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Lacy Hunt: Brace For A Credit Crunch + A "Serious" Recession
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Lacy Hunt: Brace For A Credit Crunch + A "Serious" Recession

New Section

In this section, the speaker discusses the relationship between discretionary monetary policy and the financial cycle. They emphasize the importance of productivity in relation to economic well-being and explain how declining productivity can lead to rising unit labor costs and declining corporate profit margins.

Discretionary Monetary Policy and the Financial Cycle

  • The speaker explains that discretionary monetary policy fails in the final analysis.
  • The financial cycle is said to lead the GDP cycle, which in turn leads the price labor cycle.

New Section

In this section, the speaker highlights a worrisome example related to declining productivity.

Declining Productivity

  • The speaker expresses concern over a record 10-quarter decline in productivity.
  • Productivity is considered a major economic indicator that affects the well-being of people.
  • Lagging growth in real per capita GDP is tied to declining productivity.

New Section

This section focuses on the consequences of declining productivity, including rising unit labor costs and its impact on corporate profit margins.

Consequences of Declining Productivity

  • When productivity declines, unit labor costs rise faster than compensation.
  • Rising unit labor costs outpace price increases, leading to a decline in corporate profit margins.
  • To address this situation, firms may need to rationalize their workforce by laying off employees.

New Section

Here, the speaker explains how declining corporate profit margins and real earnings can be detrimental to both firms and households. They discuss the need for firms to restore price stability through rationalization efforts.

Restoring Price Stability

  • Declining corporate profit margins and real earnings are not acceptable.
  • Firms need to rationalize their workforce to align productivity and restore price stability.
  • If firms fail to take action, productivity will continue to decline, leading to further margin erosion.

New Section

The speaker discusses the Fed's efforts to restore price stability and achieve a resumption of growth that benefits everyone. They explain how inflationary environments primarily benefit a few individuals while negatively impacting modest and moderate income households.

Restoring Price Stability for Economic Growth

  • The Fed aims to restore price stability for inclusive economic growth.
  • Inflationary environments primarily benefit a few individuals but harm modest and moderate income households.
  • Rising commodity prices may be seen as inflationary, but in the current situation, it can lead to a shift in consumer resources from discretionary goods to non-discretionary goods, weakening the economy.

New Section

This section highlights the relationship between inflation, recessions, and fiscal instability. The speaker emphasizes the importance of controlling inflation before it spirals out of control.

Inflation, Recessions, and Fiscal Instability

  • Inflation precedes recessions.
  • Controlling inflation is crucial for avoiding fiscal instability and economic downturns.

New Section

Here, the speaker concludes by discussing the potential negative consequences of allowing inflation to get out of control. They emphasize the need for fiscal responsibility to maintain stability.

Consequences of Uncontrolled Inflation

  • Allowing inflation to get out of control leads to fiscal instability.
  • Fiscal instability can have negative consequences on various aspects of society.

Timestamps are provided where available.

New Section

This section discusses the stimulative effect of appearing on a channel and warns about the lag effect. It also mentions aggressive interest rate hikes and the anti-stimulative effect of quantitative tightening programs conducted by central banks.

Stimulative Effect and Lag Effect

  • The appearance on this channel has a stimulative effect.
  • However, experts warn about the lag effect of this stimulation.
  • The stimulative effect is largely gone now, leading to aggressive interest rate hikes.
  • Quantitative tightening programs conducted by central banks have an anti-stimulative effect.

Multipliers and Economic Slowdown

  • Experts caution that the speed and severity of cooling measures could cause a sharp economic slowdown.
  • This could result in recession, deflation, and a material shortfall in revenue.
  • Correction in financial markets does not boost the economy.

Growth, Inflation, and Layoffs

  • The economy is chugging along at a 2% plus GDP growth rate.
  • Inflation remains at 3%.
  • Companies may start laying off workers due to chronic slowdown.

