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Tesla CEO Elon Musk Has ‘Tremendous Unhealthy Feeling’ About US Financial system – Biden Responds

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Tesla and Spacex CEO Elon Musk mentioned he had a “tremendous unhealthy feeling” in regards to the US financial system. President Joe Biden responded with a listing of main massive enterprise investments and wished Musk luck on his journey to the moon.

Elon Musk’s unhealthy feeling in regards to the US financial system

Tesla CEO Elon Musk mentioned he had a “tremendous unhealthy feeling” in regards to the US financial system in an e-mail to executives seen by Reuters.

The e-mail, titled “droop all hiring globally”, was despatched two days after Musk advised employees to return to work or depart. He additionally mentioned he wanted to chop employees at his electrical automotive enterprise by round 10%.

Musk just lately warned that the US financial system is both already in recession or heading right into a recession. Nonetheless, the billionaire CEO of Tesla and Spacex believes a recession is ‘ factor’, saying: ‘It has been raining cash on fools for too lengthy. Some bankruptcies must occur. He additionally estimated that the recession will final between 12 and 18 months.

Morgan Stanley analyst Adam Jonas believes Musk’s considerations needs to be taken into consideration, stating:

Elon Musk has a novel view of the worldwide financial system. We imagine {that a} message from him would carry nice credibility.

Biden responds to Elon Musk’s feedback

On Friday, President Joe Biden responded to Musk’s “tremendous unhealthy feeling” touch upon the US financial system.

“Nicely, let me inform you, whereas Elon Musk is speaking about this, Ford is massively growing its funding,” Biden mentioned as he pulled a notice card from his jacket pocket.

“Ford is growing funding and constructing new electrical automobiles, 6,000 new staff – unionized staff, I would add – within the Midwest. The previous Chrysler Company, Stellantis, can also be making comparable investments in electrical automobiles. Intel is creating 20,000 new jobs in laptop chip manufacturing,” the president continued.

Biden concluded by placing his notice card again in his jacket pocket:

So, you understand, good luck along with his journey to the moon.

Following Biden’s response, Musk tweeted, “Thanks, Mr. President!” His tweet included a hyperlink to an announcement that NASA had chosen Spacex to land the following People on the moon.

Musk shouldn’t be alone in predicting that the US financial system is heading right into a recession. Huge Quick investor Michael Burry just lately warned of an impending client droop. Lloyd Blankfein of Goldman Sachs suggested each enterprise and client to arrange for a recession. Soros Fund Administration CEO Daybreak Fitzpatrick mentioned a recession was inevitable. JPMorgan CEO Jamie Dimon sees an financial hurricane coming, prompting buyers to arrange. One of many bleakest predictions got here from Wealthy Dad Poor Dad creator Robert Kiyosaki, who mentioned markets are collapsing and a despair and civil unrest are forward.

What do you consider Elon Musk’s feedback and Biden’s response? Tell us within the feedback part under.

Kevin Helms

An economics scholar from Austria, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His pursuits embrace Bitcoin safety, open supply methods, community results, and the intersection between economics and cryptography.

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