Welcome to the Daily Article podcast for Monday, June 6th, 2022.

I'm Chris Elkins with the Dinnison Forum, narrating today's article written by Dr. Jim

Denison.

Jamie Diamond is CEO of J.P. Morgan and, according to Forbes, one of the most respected

Wall Street leaders.

When he recently advised investors to prepare for an economic hurricane, his warning made headlines.

Diamond is worried about rapidly rising inflation, federal reserve attempts to counter inflation by raising interest rates,

and the possible escalation of war emanating from Russia's invasion of Ukraine.

Tesla CEO Elon Musk similarly stated that he has a super bad feeling about the economy

and needs to cut about 10% of salaried staff at the electric carmaker.

Diamond and Musk are not alone in their concerns.

Many companies have already begun implementing hiring freezes and laying off workers.

Larry Summers, a former Treasury Secretary, has observed that whenever inflation has risen

above 4%, and unemployment has dipped below 4%, America has suffered a recession within two years.

As the economist notes, we are well across both thresholds now.

For more on this topic, go to Denisonforum.org to see Mark Legg's article,

A major recession may be around the corner.

Making the article's point, the stock market fell on

Friday after jobs data improved and investors worried that the Fed might consequently tighten

interest rates even more to curb inflation. The economist predicts that given the strength

of the economy today, the next downturn ought to be mild.

However, it adds that America will likely face a painfully slow recovery.

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