Is it? It's hugely unsupported by data. For instance, we've seen several articles over the last year telling us that new start-ups had reached an all-time high in the United States. That would seem to run counter to his point that the economy is faltering for 'the grinds'.

In addition we've also seen articles talking about increased MAA activity over the last several months. The same goes for general investment.

I'm not sure he knows what he's talking about. He certainly seemed to pluck a lot of assertions seemingly out of thin air.