Of course this guy is a clown and Red runs in his blood, or should I say the concept of ALL SHOULD BE POOR and no wealthy sits well with him.
However, he has some good points.
Look at the Bank numbers (Trouble Banks) and Home Sales out today. Forget N.Korea news...thats just a little tiff. Nothing will come of it.
However, the Economy is not getting better inthe USA.
FEDs are about to release a report indicating lower GDP growth over the next year and higher unemployment.
If we continue down this path, the Depression will set in for more than a few years, it could be longer. America's GDP is 70% consumer spending. Think about that. Many in this country are refusing to believe the reality of what is happening. The stock market is not an indicator of our economic health, in fact, It's not worth watching unless you are a trader. The rest of the world is not paying attention to the US Markets...other than the dollar.
So, as much as you want to ram this guy, he has some valid points.
I would not be surprise if many here on ET loose their jobs next year. Those who are not "Working For themselves". 2011 is when the thin ice will break .....we have been skating on thin ice since 2007.
FEDS are in panic mode and will continue to pump billions. Congress is in Gridlock, which in normal times would be good however, things are not close to "Normal". RE has another leg to drop if not 5 at least 10% and commerical RE is lagging but that shoe is about to come off.
Unless we get back to Manufacturing and Creating tangable things....70% of our GDP will fall to the way side.