Joe Biden’s Presidency has been one disaster after another.
His biggest one yet is on the way.
And a key Obama ally made one prediction that left Joe Biden trembling with fear.
With skyrocketing inflation, record high gas prices, empty store shelves, and a stock market off to the worst start to the year since the Great Depression, the economy is teetering on the brink under Joe Biden’s failed leadership.
But the economic problems keep coming with no end in sight.
The last grim milestone for the Biden economy is a recession.
Recession fears are growing by the day.
JPMorgan Chase CEO Jamie Dimon is one of the Democrat’s biggest allies on Wall Street.
A frequent visitor to the White House under Barack Obama, he was a key ally for him in the financial community.
Dimon was rumored at one point to be a potential Treasury Secretary for Joe Biden.
At a financial conference in New York, he offered a stark warning about what’s coming for the economy.
“You ain’t seen nothing yet,” Dimon warned a crowd of Wall Street insiders.
“You know, I said there’s storm clouds, but I’m going to change it … it’s a hurricane,” he remarked.
“Right now, it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle this,” Dimon said. “That hurricane is right out there, down the road, coming our way.”
“We just don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself,” he added. “JPMorgan is bracing ourselves and we’re going to be very conservative with our balance sheet.”
Dimon is worried about two challenges facing the slumping Biden economy.
The first is the Federal Reserve’s effort to shrink its balance sheet by stopping its emergency bond buying program.
Quantitative tightening (QT) is scheduled to begin this month as the Fed fights inflation.
“We’ve never had QT like this, so you’re looking at something you could be writing history books on for 50 years,” Dimon explained.
The other challenge facing the economy is the war in Ukraine and its effect on oil prices.
He explained that oil “almost has to go up in price” because of disruptions caused by the war.
“Wars go bad, [they] go south with unintended consequences,” Dimon stated. “We’re not taking the proper actions to protect Europe from what’s going to happen to oil in the short run.”
The problems are mounting for the Biden economy, but now a Wall Street insider like Dimon is warning of a “hurricane” coming.
When a power player like Dimon makes this kind of a prediction, it gets everyone’s attention.
This is a five-alarm political fire for Joe Biden.
A recession would wipe out any hopes for Democrats in the Midterms.
It would also leave Biden hobbled heading into his 2024 re-election bid.
The already slumping economy going into recession would be the biggest crisis yet for Joe Biden.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.