Adam Taggart | Thoughtful Money, Released on 7/14/24

Federal Reserve Chair Jerome Powell testified in front of Congress this week to defend his current monetary policy. While we don’t have the results of that testimony as of the time of this recording, Powell has recently stated that he is now seeing the kind of disinflationary path for the US economy that he’s wanted to. This of course has Wall Street salivating again that rate cuts are near at hand. Are they? For perspective, we’re fortunate today to talk with money manager Michael Pento, president of Pento Portfolio Strategies. Michael warns that we have the most overvalued stock market ever, and the liquidity that drove it to today’s extremes is starting to run out. In his words “We’re running on fumes”. And stocks are at risk of correcting 30-80% from here.

Michael Pento is a specialist in Austrian economics and is the President of Pento Portfolio Strategies. Prior to starting Pento Portfolio Strategies he served as a senior economist and VP of the managed products division of another well known financial firm. Michael has also created ETFs and UITs that were sold throughout Wall Street. Earlier in his career, he worked on the floor of the NYSE. He is the author of The Coming Bond Market Collapse: How to Survive the Demise of the U.S. Debt Market.

Adam Taggart is the Founder of  Thoughtful Money. He is also Co-Founder and former President of Peak Prosperity. Adam is an experienced Silicon Valley internet executive and Stanford MBA. Prior to partnering with Chris Martenson (Adam was General Manager of our earlier site, ChrisMartenson.com), he was a Vice President at Yahoo!, a company he served for nine years. Before that, he did the ‘startup thing’ (mySimon.com, sold to CNET in 2001). As a fresh-faced graduate from Brown University in the early 1990s, Adam got a first-hand look at all that was broken with Wall Street as an investment banking analyst for Merrill Lynch. Most importantly, he’s a devoted husband and dad.

  economy, investing, market correction, market crash, stock crash