Posted on 10/03/2022 5:36:30 PM PDT by RomanSoldier19
Famed investor Michael Burry delivered arguably his most dire warning about the current US economy to date late Thursday – suggesting he is concerned the ongoing downturn could be worse than the Great Recession.
Burry, the boss of Scion Asset Management, noted that one of his market analysts said his comments were “spooky” because he voiced his concerns on Sept. 29 – the anniversary of a 777.68-point drop in the Dow Jones Industrial Average in 2008 that ranked at the time as the largest single-day plunge in history.
“Today I wondered aloud if this could be worse than 2008,” Burry said in a now-deleted tweet. “What interest rates are doing, exchange rates globally, central banks seem reactionary and in [cover your a–] mode.”
The Dow had plummeted nearly 500 points before Burry’s tweet and has pared more than 20% from its high of nearly 37,000 — putting it into bear market territory. It was down nearly 100 as of 1 p.m. Friday.
The Federal Reserve and other central banks around the world have scrambled to hike interest rates in recent months in a bid to tame decades-high inflation. The World Bank and others have warned that central banks risk causing a global recession while pushing forward with rapid, simultaneous rate hikes despite signs of slowing economies.
(Excerpt) Read more at nypost.com ...
Not to worry. Cheap, plentiful, and highly reliable GREEN ENERGY will save the day. US manufacturing and transportation of goods will absolutely BOOM in the new era of cheap energy.
Good flick. Christian Bale did a good job as Michael Burry.
It is here.
I work for a major.
All spending stops now.
As long as the White House has been ‘Twitter Sanitized’,
nothing else matters.
...and he was a racist! /s
Western economies implode >> look for big wars, along with ‘emergency’ powers enacted.
I hope FReepers have the wisdom to protect their investments.
I’d put all my money into ball bearings. It’s all ball bearings nowadays.
> I’d put all my money into ball bearings. It’s all ball bearings nowadays. <
It’s a bit of a side point, but Nazi Armaments Minister Albert Speer was interviewed after the war. What did he think of the Allied strategic bombing campaign?
You made a mistake by bombing a little bit of this, and a little bit off that, Speer replied. You should have concentrated entirely on our ball bearing factories. Germany would have ground to a halt years earlier.
So, yep. Even back then it was all ball bearings.
Then if you’re investing, then invest against the market instead of with it.
“if they were serious the rates would be 20% plus for normal debt and at least 15% for Mortgages...”
Well, Venezuela’s rate is 57% if that’s any consolation.
Invest in bull fertilizer. The growth rate is phenomenal.
I had no clue about that story, I was just mostly quoting Fletch…
I heard it’s a shitty deal…
“It is here.
I work for a major.
All spending stops now.”
What industry is the “major” in?
My own opinion is that we are way overdue for an implosion of some kind. The Fed has done its best to keep the Stock Market inflated. But the party has to end sometime.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.