US Recession Is Addressed By Economist Steve Hanke

The US recession has been in the spotlight for a while now as investors continue to panic. Check out the latest reports about this coming from a famous economist.

A popular economist says a recession is about to hit the US following a weak first-quarter performance.

Steve Hanke said recently that the country’s economic growth significantly slowed down in Q1 of 2023.

“According to the Bureau of Economic Analysis (BEA), the economy grew 1.1% per annum in the first quarter of this year, compared to the growth of 2.6% per year witnessed in the fourth quarter of 2023,” the online publication the Daily Hodl notes.

Hanke also made sure to say the fact that the drastic downturn in economic growth is largely due to the Federal Reserve’s failure to control the money supply.

“US economic growth slowed sharply to 1.1%/yr in the first quarter of 2023 from the 2.6%/yr growth in the final quarter of 2022. Thanks to the Fed’s failure to pay attention to the growth in the money supply, a US RECESSION is about to make landfall.”

Veteran investor and Shark Tank star Kevin O’Leary warns that more regional banks could go under as they face immense losses from their exposure to one sector of the economy.

In a new interview on the Meet Kevin YouTube channel, O’Leary made sure to reveal the fact that the commercial real estate sector will likely put a lot of pressure on equity holders, including regional banks.

O’Leary says that investors in commercial real estate will likely get wiped out in the next two years.

“The majority of risk right now in the infrastructure of both regional and money center banks is commercial real estate… We have 11 sectors in the economy. The 11th, the newest is real estate…”