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The Julia La Roche Show
#190 Brian Wesbury: 'The Morphine Is Wearing Off' And We're Headed For Recession And A Market Correction
Aug 13, 2024
Brian Wesbury, Chief Economist at First Trust Advisors LP, shares insightful perspectives on the economy. He predicts a looming recession and a potential 15-20% correction in the overvalued stock market. Wesbury highlights the fragility of recovery post-lockdown and warns of the impacts of rising unemployment. He critiques the Federal Reserve's separation of money supply and interest rates, and discusses the growing wealth disparity. The conversation also touches on ideological battles between capitalism and state-run economies as the U.S. election approaches.
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Quick takeaways
- The economy is nearing a recession as the effects of pandemic stimulus fade, revealing underlying damage to economic stability.
- Despite potential interest rate cuts, the overvalued stock market could face a significant correction, reflecting historical valuation discrepancies.
Deep dives
Macroeconomic Outlook and Recession Predictions
The current macroeconomic outlook suggests that the economy is on the brink of a recession, primarily due to the financial aftermath of the COVID-19 pandemic. The substantial monetary stimulus, likened to morphine, has masked the underlying economic damage caused by COVID lockdowns. This stimulus led to significant government borrowing and high deficits, which have doubled in recent years. As monetary support begins to wear off, indicators point toward a potential stock market correction of 15 to 20% and an increase in unemployment rates.
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