Summary:
A major concern in the economy is preventing recession, but it looks as if we are already in one. I sit down and chat with Michael Pento, the President and Founder of Pento Portfolio Strategies, and he has been accurately predicting the Fed’s moves for quite some time. People are losing their jobs, home prices are about to tank, and we are experiencing the direct effects of a recession. Tune in for more insight from Michael.

Highlights:
-Michael Pento has been predicting the Fed’s moves very accurately
-Powell is saying that there is no recession in sight, but we seem to be in one now
-A recession is two consecutive quarters of negative GDP growth
-The Fed is forced to hike into a recession because they have no other choice
-They keep raising and the dollar is going higher, which is killing manufacturing and exports
-If they want to get to neutral, they have to be restrictive
-They’re just now starting to flight inflation, but we’re already in a recession
-With a deflationary collapse in the economy, we would need cash
-Employment fell last month
-The household survey shows that 315,000 people lost their jobs
-The banks are the big winners on inflation; they get
-When lending begins again, that’s when the banks take off

Useful Links:
Financial Survival Network
Pento Portfolio Strategies