No mild economic concern
Economist Schiff: Upcoming Crash Will Pale 2008
Nouriel Roubini sticks to 'perfect storm' in 2013 prediction
Nouriel Roubini, the economist who famously predicted the financial crisis, said he is sticking to his view that the global economy is on course for a "perfect storm" next year.
http://www.youtube.com/watch?v=ABsiGrpFkV0&feature=player_embedded
| Tuesday, July 3, 2012 10:20 AM By Christian Hill | Article Font Size   | ||
NEW YORK — Investors need to prepare for an upcoming stock market crash that will be “worse than 2008.”
That’s according to a well-respected author and investor, making a recent appearance on Fox Business.
Peter Schiff, the CEO of Euro Pacific Capital, says the stock market collapse we experienced in 2008 “wasn’t the real crash. The real crash is coming.”
He says that Federal stimulus, or quantitative easing, never works and that it just makes the economy sicker in the end. “The reason we are so screwed up is all this quantitative easing is toxic...
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Economist: It'll Get Worse For Average Americans | |
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Read more: Economist: It'll Get Worse For Average Americans
Read more: Economist Schiff: Upcoming Crash Will Pale 2008
...In 2006, Wiedemer and a team of economists foresaw the coming collapse of the U.S. housing market, equity markets, private debt, and consumer spending, and published their findings in the book “America’s Bubble Economy.”
But Wiedemer’s outlook for the U.S. economy today makes Peter Schiff sound almost upbeat.
Where Schiff sees a coming recession, Wiedemer sees much more widespread economic destruction.
In a recent interview for his newest book “Aftershock,” Wiedemer says, “The data is clear, 50% unemployment, a 90% stock market drop, and 100% annual inflation . . . starting in 2013.”
When the host questioned such wild claims, Wiedemer displayed shocking charts backing up his allegations, and then ended his argument with, “You see, the medicine will become the poison.”
Read more: Economist: It'll Get Worse For Average Americans
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www.cnbc.com
Earnings Show Recession May Be 'Fast Approaching' - US Business News
While this quarter's earnings reports have crossed a substantially lowered profit bar, future expectations through the year indicate a recession could be on the way.
Estimates for the third and fourth quarters have been dropped to levels not seen since the days of the 2008 financial crisis, below even the muted 2 percent expected level of inflation.
That's an ominous recession sign for an economy that has barely managed to attain positive growth this year even with the strong level of earnings beats, according to an analysis by Nicholas Colas, chief market strategist at ConvergEx in New York.
"Revenue estimates for the back half of 2012 have been slowly working their way lower this year," Colas said. "This trend, however, has accelerated to the downside over the past 30 days and we are fast approaching levels where these estimates are unambiguously pointing to the risk of a U.S./global recession later into 2012 and 2013."
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"The European crisis shows no sign of fading and, in the usual lagged fashion, should have increasing rather than decreasing collateral impacts on growth outside Europe," Ethan S. Harris, BofA's North American economist, said in a note.
"Last but not least, the risks of the fiscal cliff have just started to work their way into corporate psychology," he added. "We are frankly a bit puzzled by the persistent optimism in consensus and official forecasts."
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As for our geniuses:
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As for our geniuses:
Ben Bernenke in 2007
On the economic outlook:
“Overall, the U.S. economy appears likely to expand at a moderate pace over the second half of 2007 with growth then strengthening a bit in 2008 to a rate close to the economy’s underlying trend. Such an assessment was made around the time of the June meeting of the Federal Open Market Committee… The central tendency of the growth forecast… is for real GDP to expand roughly 2.25% to 2.5% this year and 2.5% to 2.75% in 2008. ….The unemployment rate is anticipated to edge up between 4.5% and 4.75% over the balance of this year and about 4.75% percent in 2008.”
There is no reason to even consider his opinion.
posted by Gene | 3:02 PM
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