Edward Dowd, former Blackrock manager and founder of Phinance Technologies
On Tuesday economist Edward Dowd joined Natalie Winters on The War Room to discuss the latest economic developments in the US going into the 2024 election.
Dowd, who famously brought attention to the rising death rates among young people following the introduction of the Dr. Fauci’s forced COVID shots, warned that a correction is coming in October. This will favor Trump in November.
Via Steve Bannon’s War Room:
Natalie Winters: speaking of the government lying, I’m sure it comes as no surprise to this audience. They’re still doing it. Janet Yellen coming out very recently saying that she doesn’t see any red lights, any bad indicators about the state of the economy. An interesting fact I saw today, 452 large companies have now declared bankruptcy year to date. That’s the second highest number. In the last 14 years, I could rattle off statistics to take us to the end of the show. But I’d rather just get your synopsis of just some of the worst indicators, whether it’s the bond market, S&P, tech stocks, you name it. But where you think we stand on the economic front right now?
Edward Dowd: Janet Yellen made that comment. I saw it. It was an eerie comment out of nowhere. Everything’s fine. Everything’s fine. It literally brings me back to Hank Paulson in 2007, saying that subprime would contained. He was Treasury Secretary of the Bush. It’s like same vibes, same vibes right before the rug pull financially is going to happen. Let’s talk about the lies the government, not only on the vaccines, they’re fraudulently making up employment numbers. We had last month the largest revision down since the great financial crisis when things were chaotic and it was hard to count. This is literally a 850,000 revision down in the year. And anybody that could look at the numbers knew that was coming. So it’s been fraudulent numbers. And then the last payroll number that came out of August, the headline number was good, but they revised July and June down huge. And the markets are finally catching on to this, that the numbers are fraudulent, and the markets reacted badly on Friday. They’re bouncing the next day or two. But what we see coming is not good. We were predicting last year, if you remember, recession in the second half of ’23. Unfortunately, we were wrong, but we figured out why we were wrong.
The government ramped up government spending, so deficit spending is on the rise. Illegal immigration, believe it or not, illegal and legal immigration added a ton to the GDP, and also the Federal Reserve lending money to banks that are underwater for a year also helped. The problem is we got to bounce from our economic indicators up to right below the zero line and above the zero line is economic expansion. So all it did is kick the can down the road. That juice ran out in March, and we’ve been rolling down ever since in our economic indicators into this month, which is lower than every previous month. So there’s bad news on the horizon, not to mention the most controversial election in our lifetimes, which is pausing all business investment. No one’s making a decision until they see who’s going to be in power. There’s a buyer strike going on on Wall Street. I was talking to some hedge fund guys who invest big dollars. They are sitting on their hands. They brought their net exposure way down. No one wants to get involved before the election.
So we’re going to see, I think, a market correction into October. That will favor Trump. I don’t think they can hold up and put lipstick on this pig too much longer. The truth is coming out.
Via The War Room.
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