Wall Street Veteran Predicts 2023 US Recession Will Slam Stocks, Housing
-
Harley Bassman, a Wall Street veteran, predicts a US recession next year that will hit stock prices and home values.
-
Bassman says the Fed will keep raising rates until unemployment rises and mortgage defaults increase.
-
He expects housing prices to fall once people start losing jobs and income.
-
Bassman thinks the recession will hit in mid-2023 when companies need to refinance at much higher rates.
-
He recalls ignoring a warning from "The Big Short" star Steve Eisman about the mid-2000s housing bubble while at Merrill Lynch.