New Section

This section features an interview with Dr. Lacey Hunt who discusses inflation precedes recessions and how allowing inflation to get out of control can lead to instability.

Inflation Precedes Recessions

  • Dr. Lacey Hunt explains that serious inflations precede serious recessions.
  • Allowing inflation to get out of control sets up a situation that leads to instability.

Deflationary Element in China

  • The Chinese economy is weak, with new stimulative measures being announced.
  • There is a deflationary element in the world due to China's weak economy.

New Section

This section continues the interview with Dr. Lacey Hunt, discussing the efficacy of taking on more debt and the potential consequences.

Efficacy of Taking on More Debt

  • The question is raised about the efficacy of taking on more debt.
  • Dr. Lacey Hunt emphasizes that allowing inflation to run hot hurts too many people and causes imbalances.

Disclaimer and Educational Purposes

  • A disclaimer is given that the interview is for educational purposes only.
  • Dr. Lacey Hunt is not advertising or soliciting business for Hoisington Management.

New Section

This section concludes the interview with Dr. Lacey Hunt, highlighting his expertise as a former senior economist to the Federal Reserve and Bank of Dallas.

Expertise of Dr. Lacey Hunt

  • Dr. Lacey Hunt has extensive experience as a senior economist to the Federal Reserve and Bank of Dallas.
  • He serves as an executive vice president and chief economist at Hoisington Investment Management Company.

Inflation, Recessions, and Global Banks

  • Dr. Lacey Hunt explains how inflations precede recessions.
  • He has worked with some of the world's largest global banks.

New Section

This section discusses the effectiveness of stimulative measures and raises questions about taking on more debt.

Effectiveness of Stimulative Measures

  • The discussion revolves around whether stimulative measures are effective or not.
  • The efficacy of taking on more debt is questioned.

Timestamps may vary slightly due to differences in video versions or edits made to the transcript.

New Section

This section discusses the shift in Chinese assessment of the global economy from financial markets to the government. It highlights the different growth rates and multipliers of the private sector and government, and questions the representative nature of market reactions.

Shifting Assessment of Global Economy

  • The Chinese assessment of the global economy is shifting from financial markets to the government.
  • The private sector has a higher growth rate and multiplier compared to the government.
  • Market reactions may not be representative of actual conditions.

New Section

This section discusses how China's stimulus efforts are impacting its national activity index and various sectors. It also mentions that while some sectors are gaining momentum, there are weak areas in the global economy.

Impact of Chinese Stimulus

  • Sectors have reacted positively to China's stimulus efforts.
  • China's weaker national activity index may result in initial boosts but does not indicate overall strength.
  • Some sectors in China are gaining momentum due to reopening efforts.
  • However, there are weak areas in both China's economy and the global economy as a whole.

New Section

This section discusses how gross domestic income and gross domestic product play a role in pulling economies out of financial crises, with a focus on China's contribution during the global financial crisis.

Gross Domestic Income vs Gross Domestic Product

  • Gross domestic income must equal gross domestic product for an economy to recover from a financial crisis.
  • China played a significant role in pulling the world out of the global financial crisis.

New Section

This section highlights the increase in debt and declining domestic income in China, as well as the indebtedness of emerging markets.

Debt and Domestic Income

  • China's economy has become more indebted, while domestic income has declined in three of the last four quarters.
  • Emerging markets, including China, are becoming more indebted.

New Section

This section discusses how the initial conditions for the global economy may be worse now than during the 2008-2009 financial crisis due to increasing debt and worsening demographics.

Worsening Initial Conditions

  • The initial conditions for the global economy are potentially worse now than during the 2008-2009 financial crisis.
  • Increasing debt and worsening demographics contribute to these worsening conditions.

New Section

This section questions whether China can rescue the global economy this time, despite market optimism regarding its GDP growth rate.

