase in all items less food and energy”—just as Moynihan said.
Famed economist Nouriel Roubini predicted this week the U.S. economy has two trajectories: “unhinged” inflation or a “severe” recession.
He thus suggested the Federal Reserve aggressively hike baseline interest rates above even 5% to try and lower inflation to the Fed’s targeted rate of 2%.
Roubini said in an interview with Bloomberg:
The Fed funds rate should be going well above 4%–4.5%–5% in my view—to really push inflation toward 2%.
And he predicted:
If that doesn’t happen, inflation expectations are going to get unhinged.
Or if that happens, then we are going to have a hard landing.
So, either way, either you get a hard landing or you get inflation getting out of control.
Unpleasant outlook either way. Such is life under communist malfeasance. Buckle-up Def-Con News readers.
And may God and our hard work and determination save America from this communist transformation.
