Washington could force America into recession if they do the ‘wrong things,’ billionaire CEO warns

Billionaire businessman John Catsimatidis said on Friday that the key to reducing inflation was to stabilize food prices and lower oil, while warning that the Federal Reserve could destroy the healthy part of the economy if it continues to raise interest rates on “Cavuto: Coast to Coast”.

JOHN CATSIMATIDIS: The recession doesn’t have to happen. Unless there is another war or some other incident, oil prices will start to drop a bit. The fact is that inflation will start to fall the other way. Because with oil prices fall, food prices will continue to rise for the next 30, 60, 90 days as they still have a 30, 60, 90 day layover period in between. But if oil prices fall and food prices stabilize, inflation disappears.

POWELL GUARANTEES THE FED IS ‘FOCUSED’ ON FIGHTING INFLATION

What I said to Jay Powell in my last Fox interview, I said don’t raise interest rates to the point of destroying the rest of the country. I said, Jay Powell, be careful. We will destroy the real estate industry. It’s easy to say increase rates and fix problems. Well, the way you solve the problem is to reduce oil prices, and if North America has 100 years of oil, if we reduce oil prices and oil prices go down, food prices go down , inflation goes away. If we just raise interest rates, guess what? We will destroy the rest of the economy which is still healthy. America doesn’t want to go into a recession, but Washington could force it into a recession if it does the wrong thing.

WATCH THE FULL INTERVIEW HERE:

Leave a Comment