Bessent emphasizes the necessity of economic transition through reduced deficits and spending. He argues that market corrections are essential for health, warning that euphoric trends could trigger financial crises. Highlighting past mistakes, he notes that preemptive measures in 2006-2007 might have averted the 2008 crisis. While recent trade tensions have led to stock declines, he believes sound policies could support market resilience in the long run. Despite acknowledging potential adjustments, he remains optimistic about avoiding a recession if strategic actions are taken.
The economy needs to go through a transition as deficits come down and government spending declines.
Corrections are healthy and normal; euphoric markets lead to financial crises.
If someone had put the brakes on in '06, '07, we wouldn't have had problems in '08.
I'm not worried about the markets for the long term if we implement good policies.
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