Charles Thorngren on Financial Planning for a Recession
Newt's World
Gingrich 360
4.6 • 6.4K Ratings
🗓️ 13 December 2022
⏱️ 13 minutes
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Summary
Newt talks with Charles Thorngren, Founder and CEO of Legacy Precious Metals, about the latest comments from US Treasury Secretary Janet Yellen on whether we’re headed for a recession. Find out more by calling 866-484-4043 or go online to www.buylegacygold.com/newt
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Transcript
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| 0:00.0 | Inflation is at a 40 year high, many high profile companies have had recent job layoffs and several |
| 0:06.5 | economists believe we may be headed towards a recession. I know many of us are wondering what's |
| 0:12.0 | best for our financial portfolios right now. I know I am. And joining me is Charles Thornton, founder |
| 0:18.4 | and CEO of Legacy Precious Metals. He's been advising people on their personal finances and |
| 0:24.7 | investments for over 25 years. Charles, it's great to have you with us. |
| 0:28.5 | Oh, it's great to be here. Thanks for having me again, dude. And I was watching 60 minutes |
| 0:32.5 | Sunday and I saw the interview with Treasury Secretary Janet Yellen. Listen to what she said. |
| 0:38.2 | I believe by the end of next year you will see much lower inflation if there's not an unanticipated |
| 0:45.4 | shock. Now notice she said end of next year. I'm assuming she means the end of 23, meaning we |
| 0:52.0 | could be headed towards a recession. In fact, she would on to say, there are always risks of a recession, |
| 0:57.1 | but the economy remains prone to shocks. When you've solved that, what was your take about |
| 1:03.4 | her comments? It was interesting. And I've never in recent history heard a economist, someone |
| 1:11.1 | who's studied and practiced and spent a life in an economy and predicting it just skip a year |
| 1:16.5 | to say that by the end of 2023 and no forecast for what we see next month, three months from now. |
| 1:23.6 | Especially in this kind of an economy when there's so much uncertainty to just bypass the entire |
| 1:30.8 | year and say, don't worry, by the end of next year we'll start to see things get better. |
| 1:35.3 | That to me is a little telling and it's also scary. We need someone who's working now. |
| 1:40.6 | We need someone who's fixing problems now. Not waiting to see what happens. |
| 1:46.4 | The statement about there's always a risk of a recession that was just really a quick way to |
| 1:51.9 | sidestep the question. She didn't say she doesn't believe there won't be a recession this time. |
| 1:57.1 | She says it could happen. And I think that's because we know that there is a recession that's |
| 2:02.1 | going to happen. CEOs across the country are telling you, yes, prepare for the recession. |
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