Goldman Sachs President Warns of ‘Unprecedented’ Economic Shocks and Tougher Times Ahead
John Waldron, President of Goldman Sachs and Chief Operating Officer, shared his outlook on the U.S. Economy at a Thursday banking conference.
He commented on the current economic situation and said that it was “among the most complex, dynamic environments I’ve ever experienced in my career.” He elaborated on the comments made by Goldman Sachs’ top executive:
Although we’ve been through many cycles, the combination of so many shocks to our system is something that I have never seen before is remarkable to me.
Waldron’s remarks echo a similar warning from JPMorgan Chase CEO Jamie Dimon who warned Wednesday of a ‘hurricane. He advised that you should be prepared.
The Goldman Sachs president noted that he would refrain from using ‘any weather analogies’. He also expressed concern about the risks of inflation, changing monetary policies, and the Russia-Ukraine conflict.
We anticipate that the economic climate will be more challenging in the future. We are witnessing a more difficult capital-markets environment.
Goldman’s executive named several other alarming economic factors, including a commodity shock as well as unprecedented amounts of monetary stimulus.
A growing number have expressed concern about the U.S. economic state and predicted that there will be a recession.
Elon Musk , Tesla CEO, stated that he feels’super bad’ about the economy this week. President Joe Biden responded. Musk stated that we could be in a recession for 12 to 18 more months .
Other than Musk, Soros Fund Management CEO Dawn Fitzpatrick and Big Short investor Michael Burry have also warned of a coming recession. Rich Dad Poor Dad author Robert Kiyosaki predicted that the markets would crash and that civil unrest and depression are on their way.