Goldman Sachs CEO Warns of Recession

Goldman Sachs CEO Warns of Recession


( – Lloyd Blankfein, the top executive at Goldman Sachs through the Great Recession, warned that another dark financial period may be in America’s future. In an interview with CBS News, the former CEO and current senior chairman of the market magnate said the indicators are there that a recession might be around the corner, and the time to worry is now.

With inflation over 8% and gas approaching $6 per gallon in some places, the poorest Americans are in the greatest danger. Blankfein warns that those without savings will find it very difficult to get started building a nest egg, and those with a safety net in place will find it difficult to grow their wealth, though in a better position.

Supply chain issues still plague the economy, helping to drive prices higher. Blankfein believes that trusting in sources outside the US might lead to even more problems at home, using Taiwanese semiconductors as a hypothetical. “How comfortable are we?” he asked about shipments of such items, adding that Taiwan is an “object of China.”

Blankfein noted that nothing is set in stone and applauded the Federal Reserve for using the tools at its disposal to try and stop the brutal rise in inflation. Hopefully, those actions will also help stop another recession before it begins.

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