In this clip from The Macro Show today, Keith McCullough compares the current U.S. economic setup to the Great Financial Crisis.
“I don’t know if I’ve said this enough times: This is not 2008—not even remotely close. 2008 was a story about Wall Street leverage, bad behavior, frauds. This one is far more dangerous.
This one is about Main Street. It’s about 50%, going on 60% and 70% of Americans not having any money left and needing government handouts increasingly to offset that pressure. Needing more credit cards, more leverage.
If you’re paying 22% on a credit card, think about where you must be financially. Buy Now, Pay Later (BNPL)? This is far more dangerous for far more people. This is a Main Street recession that we’re just entering.
I don’t know how that’s going to end. I just know that Wall Street all agreeing to agree that this is going to be some soft and beautiful landing because of 10 stocks is dead wrong.”
Watch the full clip above.