The president and chief operating officer of global investment bank Goldman Sachs warned of unprecedented economic shocks and more challenging times ahead. His remarks echoed JPMorgan CEO Jamie Dimon’s warning of an approaching “hurricane.”
Goldman Sachs President’s Warning on U.S. Economy
John Waldron, president and chief operating officer of Goldman Sachs, shared his outlook on the U.S. economy at a banking conference Thursday.
On the current economic situation, he stated.
On the current economic situation, he said, “This is one of the most complex and dynamic environments I’ve seen in my career.” The head of Goldman Sachs elaborated.
We have obviously gone through many cycles, but the confluence of a number of shocks to the system is, to me, unprecedented.
The president of Goldman Sachs said that he refrained from comparing it to the weather, but expressed concern that risks from inflation, monetary policy changes, and the Russia-Ukraine war could hurt the global economy.
We will continue to face difficult economic conditions. There is no doubt that the capital market environment will become tougher.
Goldman executives also cited several worrisome factors that could worsen the economy, including commodity shocks and unprecedented monetary and fiscal stimulus.
More and more people are sounding the alarm on the U.S. economy and predicting an impending recession.
This week, Tesla CEO Elon Musk said he has a “super bad feeling” about the economy, prompting President Joe Biden to respond. Musk also said we are in a recession that could last 12 to 18 months.
Besides Musk, others who have warned about the coming recession include Big Short investor Michael Barry and Soros Fund Management CEO Dawn Fitzpatrick. But one of the gloomiest predictions came from Robert Kiyosaki, author of Rich Dad, Poor Dad, who said that markets will crash and that depression and civil unrest are coming.
Image credit: Shutterstock, Pixabay, Wiki Commons