President Donald Trump got a harsh reminder on Friday as gas prices soared amid the ongoing Iran war.
CNBC anchor Brian Sullivan suggested that as the economy takes a hit amid the conflict in the Middle East, people are still not likely to cut back on things such as subscriptions for Spotify and Netflix.
“I find it hard to believe that people are going to cancel their Spotify account at 19 bucks a month or Netflix at 22 bucks a month because of the war in Iran and slightly higher gas prices, which, while painful, I don’t think they’re enough to change people’s behavior over a couple of dollars here and there,” Sullivan said.
Tom Lee, entrepreneur and financial analyst, described how the economic downturn wasn’t just temporary.
“Absolutely not,” Lee said. “I mean, people do need to realize that volatility is here to stay simply because the options markets have gotten too big to ignore. They are the story. And so they have a there’s a lot of mechanical volatility that gets created that has nothing to do with fundamentals.”
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