J.P Morgan CEO Warns The Greatest Threat to the Economy is Here
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 30 April 2024
⏱️ 44 minutes
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Summary
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ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast. |
| 0:02.8 | Let's get right into this episode. |
| 0:04.6 | CEO of Chase, Jamie Diamond is warning that the biggest risk to the economy is stagflation. |
| 0:11.0 | Yeah. |
| 0:11.4 | And after Thursday's numbers, that does look possible. |
| 0:14.2 | That looks possible, guys. |
| 0:15.4 | I don't know. |
| 0:15.8 | Like, think about this. |
| 0:17.2 | First, you had high inflation, which they're having a tough time battling. |
| 0:29.9 | Then that creates lower GDP, And that just came out. So this and significantly lower. Yeah, a lot lower than projected as well. Can you show that bar chart? And so what was interesting as we were digging down this rabbit hole on stagflation, which is what |
| 0:38.6 | Jamie Diamond said. |
| 0:39.4 | By the way, he's the CEO since 2006 of J.P. Morgan Chase. |
| 0:44.8 | So the guy does know a little bit about the economy, and a lot of people do listen to him. |
| 0:51.0 | He's got an incredible letter to his shareholders. |
| 0:53.8 | A lot of these guys are pretty transparent with what they think is going to happen. |
| 0:58.5 | But the next shoot of fall, of course, Jeremy, if you could put that back up, is going to be the unemployment. |
| 1:05.1 | And what was interesting as we were digging down this road was that high inflation and low GDP actually create |
| 1:14.8 | higher unemployment. Well, basically, you're going to have stagflation before you have the unemployment. |
| 1:20.5 | So you're going to have the slowdown of the GDP, heightening of inflation, which is exactly |
| 1:24.8 | what we saw on Thursday's report. And if that continues, that will |
| 1:28.6 | create layoffs. So. Right. And by the way, you guys might remember that it's the opposite of what |
| 1:35.9 | you would think. But the Fed actually believes low unemployment is inflationary. So let's wrap your head around that. |
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