Are we now officially in a recession? Well, that depends on who you ask.
New data shows that U.S. GDP fell at a 0.9% annualized rate, marking the second consecutive quarter that our economy contracted.
Talks of a recession were running rampant this morning as many Americans waited for the official word that we’re in a recession.
We spoke with New York Times best-selling author Charles Goyette about what he thinks of all of this and what you can be doing now to protect your finances and savings.
Here are some of his key takeaways:
1.) “Yeah, we’re clearly in a recession—by the old definition.”
2.) “The importance of the recession, in my opinion and my view, are not so much that we are in a recession, but that it guides federal reserve policy… If we are in a recession, the prospects of the Fed doing the tightening that it needs to do to wipe inflation out of the American economy are substantially lower.”
3.) “I suppose what bothers me most about it is the ‘trading on material inside information,’ where you knew that we were going to come out with an official definition of a recession over the last couple of days when the White House began furiously back peddling, trying to diminish the prospect to change the definition of a recession. They had gotten material inside information, they knew what the numbers were going to be before they were released to the public, and they were trying to gain political advantage of them. That’s sort of the Washington game.”
4.) Gold went up when the news broke this morning.
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The opinions, beliefs, and viewpoints expressed in this article do not necessarily reflect the opinions, beliefs, and viewpoints of Red Rock Secured LLC or the official policies of Red Rock Secured LLC. Red Rock Secured LLC is not a financial advisor, is not licensed to provide investment advice and neither provides investment nor financial advice. Red Rock is a product specialist that can help evaluate your precious metals purchase options.