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Ryan Bridge: We're teetering on the edge of an economic cliff · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: US stock markets had a bit of a panic attack overnight.
• 0:03
  Speaker 1: I think that's the best way to describe it. Investors
• 0:05
  Speaker 1: have been selling off, especially in tech stocks. The US
• 0:09
  Speaker 1: job data that came out on Friday seems to have
• 0:12
  Speaker 1: freaked the horses. Losses are being called back slightly this morning.
• 0:16
  Speaker 1: But everyone is on edge. Why well, it's the largest
• 0:19
  Speaker 1: economy in the world. It affects us all, and we're
• 0:22
  Speaker 1: all sort of teetering on the edge of an economic cliff.
• 0:25
  Speaker 1: It feels like at the moment we're all at the
• 0:27
  Speaker 1: mercy of our central banks and their rate cut decisions.
• 0:31
  Speaker 1: Will they cut, won't they cut? In this case, you've
• 0:33
  Speaker 1: got no cut last week from the Fed, and you've
• 0:36
  Speaker 1: got some bad data, and oh, we're going to recession,
• 0:39
  Speaker 1: and America's going to recession. The US feed obviously didn't cut,
• 0:43
  Speaker 1: and if ours doesn't cut soon, then we'll probably have
• 0:46
  Speaker 1: the same issues here. I imagine Bank of England, the
• 0:49
  Speaker 1: euro Central Bank they have cut. Here's the thing I
• 0:52
  Speaker 1: was thinking about this morning when the cuts happen. You know,
• 0:56
  Speaker 1: we've got a mortgage at my house we're going to
• 0:58
  Speaker 1: be refixing, So when they have I'm not going to
• 1:01
  Speaker 1: be running out and splurging on the credit card. You know,
• 1:04
  Speaker 1: there'll be no new TV or couch at my house.
• 1:08
  Speaker 1: There'll be no new car in the driveway, and I
• 1:10
  Speaker 1: won't be going to fancy restaurants all the time. I
• 1:12
  Speaker 1: won't be going to the clubs and making it rain cash.
• 1:15
  Speaker 1: Just because the rates have cut. This cost of living crisis,
• 1:19
  Speaker 1: coupled with the technical recession that we went through, it's
• 1:22
  Speaker 1: got me feeling a little sensible. If I'm being honest
• 1:25
  Speaker 1: with you, I'm thinking more about saving. I'm thinking more
• 1:28
  Speaker 1: about being strategic investing. You never know when the next
• 1:32
  Speaker 1: government slash, reserve banks splurge might fuel the next big thing.
• 1:37
  Speaker 1: You know, the lockdowns, then the loose purse strings, the
• 1:40
  Speaker 1: prolonged eye interest rates, So you've got to be prepared
• 1:43
  Speaker 1: for stuff. What does that mean for retailers who are
• 1:46
  Speaker 1: falling over to their knees all around us? I think, sadly,
• 1:51
  Speaker 1: things won't suddenly bounce back once Adrian Orr blows his whistle.
• 1:57
  Speaker 1: It'll be a long, hard slog yet. For more from
• 2:02
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