Ken Langone, the Home Depot co-founder, called President Biden worse than former President Jimmy Carter and predicted the United States will face a recession according to a report.
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Here is what Langone had to say: “We’ve got to get rates well above the inflation rate if you want to snap inflation, just like Paul Volcker did in 1980 and ’81. … This was not transitory, this was a real serious case of inflation. We lost a whole year on addressing the issue.
Only because, frankly, we have leadership today in America that isn’t willing to admit when they’re wrong. They made a terrible blunder here, and now the price has got to be paid. If you want to get inflation back, if you want a benchmark, you’re going to probably need interest higher than 8.5%. The other thing is we’ve exacerbated the problem.
For example, the energy issue in America, we didn’t have to be deficient like we are. Hell, by now, that pipeline would have been almost complete. And Biden’s now saying, he’s now blaming the oil companies. This is a disgrace. The oil companies are reacting to supply and demand.
You’re going to see it in their earnings when their earnings come out. If they’re making all this much money, where are they in the numbers? It’s wrong. It’s absolutely wrong. And nobody’s doing anything about it yet in a way that going to address the issue.”
He then continued saying that “the steps we’re taking right now will not help. And who’s going to get hurt? The little guy, the poor guy that’s living from paycheck to paycheck. … I’m not smart enough to know exactly when. My bet is that the brunt of the recession will hit us nine months, eight months. … 10 months from now.”