Following a recent report about growth woes in the most recent quarter, there are still many concerns that U.S. citizens will face some form of recession as 2023 looms.
The initial report indicated that growth has tumbled nearly a full percentage point, indicating that some companies are expected lose employees and prepare for the worst in terms of a recession. But coupled with other news this week, things are looking problematic.
First up, it’s no secret that the Federal Reserve won’t flinch when it comes to increasing rates, this time to around the 2.25 to 2.50 percentile rate. Jerome Powell, who serves on the Fed Chair with the group, stated that failure to tame inflation is not an option, though signs indicate that there’s trouble ahead.
On top of that, the stock market is on watch this week, with firms in the United States and Europe worth more than $9.4 trillion set to report their latest figures. Considering that the S&P 500 and other major indexes have already entered into a “bear market,” all eyes will be on what these companies report – and, more importantly, where they go next.
Steve Beaman, CEO of The Elevare Club and expert on private equity, joins us to provide insight on the Federal Reserve’s latest move, and what could come from a recession.
Q&A:
- Considering what’s already happened with inflation this year – particularly within the housing market and gasoline prices – could it be that we’re already starting to feel the effects of a recession? Could it get worse before it gets better?
- We’ve already heard about a number of retailers that are preparing for the dangers that lie ahead with an increasing inflation, including Walmart and Amazon. Should these big firms be just as concerned with the release of their report numbers? Or are they safe?
- What do you think about the Federal Reserve raising rates yet again, for the second time this year? Do you believe they’ll hit a potential ceiling, or could they keep going?
- Jerome Powell has noted that failure to tame inflation simply isn’t an option, but do you think we could be headed to that point anyway – especially with things getting as expensive as they are?
- What do you think Biden and his government will do to try and quell increasing inflation? Or is there anything further they can do before a potential recession hits early next year?
- How do you think inflation, and a possible reception, will impact small businesses? We’ve already seen so many lost due to what’s happened with COVID over the past couple of years.
- You are founder and CEO of The Elevare Club. Tell us more about The Elevare Club and where we may get more information on the services you offer to small businesses.
Steve Beaman is a self-made millionaire who sunk to the depths of financial despair and rose back up to the heights of economic prosperity. Having enjoyed years of a happy marriage to falling into the depths of divorce, destruction, and despair, Steve has seen it all. Steve worked at Wharton Econometrics, Zacks Investment Research, and the E.F. Hutton Company. A founding partner of the Wall Street firm Chicago Investment Analytics, Steve sold the firm to Charles Schwab in 2000. Currently, Steve is CEO of Elevare Club, a holding company for a group of companies providing services for small businesses, including the capital, payment processing, accounting, legal, advertising, and even help in hiring. Steve is a licensed scuba diver, a private pilot, and the father of six children.
CONTACT: To schedule an interview with Steve Beaman, call Jerry McGlothlin at 919-437-0001 or email jerry@specialguests.com
