There haven't been many accomplishments thus far for the Biden administration, but one thing Biden has brought us? The worst first half of the year for the stock market in decades!
"This has been the worst first half of the year since 1970" said KTRH money man Pat Shinn, "What's unusual is bonds, they also lost money. We use the Bloomberg bond index, and it was down by 11% the first six months, that's the worst start ever."
Not a surprise, considering the Biden's administration's attack on our energy independence, and the trillions of dollars of government spending. So what does the rest of 2022 look like?
"What we're hoping for, is for the Federal Reserve to achieve what we call a soft landing" Shinn told KTRH, "Now past history is not very good, if we look back over the last ten times the Federal Reserve has actually raised interest rates, only 3 out of 10 have we had a soft landing, 7 out of 10 we've had a recession."
The majority of experts believe we are going to have another recession, if we aren't already in one. Shinn says the best thing to do right now is sit tight, and ride it out.
The stock market will bounce back. It always does.
Photo: Getty Images