You Cannot Believe The “Experts”
Today, Treasury Secretary Steve Mnuchin called on bank CEO’s to “shore up confidence”.
I find this laughable since it is the banking system that got us into this mess in the first place! They created all the risk in the financial system, they blew up the balloon, and now they are supposed to pop it gracefully? Not gonna happen!
All the “experts” are out now trying to get you to put your hard earned money into the stock market sink hole!
They will all sound believable, but they should NOT be believed, any more than New York Fed President Williams was believed on Friday. The market rightly dismissed what Williams had to say, and dropped another 414 points.
The investor community has it right…..that we are on the verge of a MAJOR stock, bond, and dollar collapse! An 18% drop in the markets is hardly going to compensate for what is coming. There is a reason that all these retailers are going bankrupt, and its NOT Amazon! Even Cramer finally concedes that the best place to be is gold or silver!
Just look at what the “Experts” had to say just as the Great Depression was starting:
“This crash is not going to have much effect on business.”
– Arthur Reynolds, Chairman of Continental Illinois Bank of Chicago, October 24, 1929
“There will be no repetition of the break of yesterday… I have no fear of another comparable decline.”
– Arthur W. Loasby (President of the Equitable Trust Company), quoted in The New York Times, Friday, October 25, 1929
“There may be a recession in stock prices, but not anything in the nature of a crash.”
– Irving Fisher, leading U.S. economist, New York Times, Sept. 5, 1929
“This is the time to buy stocks. This is the time to recall the words of the late J. P. Morgan… that any man who is bearish on America will go broke. Within a few days there is likely to be a bear panic rather than a bull panic. Many of the low prices as a result of this hysterical selling are not likely to be reached again in many years.”
– R. W. McNeal, market analyst, as quoted in the New York Herald Tribune, October 30, 1929
“Some pretty intelligent people are now buying stocks… Unless we are to have a panic — which no one seriously believes, stocks have hit bottom.”
– R. W. McNeal, financial analyst in October 1929
None of these clowns ever saw it coming. None of the “experts” see it coming today either!