(trendingpoliticsnews) – An economist told Fox News’ Tucker Carlson on Friday that the U.S. is facing a “really serious” economic crisis currently that could be as worse as the 2008 recession.
Stephanie Pomboy, the founder of MarcoMavens, an economic research firm, said, “what we’re facing right now is really serious. We are on the brink of a 2008-style financial crisis.” Pomboy’s comments came after Silicon Valley Bank (SVB) was shut down by federal regulators on Friday. The bank’s shutdown is the largest failure in U.S. banking history since 2008.
Pomboy explained to Carlson that the Federal Reserve has raised rates extremely which led to this bank failure occurring. “The Fed hadn’t even raised rates nearly as high as they have today and as I was saying look you don’t raise rates at record fashion on an economy toting record leverage at maximum speculation and expect no consequence. I mean this was clearly going to happen and now we are seeing the weak links in the chain break.”
The US-based economist went on to say more bank failures will occur due to “the fed’s monetary policy layered with a really bad fiscal policy on top of it.”
“You could get 0% sitting in t-bill or having your money in a bank or you could go out and you could speculate and that is what they have done and that is all coming back to bite them hard and we got some major consequences coming at us and I think it is going to devolve very rapidly because of all the leverage that’s been built up here,” Pomboy added.