Charles Thorngren Predicted This Banking Crisis Last November
Today none other than the gentleman who told me back in November, Trish, this is going to be as bad as 2008. It's going to be some kind of banking crisis different, but something major well, I guess he got that one, right? Charles Thornton, welcome back to the program. What do you know, here we are, Charles Thornton, reading the tea leaves pretty well on that one. Good to have you back. Oh, it's great to be back. And I apologize for being right. We have to remember, this is very much like 2007, 2008, but worse. If we have runaway inflation, and unfortunately, and I know I said in the past, but we still have two years to go, folks. Cost. How much do things cost? No, we're going to whip it. And the budget plan is insane. And it would be a disaster fortunately. I don't think it would ever go through, but it gives you some insight into how this administration thinks. I'm troubled by the reality that even regardless of who's there, Charles, we've gotten ourselves so far in the hole that there's no easy solution out right now. It is like massive debt and deficits for decades to come, which is going to do exactly what you just said, a road, the purchasing power of the U.S. dollar. It's also goes back to, can we default? Gosh, I hope not. You have part of the institution refusing to accept financial responsibility. So at what point does the other side say, no, we're going to force you to have to accept it. And there's where that conversation of some default comes in. Maybe not all default, but maybe there's certain items that are willing to let go into default. But we can't afford that. The last time we had a really bad budget battle, the United States got downgraded. You know, our credit rating got downgraded. We haven't read that up yet.