In this short clip, Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Vincent Oshana react to ominous signs of depression.
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GDP reveals Ominous Great Depression warning sign Not seen since 1932 okay a GDP report Is saying that a Great Depression Warning sign not seen since 1932. here's What it is even the areas that what Which contributed to uh positively to Gdpr not necessarily signs of prosperity For example business investment grew at Only 1.4 percent in the fourth quarter But that was almost entirely inventory Growth non-residential investment a key Driver of future economic growth was Only up 0.7 percent meanwhile Residential investment fell off a cliff Dropping 26 point Seven percent as consumers were unable To afford the combination of high uh Home prices High interest rates and Falling real incomes but perhaps the Most troubling is the precipitous drop In real disposable income which fell Over one trillion dollars in 2022 for Context this is the second largest Percentage drop in real disposable Income ever behind only 1932 the worst Year of the Great Depression to keep up With inflation consumers are now Depleting their savings and burning Through the stimulus checks they Received during 2020 and 2021. that is The one thing that I don't think enough People are talking about you can look at Everything that's good and you can say
Well look at what's going on here look At what's going on there but when people Run out of savings something happens to Them and gradually our savings has gone From 2.1 trillion dollars down a Trillion in savings to 1.1 1.2 trillion Dollars that's like you're having twenty Thousand dollars now you got ten Thousand dollars it's not crazy yet but You're thinking about it okay And for for those who were kind of Sitting there being greedy and say well You know let me tell you what I'm gonna Say I'm not going to sell this for this Price Sales are coming in the next two Quarters sales are coming in the next Two quarters and the credit card Balances I mean you tweeted it out 940 billion yeah 940 billion we were Talking about you and I sat down before To claim the buck uh show that we had Clay Travis those guys do a great job But you know the the and by the way do You remember I don't know if you Remember this maybe you will when we Were doing podcasts and you said Pat I'm All about save that money look what's Happened ever since we give the stimulus Checks people are paying off the credit Card debt Americans are saving 27 Record-breaking I don't know if you Remember this was a month this is so so Biden's inauguration has won January
2021 March they announced the 1.9 Trillion dollars in April the savings Rate in America hits 27 when is the last Time we saved 27 27 you know what the Savings rate is right now 2.4 percent by The way lowest it's been in 17 years Lowest it's been in 17 years you know What 17 is 17 is not even 2008 crash 17 Is prior to that so these are things That will be felt you know somebody the Other day on Who posted this on oh uh can you go to Professor Scott Galloway go to Professor Scott Galloway's Twitter account he Posted this yesterday and if you guys Know who he is yeah he's a beast he's a Uh he's a beast but he also uh uh is no Go to his okay it's gonna be one of his Recent tweets where he talks about the Economy is not as bad as people are Saying uh man I hope you can go to it if You can't go to it I'm going to read it My there it is right there click on that One that's the one zoom in a little bit Real GDP is up 6.7 percent under Biden We gained four and a half million jobs In 2022 inflation over the last six Months uh uh is down two percent at an Annual rate economy is doing better than Most Americans think okay now go to the Comments go to the comments go to the Comments go to the comments zoom in a Little bit Todd mitchen tell that to Almost a four dollar gas nine dollar
Eggs eight Dollar milk out gas and Electric bill that went up two-thirds And the countless increases a massive Amounts while literally tens of Thousands of people are being laid off At a record Pace I like you but your Comments are wrong okay keep going lower Keep going lower so what what he's Saying is he's not feeling it the other Person is saying the average day-to-day Person that's shopping they're feeling It here's one thing that happens uh uh When you make money uh the moment you Make money Certain things change meaning a three Dollar increase isn't felt you know a You know know gas prices goes up two Dollars you won't feel it you're like ah Gasp I was filling up my tank at 80 Bucks and that's 110 bucks okay who Cares just 30 bucks you know hey you Know this thing that we were paying this Much money for shopping's gone up every Month 200 it's not a big deal it's two Hundred dollars A two person making money is not a big Deal of course to person that's making Fifty five thousand dollars a year or is Making eighty two thousand dollars Trying to take care of their husband Wife and three kids yeah they're gonna Feel it so uh uh the real pain is felt By the people and they're savings us Down their confidence is down
Um you're feeling when you talk today They're out of touchpad like all the Late night hacks all the number when the Putin price all that poo and they're Like I'll happily pay you know five Dollars more or whatever a gallon just To spin pull his face like okay rich guy In the bubble what about us what about The the little guy that's not you know I Mean like dude like gas in LA right now I saw a ThinkPad seven son like how are You guys living in California right now With the gas that much and you have to Drive an hour and a half every single Day to work but by the way you know how They say uh Republicans uh you know all They care about is they they want to Take care of their uh oil people is what They want to do this is all they want to Do really okay do you know go to this Article Wall Street Journal I'm gonna Send it to right now uh uh uh do you Know that the oil companies a biggest Profitable quarter ever was under what President was it under Bush was it under Reagan percentage-wise was it under Trump I mean it's got to be under Trump Right it has to be under Trump right Nope record-breaking I just sent it to You right now if you see it Record-breaking profits for Exxon Mobil Was under who if you had to guess the One and only the goat Joseph Biden oh seriously no question
