Ratings firm Standard & Poor's downgraded the U.S.'s sterling credit rating on Friday for the first time in history, as it blasted the Washington political process and the inability of lawmakers to properly reduce national deficits.
an opportunity to assess where we are. it will likely be recession. bill: don t like that. dana: your guest this morning, you were asking a lot of them if they think there will be a double dip recession. kevin has yet said we ll see every single quarter negative for 2023. jason smith going to likely be the chairman of the house ways and means committee is talking about the economy weakening. yeah, i think everybody on that panel is expecting that 2023 will be a tough road. bill: important stuff and you ll take us through it. we ll get a bump when the market opens. 700 points higher right now. bill: thank you so much. republicans now inching closer to house majority. we don t know where or when it lands. what caused republicans to fall short of expectation, no shortage of analysis on that again today. nicole is a tropical storm going to hammer florida throughout the day and go up the east coast for
more expensive. that s just adding to the pressure on american families that they will have to pay higher taxes to pay for all of this borrowing. one compromise could be that they will agree to stop the spending. i would expect 2023 is going to be a very tough year economically. i said the other day when i was with you, i expect a double dip recession. i think we are going to have negative readings in virtually every quarter of 2023. so you don t have things like larry summers talking about stagflation. these are not coincidences. they are seeing what s going on behind the scenes and seeing people s savings accounts being tapped into just to pay for the essentials. fuel, food, rent. they still are at very elevated levels. federal reserve will raise rates again. expect a half point hike. 2023, while it is going to be a new day, it is also going to be
going into the voting booth four days from now. last comment on that. yeah, i think that s probably true. i don t think this changes anything. in an odd way, bill, you ve got the first two quarters were negative. third and fourth quarter of positive. some recovery. next year with all the fed tightening. they will look at this number and continue to tighten the money supply and raise their target rates. it is almost like a double dip recession, okay? first down in the first half of this year from the inflation shock, then a slight rebound in the second half of the year, and then next year in 2023 the fed tightening will take hold and you ll go back into recession. it is a very difficult story. i might add, when the cavalry comes, the gop has to be ready with an economic recovery plan.
seeing growth. it is the first reading of the ggdp. we ll get more readings coming out but all expectations are we re doing a double dip recession. that we were in recession two quarters earlier in the year. we have growth this quarter but in 2023 the recession returns. i don t think anybody is expecting we had contraction and it s over. no, we re expecting a severe recession in 2023. we will now probably expect a double dip recession is what they call it. the ecb raised interest rates 75 basis points like the fed. the next fed meeting is next week november 1st and two. expecting another 75 basis points. everything is more expensive including borrowing cost. dana: can companies breathe a sign of relief or layoffs are coming? the job numbers will catch up