China's Ability to Rescue

  • Market optimism about China's GDP growth rate does not necessarily indicate a solution to global economic troubles.
  • The recent news of China stimulating its economy is seen as a sign of trouble rather than a solution.

China's Economic Situation

This section discusses China's economic situation and the impact of the private sector on automotive production.

China's Economic Performance

  • China's private sector, particularly in the automotive industry, has been underperforming.
  • The command and control economy of China is expanding, but it is not translating into positive multiplier effects.
  • The last major sector to restore operations after the pandemic was the automotive industry.

Government Stimulus and Supply Chain Issues

  • The government stimulus in the second quarter led to a 50% gain in output and a 10% gain in sales for the automotive industry.
  • However, supply chain issues may limit further growth.
  • Automobile inventories are approaching 60 days, which could severely limit the Federal Reserve's ability to spur economic growth.

Potential Actions by the Federal Reserve

  • If the Federal Reserve decides to pivot and aim for lower inflation rates or support Automotive production, they may increase asset purchases through quantitative easing (QE).
  • This could potentially change the story by stimulating manufacturing sectors like Automotive production.
  • However, as efforts by the Federal Reserve continue, their impact becomes less effective over time.

Uncertainty and Credit Crunch

  • If there is a credit crunch or other external forces that lead to a downturn, it may be challenging for monetary policy alone to undo its effects.
  • The manufacturing sector, including Automotive output, has already declined since reaching its peak.
  • Unlike during the pandemic where external forces caused a widespread decline, this cyclical event is specific to certain sectors.

Future Actions by the Federal Reserve

  • It is expected that the Federal Reserve will continue cutting interest rates at discrete intervals but with diminishing returns.
  • Other countries around the world may also follow suit with rate cuts or wait longer before making any changes. Europe specifically may wait longer before implementing rate cuts.

New Section

The unique aspect of Japan's response to the pandemic and the role of the Federal Reserve in the economy.

Japan's Response to the Pandemic

  • Japan has taken a unique approach to dealing with the pandemic.
  • In 2021, Japan faced challenges due to the pandemic, but there were some positive aspects as well.
  • The Federal Reserve has played a different role during this crisis compared to its usual lender of last resort function.
  • The economy is weaker than expected, and the Federal Reserve has become more of a spender rather than just a lender.

Inflation and Monetary Policy

  • Surface-level inflation data may suggest that there is too much money chasing too few goods.
  • However, it is important to look beyond headline numbers and consider the full data set when analyzing inflation.
  • The Federal Reserve's actions and policies have likely influenced some of these headline numbers.
  • It is unlikely that we will see quantitative easing (QE) anytime soon, as it depends on various factors such as monthly variations and industry-specific circumstances.

Automotive Sector and GDP

  • The automotive sector plays a significant role in GDP growth, but its contribution can vary over time.
  • While QE may not be implemented in the near future, there could be changes in industry dynamics that impact GDP growth.
  • Automotive output is expected to remain flat for the rest of the year according to current plans.

Impact on Inflation

  • The shift in the Federal Reserve's role from a lender of last resort to a spender could have inflationary consequences.
  • Quantitative easing under Bernanke's leadership was not inflationary, but the current situation may be different.
  • Short-term forecasting and analyzing the automotive sector can provide insights into the Federal Reserve's actions and their impact on inflation.

Economic Recovery

  • The second quarter of 2021 reflected a significant move in the automotive industry towards restoring the economy.
  • While it was not entirely positive, it marked progress in recovering from the recession caused by the pandemic.

The transcript provided limited information, and these notes are based solely on that content.

New Section

The speaker discusses the current state of the economy and expresses trust in their own judgment and insights. They mention that Hoisington crossed a line during the pandemic but do not believe they will intentionally cross it again anytime soon.

Hoisington's Actions During the Pandemic

  • The speaker mentions that Hoisington crossed a line during the pandemic.
  • They express doubt that Hoisington will intentionally cross that line again in the future.

