The recessions of America's past have progressively been having a heavier and heavier impact on the American people. When financial managers dealing with hundreds of billions of dollars are warning the public about staying in stocks, it is an indicator that something is looming on the horizon.
The Recession: Not “If”, But “When”- Video Transcription
We're now back at new levels of over 26,000 points with inside the stock market. And as we've always talked about, it's not a matter of if, it's a matter of when. And now we're starting to getting warnings from some of the top economists across the country. One of those gentlemen is David Stockman. David's Stockman on the 27th on Fox Business News, who is the former budget director under the Reagan administration, is talking about how to get out of stocks and to get out of the stock market and he's also recommending to do it now. When you have gentlemen like David Stockman or Sebastian page, who is the one of the financial managers for T Rowe Price managing over $300 billion, talking about getting out of the market, it's probably time to start taking notice. And this is something we've talked about for a long period of time. Mr. Brunson last week also talked about raising interest rates and the meeting that was held in Jackson Hole, Wyoming and Jerome Powell coming out and talking about the continuation of rising interest rates.
Rising interest rates will continue until they see some form of break or seal in the crack in the dam come apart. They're going to continue raising interest rates like Mr. Brunson talked about until something gives. The u s economy continues to show good surges from an economic standpoint. The GDP in the second quarter was about 4.2. we're also seeing unemployment drop, which are all good signs. But we're also seeing things that have continued at a level that we've never seen before. As we've mentioned before in the past, the Shiller index is also sitting at a level showing that the stock market is overvalued. We're now over 33 points in that sector. Most consumers that we talk about on a daily basis, they're looking for a sign and they're looking for a signal. They're waiting for the barometer in the stock market to give them that sign to tell them to get out.
It's better to be prepared and make those preemptive moves prior to that happening because when it happens this time, it will be much larger. Every recession we've continued to encounters since 1933 is an extenuation. And every time it's longer and every time it's harsher. And most retirees understand how harsh and how brutal the recession of 2008 really was. We know that the one that's coming next is going to be that much harder than the one that we saw in 2008 and most retirees were 10 years younger then than they are now. We've regained all those gains and made up all the losses from that time frame and now you're making money. That money has to be protected. Continue to watch U.S. Money Reserve's Market Insights to continue to get more information about what we're talking about today. But the key element is it's not if, it's when. As always, thanks for watching U.S. Money Reserve's Market Insights. If you call the number on the screen now, a USMR representative will provide you access to a physical copy of ‘why this bear market will be different and seven reasons not to ride it out‘. For instant access to a copy of this, this month's literature, you can use the link in the description and get your e-book now. As always, thank you for watching U.S. Money Reserve Market Insights.