Appearing Tuesday on the Fox Business Network, former Chrysler CEO Robert Nardelli warned Americans to brace for a recession.
A transcript is as follows:
CHARLES PAYNE: The stock market occasionally goes up, right? This is one of the worst markets ever. I don’t want to focus on that as much as this dual threat: Runaway inflation, where the numbers keep going higher and recession, where it’s eating at some people and going to get a lot worse. How do we deal with these dual world?
ROBERT NARDELLI: Let me comment a little on how we got here. Remember we heard it was going to be transitory? That was from the Treasury Secretary and Chairman of the Federal Reserve. Then we heard from the Secretary of Transportation that it’s possible, but not inevitable. That’s like standing in front of your house and watching a tornado come and once it blows it away you say, “Oh, maybe it was inevitable.” The CEOs today are more challenged than I’ve ever seen in my 50-year of career. […] I know people are trying to put a brave face on this, but I think we’re least prepared that I’ve ever seen to face a recession that is clearly coming at us like a rocket ship.