288: Is An Economic Depression Coming?
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 13 April 2020
⏱️ 51 minutes
🧾️ Download transcript
Summary
You get a clear answer to that question from both me and the Chief Economist of the oldest investment firm of its type in America, as he joins me today.
Recession and depression differences are defined.
Learn what created the 1930s Great Depression and 2000s Great Recession.
You're now living in what I call: "The Great Shutdown Of 2020", induced by the coronavirus. This is an economic crisis on top of a health crisis on top of an oil shock.
The Spanish Flu Pandemic of 1918 created a 7-month U.S. recession.
Real estate flippers and developers are more at-risk than buy-and-hold investors.
A doubling of the U.S. currency supply is possible in the next year or two, stoking inflation.
I introduce the "Inflation Triple Crown" concept that benefits leveraged real estate investors.
Brian Beaulieu, CEO and Chief Economist at ITR Economics since 1987, joins us to forecast your economic future amidst the current coronavirus pandemic.
He says we're in a recession now, thinks the economy begins growing again by 2020 Q4 with a "V" shaped recovery, and inflation accelerates in 2023.
Brian forecasts interest rates' direction, and tells us if we'll have negative interest rates.
He is bullish on buying real estate.
I think that since America keeps writing checks for everything, then they should fund an initiative to rebuild our infrastructure. We need that anyway, and it puts people to work.
Then, you would want to own real estate near those public works projects - new bridge, interchange, or port.
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Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Weinhold. Are we headed for something worse than a recession, but an outright economic depression? I've got a lot of energy on this topic than to provide more insight on the economy's direction in the health crisis. I'm joined by the leader of the oldest economic forecasting firm of its type in all of America today on get rich education. |
| 0:26.2 | Finally, with Total Control Financial, get checkbook control of your existing 401k and IRA funds |
| 0:31.9 | to invest in real estate. Yes, you can move your retirement money into your own checking account, but you must |
| 0:39.4 | avoid the little-known tax that you'll get hammered with in a self-directed IRA. Instead, start |
| 0:45.0 | your QRP. Learn more and get your free copy of the QRP book by text messaging QRP in all |
| 0:52.0 | capital letters to 72,000. |
| 0:57.0 | You're listening to the show that has created more financial freedom than nearly any show in the world. |
| 1:04.4 | This is Get Rich Education. |
| 1:20.2 | Thank you. education. Welcome to GRE from Howard Beach in Queens, New York, to Howard University in Washington, D.C. |
| 1:25.7 | And across 188 nations worldwide. I'm Keith Weinhold. This is GetR.C. and across 188 nations worldwide. |
| 1:28.1 | I'm Keith Weinhold. This is GetRific Education. Look, the coronavirus pandemic is going to continue to be a major deal economically. |
| 1:36.5 | This is a financial crisis, on top of a medical crisis, on top of an oil shock. |
| 1:43.3 | A recession is imminent, and a depression is possible. We're going to |
| 1:49.3 | unpack that today. You are living through right now what I call the Great Shutdown. That's what I |
| 1:57.0 | like to call it. It's not the Great Depression from 1929 and 1939, and it's also not |
| 2:02.6 | the Great Recession from 2007 to 2009. Some forecasts estimate that the unemployment rate from |
| 2:10.9 | this current crisis here could hit as high as 20 percent. And we haven't seen those levels since the Great Depression, |
| 2:21.4 | and it's particularly devastated service sector and restaurant jobs, as we know. |
| 2:28.6 | The 1930s Great Recession lasted 10 years. It began after the stock market crash of October 1929, which sent |
| 2:37.1 | Wall Street into a panic, and it wiped out millions of stock investors. Throughout the 1930s, |
| 2:44.9 | consumer spending and investment dropped. What that did is in turn, it would create steep declines in industrial output, |
| 2:54.1 | which then made employment fall even further as failing companies had to lay off workers. |
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