Hedge fund manager Michael Burry, famed for forecasting the 2008 financial crisis, has warned of a looming consumer recession and more earnings trouble. He cited falling U.S. personal savings and record-setting revolving credit card debt despite trillions of dollars in stimulus money.
Michael Burry’s Recession Warning
Famous investor and founder of investment firm Scion Asset Management, Michael Burry, warned on Friday about a looming consumer recession and more earnings trouble ahead.
He is best known for being the first investor to foresee and profit from the U.S. subprime mortgage crisis that occurred between 2007 and 2010. He is profiled in “The Big Short,” a book by Michael Lewis about the mortgage crisis, which was made into a movie starring Christian Bale.
Burry explained on Twitter Friday:
US Personal Savings fell to 2013 levels, the savings rate to 2008 levels – while revolving credit card debt grew at a record-setting pace back to the pre-Covid peak despite all those
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