GARY KALTBAUM: It’s just a continued repricing of just absolute soaring energy prices, which is not just at the gas pump, but thousands of products that use petroleum. Higher interest rates. And when I say higher, they have gone vertical. And now you add in something I think has been a big part of the economy over the last couple of years. The wealth effect, which is now in reverse, where the many are looking at their 401ks and seeing much less in them. And by most estimates, right now, 30 trillion of global wealth has come down. And you just have markets, the economy and the consumer not used to any of this, and it’s acting accordingly. And you’re seeing just stunning to see a target that does a hundred billion in revenues down 25% today. Walmart that does $ 600 billion drop 18% in two days. That’s the consumer, which is the economy. You lose the consumer we’ll be in a contraction and quite unfortunate.
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