While many on Wall Street have stopped obsessing about a recession, Jeremy Grantham has not. That should shock no one who has followed the career of Grantham Mayo Van Otterloo & Co.’s co-founder.
Doubling down on the gloom in an interview taped for an upcoming episode of Bloomberg Wealth with David Rubenstein, Grantham said the Federal Reserve’s most aggressive tightening in four decades could tip the economy into recession and take the stock market with it.
For more insights from the biggest names in investing, watch “Bloomberg Wealth With David Rubenstein.” Grantham’s interview airs on September 5th on Bloomberg Television at 9:00 p.m. in New York. The interview has been condensed and edited for clarity. The Fed’s record on these things is wonderful. It’s almost guaranteed to be wrong. They have never called a recession, and particularly not the ones following the great bubbles. They prided themselves in stimulating the bubbles. They took credit for the beneficial effect of higher asset prices on the economy. They have never claimed credit for the deflationary effect of asset prices breaking. And they always do.
What are you most worried about when you wake up every day and look at the stock market and the economy? When you go to a cocktail party and people ask you how the world is doing, and you tell them it’s all falling apart, do people get tired of hearing this from you? Do you ever tell people, “Actually there’s something good happening?”
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