Thru the Cycle President John Lonski discusses whether the market is showing signs of a big crash on ‘Varney & Co.’ #foxbusiness #varney
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QUARTER AND UP SLIGHTLY FROM THE PREVIOUS QUARTER. DAVID. DAVID: KELLY, THANK YOU VERY MUCH. ECONOMIST HARRY DENT MAKING A DIRE PREDICTION ABOUT THE MARKET NEXT YEAR. HE SAYS 2024 IS GOING TO BRING, AND I’M QUOTING HIM NOW, THE BIGGEST CRASH OF OUR LIFETIME. ECONOMIST JOHN LONSKI IS HERE.
WHAT DO YOU THINK OF DENT’S PREDICTION? >> I THINK IT’S A LITTLE BIT OVER THE TOP. IT’S A DARING PREDICTION. DAVID: I HOPE SO. >> ME TOO AND I DON’T SEE ANY SIGN OF THAT HAPPENING RIGHT NOW. THE LONGER WE PUT OFF THIS CORRECTION, EVENTUALLY THERE’S
GOT TO BE A SLOW DOWN OR MILD RECESSION TO STOP THE RAPID GROWTH OF CONSUMER CREDIT AND WE’VE GOT TO DO SOMETHING ABOUT THE ELEVATED PRICES IN HOUSING AND RENT AND WHATNOT. DAVID: EVEN AS THE FED IS REDUCING RATES AND SAY THEY’RE GOING TO REDUCE THREE TIMES IN 2024.
ISN’T THAT GOING TO STALL? >> I’VE GOT BAD NEWS. USUALLY RECESSIONS APPEAR AFTER THE FED BEGINS TOQUET RATES SO I DON’T THINK THE FORTHCOMING RATE CUTS WILL STAVE OFF A ECONOMIC DOWNTURN. THAT MAY BE ASKING TOO MUCH. DAVID: THE RATES COME DOWN AND CHEAPER TO BORROW MONEY AND COMPANIES CAN EXPAND AND USE
THAT CASH IN ORDER TO EXPAND AND HIRE MORE PEOPLE, ISN’T THAT THE OPPOSITE OF RECESSION? >> ARE THEY GOING TO HIRE MORE PEOPLE AND ENGAGE IN MORE CAPITAL SPENDING IF SPENDING OVERALL, IF CORPORATE REF KNEWS ARE COMING IN WELL UNDER EXPECTATIONS AND THAT’S THE TRICK. HOW MUCH LONGER CAN THE U.S.
CONSUMER CONTINUE TO SPEND AT A RATE THAT SEEMS TO WELL OUTPACE THE RATE AT WHICH THEIR INCOMES ARE GROWING? YOU SENT ME SOMETHING ABOUT THE RETIREMENT PLANS. DAVID: LET ME TELL YOU SPECIFICALLY WHAT WE’RE GOING TO TALK ABOUT, GENERAL XERES SAY THEY’RE GOING TO NEED OVER $1.1 MILLION TO RETIRE BUMMEST
ONLY EXPECT TO HAVE ABOUT $660,000. THAT’S A $451,000 DIFFERENCE. THE LARGEST WEALTH GAP OF ANY GENERATION. HOW DO THEY MAKE UP FOR THE LOST TIME? >> CUT BACK ON SPENDING AND INCREASE SAVINGS. THAT’S ALL THEY CAN POSSIBLY DO. I DON’T KNOW, YOU KNOW H ARE THEY GOING TO GO AHEAD AND MAKE
THAT TYPE OF MOVE? IT’S BEYOND ME BUT IT MIGHT WELL BE THIS CONSUMER SPENDING SPREE THAT’S BEEN AROUND 2022, 2023 MAY DISAPPEAR IN 2024. A YEAR AGO I LOOKED AT RESTAURANT SALES UP NEARLY 10% FROM A YEAR AGO AND FINAL QUARTER OF 2022. I SAID BY THE FINAL QUARTER OF
THIS YEAR RESTAURANT SALES WILL BE LUCKY TO GROW BY 5%. GUESS WHAT, THEY’RE STILL GROWING BY NEARLY 10%. THERE WERE PERHAPS MORE EX-KUSS CASH OUT THERE LINGERING BECAUSE OF THE SIMILAR STIMULUS. DAVID: BY NOVEMBER OF 2024, BY THE TIME OF THE ELECTION, ARE WE GOING TO SEE A GOOD ECONOMY,
WHAT PEOPLE FEEL BETTER ABOUT THE ECONOMY THAN THEY DO NOW OR COULD IT BE WORSE? >> I THINK IT’LL BE WORSE. I THINK THIS WILL BE A VERY ROUGH YEAR POLITICALLY AND CREATING A LOT OF UNCERTAINTY AND I’M A CORPORATION. I DON’T KNOW WHAT THE TAX FRAME WORK WILL LOOK LIKE.
I DON’T KNOW WHAT THE REGULATORY FRAME WORK WILL LOOK LIKE AND WILL WE HAVE ALL OF THESE SUBSIDIES FOR RENEWABLE ENERGY FOR ELECTRIC VEHICLES? THOSE COULD BE GONE. I THINK THE SMART THING FOR MANAGERS, FOR CORPORATE PEOPLE TO DO IS HOLD BACK ON SPENDING PLANTS AND STAFF AND GET THE
ELECTION OUT OF THE WAY. JUST BY HOLDING BACK, THAT’S GOING TO SLOW THE ECONOMY DOWN. DAVID: CONSUMERS ARE GONNA HAVE TO SLOW DOWN BECAUSE THEY’RE RUNNING OUT OF CREDIT. >> I WOULD THINK SO BECAUSE THEY’RE THE MILDER THE NEXT RECESSION WILL BE. THE LONGER THEY HOLDOFF ON SPENDING AND INTEREST RATES STAY
HIGHER FOR LONGER AND WHEN THAT DOWNTURN COMES IT’S GOING TO HURT AND HARRY DENT STICKS
47 Comments
more people are investing
We screwed with a cherry on top
Harry Dent has being saying this every year for the past 30 years
These are the same economists that told Biden, to spend money, tax money, and print money, and everything's going to be just fine.
