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As we wrap up another eventful week, let’s take a look back at some of the most significant stories that made headlines. From Peter Schiff’s warnings about inflation to Justin Wolfers’ skepticism of Trump’s economic team, and a record-breaking interview between Elon Musk and Donald Trump, there’s a lot to unpack.
Peter Schiff’s Inflation Warning
Renowned economist and Bitcoin critic, Peter Schiff, warned that a combination of lower interest rates and a recession could lead to a surge in inflation. Schiff believes that larger federal budget deficits and a weaker dollar, both potential outcomes of a recession and lower interest rates, could fuel higher inflation.
Justin Wolfers’ Critique of Trump’s Economic Team
Renowned economist Wolfers expressed doubts about the competence of Trump’s economic team and the potential impact of his policies. Wolfers criticized the caliber of economists willing to serve under Trump and his approach to policy-making.
Peter Schiff’s CPI Criticism
Schiff also made headlines by denouncing the July Consumer Price Index (CPI) as a “fraud”. Schiff attributed the modest 2.9% year-over-year increase in the CPI to a significant drop in used car prices and argued that the index fails to reflect the rising costs of essential expenses.
Kevin O’Leary’s Market Insights
Kevin O’Leary, chairman of O’Leary Ventures, shared his insights on a range of issues, including inflation, the economy, the election, and his thoughts on Tesla Inc. (NASDAQ:TSLA) CEO Musk. O’Leary noted that the market is now deliberating whether there would be a 25-basis-point or 50-basis-point cut in September.
Musk and Trump’s Record-Breaking Interview
The highly anticipated interview between Elon Musk and Trump reached unprecedented levels, with over 1.3 million listeners tuning in despite a delay due to a massive Distributed Denial-of-Service (DDoS) attack. During the conversation, the Republican presidential candidate attacked his Democratic opponent saying Vice President Kamala Harris is replicating his no tax on tips policy.
Photo courtesy: Shutterstock
This story was generated using Benzinga Neuro and edited by Anan Ashraf.
Posted In: TSLA
