With gas prices rising to sky-high levels and mortgage rates not slowing down anytime soon, U.S. citizens are really feeling a financial crunch. And based on a new report from Deutsche Bank, that isn’t slowing down anytime soon.
In a huge report given to clients, the Bank’s economists noted, “Two shocks in recent months, the war in Ukraine and the build-up of momentum in elevated U.S. and European inflation, have caused us to revise down our forecast for global growth significantly.” As a result, “we are now projecting a recession in the United States.”
The report also noted that “equity markets” should “hold up well through the summer,” but stock prices could become unpredictable beyond that—especially if prices continue to be on the rise as they are now.
Blake Harbin, who serves as CEO for mortgage lender Houzzle Financial, is here to provide his expertise. We welcome him to the show.
Suggested Q&A:
Mortgage rates continue to skyrocket as the year goes on, and 2023 isn’t looking any better. Would you say this is due to a lack of balance with supply and demand or something else?
Answer: First off, mortgage rates, the reason they’re skyrocketing, is because it’s a classic method to curb inflation. The problem is using that solution generally only works when your supply chains are working correctly. We all remember those photos of jammed ports with container ships lined up for as far as the eye could see, caused by Biden’s mandates and restrictions.
Where do you see gas prices going over the next few months? Do you think there’s a possibility they could reach $5 a gallon nationwide at some point? Or worse?
Answer: I absolutely believe that they could reach that nationwide. It’s funny that gas was less than $2 less a gallon two years ago under President Trump.
How do you think the possibility of a recession will affect U.S. citizens? Do you believe they’ll be struggling worse than with COVID over the past couple of years?
Answer: I think we are headed for a recession; all signs point to that. The one difference between that and COVID is that this time, we won’t deal with any mandates or shut any businesses down.
What do you think Washington can do to quell the fears of a recession?
Answer: The Biden administration killed the supply chain, and he killed the Keystone Pipeline XL, and he’s killing all good economic ideas. Reversal is in order.
What advice would you give Americans in preparing for a recession?
Answer: Hold onto your assets, and don’t spend money like Congress does.
Where can people learn more about Houzzle Financial (HOW-zul)?
Answer: Feel free to visit our website at http://www.houzzlefinancial.com.
Blake Harbin is the CEO of Houzzle Financial, a mortgage lending company in the Southeast. He has been a small business owner for more than two decades and is an expert in the real estate industry.
CONTACT: To schedule an interview with Blake Harbin, contact Celinda Hawkins at (432) 349-2736 (jerry.specialguests@gmail.com) or Tamara Colbert at 626-244-5571 (tamara@ohsweetliberty.com).
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