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Forecasts Cognitive [Mental] Dissonance?
By Staff Reporters
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A Bloomberg economic model forecast a 100% chance of a US recession within 12 months
Jeff Bezos warned companies to “batten down the hatches” in response to Goldman Sachs’s CEO saying there’s a good chance we’ll have a recession.
Elon Musk guesstimated that we’re going to be in a recession “probably until spring of ’24.”
Gwyneth Paltrow said, “The economy sucks.”
BUT, Bank of America CEO Brian Moynihan (the one with the epic vocabulary) said that while analysts are warning of recession and slower spending, “We just don’t see [that] here at Bank of America.” Transaction volumes for its customers jumped 10% in September and the first half of October over a year earlier.
And, American Express’s CEO said, “We’re not seeing any changes in consumer spending” and predicted a strong holiday quarter for retail and travel.
United Airlines’s CEO is “so optimistic about 2023.”
Many business leaders are forecasting an economic downturn. But the execs who run travel and credit card companies say that shoppers aren’t pulling back spending at all.
It’s like Americans are watching the forecast call for thunderstorms but, seeing that it’s still sunny outside, are heading out to the waves to surf anyway.
Big picture: Recession fears are rising as the Fed raises interest rates to tame inflation that’s soaring at 40-year highs. While the definition of a recession is pretty broad, a slowdown in consumer spending would certainly be an indicator of one: It accounts for about 70% of the US economy.
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Filed under: "Advisors Only", Alerts Sign-Up, Experts Invited, LifeStyle, mental health, Op-Editorials | Tagged: About the ECONOMY & RECESSION?, economy, recession, recession forecast |
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