As of Tuesday, the folks in the U.S. House of Representatives haven’t quite figured out how to keep federal agencies running, and the deadline on November 17th is creeping up. The Senate is also stuck in a bit of a jam, with calls for a temporary fix to avoid a shutdown.
DiMartino Booth thinks the whole Congress situation is a bit of a mess, describing it as dysfunctional. She mentioned that the far-right folks aren’t getting what they want, even after the whole debt ceiling ordeal. To keep the government running for the fiscal year, Congress needs to pass 12 bills, and well, things aren’t looking too smooth.
Despite this, DiMartino Booth mentioned a new political development that gives her a glimmer of hope in this election cycle. Unfortunately, you’ll have to watch the video for that tidbit.
But wait, there’s more! The economic scene is looking a bit grim with bankruptcies piling up, and according to DiMartino Booth, we might not fully grasp how tough this holiday shopping season could be. She’s pointing out that companies are filing for bankruptcy, with WeWork being the latest example.
DiMartino Booth believes the U.S. is already in a recession, citing the rise in the unemployment rate as a clear sign of an economic slowdown. Jobs data from October wasn’t exactly thrilling, with employment growth slowing down, and the unemployment rate climbing to 3.9%, the highest since January 2022.
Looking ahead, she thinks the corporate bond scene will get messy in 2023, with bankruptcies becoming more common. The job market struggles and the financial strains on companies are starting to show, and it’s not painting a pretty picture.
Oh, and there’s a special mention of the banking sector being the next “real pain point.” If you’re curious about DiMartino Booth’s take on what’s next for banks, you’ll have to check out the video.
By the way, she spilled the beans on her equity exposure, mentioning that she now owns just one stock. For the juicy details on that, yep, you guessed it, watch the video.