Former SEC Chief Economist Larry Harris Live Warning. Recession Likely Calling Bear Market Today
Since the SEC has been unavailable for comment, the legendary Larry Harris has decided to step in to make the inevitable call. Quit investing, dumb American, and join Ukraine. He sent the S&P 500 into the bear market territory. Undoubtedly, a visionary confirms what we said here over one year ago.
Stocks fall into a bear market, with S&P 500 now off 20% from a record
Rising recession fears pushed U.S. stocks into a bear market on Friday, with the S&P 500′s decline from its all-time high in January reaching 20%.
The S&P 500 dropped 1.5% on Friday, putting the benchmark for U.S. stocks 20.7% below its intraday record. The index is now headed for a close of more than 20% below its January record closing level.
So to most on Wall Street, this is now the first bear market to hit since the rapid decline in March 2020 at the onset of the pandemic.
- "It's tough to stop inflation without a recession," says Larry Harris, former chief economist of the SEC.
- While the impact may be felt broadly, every household will experience it to varying degrees.
- Still, there is universal advice.
"Are we going to have a recession? It's pretty likely," said Larry Harris, the Fred V. Keenan Chair in Finance at the University of Southern California Marshall School of Business and former chief economist of the SEC.
"It's tough to stop inflation without a recession."
"There have been huge things happening in the economy and enormous government spending," he said. "When balances get large, adjustments have to be significant.
"There will be a day of reckoning; the question is how soon."
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