Be Careful What You Wish for

November 16, 2010 07:45


I think basically that the crash of 2007 through 2009 was only the first half of a much larger problem. I don’t want to say the worst is yet to come, but the second half may not be any more pleasant.

Ian McAvity interviewed by The Gold Report

EXCERPTS:

The Gold Report: Over time, Ian, you have accurately predicted the bull market in the ’80s, the housing bubble and the credit crisis. So the obvious question: what are your key predictions going forward?

Ian McAvity: Despite people thinking that with all of the bailouts and everything else in the last year somehow the crisis is over, I think basically that the crash of 2007 through 2009 was only the first half of a much larger problem. I don’t want to say the worst is yet to come, but the second half may not be any more pleasant. The housing, banking and financial industry situations have not changed at all. The accountants changed the reporting rules so you just don’t see all the toxic paper still in the banks, and they don’t have to report it.

We don’t know how deep this sewer is, and it really is a sewer. Poor old Bernie Madoff is awfully lonely in jail. A lot of the people involved in the bailouts really should be his cellmates. We’re not entirely sure who got that money, where it went or what it did. The grandchildren of today’s American taxpayers have been handed $3.5 trillion of debt that’s going to hurt them their whole lives.

FULL STORY



Help Make A Difference By Sharing These Articles On Facebook, Twitter And Elsewhere:

Interested In Further Reading? Click Here