New Section

The speaker discusses the potential impact of inflation and quantitative tightening on the economy. They mention that there may be a credit crunch at discrete intervals, but it is uncertain when exactly this will occur.

Impact of Inflation and Quantitative Tightening

  • The speaker warns about the potential impact of inflation and quantitative tightening on the economy.
  • They mention that there may be a credit crunch at discrete intervals, with varying speeds.
  • The speaker believes that eventually, quantitative tightening will stop.
  • They discuss the concept of a rolling recession where different sectors enter recessions at different times.
  • The speaker emphasizes that they do not expect to see a full contraction like in 2021.

New Section

The speaker responds to concerns about lag effects and income disparities during economic expansions. They acknowledge that certain sectors may experience recessions while others are recovering, leading to disparities in income levels.

Lag Effects and Income Disparities

  • The speaker acknowledges concerns about lag effects and income disparities during economic expansions.
  • They mention that different parts of the economy may enter recessions at different times, leading to disparities in income levels.
  • The speaker disagrees with the idea that there will be a full contraction within an 11-quarter period.
  • They highlight the decline in real average weekly earners' income for full-time hourly and salaried workers.

New Section

The speaker addresses concerns about the inflationary surge and the impact of the Federal Reserve's actions on credit bonds.

Inflationary Surge and Credit Bonds

  • The speaker responds to concerns about the inflationary surge caused by the Federal Reserve's actions.
  • They discuss how credit bonds may be affected by these actions.

New Section

In this section, the speaker discusses the ongoing progress of aggregate sectors and the narrowing expansion. They also mention the decline in GDI and its impact on economic activity.

Aggregate Sectors and Narrowing Expansion

  • The number of sectors that are expanding is narrowing.
  • This indicates a shift in economic activity.

Decline in GDI

  • The speaker mentions a decline in GDI (Gross Domestic Income).
  • They discuss how this decline is related to the drop in manufacturing and its implications for the economy.

Monetary Restraint and Economic Impact

  • The Federal Reserve's monetary restraint policies continue to affect the economy.
  • These policies disproportionately hurt moderate and modest households due to high interest rates.
  • The speaker highlights that layoffs and contraction in bank credit and money supply further impact households.

Commodity Prices and Economic Outlook

  • Commodity prices are expected to be a drag on the economy going forward.
  • The speaker suggests that oil prices have recently increased, which may have an impact on future trends.

New Section

In this section, the discussion revolves around lower consumer spending as a precursor to credit crunches, factors affecting profit margins, layoffs, and the role of money supply.

Lower Consumer Spending as Precursor

  • Lower consumer spending acts as a precursor to credit crunches.
  • This has implications for various aspects of the economy, including profit margins and company layoffs.

Money Supply and Velocity

  • The speaker asks about the supply and velocity of money and its impact on layoffs.
  • They inquire if a recession is inevitable from this point onwards, starting with the Federal Reserve's policies.

Role of the Federal Reserve

  • The speaker suggests that the Federal Reserve's policy rate increases and shrinking permanent reserves of the banking system have a disproportionate impact on households.
  • They emphasize that money is the first visible indication of economic trends.

New Section

In this section, statistics related to GDP growth and real per capita terms are discussed.

GDP Growth in Real Per Capita Terms

  • The speaker shares statistics regarding GDP growth in real per capita terms.
  • They highlight a significant difference between historical data (2.2% growth) and recent data (1.3% growth).

This summary covers specific sections of the transcript as requested, using timestamps to link to relevant parts of the video for further study or reference.

The Impact of Credit Decline on the Economy

This section discusses the decline in credit and its impact on the economy, specifically focusing on real GDP growth per capita and bank credit contraction.

