Elon Musk: ‘Super Bad Feeling’ About U.S. Economy, Biden Mocks
Comments come after Jamie Dimon tells Americans to prepare for economic hurricane
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Elon Musk, the CEO of Tesla, told company executives in an email that he has a “super bad feeling” about the economy and there could be a significant number of layoffs at the electric car maker.
Reuters first reported that the letter was dated on Thursday and was delivered after the billionaire told most employees to head back into the office, or hit the road. He called on these executives to “pause all hiring worldwide.”
Tesla’s shares fell more than 8 percent on Friday. The company did not immediately respond to an email from The Trends Journal. President Joe Biden brushed off Musk’s comments and said, “Lots of luck on his trip to the moon,” a reference to SpaceX.
CNBC said Biden focused on better-than-excepted job numbers from the Labor Department. The U.S. economy added 390,000 jobs in May and unemployment remained at 3.6 percent.
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Musk, who is active on Twitter, told one user that he believes the U.S. is headed into a recession, which “is actually a good thing.”
“It has been raining money on fools for too long,” he said. He also said, “Some bankruptcies need to happen. Also, all the Covid stay-at-home stuff has tricked people into thinking that you don’t actually need to work hard.”
Biden tries to pit Tesla against Ford
When Biden was asked about Musk’s comments, he did what he does best: divide. He immediately praised Ford and Stellantis, two competitors. (He even had the note ready.)
From CNBC: “Well, let me tell you, while Elon Musk is talking about that, Ford is increasing their investment overwhelmingly,” Biden said, pulling a notecard from his jacket pocket. “I think Ford is increasing investment in building new electric vehicles, 6,000 new employees, union employees, I might add, in the Midwest,” he said, adding that “the former Chrysler corporation, Stellantis, they are also making similar investments in electric vehicles.”
TRENDPOST: World renowned trends forecaster Gerald Celente, the publisher of The Trends Journal, has been warning his subscribers that the U.S. economy is not threatened by stagflation, but rather ‘dragflation,’ and they should be prepared.
Celente pointed out that the same Federal Reserve officials and business media reporters who got inflation wrong a year ago, saying it was “temporary” and “transitory,” are wrong again.
A recent survey from Bank of America Global Research found that about 77 percent of investment fund managers now say they see "below-trend growth and above-trend inflation," which means stagflation.
“It’s dragflation. The economies won't be stagnant, they will drag down as inflation rises,” Celente said. “We’ve been writing about it for a year. Are they too ill-informed to see the facts, or are they lying to hide the truth of how bad it will be?”
Celente said people better prepare.
“From big businesses to the average person, they better start preparing for dragflation."