For 16 months, Keith McCullough has said Q2 of 2023 will be the “darkest of dark times.” In other words, the bank bailouts we’ve witnessed so far are just the beginning.

“This isn’t just about regional banks, this isn’t just about private equity,” McCullough explains in this clip from The Macro Show. “This is about all of it. This is about leverage.”

There’s $1.4 trillion in commercial real estate maturing this year and next.


As famed investor Sam Zell said, “The problem with leverage is that you have to pay it back.”

Watch the full clip above.

McCullough: Enormous Market & Economic Risk Remains - TMS Banner