Decline in Real GDP Growth and Bank Credit Contraction

  • From 1870 to 2000, there was a significant decline in real GDP growth per capita.
  • The current situation has seen a severe contraction in bank credit.
  • This contraction has led to a large decline in real terms, indicating a substantial decrease in economic activity.
  • Bank credit has been declining every month since February, which is a critical element affecting the economy.
  • The government's increased size since February has further contributed to this decline.

Reduction of Bank Balance Sheets

  • As banks reduce their balance sheets due to declining credit, it negatively impacts their earnings potential.
  • Historically, when Nixon closed the gold window in 1971, it marked a critical date that changed money supply growth and behavior.
  • Government involvement and control mechanisms have increased since then, leading to an increase in corporate bankruptcies.

Government Share and Corporate Profits

  • The government's share of corporate profits has increased from about 25% of GDP to about 34%.
  • Tax collections are sensitive indicators of household income and corporate income.
  • A paper written by economists estimated that for each one percentage point increase in government size, there would be a substantial shortfall of real per capita growth per year in tax revenues.

Impact of Gold Outflow and Restoration of Fiscal Sanity

This section explores the impact of gold outflow and the restoration of fiscal sanity on the economy.

Gold Outflow and Public Outroar

  • When Nixon closed the gold window, there was an outflow of gold from the country.
  • This created public outrage as it affected the income side of the economy.
  • The control mechanism provided by the gold standard was no longer in place.

Increasing Delinquency Rate and Corporate Bankruptcies

  • The closure of the gold window led to an increase in delinquency rates and corporate bankruptcies.
  • Despite government activity, the stock market remained exuberant, but it did not reflect the overall economic situation.

Government Size and Fiscal Sanity

  • The government's size has increased, leading to a restoration of fiscal sanity.
  • However, this increase has also resulted in a decline in corporate profits and tax revenues.

Impact on Treasury's Tax Revenues

This section discusses the impact of government size on the treasury's tax revenues.

Decrease in Tax Revenues

  • A paper written by economists estimated that for each one percentage point increase in government size, there would be a substantial shortfall of real per capita growth per year in tax revenues.
  • This shortfall affects both corporate and household income tax collections.

Declining Corporate Profits

  • The government's share of corporate profits has increased from about 25% to about 34% of GDP.
  • This indicates a decline in corporate profitability due to increased government involvement.

These summaries provide an overview of key points discussed in the transcript. For more detailed information, please refer to the corresponding timestamps.

Validation of GDI and Correctness of Published Numbers

This section discusses the validation of Gross Domestic Income (GDI) and the correctness of published numbers.

GDI Validation and Correct Indication

  • The time period has validated the GDI, indicating its accuracy.
  • The published numbers are correct, as their work has been validated.

Decline in Per Capita Growth Rate

  • The per capita growth rate has decreased by nine-tenths of a percent per year.
  • This decline is at the upper weakness limit within the economy.

Government Share and Federal Reserve's Impact

  • Increasing the government's share through deficit or cooperation with the Federal Reserve exacerbates problems in the economy.
  • The Federal Reserve pushing down interest rates reduces private sector share and affects future economic growth.

Impact of Per Capita Growth Rate on Income and Wealth Divides

This section explores how a decrease in per capita growth rate affects income and wealth divides.

Historical Evidence of Decreased Per Capita Growth Rate

  • Historically, when the per capita growth rate declines, it leads to an increase in income and wealth divides.
  • There is evidence that this decline exacerbates income inequality.

Validation through Income Taxable Receipts

  • The decrease in income to tax validates the decline in per capita growth rate.
  • Over the past few decades, there has been less income available for taxation.

Government Debt, Negative Multiplier Effect, and Intervention

This section discusses government debt, negative multiplier effect, and intervention.

Government Debt Above 90% of GDP

  • When government debt exceeds 90% of GDP for more than five years, it leads to a decline in the growth rate.
  • The average maturity of treasury debt is around five years.

Impact of Debt on Private Sector

  • The private sector has lost slightly more than a third of its growth due to government debt and interest rate levels.
  • A significant amount of debt is maturing this year, with approximately 10 trillion dollars in public and private debt.

