Taps Coogan – June 7th, 2022

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CNBC’s Rick Santelli recently warned that he sees ‘two canaries in the coal mine’ for the economy, both of them portending a slowdown in the consumer sector.

 

Some excerpts from Rick Santelli:

“I’m one of the few out there that really thinks that there are two canaries in the coal mine, the one you just brought up (falling retail employment), and two Friday’s ago when we had the consumer credit number come out over double expectations to $52 billion on a month-over-month basis. To me, when you look at some of these anecdotal signals regarding the consumer and then you consider in three states (there is) over $7 dollars for gasoline as people go back to work, I don’t think you need to be a rocket scientist to figure out that the consumer is going to be over-burdened… Two thirds of the economy is going to slow down a bit.”

A consumer recession is coming. 

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