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Next crash will be ‘worse than the Great Depression’: experts
NY Post ^ | September 22, 2018 | John Aidan Byrne

Posted on 09/24/2018 7:50:02 AM PDT by EdnaMode

Ten years ago, it was too-easy credit that brought financial markets to their knees. Today, it could be a global debt of $247 trillion that causes the next crash.

After a decade of escalating US household debt brought on by low wages and the national debt more than doubling over the same time frame, to $21 trillion, debt could soon put the brakes on this economic recovery, analysts warn.

“We think the major economies are on the cusp of this turning into the worst recession we have seen in 10 years,” said Murray Gunn, head of global research at Elliott Wave International.

And in a note, he added: “Should the [US] economy start to shrink, and our analysis suggests that it will, the high nominal levels of debt will instantly become a very big issue.”

[snip]

“We won’t be able to call it a recession, it’s going to be worse than the Great Depression,” said economic commentator Peter Schiff, forecasting a major economic downturn as early as the tail end of the Trump presidency’s first term. “The US economy is in so much worse shape than it was a decade ago.”

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Cheese, Moose, Sister; Chit/Chat
KEYWORDS: economy; fakenews; fearmongering; greatdepression; murraygunn
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Obama's fault!
1 posted on 09/24/2018 7:50:02 AM PDT by EdnaMode
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To: EdnaMode

There are no experts in this country.


2 posted on 09/24/2018 7:52:50 AM PDT by chris37 ("I am everybody." -Mark Robinson)
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To: EdnaMode

I think they have predicted 17 of the last five recessions.


3 posted on 09/24/2018 7:54:01 AM PDT by narses (Censeo praedatorium gregem esse delendum.)
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To: EdnaMode
Peter moved to Puerto Rico. Not sure how that worked out before the storm.

There is always a chance for a downturn. Don't over leverage. Hate debt.

4 posted on 09/24/2018 7:55:38 AM PDT by Theoria (I should never have surrendered. I should have fought until I was the last man alive)
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To: EdnaMode

They have no idea what they are talking about. They don’t deserve their high salaries.

They want this to happen because they hate Trump.


5 posted on 09/24/2018 7:56:01 AM PDT by I want the USA back (Cynicism is the only refuge in a world that is determined to eliminate itself.)
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To: EdnaMode

I would suggest that people go back and review the 1920 to 1929 era...using the book ‘The Forgotten Man’ by Amity Shlaes.

A source of info on the period, and it will explain the various details that historians tend to avoid discussing.

It would be impossible to worse than the 1929 era depression because of the incompetence of the fed in this era. Add to it....the President would have to go and hire only idiot economic experts (as FDR did) to achieve the remarkable Great Depression.


6 posted on 09/24/2018 7:56:08 AM PDT by pepsionice
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To: EdnaMode

Peter Schiff has been crying wolf for years.


7 posted on 09/24/2018 7:56:10 AM PDT by captain_dave
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To: EdnaMode

Are these the same ‘experts’ that said if Trump is elected the economy would go belly-up?................


8 posted on 09/24/2018 7:58:26 AM PDT by Red Badger (Q..........................Future Proves Past..............WWG1WGA.....................)
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To: Theoria
Peter moved to Puerto Rico.

Talk about lack of judgement.

9 posted on 09/24/2018 7:59:14 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: I want the USA back

If you walk around with a sign that reads: The World Will End Tomorrow!, eventually you will be right.................


10 posted on 09/24/2018 7:59:34 AM PDT by Red Badger (Q..........................Future Proves Past..............WWG1WGA.....................)
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To: dfwgator

Cheap real estate....................


11 posted on 09/24/2018 8:00:00 AM PDT by Red Badger (Q..........................Future Proves Past..............WWG1WGA.....................)
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To: EdnaMode
Murray Gunn, head of global research at Elliott Wave International.

I was only able to make second assistant head of local research at Elliott Wave International. But I didn't have a cool name like Murray Gunn.

What the hell is Elliott Wave International?

12 posted on 09/24/2018 8:00:10 AM PDT by Larry Lucido
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To: Red Badger

It’s cheap for a reason.


13 posted on 09/24/2018 8:00:51 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: EdnaMode

Is Peter related to Adam?


14 posted on 09/24/2018 8:02:51 AM PDT by b4its2late (A Liberal is a person who will give away everything he doesn't own.)
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To: EdnaMode

““The US economy is in so much worse shape than it was a decade ago.””

That is all one needs to read in this “article”.

ha ha ha


15 posted on 09/24/2018 8:04:16 AM PDT by plain talk
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To: Red Badger; dfwgator; Gamecock; SaveFerris; FredZarguna; PROCON; Army Air Corps; KC_Lion
H.E. Pennypacker. Now that's a name that can inspire confidence.


16 posted on 09/24/2018 8:04:49 AM PDT by Larry Lucido
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To: EdnaMode

That’s great news.


17 posted on 09/24/2018 8:07:08 AM PDT by nikos1121 (“A communist is a dead man on furlough.” Lenin)
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To: I want the USA back
Even Trump has talked about how bad the debt is. It is legit a huge problem.

https://www.c-span.org/video/?c4632123/trump-national-debt

18 posted on 09/24/2018 8:08:44 AM PDT by Wayne07
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To: EdnaMode
Although Schiff has gotten some calls wrong in the past — he incorrectly predicted the US Federal Reserve would fail in its roundabout quantitative easing campaign to “reflate” housing and stocks in the wake of the financial crisis — he is convinced he is right on the money this time.

This was my favorite part.

19 posted on 09/24/2018 8:09:17 AM PDT by MarMema
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To: Larry Lucido

He’s a wealthy industrialist!

May have been part of Kramerica Industries.

They have a bladder system!


20 posted on 09/24/2018 8:11:17 AM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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