Americans woke up Monday morning to find stock prices plummeting after a bad day on Friday. The Dow Jones Industrial Average plummeted hundreds of points, Warren Buffett sold stocks like crazy, and Japan’s stock market had its worst day since Black Monday in 1987.
Glenn Beck Naturally, I am worried.
“The jobs report was bad on Friday. We’re not in a recession yet. The indicators are saying we’re heading for a recession, but the indicators have been wrong before. We’re heading for a recession. We’re going to be heading for a recession,” warns Glenn Beck.
Concerned about what this means for ordinary Americans and the U.S. economy, Glenn turned to financial expert Carol Ross for advice.
Ross explained that while the Fed did not cut interest rates, it could consider doing so in September.
“Normally I’d say, ‘The market is asking the Fed to cut rates,’ but we had a weak jobs report on Friday. Sometimes bad news is good news for the market, but in this case it was perceived as bad news,” Ross told Glenn.
“The Fed was late in cutting interest rates,” Ross continues. “They felt that the so-called ‘soft landing’ — the idea that they could get inflation under control without destroying the economy — was no longer a possibility.”
But while the situation is not good, “if there’s a silver lining here,” Ross said, it’s that the market has reopened and didn’t continue to fall.
But there are still big signs that something strange is going on, one of which is Warren Buffett’s recent actions.
“Another catalyst we saw was Warren Buffett,” Ross said. “He reduced his holdings in Apple by about 49%.”
“It’s not going down, it’s going down by half,” Glenn says. “He’s making more sales than he’s ever made. It’s like he’s getting bullish on America. What does he know that we don’t?”
“Since 2019, he’s doubled his investment in Japan. He owns five major companies there and has big positions there. So on the same day that they’re saying Japan is declining, the U.S. is declining, so it’s interesting,” Ross said.
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