"...when you have free money, people do stupid things. When you have free money for 11 years, people do really stupid things. So there's stuff under the hood, it's starting to emerge. Obviously the regional banks recently, we had Bed Bath and Beyond.
But I would assume there's a lot more bodies coming."
He also criticized US fiscal policy.
“We wasted all our bullets” in an economic expansion, he said, worrying about the fiscal situation.
“It’s a scary cocktail that we’re being presented with.”
He added that he wouldn’t be surprised if the “bean counters” a year from now find that the recession started in the second quarter.
“I don’t know that, but I do this for a living and I’ve got to have a forecast,” he says.
Druckenmiller took a shot at the talking heads endlessly repeating that this is nothing like 2008, pointing out that he doesn’t remember them predicting the crash then either.
“It’s naïve not to be open-minded to something really bad happening,” Druckenmiller says.
I have been pondering Stan Druckenmiller's recent interviews.
— Chris Close (@soclose2me) May 20, 2023
So here are the numbers.
We are currently 31 Trillion in debt nationally.
The FED's balance sheet sits at 8.5 Trillion.
The US government collected 4.9 Trillion in tax receipts in 2022.
The US spent 6.267…
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