Wells Fargo CEO Warns Things Are Still Going to Get Worse Before Getting Better


There is no doubt in my mind that we are about to enter a recession very soon. It may not yet be reflected in official numbers, and you may not realize we're in a recession until months later.

Everything is still much more expensive today. Gas prices continue to rise to new highs. For ten consecutive days, we've seen record highs in gas prices. Let's Go Brandon!

Inflation is at a 40-year high reaching 8.3% year over year in April. Did you receive an 8.3% raise in your wages since April of last year? If not, then you are now making less money than you were one year ago.

The stock market is tanking and has been dropping consistently since the end of March. In fact, a rare feature is noticeable on the charts. If you look at the S&P 500 weekly chart for example, you will see that unless we have a massive rally on Friday, this will be the 7th consecutive red candle on the weekly chart. Six consecutive red candles on the weekly chart is a rare spectacle, much less seven.

To give you an idea of how bad it is, back when the pandemic hit and the market crashed in February 2020, there were only 5 consecutive red candles on the weekly chart. In the midst of the housing market crisis in 2008 was the last time that we saw 6 consecutive red candles and that was followed up later in the year with another 5 consecutive candles.

The last time we saw 7 consecutive candles was during the Dot Com Bubble that bled over into 2001 in which we actually saw 8!

Well, now that you have a brief history of the stock market, CEO of Wells Fargo, Charles Scharf said that it's essentially inevitable that we're going to have some kind of recession.

The Epoch Times reported,

“The fact that everyone is so strong going into this should hopefully provide a cushion such that whatever recession there is, if there is one, is short and not all that deep,” Scharf said.

Federal Reserve Chairman Jerome Powell said there may be some “pain” that is “associated” with higher interest rates, which would, according to him, reduce inflation and curb demand. Powell, however, said that there is no recession on the horizon, saying that strong labor markets and consumer spending are high points.

“It will be challenging, it won’t be easy. No one here thinks that it will be easy. Nonetheless, we think there are pathways … for us to get there,” Powell told the Marketplace business news website last week. “Whether we can execute a soft landing or not, it may actually depend on factors that we don’t control,” he added.

This generation really hasn't been given a great chance at live with all of these recessions we keep experiencing. This is the third one I've experienced with my wife. We got married young and it seems that everything has been against us. But we fight nonetheless. You do the same. Keep fighting, let's make it through this, and kick that old geezer out of office.

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