Bean counting morons.
Just another 'crash of our lifetime' if it happens. However, the talking heads had the same discussion before the GFC which is scary.
Massive stimulus residual? No. Just credit cards
I smell money!!
Barring a crazy black swan or something that's not only wrong but an almost stupidly incompetent forecast.
I think we are too obsessed about the economy crashing. In the right sense, the economy never crashes. It just undergoes cycles, and almost always recovers. So I really don't care what the predictions are. I just want to grow my portfolio. I read that people are pulling in massive profits despite the downturn. Any tips on how they do it?
Maybe giving 2 trillions of dollars to the most drug addicted Country wasn't the smartest idea. Yes Govt?
Harry Dent is ALWAYS predicting a crash. Always!
If there was a year that he didn't predict a crash, I'd start worrying.
So let me get this right-my wages haven't moved in years- my insurance 2 years ago went up by 100% then last year 150% again
all grocery are dearer by a lot more that the average Why! well when you lump the lowest prices in with the highest you get a lower average if you look at the food you buy most of the time it is going up a lot more-electricty bill has increased even after turning almost everything off -petrol-car repairs & insurance all more expensive -phone subscriptions -clothesdinning out stopped because its to expensive-kids medication up-dental up-doctors visit up-and this guy thinks Harry is over the top I think he's being paid to calm the waters don't upset the public keep a cool voice and follow the teleprompterthere's a good boyyou belong to us now! If you believe this talk fest you tell me are we in a recession or not? Do you feel happy about your lot in life? Do you have spare money ?. Harry you are right to worry !He is a dumber than dummer maga flunkie
Crash of “His” life time
Second Great Depression has started.
Yeah crash the market so the rich can buy more. Good one
Fox news and Trump economics 😂😂😂😂😂😂😂😂 sure…
If it crashes buy up if it doesn’t take some profits at some point for new opportunities
Pretty simple
Fake news .. no crash coming
This must be straight from the propaganda machine of Trump. Remember the crash of the stock market he predicted under a Biden Administration? NEW HIGHs, more Trump lies.
Harry Dent has been saying that since 2009/2010 – He wrote multiple books since then about Biggest crash (including the demographic cliff etc.) Its been 15 years. He also said multiple times that he will quit his profession if he is wrong and still shamelessly makes same prediction each year.
F U FOX
It's not going to crash
There's going to be a control shutdown
Due debt
Wall Street corporate profits are not going to have effect on the economy or politics
The ones suffering are Wall Street executives shareholders and investors
Not voters or taxpayers
Fox sees record highs in the market and needs to spin it so people don’t start thinking Biden’s presidency is associated with market growth.
I am new to the financial market. Every stock that I bought so far, I was out of luck because I bought them when they were expensive. I feel I missed out on all the stock opportunities so far for the tech stocks.I believe having 285K
yearly income would be a good investment so I want to plug all my savings into the stock market. I know this sounds a bit dull but I would like to know if I should learn investing or let somebody else (more capable like a FA) do it for me? Please share your thoughts. I am kind of tired of searching for a good stock to buy and losing all the good opportunities
Harry Dent aka Mr. crash expects a crash every year😂
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
I HAVE INCURRED SO MUCH LOSSES TO TRADE ON MY OWN,I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED.
Operazi oink, oink ,,, 🐷
It surprises me why everybody gets really worked up about recession and inflation data. Inflation has always existed, and people have been using investments to beat the inflation. The stock market return, for example, always beats inflation. I heard of someone who invested $121k last October, and has grown the portfolio by more than $400k. I need recommendations that can give me similar return.
My God, that news reporter is a complete bozo. When they start cutting rates, usually companies hold off on spending more money and so do people as well. What does it actually reduces spending even further which usually leads to recessions. I don’t see a good outcome and I don’t see a mild landing that’sjust fantasy.
Give me your 250 and at the end of next year. I will give you half your money back. You will be forever greatful to me that you didn't lose it all😂
Well if economists are predicting it now I know the chances are low.
Those last statements are key. The consumer needs to pull back buying, as this will lower the cost of non consumable goods. Foodstuffs will be high for a longer period of time. Christmas is over consumer spending will tank.
Just wait until AI starts killing thousands of jobs. Continuously.
Seriously folks, we pay 1 trillion in interest a day!!
Economists have been predicting this forever. Every single year there’s gonna be another depression sized crash. And every year it doesn’t happen. I for one am tired of hearing about it now.
Typical corporation, blaming consumers 😂
Not Harry again 😢
Who are these economist always predicting a recession?
I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio for retirement. I'm seeking to invest $200K across markets but don't know where to start.
Joe Biden's economy is so awesome all these clowns on Fox have left is to scare people.
Lmao since 2009
Wow, Mr Thomas also my personal trader, crypto analyst and account manager. With an initial investment capital of €5,000, he has generated a return of over €22,660 within 7 trading days. It was really impressed with the profit made.
Harry "the sky is falling" Dent. This clown has been sayign the same crap for 10 years. YAWN
They said the same thing about 2023.
another fear mongering bs from false news channel. once trump is in office liars from this network will say the economy is booming baloney baloney