Elon Musk says the US is probably in a recession that could last 18 months
, a Miami tech conference hosted by the All-In podcast, where he said the recession could last anywhere from a year to 18 months.
"Recessions are not necessarily a bad thing. I've been through a few of them. And what tends to happen is if you have a boom that goes on too long, you get a misallocation of capital. It starts raining money on fools, basically," Musk said When this situation"gets out of control," the economy has a misallocation of human capital"where people are doing things that are silly and not useful to their fellow human beings," he continued. "And sort of the bullshit companies go bankrupt, and the ones that are doing useful products are prosperous," he said.
"And there's certainly a lesson here that if one is making a useful product and has a company that makes sense: Make sure you're not running things too close to the edge from a capital standpoint," Musk continued."They've got some capital reserves to last through irrational times.""This administration, it doesn't seem to get a lot done," Musk said.
"The obvious reason for inflation is the government printed a zillion amount of more money than it had. The government can't just issue checks for an excessive revenue without there being inflation. Velocity of money held constant," Musk said.The billionaire has been critical of the Biden administration in the past. Earlier this year,
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk doubles down on support for this Twitter feature | Digital TrendsElonMusk has again recommended people use the latest-tweets feed as he believes the algorithm-based one could manipulate users 'in ways you don't realize.'
Read more »
Musk says Twitter has accused him of violating NDA after he tweeted their bot review processTwitter has told Elon Musk that he violated a non-disclosure agreement after he shared about the company's bot review process.
Read more »
EU industry chief Breton, Musk signal agreement on Digital Services ActEU industry chief Thierry Breton met Tesla Inc boss Elon Musk in Texas on Monday and the two signalled agreement on EU digital media regulation ahead of Musk's purchase of Twitter Inc .
Read more »