The CEO of a luxury furniture retailer has claimed it is 'crazy' to think the is not in recession, as household wealth fell by a record $6.1 trillion in the second quarter.'I don't know, people keep saying, are we going to be in a recession? We're in a recession,' said Gary Friedman, the chief executive of RH, formerly known as Restoration Hardware, in an investor call on Thursday. 'Anybody who thinks we're not in a recession is crazy. The housing market is in a recession, and it's just getting started. So it's probably going to be a difficult 12 to 18 months in our industry,' he said.
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