"Big Short" Investor Michael Burry Warns of Extended Multi-Year Recession in US
Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned about “an extended multi-year recession” in the U.S. He believes there isn’t a strategy to pull us out of “this real recession.” Michael Burry’s Recession Warning
Famous investor and founder of investment firm Scion Asset Management, Michael Burry, has warned about a “real recession” that will last multiple years.
Burry is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.
The Big Short investor tweeted about a recession Tuesday. He wrote: What strategy will pull us out of this real recession? What forces would pull us so? There are none. So we are really looking at an extended multi-year recession. Who is predicting this? There are none.
Burry has warned about a recession several times in the past. In May, the Big Short investor cautioned about a looming consumer recession and more earnings trouble.
In April, he said that the Federal Reserve “has no intention of fighting inflation,” adding that “The Fed’s all about reloading the monetary bazooka. So it can ride to the rescue & finance the fiscal put.”
NYU professor Nouriel Roubini, who is sometimes known as Dr. Doom, replied to Burry, tweeting: “Some of us have been predicting a long and severe recession and made a detailed case for why we are headed towards a Great Stagflationary Debt Crisis.” In another tweet, he wrote: I have myself argued all year that the coming recession will not likely be ‘short and shallow.’
This week, Tesla CEO and Twitter chief Elon Musk also warned about a severe recession. He urged the Federal Reserve to cut interest rates “immediately,” emphasizing that the Fed is “massively amplifying the probability of a severe recession.” Tags in this story big short investor, big short investor recession, michael burry, Michael Burry Fed, michael burry inflation, Michael Burry recession, Recession
Do you agree with Michael Burry about an extended multi-year recession? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Elon Musk Warns of Severe Recession — Urges the Fed to Cut Interest Rates Immediately ECONOMICS | 1 day ago Venezuelan Currency Plunges Almost 40% Against the US Dollar, Analysts Cite Crypto Drought as Part of the Problem ECONOMICS | 4 days ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleKevin O’Leary, Bill Ackman Slammed for Defending Sam Bankman-Fried — ‘I Think SBF Is Telling the Truth’ Next articleProof-of-Reserves Are at ‘Best Incomplete, at Worst Misleading and Deceptive’ Says Crypto Analyst Martin Hiesboeck Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin