Casino billionaire Tilman Fertitta says that the current economy is resting on the back of the American consumer. Fertitta added that he doesn’t think consumers can keep saving this economy for much longer.
Fertitta told CNBC on Monday that he is doing things in a “very conservative way” amid fears of a global downturn. “I think most of corporate America is doing things in a conservative way,” said Fertitta, a restaurant, hotel and casino magnate who also owns the NBA’s Houston Rockets.
In response to rapidly growing concerns over a potential economic recession Fertitta said, “We’ve had a great 11-year run here and history always repeats itself and we are going to get [a recession].” While retail sales are up and consumers are spending money, Fertitta said, “It’s not as robust as it was.”
According to data released last week, the U.S. consumer sentiment index fell to 92.1 in August, which is the lowest indicator readout in 2019. Economists polled by Refinitiv predicted that the preliminary read on August consumer sentiment would reach 97, down from 98.4 in July. –CNBC
“Remember, everybody fills their tanks. You can only buy so many new cars. You can only buy so many new TVs. You can only lose so much in a casino. So, at some point, the consumer is full. They used up their credit. I think we’re getting to the end,” said Fertitta, also the host of CNBC’s “Billion Dollar Buyer. ”
Debt Crisis: Americans Are “Tapped Out,” Cannot Take On More Debt
Fertitta also warned about taking on more debt right now. “If you go take a big leap out there, that paddle’s going to get you behind right now because there is a recession coming. It might not come until 2021, 2022 or 2023 but there is one coming. History always repeats itself,” he said.
Fertitta addressed current global economic issues and their possible impact on the U.S. “There is a global issue right now. Every single city and person that I’ve talked to [in Europe] said [their] business are down around 20% this year.”
“If there becomes a whole global economy problem, which is happening right now, it will totally affect the United States and bring it down because of all our exports,” he added.
Baby boomers are always giving millennials advice on the importance of saving for retirement. But in Don’t Save for Retirement: A Millennial’s Guide to Financial Freedom
When he was twenty-seven years old, Daniel was on the brink of bankruptcy. A decade later, he’s a multi-millionaire, having taught himself about economics, investing, and other money matters that he never learned at school or at home. The expert guidance he provides in Don’t Save for Retirement will help you:
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· Cut unnecessary spending in unexpected places
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It Took 22 Years to Get to This Point
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“The economy is not as robust as it was” Translation: Keep spending money that you don’t have to make us richer so the economy can recover. Otherwise we will replace you with immigrants who will work for a shack and a bowl of beans.
“Don’t save for retirement” is bad advice. Take it from me, a former baby. Sooner or later, if you don’t die along the way, every young know-it-all grows up and grows older. When he’s too old to get a job or even to work, savings do help.
A pension from a government position is a good thing, too. Police, fireman, or mayor are good jobs with decent benefits.
I’m not big on buying life insurance of any kind. Put aside a couple thousand dollars cash for cheap cremation. Funerals and fancy caskets aren’t my thing.
Social security payments and a pension make retirement easier.
Yes, buy income property. Buy storage lockers. Buy land. And yes, do pay off your mortgage.
Being self employed usually comes after working for a large corporation. Do save as you go. Buy gold and silver. That’s saving. Tuck away cash. Sure, inflation eats up cash savings. But you still need to take the loss in order to be prepped.
When you prep you save. You buy now and keep it for future consumption. It’s a form of saving for retirement. If you get laid off, fired, or just ditch your job for greener pastures that never materialize, prepping can save you. And your “retirement savings” will come in mighty handy. Trust me, I know. And, advice from baby boomers is as good or better than advice from millionaire book sellers. At least the baby Boomer’s advice is free; take it or leave it. Makes no difference.
.
Honeypot, good points. when my Dad died, he left me enough money to live on for the next 4 years. As soon as I got that into my bank account, I cut loose of a job I had for 30+ years and moved to the BOL. In October I’ll start working at one of the family businesses but I’m taking some time off for now. The way things are going I believe I made the right move. Better late than never but I had to wait on certain things to happen before I could make the move.
I was an honor role student, with STEM honors, at local and national level, and extra-curriculars, and instructed college-credit courses.
“At least the baby Boomer’s advice is free…”
It doesn’t work, without a benefactor in the state or your family, or without debt or without borrowing against the natural resources or future productivity.
Can’t say I agree. If I’m too old to work, I’m in all likelihood so frail that I will probably not want to live much longer anyway.
My number one prep is retirement! Have a job that will give me a pension plus collect social security. We have been investing for a few years and bought a house that should be paid off in 10 years but has gone up in value 15k in the past 12 months. Feel free to prep for the end of the world, we’re prepping to retire.
“Baby boomers are always giving millennials advice on the importance of saving for retirement.”
Boomer success was a Ponzi scheme, in which millennials were the downline.
Then, millennials, barely capable of keeping their pants up, had five and more bastards, maintaining the cycle of generational debt.
Hey Clown,
GMAB
I was no closer to the levers of power back in the day than you are today.
Most of us BBs were just doing the best we could just like every generation.
Yeah, it is all “our” fault
<bb
I don’t know you, personally, but, in my direct observation, Boomers are pulling class warfare theatrics and political opposition against their own family.
As radical change agents, you gave bad advice, created diversions and obstacles, giving a toehold to replacements not of your own blood.
You then said that your cultural Marxism was traditional, that your conservatism has conserved something. We know not what.
Somebody Save Me
Cinderella
When I was a young boy
They said you’re only gettin’ older
But how was I to know then
That they’d be cryin’ on my shoulder
Put your money in a big house
Get yourself a pretty wife
She’ll collect your life insurance
When she connects you with a knife
Somebody get the doctor
I’m feelin’ pretty poor
Somebody get the stretcher
Before I hit the floor
Somebody save me
I lost my job, they kicked me out of my tree
Somebody save me
Save me
Everybody’s got opinions
But nobody’s got the answers
And that shit you ate for breakfast
Well it’ll only give you cancer
We’re runnin’ in a circle
Runnin’ to the morning light
And if ya ain’t quite workable
It’s been one hell of a night
Somebody get the doctor
I think i’m gonna crash
Never paid the bill
Because i ain’t got the cash
Somebody save me
I lost my job, they kicked me out of my tree
Somebody save me
Save me
Look out
Save me
I lost my job, they kicked me out of my tree
Somebody save me, oh
Save me
Somebody save me
I’m goin’ down for the last time, look out
Save me
Sa-a-a-a-a-a-ave me
Save me
Source: LyricFind
Songwriters: Thomas Carl Keifer
Somebody Save Me lyrics © Warner Chappell Music, Inc
Clown, good points. Millenials will be toast. They’re a lost cause.
They’ll sell off land and water, in our name, to pay for the idiocracy.
No sheit! The average US consumer is heavily in debt to credit cards. Leases his vehicle, has a huge mortgage, no savings and is losing wages to inflation, not to mention buying “stuff” mostly supports foreign countries now days. So how is the US consumer supposed to boost the economy?