Bernie Marcus, the co-founder of Home Depot, delivered an urgent warning to the American people that a recession is likely imminent. Appearing on Cavuto Live, Marcus highlighted the catastrophic collapse of Silicon Valley Bank and urged Americans to be conscious that our economy is facing ‘tough times’ and take immediate action.
“I can’t wait for Biden to get on the speech again and talk about how great the economy is and how it’s moving forward and getting stronger by the day. Maybe the American people will finally wake up and understand that we’re living in very tough times, that, in fact, a recession may have already started. Who knows? But it doesn’t look good,” Marcus said on the Fox News program.
“I feel bad for all of these people that lost all their money in this woke bank,” he continued. “You know, it was more distressing to hear that the bank officials sold off their stock before this happened. It’s depressing to me. Who knows whether the Justice Department would go after them? They’re a woke company, so I guess not. And they’ll probably get away with it,” Marcus added.
On Friday, the Federal Deposit Insurance Corporation (FDIC) declared that Silicon Valley Bank (SVB), would be shutting down operations–the harshest U.S. financial firm collapse in 15 years. On Friday afternoon, SVB plummeted from its revered spot as the 16th largest bank in America due to an influx of withdrawals triggered by jittery depositors who were worried about the institution’s solvency.
Marcus blames the possible recession on the current administration
Marcus blamed the catastrophic decline on President Biden and his administration’s relentless pressure on banks to focus more heavily on “global warming” than shareholder returns. “I think that the system, that the administration has pushed many of these banks into [being] more concerned about global warming than they do about shareholder return,” Marcus explained.
“Instead of protecting the shareholders and their employees, they are more concerned about the social policies,” Marcus added. “And I think it’s probably a badly run bank. They’ve been there for a lot of years. It’s pathetic that so many people lost money that won’t get it back.”
The former CEO offers some possible solutions
The ex-CEO finished by warning consumers of a harsh economic climate, asserting that the Biden administration is oblivious to the hardships encountered by everyday Americans. “The Fed keeps raising rates and inflation keeps going in the wrong direction. It’s not staying where it should be. People are struggling. People can’t pay their bills. They can’t fill their tanks with gas. And if you think that’s a good sign, I don’t think it is. And we have an administration that’s obtuse to this. They just keep talking about the great times and how good it is. It’s not good,” Marcus explained.
Marcus then revealed steps he’d take to avoid the recession. “Somebody with a sane head has to come in and understand that you can’t do two things. Number one, you can’t keep raising rates. You can’t keep inflation as strong as it is. And you can’t tax people more than they are.[Biden’s] proposal to tax the middle class and the rich is about as dumb as I’ve heard it a long time. In a recession like this, you don’t do things like that.”