The Fed's Attempt to Cool the Economy Has Contributed to a Banking Crisis

I think the chance that a recession will have begun this year in the United States is about 70 percent. It's much easier to service your debts when interest rates are low than when they're high. I think it's going to be a hard time for real estate almost everywhere. We just were much too late to moving to contain inflation. When you're too late, you have to be too big. That's making the global picture more difficult.