Liberty and Finance, Released on 9/7/23

The recession has been postponed, not avoided, says portfolio manager Michael Pento. He discusses the current concerns he has for the US economy and banking system. The balance sheets of banks remains a huge issue, he explains and notes their assets are largely down or at major risk of value decline. If the Fed hadn’t stepped in, there would have been a “chain reaction of bank defaults.”

0:00 Intro
3:48 Bank Term Funding Program
6:49 Value of bank’s assets
9:23 Real estate market
17:00 Bank accounts
25:10 Pento Portfolio Strategies
25:53 Mainstream media
29:09 Miles Franklin

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.