Intervention and Counterproductive Effects

  • Increased government intervention creates more problems and counteracts its own solutions.
  • Examples from Japan and Europe show that excessive government intervention leads to non-productive outcomes.

Impact of Rising Interest Rates on Income and Command Control

This section explores the impact of rising interest rates on income and command control.

Rising Interest Rates in China

  • Rising interest rates in China demonstrate the clear-cut case where income decreases as interest expenses increase.
  • Reverting to command control from prior projects financed by debt is counterproductive.

Challenges in Finance Channeling

  • Finance needs to be channeled effectively, challenging the notion that more government intervention is the solution.
  • Repayment of interest keeps businesses productive, while excessive intervention hinders growth.

Conclusion

This section concludes the discussion on government debt, intervention, and their impact on economic growth.

Need for New Data Studies

  • Existing studies provide data but do not build new insights or solutions.

The Impact of Fiscal Policy on Deadweight Loss

In this section, the discussion focuses on the impact of fiscal policy on deadweight loss and the potential consequences for the United States.

The Effect of Fiscal Policy on Deadweight Loss

  • Fiscal policy in the United States is not bringing any marginally new results.
  • The increase in national debt leads to higher interest expenses.
  • The letter discussing deadweight loss is available for download and highlights the heavy borrowing in recent years.
  • As time goes on, the debt taken on in 2020 and 2021 will contribute to higher interest expenses.
  • It is important to understand the monetary lags that occur as these policies work their way through the economy.

Understanding Monetary Lags and Interest Expense

This section delves into monetary lags and their impact on interest expense, as well as making educational resources available for download.

Downloadable Resources and Monetary Lags

  • The letter discussing deadweight loss can be downloaded for free from a website.
  • By downloading this document, individuals can gain a better understanding of how monetary lags affect interest expense.
  • It is emphasized that income has been decreasing while national interest expense continues to rise, creating an increasing gap.

Exploring Fiscal Policy and Monetary Lending Tightening

This section explores fiscal policy further and discusses how credit lending tightening affects monetary policy.

Contractionary Effects of Monetary Policy

  • Credit lending tightening is occurring, which impacts monetary policy.
  • There are separate cycles at play: financial cycle layered upon business cycle.
  • The Federal Reserve's actions contribute to these cycles.

Varying Lags in Financial Cycles

This section highlights the varying lags in financial cycles and the importance of understanding their impact.

Understanding Financial Cycles

  • The lags in financial cycles vary due to different initial conditions.
  • Part two of the interview will provide more specific numbers regarding these lags.
  • It is recommended to subscribe to the channel and enable notifications for updates on the release of part two.

Domestic Tightening Cycle and Monetary Policy

This section discusses the domestic tightening cycle and its relationship with monetary policy.

Relationship Between Domestic Tightening Cycle and Monetary Policy

  • The domestic tightening cycle has implications for monetary policy.
  • The interview with Lacey provides further insights into this topic.

Due to the limited content provided, it is important to watch the full video for a comprehensive understanding.

Discussion on Demographics and Q2 Letter

This section focuses on the discussion around demographics and Lacey's recent Q2 letter.

Demographics and Strengths/Weaknesses

  • The discussion in this video centers around the demographics.
  • Sometimes demographics are very strong, while other times they can be weak.
  • Lacey has generously made his Q2 letter available to hoisington's investors and the general public.
  • It is recommended to get a copy of the letter for free at wealthyon.com before the Federal Reserve responds.

Federal Reserve Response and Inflation

  • If the challenges discussed by Lacey in this interview are not responded to quickly by the Federal Reserve, it may lead to vulnerability regarding inflation.
  • The prospects for wealth could be affected if inflation runs hot and permeates into the system.
  • Consider scheduling a free portfolio review with a financial advisor who can help manage your wealth.

