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In this short clip, Patrick Bet-David, David Rubenstein, Tom Ellsworth and Matt Sapaula talk about the upcoming recession.
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How much of what you think uh The American people's concerns about What economy is at matches what's Actually going to happen next year well I don't think anybody really knows What's going to happen in 2023 you know There's an old saying in Hollywood in Fact an author the man who was the uh Scriptwriter for Butch Cassidy and the Sundance Kid He wrote a book and the title was nobody Here knows anything which means you Never know when a movie is going to be Successful or not well the same is true True in the economy nobody really knows You can have experts here and there but Nobody really knows it's a guessing game We can't determine when the war in Ukraine is going to be over who knows When that's going to be over that'll Change the economy is China going to Invade Taiwan that'll affect the economy We just don't know are the Republicans Going to go try to impeach Joe Biden we Don't know that could have an impact on The economy it delays the Congress in Passing other things who knows so I Would say right now the conventional Wisdom and the conventional wisdom is Often generally wrong in Washington but The conventional wisdom in Washington is That we'll probably have a session in 2023 mild recession unemployment will go Up somewhat Congress won't pass that
Many bills do anything that's going to Spend a lot more money because that's We've already spent all the money we Pretty much can afford to spend and I Would say Um I don't I think the American people When they read as much as they read About the economy going to recession Recession eventually they kind of Reflect that in the public opinion polls And that's why people are saying they're Worried about the economy but people are Always worried about the economy there's Never a time when people are not worried About the economy so I don't know that It'll be as bad as we had in 2007 2008 2009 but it could go down but remember Economies always come back recessions Always end and the world comes back and They usually the U.S economy comes back Very very strong we still have an Incredibly strong economy now compared To Europe and compared to China our Economy is growing much better than China and and Europe is so Um I'm not pessimistic about the US Economy and when it goes down it will it Will be Rebound in my view so I'm not That worried about the economy there are Bigger things to worry about you had a Question Matt So in 2008 you you certainly it was far Far worse than what we've seen here and We probably haven't even seen the you
Know the worst of whatever this Recession nobody can Can get there because things Historically that were constants become Variables and then variables become Constants and everybody's algebra Falls Over Um you had said in 2008 you talked about Hey you know when all the banks when all This debt is with the banks in other Words it's all becomes organized Um all the tarp and everything becomes The finance we're going to enter into a Platinum age for private Equity you Turned out to be very very quick Although things are not that way now What do you see happening after we get Through call it a blip call a mini Recession whatever we think what is your Crystal ball For what where we're going to go you Talked about the private Equity or for Or for or for the economy generally well You were you were correct about private Equity and you were in that business and You selected it but is there anything Out there that you're looking at right Now that you say you know what this is What I see and I and I'm feeling well I Think the economy if it if it goes into Recession we'll have a rebound and when We come out I think the economy will Continue to grow at a reasonable Pace Remember we have a 22 trillion dollar
GDP so economy's big it's hard to grow That at 10 a year hard to grow that at Even seven percent a year uh we we Briefly grown in at six percent a year Coming back out of uh six percent a Quarter coming out of uh out of some Parts of covet but right now I think Giving the economy's size you're growing Two or three percent a year that's Pretty good I think we can we can Continue to do that but that happens When people feel like they have an Incentive to go to work they have an Incentive to invest the government Doesn't do some things that I think Backfire on Um right now the biggest problem the Country has in my view aside from the Racial problems we have and the legacy Of slavery and and all all the other Kinds of Problems that exist between you know Certain sectors of the economy people in The who are born into poverty are never Going to escape the biggest problem we Have is a dysfunction of the government Right now the Democrats and Republicans Just cannot agree on almost anything Maybe they'll agree on a spending bill Here or there but generally uh it's Dysfunctional when I worked on Capitol Hill briefly in the late 70s a Bipartisan bill was considered to be a Good thing if you were a good legislator
You actually knew how to get Democrats Republicans to come together if now You're on one party or you're the other Party you're not supposed to really talk To people from the other party or work With them and I think that's unfortunate Yeah and that's one of the biggest Problems this country has it's so Um acrimonious in Washington DC now that You don't get people even socializing Anymore with people from the opposite Party I wish that would change So what all the craziness taking place I Believe future looks bright if you Believe future looks bright get your Latest Future looks bright hat of Valuetainment it says future looks Bright here future looks bright here we Got them in white we got them in Black We got them in red or black on black Sold out these are about to sell out if You haven't ordered one yet we had a Person in Michigan but one then he Bought three then when those three People weren't in the office they had to Order 58 of them because people wanted The future looks bright hat especially During times like this because ain't Nobody's saying future looks bad toward Your future looks bright hat click over Here and to watch the entire podcast Click here take care everybody Foreign [Music]