Brace for a recession by September, a 20% plunge in the S&P 500, and a painful credit crunch, top economist David Rosenberg says
The Rosenberg Research president blasted the Federal Reserve, saying it hiked interest rates too aggressively, and suggested the US central bank could slash them to zero again. He added that economic downturns could be a boon for bargain hunters.posted Wednesday on YouTube.1."Adult males were sitting on the couch playing with their Reddit accounts and thinking they had a golden goose between crypto and the stock market, that they could retire early on.
3."It was like the Energizer Bunny — it gave us a little bit more juice. But to say that we're not going to have a recession because of lagged impacts of fiscal stimulus from two years ago is ridiculous. The leading indicators are telling me that the recession is actually starting this quarter or next quarter. It's certainly not a 2024 story."
5."It will be painful if you're long. But if you have the dry powder and the liquidity, you'll be able to pick up assets at better levels. The beauty of recessions is that they cleanse, and they move assets from weak hands to strong hands." 7."Everything they've done since the fall has been overkill. It's going to be too late by the time they realize all the damage they've done. The economy is going to be in recession. Inflation is going to be falling like a stone."
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