A Market Flat as Kansas and the Biden Crack Economy Coming Off a High

Peter Navarro’s Taking Back Trump’s America

InTrumpTimePress

Government, News, News:politics, Politics, Business News

4.7 • 867 Ratings

🗓️ 2 September 2023

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

GET THE TRANSCRIPT AND FREE COUPON AT HTTP://PETERNAVARRO.SUBSTACK.COM Peter Navarro’s Economy and Market Wrap for Week Ending September 1, 2023 The economy has been growing faster than expected because it has been injected with a speedball of Keynesian stimulus. However, inexorably, rising interest rates are choking off key parts of the economy like housing and manufacturing and adjusted pretax corporate earnings continue to fall auguring bad news for the market bulls. What the best analogy? How about this: You ever watch a meth freak or crack addict come down off a high? That’s what the Joe and Hunter Biden economy is beginning to look like. Risk remains to the downside as we enter the stock market’s historically cruelest two months in September and October. The inflation-fighting strategy of Joe Biden and Jay Powell remains choking off the economy to drive up the unemployment rate and drive down both real and nominal wages. Black, brown, and blue collar Americans and Main Street take the brunt of the hit while Wall Street plays the market.

Transcript

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0:00.0	Hey, Peter Navarre here with the latest podcast and substack. You know what I do on the weekends here.
0:09.0	Here we go.
0:10.0	The market flat is Kansas and the Biden crack economy coming off a high.
0:15.0	Peter Navarro's economy and market wrap for the week ending September 1st,
0:21.0	2023.
0:22.0	The stock market began the September 1st, 2023.
0:23.7	The stock market began the week with yet another one of those bullish bumps on light volume
0:28.8	up, but ended the week mildly just up to flat.
0:33.6	To width, the S&B 500 gain less than 1% last week
0:38.6	and the NASDAQ was just about flat for the week.
0:42.0	Here's what caught my eye. First, GDP numbers came out last
0:46.1	Wednesday and here's how Market Watch reported it and albeit with a little
0:51.4	artistic license.
0:52.6	Quote, the US economy grew at a somewhat slower 2.1% annual pace
0:59.5	in the second quarter, marked down from an initial 2.4%. The rise in gross semester product in the spring,
1:06.8	Q2, is likely to give way to a robust reading and the third quarter ending in September.
1:12.4	GDP forecasts estimate growth. and the third quarter ending in September.
1:12.6	GDP forecast to estimate growth of 2.5% or higher.
1:17.6	However, a slowdown toward the end of the third quarter
1:21.0	might even be underway. Some parts of the third quarter might even be underway.
1:23.6	Some parts of the economy such as housing and manufacturing are struggling and adjusted pre-tax corporate
1:29.5	profits is really important, fell slightly in the second quarter to mark the third decline in a row.
	...

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