There has been a lot of garbage built up in the last 13 years and now, like it or not, the trash man cometh.
From Business Insider, Nov 30, 2022:
- Michael Burry has predicted the US economy will suffer a multiyear recession.
- The 'Big Short' investor sees no way for authorities to end the downturn early.
- Burry has warned consumers will virtually exhaust their savings soon, tanking the economy.
Michael Burry has sounded the recession alarm, warning the US economic downturn will probably last several years as he sees no way to end it early.
"What strategy will pull us out of this real recession?" he said in a now-deleted tweet on Tuesday. "What forces could pull us so? There are none. So we are really looking at an extended multi-year recession."
The investor of "The Big Short" fame seems to be suggesting the Federal Reserve and US government have few good options to shore up growth. He has previously accused policymakers of fueling inflation by flooding the economy with money during the pandemic, and warned that could make it tougher and more expensive to stimulate growth in the future, especially if doing so would fuel price increases.
Burry has been predicting a recession for a while. In June, he noted Americans — faced with surging prices and higher interest rates — are saving less, borrowing more, and poised to virtually exhaust their savings by Christmas. Those trends threaten to hammer consumer spending, erode corporate profits, and spark an economic downturn, he said.
The Scion Asset Management founder also noted in his latest tweet that other commentators are forecasting a mild, short-lived recession, not a deep and protracted one....
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That Roubini fellow took issue with Burry's sentiment: "Hey, look at me!".
The good professor is on his book tour for "MegaThreats: 10 Dangerous Trends That Imperil Our Future, and How to Survive Them"
As for Burry, he's been buying prison stocks.