About it how's that look at the amount Of profits these guys are making under a Democratic president okay Exxon go to The top Exxon Exxon Exon Exxon Vault to Record annual profits of 55.7 billion Dollars under who Joe Biden Joe Biden's Policies well I mean obviously these Guys are more noble people and they Would never help the oil companies make More money never but they did as weird As it sounds this is when sometimes you Look at policies and you're like well Those guys are for those guys oh we Would never defend those guys oh we're Giving money to help the poor and this Is what we're doing really your policies Is what made America have nearly 10 People that are worth 100 billion Dollars because when you gave your Trillions of dollars to the poor people Or Middle America all they did is went And gave the money to the corporations And they spent the money so Emotionally somebody may say well this Is great I mean we're doing the right Thing such a noble thing you yeah the Problem is people still don't know how To save the problem is people still Don't know how money works the problem Is people still don't know the basic Fundamentals of things that you do to Manage your finances they still don't Know that you give them more money They're going to spend it yeah and it's
Crazy to see that Pat and especially With this with the administration is Push on green and no fracking and no Nothing how is that that's crazy to see That they're making that's a record Vaulted not they didn't say JUMP voted To 55 that's insane yeah I mean they Should go they should Biden and the Democrats should go to the oil companies And say listen guys support us next year We're going to make you more money look How much we've done for you so go green Go Greener yeah we're gonna get richer They announced it you know how U-Haul Announced the MVP of the year was Newsom Yeah you know did you hear at their Annual convention annual convention mvpd Or Joseph Biden no no I'm just kidding But I mean it should be hilarious if you Listen to the administration you know You see a lot of these stats that come Out that no one in the media words or Words until real numbers show up and Then prove them false and all of the Stuff like on the number of jobs there You saw one of the responses there was To it Biden's saying we've created all These jobs no he didn't create all these Jobs it was basically if you like a look At restaurants and hospitality and by The way part of the American Savings Rate Pat we all know this is Americans Couldn't travel in 2001 couldn't go out To a dinner couldn't go even for you
Know date night out of town to A Little Spa that you could afford maybe or Something with your with your wife you Were inside so it was kind of like Savings by default a little bit because The personal as you like to say the f b Budget had been you know held up by the Lockdown but Biden goes out and says hey I've created all these jobs no it's not It's all these people are coming back All the hospitality workers that were Basically furloughed came back to their Hospitality jobs that's not a new job it Would be like this me and the business Babe have some trouble so we agree to Get counseling and we do a little Separation for three months while we get Counseling then on her birthday we Announced that we're back together and I Walk into a room full of people and say Hi I'd like you to meet my new wife That is what Biden is just doing with The jobs report that's hilarious though Uh yeah so anyway so again you look at The numbers so one side says things are Going to be okay the other side is we're Not going to be in recession look at the Numbers what's going to happen The reality is nobody fully knows what Is going on okay everybody's purely Speculating including us but what Adam Said is where it goes slow drip drip I Thought at first it was going to get up And start dancing like he was like doing
Some kind of a song but he was gonna go And then all of a sudden boom it drops And everybody says holy you know so And the opposite can happen as well What's the opposite that all of a sudden You wake up you're like how the hell did Dow Jones get to 42 000 that is the Crazy part about the economy okay that's Why no one in the history of it has been Able to have a hundred percent track Record of guessing what happens next Okay it's a Gamble and and all this just Kind of highlighted over the last two Three years Market tanks Black Swan Event didn't see this happening shut Down everything's going down how much Did the stock market go down the first Six months of covet 40 whatever it was Boom bounce back higher than ever hit 30 000 first time ever yeah and we're Seeing these wild swings and numbers Personal savings rates higher than it's Ever been a year later lowest savings Rates I think I think we we're not fully Appreciating how insane covid Was from a money standpoint discover a World shutdown standpoint supply chain I Think people get it but we're finally Just kind of trying to make sense of These numbers and then didn't Biden just Announce that as of May 2023 in the next Few months officially we're done is that What was that announcement we see that At once but this this is the done done
This yeah we're done it's like the Tom Brady retirement again oh wink wink oh Yeah yeah yeah but yeah I think you're I Think you're right it's amazing he's Like okay now it's really done yeah These wild swings and numbers I think Should be expected after such a Blackstone event so if you like this Clip and you want to watch another one Click right here and if you want to Watch the entire podcast click right Here
