Hey Peter Navarro here with the latest podcast and Substack.

Here we go.

Wall Street and Main Street going down in Bidenomics flames.

Hey Peter Navarro here with my weekly Economy and Market

wrap for the week ending September 22nd, 2023.

Just seven days ago, I warned that bearish market forces were steadily gaining the upper hand.

And for the last six weeks I've similarly warned that the U.S. stock market, as best measured by the S&P 500 has been stuck in a trading range with the growing

likelihood of a bearish reversal and significant market correction downward. For these last six weeks, the S&P 500 has indeed fallen five of the six weeks,

and this week's action marked one of the worst of these weekly bearish mollings.

For the week, the S&P 500 fell 2.9% and the NASDAQ dropped 3.6%, the biggest drop for both indices since March.

I'll take a deeper cut at what is going on in my next sub-stack and podcast post on Monday.

But for now, here's the basics.

As I had noted, the Bulls have been riding a wave

of massive Keynesian over-stimulus embodied in three major pieces of legislation

pushed through by the Bidenites. However, this wave has inevitably created bearish inflation and a steady upward move of interest

and mortgage rates and an attendant wage price spiral. These forces are now beginning to choke the economy and the

stock market. On top of this fiscal stimulus of not real sustainable growth, but rather of an utterly stagflation.

Joe Biden has also created an oil market which is now delivering energy at price levels 50% higher than when I was in the

Trump White House, with the risk now to even higher prices.

Such higher energy prices act as a tax on both businesses and consumers

and make it even more difficult for the Fed

to control inflation through its one-trig pony of tight money.

...