Don’t say we didn’t warn you this time … another, bigger meltdown is dead ahead! Yes, coming in 2012: Another meltdown of Wall Street’s “too-greedy-to-fail” banks. This is no fanatical warning about that Dec 21, 2012 end-of-days prediction from the 5,000-year Mayan calendar. Nor a preview of that apocalyptic film, “2012.” History is repeating, you dismiss these predictions at your peril. Denial won’t save you from destiny. Wall Street’s soul-sickness is setting up a new meltdown. Dead ahead. Be prepared.
One: Predicted the 2000 crash: My forecasting track record speaks for itself. Back on March 20, 2000, my column headline read: “Next crash? Sorry, you’ll never hear it coming.” Bingo: The dot-com bubble popped at 11,722. The economy collapsed. A 30-month recession. Markets lost $8 trillion cap. Today the market is still below that 2000 peak. Factor in inflation and Wall Street’s “too-greedy-too-fail” banks have lost about 30% of your retirement nesteggs in this decade. Incompetent? Clueless? No, Wall Street is a bunch of crooks without consciences.
Two: Predicted the 2008 meltdown: Since 2000 my columns covered many warnings of major debt accumulations, market meltdowns, and the psychological failings of Wall Street’s greedy, myopic brains. In June 2008, months before Wall Street’s meltdown, we reported on twenty predictions made between 2000 and 2007, twenty warnings of a subprime meltdown coming. Oddly, no one seemed to be listening to all the warnings of leading minds like Buffett, Grantham, Gross, Faber, Shilling, Roubini, Levitt, Fed govenors, and many more. I wondered, was this a repeat of 2000 with “no one listening?” Then … suddenly it hit me: Not “nobody.” Just the opposite: Everyone was listening, everybody knew a crash was coming. Yes, everyone. But we were in a trance. Including Washington’s bosses; Bernanke, Bush, Paulson, Greenspan. They all heard it coming. They knew. So did Wall Street. And Main Street.
Three: Now, predicting the new 2012 collapse … and everyone hears this one too!
Unfortunately America’s collective brain is addicted to the adrenaline rush of gambling in a risky bull. The euphoria’s intoxicating. You’re caught up in a game of musical chairs, squeezing out every last dollar of return, blind to the catastrophe ahead … until it catches you by surprise … unfortunately, Wall Street lacked a moral compass and started stealing trillions from American taxpayers … today, the only lesson Wall Street learned is “greed is good” … now, the beginning of the end has become a moral tragedy that is setting the stage for a implosion of Wall Street, of capitalism and our economy ca. 2012. (More)