Quote:
Originally Posted by Ohio
My son is a hedge fund senior financial analyst, whose work is not affected by religious views. He (and btw most of his colleagues) is firmly convinced that the US will face a far worse crisis than 2008 in the near term. He recently told me we will have a couple more "jitters in the markets" like we did last month and then things will collapse.
He cited a number of causes: Obama administration has done little for jobs, real jobs, and his policies have basically only helped the banks in the short term. The only bright spot in the economy was the energy sector. Then the Saudis began to dump oil on the market to maintain their own market share. Today these energy companies are all defaulting, and the media is ignoring the story.
Secondly, "high yield" investments are merely "junk bonds." The entire credit industry is reaching the "end of a credit super cycle." Credit fuels everything in the financial world, and the collapse of credit will end life as we know it.
No one in their right mind would say that "the nation may be off life-support now." This is only a falsehood because the Fed now has carte blanche "Quantitative Easing" to prop things up. It only pays the interest on the debt.
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And the greed factor is up there where it was just before the great depression. And pop goes that bubble.
"For the love of money is a root of all kinds of evils."