Free Republic

Billionaire real estate investor Barry Sternlicht said he believes the economy is "braking hard" and that the continuation of rate hikes is likely to cause a "major crash" in housing. “The economy is braking hard,” the chairman and CEO of Starwood Capital Group said on CNBC earlier on Thursday. “If the Fed keeps this up they are going to have a serious recession and people will lose their jobs." "You are going to have a major crash in the housing market and housing prices are going down," Sternlicht said. "You are seeing housing prices correct."

It’s not often when you see a Democratic presidential donor actually concede on live television that America really doesn’t want anything to do with leftist politics. During the November 4 edition of CNBC’s Squawk Box, CNBC co-anchor Andrew Ross Sorkin questioned Starwood Capital Group Chairman and CEO Barry Sternlicht regarding exit polls allegedly showing that Americans favored leftist policies: “[A]re you surprised that some of the polls on the way out — when they asked Americans about things like, you know, a government-controlled healthcare — that a majority of Americans said they were in favor of things like that?” Sorkin...