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WARNING – WARNING
By Dr. David Edward Marcinko MBA MEd CMP™
SPONSOR: http://www.CERTIFIEDMEDICALPLANNER.org
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Echoing Elon Musk and my colleague medical Michael Burry MD has warned about American consumers’ debt woes.
Echoing the likes of Tesla’s Elon Musk and “The Big Short” investor Michael Burry, a veteran economist has warned that American households have racked up historic amounts of debt — and the economy will pay the price.
“Consumers are just waking up to the fact that they’re financing their spending by running up their credit cards, and that the interest on those credit cards is over the top, out of control, and off the hook right now,” Carl Weinberg told CNBC. Record credit-card debt threatens to spark a consumer-spending slowdown soon, Carl Weinberg said.
“That’s going to lead to a retrenchment in consumer spending as we get into the new year” the chief economist at High Frequency Economics said. Weinberg expects the US economy to cool but not slide into recession, and he sees inflation fading.
PS: Mike Burry contributed to our 800 page textbook on investing for physicians.
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