Mike Novogratz pounded the recession alarm, warned stocks would plunge further, and predicted some benefits from the crypto crash this week. Here are the 12 best quotes.

Mike Novogratz.

Mike Novogratz predicted the US economy would rapidly slump into a deep recession.
Tha Galaxy Digital CEO warned asset prices might not recover until the Fed reins in inflation.
Novogratz suggested the crypto crash could wash out some of the industry’s excesses.

Mike Novogratz predicted the US economy would quickly fall into a brutal recession, warned stocks could tumble another 20%, and cautioned asset prices might not rebound until the Federal Reserve gets inflation under control.

The veteran investor and Galaxy Digital CEO also suggested the crypto crash would help remove excessive leverage, reckless speculation, and aggressive tribalism from the fledgling industry. He made the comments in interviews with CNBC and Bloomberg and during a Morgan Stanley conference this week.

Here are Novogratz’s 12 best quotes, lightly edited for length and clarity:

1. “It’s hard to not underestimate the huge impact that the response to COVID-19 had on all assets. We pumped so much liquidity into the markets it was crazy, we had never seen anything like it. We were throwing trillions of dollars around like matchsticks.”

2. “We don’t have 12-year bull markets that end with a 4-month bear market. It’s not the way it works.”

3. “The only way you kill inflation at this level is to put the economy in a deep recession.”

4. “A soft landing is impossible. The economy is going to go into a recession fast. You’re going to see the economy just screech to a halt. That’s what the Fed needs to do to get inflation down.”

5. “As long as the market believes the Fed is behind the curve and is going to catch up, I think you’re going to see asset prices under pressure.”

6. “I don’t think we’ve seen the bottom of the stock market yet. Stocks could fall another 15%, 20%. I think you’re …read more

Source:: Businessinsider

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