"You’ve seen over the last six months 14% of global wealth has been vaporized," Sacks noted. "If you go back to 2008 and the global financial crisis, it was at 18%, so you are almost at a level of wealth destruction that we haven’t seen since 2008."

I worry that consumers are really pulling back because wages simply can’t keep up with inflation. Many new homeowners are stretched thin by expensive houses (or rent) and you have Americans losing buying power at an accelerated rate. I’m convinced that we’re in for a tough recession, just not sure how tough. With Utah being flush with startups, it could impact us substantially as capital becomes less and less accessible.