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Drudge Retort: The Other Side of the News
Monday, May 16, 2022

Goldman Sachs Senior Chairman Lloyd Blankfein urged companies and consumers to gird for a US recession, saying it's a "very, very high risk."

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..."If I were running a big company, I would be very prepared for it," Blankfein said on CBS's "Face the Nation" on Sunday. "If I was a consumer, I'd be prepared for it."

A recession is "not baked in the cake" and there's a "narrow path" to avoid it, he said. The Federal Reserve has "very powerful tools" to tamp down inflation and has been "responding well," the former Goldman chief executive officer said.

With high fuel prices and a shortage of baby formula tangible measures of Americans' unease, US consumer sentiment declined in early May to the lowest level since 2011. US consumer prices rose 8.3% in April from a year ago, slowing slightly from March but still among the fastest rate in decades.

Blankfein's comments were broadcast the same day as the firm's economists cut their U.S. growth forecasts for this year and next to reflect the recent shake-out in financial markets.

Goldman's economic team, led by Jan Hatzius, now expects U.S. gross domestic product to expand 2.4% this year, down from 2.6%. It reduced its 2023 estimate to 1.6% from 2.2%.

The report called this a "necessary growth slowdown" to help temper wage growth and reduce inflation back down toward the Fed's 2% target. While the slowdown will push up unemployment, Goldman was optimistic a sharp rise in joblessness can be avoided....


#1 | Posted by LampLighter at 2022-05-15 03:59 PM | Reply

So more price gouging, profiteering, record corporate profits, and record CEO and executives salaries and bonuses. Time to get out the torches and eat the rich (I hear they taste just like chicken).

#2 | Posted by a_monson at 2022-05-17 12:24 AM | Reply | Newsworthy 2

The rich getting away with treating the rest of us like
dirt...because they can...

wtg Rethugs, giving tax breaks to the rich over and over
and over, whilst simultaneously killing unions in America
(one of the few ways to battle the power of wealthy corporations),
has made this country 'one huge suck hole'...

You built that!

#3 | Posted by earthmuse at 2022-05-17 06:20 AM | Reply

Yeah, listen to a goldman sachs POS

Notice this gaping rectum wants to stop wages from going up except CEO's of course

#4 | Posted by PunchyPossum at 2022-05-17 09:44 AM | Reply

There isn't a Biden "I did that" sticker big enough to cover Joe's foul ups.

#5 | Posted by visitor_ at 2022-05-17 09:48 AM | Reply

Recession? Bah! Tis but a temporary flesh wound as long as the jaws of US war machine are kept well-oiled.

#6 | Posted by NerfHerder at 2022-05-17 10:06 AM | Reply

There isn't a Biden "I did that" sticker big enough to cover Joe's foul ups.

#5 | POSTED BY VISITOR_ AT 2022-05-17 09:48 AM | FLAG: SIGH

I really really wish that were true because then your whining would be less irritating.

Republicl0wnz love nothing more than delivering a turd show aftermath to punctuate their stupid.

This is the second time Biden has been in the White House mopping up a mess.

#7 | Posted by RightisTrite at 2022-05-17 10:37 AM | Reply

If that were so then you'd think Joe would know which end of the mop is for business and which is the handle.

#8 | Posted by visitor_ at 2022-05-17 10:55 AM | Reply

and these Toadies will try to get the Orange Menace
reelected, Democracy be damned...

this is why I don't post as much as I used to...
it's largely pointless arguing w the Magat Crowd.

#9 | Posted by earthmuse at 2022-05-17 10:56 AM | Reply

this is why I don't post as much as I used to...
it's largely pointless arguing w the Magat Crowd.
#9 | POSTED BY EARTHMUSE

^
It's not just a Race To The Bottom,
It's also a War Of Attrition!
And when they did win, they still weren't happy about anything, making for the Trifecta with a Pyrrhic Victory.

So Much Winning!
#MAGA

#10 | Posted by snoofy at 2022-05-17 12:06 PM | Reply

If that were so then you'd think Joe would know which end of the mop is for business and which is the handle.

#8 | POSTED BY VISITOR_

Ahhh the ignorant jerk offs are still expecting their opinions to be taken seriously?

#11 | Posted by jpw at 2022-05-17 12:58 PM | Reply | Funny: 1

That's your best defense of Biden? That's not even as good as 'but Trump'.

#12 | Posted by visitor_ at 2022-05-17 01:53 PM | Reply

That's your best defense of Biden? That's not even as good as 'but Trump'.

#12 | Posted by visitor_

UNtil biden kills a half million americans with lies and then tries to overthrow the system of government that hundreds of thousands of heroes died to establish, he'll always be better than trump.

#13 | Posted by SpeakSoftly at 2022-05-17 02:18 PM | Reply | Newsworthy 1

No president has ever been worse than Trump. At least not in the past century plus.

#14 | Posted by cbob at 2022-05-17 05:07 PM | Reply

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