Trends, Risks, and Opportunities

  • The lags in response from the Federal Reserve vary across different elements of the financial cycle.
  • Keeping trends, risks, and opportunities in mind is important when making decisions about wealth management.

Conclusion and Part Two Preview

This section concludes the current part of the interview with Lacey Hunt and provides a preview of part two.

Conclusion

  • Given all these complications discussed with Lacey Hunt, it is important to consider foreign financial cycles.

Part Two Preview

  • Part two of the interview will continue discussing further insights from Lacey Hunt.
Video description

WORRIED ABOUT THE MARKETS? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Wealthion's endorsed financial advisors at https://www.wealthion.com For a good while now, experts, including many of those appearing on this channel, have been warning about the "lag effect" of the aggressive interest rate hikes and quantitative tightening program conducted by the Federal Reserve and other major world central banks over the past year. These experts have cautioned the speed & severity of these cooling measures would cause a sharp economic slowdown that could easily result in recession, deflation & a material correction in the financial markets. But here mid-year in 2023, the economy is chugging along at 2%+ GDP growth, inflation remains at 3% and the S&P is up 18% YTD and the NASDAQ up a whopping 35%. So where is the slowdown? Were those predicting one wrong? They weren't wrong, says Dr. Lacy Hunt. Perhaps just a little early. But a credit crunch is now at hand that will indeed start freezing up the gears of the US economy. To learn why, we have the great fortune to sit down with Dr. Hunt himself. Dr. Lacy Hunt is a former Senior Economist to the Federal Reserve Bank of Dallas, as well as several of the world's largest global banks. He now serves as Executive Vice President and Chief Economist of Hoisington Investment Management Company. _______________________ At Wealthion, we show you how to protect and build your wealth by learning from the world’s top experts on finance and money. Each week we add new videos that provide you with access to the foremost specialists in investing, economics, the stock market, real estate and personal finance. We offer exceptional interviews and explainer videos that dive deep into the trends driving today's markets, the economy, and your own net worth. We give you strategies for financial security, practical answers to questions like “how to grow my investments?”, and effective solutions for wealth building tailored to 'regular' investors just like you. There’s no doubt that it's a very challenging time right now for the average investor. Above and beyond the recent economic impacts of COVID, the new era of record low interest rates, runaway US debt and US deficits, and trillions of dollars in monetary and fiscal stimulus stimulus has changed the rules of investing by dangerously distorting the Dow index, the S&P 500, and nearly all other asset prices. Can prices keep rising, or is there a painful reckoning ahead? Let us help you prepare your portfolio just in case the future brings one or more of the following: inflation, deflation, a bull market, a bear market, a market correction, a stock market crash, a real estate bubble, a real estate crash, an economic boom, a recession, a depression, or another global financial crisis. Put the wisdom from the money & markets experts we feature on Wealthion into action by scheduling a free consultation with Wealthion’s endorsed financial advisors, who will work with you to determine the right next steps for you to take in building your wealth. SCHEDULE YOUR FREE WEALTH CONSULTATION with Wealthion's endorsed financial advisors here: https://www.wealthion.com/ Subscribe to our YouTube channel: https://bit.ly/SubscribeWealthion Follow us on Twitter: https://bit.ly/WealthionTwitter Follow us on Facebook https://www.facebook.com/Wealthion-109680281218040 #recession2023 #creditcrunch #marketcrash ____________________________________ IMPORTANT NOTE: The information and opinions offered in this video by Wealthion or its interview guests are for educational purposes ONLY and should NOT be construed as personal financial advice. We strongly recommend that any potential decisions and actions you may take in your investment portfolio be conducted under the guidance and supervision of a quality professional financial advisor in good standing with the securities industry. When it comes to investing, past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in partial or total loss.

Lacy Hunt: Brace For A Credit Crunch + A "Serious" Recession | YouTube Video Summary | Video Highlight