Charles Payne: The Economy Is Far Weaker Than The Official Data Suggests
Charles Payne from Fox Business joined Tony Katz Today to talk about the economy and how Wall Street seems to be cheering what Main Street is not seeing. Kamala Harris and the media are saying the economy is doing great, but yet consumer sentiment is dropping. Why? Inflation.
I just think we’re in a bifurcated economy. It’s never been this bifurcated. The top 20% are in such an amazing position, such an amazing position that when they aggregate the data, it masks significantly mask the pain that most Americans are dealing with and that bothers me. From a stock investors point of view, I’ve been telling people for a long time that the fix is in for the market to go higher, you have to be invested in the stock market.
Source: Spencer Platt / Getty
Rich people, corporations look at the banks. The banks are going through the roof. Why is the S&P financials at an all-time record? The rich keep getting the money because the Fed keeps keeping interest rates higher and they take that money, and then they buy stuff.
Source: Bettmann / Getty
You’ve built this system so that the people who are driving inflation get paid more money the higher you keep interest rates. It’s an amazing system. But the 80% of the population is looking out from outside is like when I grew up and I used to go by the donut shop, and I couldn’t afford them. I would just look through the glass window. Like look at those damn glazed doughnuts we can’t get.
Listen to the discussion in full:
Archived episodes here:
ABOUT THE SHOW
Tony Katz Today airs from 12-3pm ET on 93.1 WIBC/Indianapolis
What are we talking about? Politics, breaking news, political theory, art, the markets, food, libations and whatever else may come to mind.
PLEASE SUBSCRIBE TO THE PODCAST
Tony Katz Today on Apple Podcasts
