It reminds me of that guy who predicts earthquakes all the time. Enough predictions eventually he’ll be right, but the issue is credibility. Obviously Schiff wants to establish or further his.
Either way, it’s obvious no one listened to him 5 years ago. If they did, maybe the run up (and fallout) would not be as bad.
As far as a bail out, I agree Kewp, once this thing hits full scale there will not be enough money anywhere to cover it. However, I think the FED is more likely to raise rates due to inflation, to keep the dollar out of the toilet, and bring back some foreign investment. I agree too that much of the market is still dependent on what I call artificial money from the bubble.
Since the bust is only beginning, it seems we are still in a bull market. Today stocks jump more than 1% on a 2.3% drop in oil, and 0.7% rise in pending-home-sales index, despite bad news from the Big 3.
No one really knows the timing, but no doubt things will get worse. We’ve bailed out two recessions with two bubbles. What’s the next one going to be, BS?