Peter Schiff, Gerald Celente

[WRESTLINGFAN]

I have seen both of them on the various news shows and on CNBC recently. Schiff is head our Europac, which is an asset managment company and who was on Ron Pauls staff during the campaign season. Celente is a trend forecaster who predicted this mess and who says that there will be even a bigger depression with food riots etc. Some say that these are just crazed doomsday lunatics but a lot of their theories are coming into fruition like a weaker dollar, an out of control Fed reserve, increasing gold prices etc.

What are your views on them?

[Serpico1103]

Yeah we are fucked.
The four horsemen are not going to ride anytime soon, but this will be a long recession, depression, whatever label you want to put on it.
A slight change in food prices does have dramatic effects on a large part of the world. Look at how the slumping car industry can devastate Detroit, and it is part of the US. Imagine how other poorer countries will suffer who depend on manufacturing and consumerism.
We were living on borrowed money/time for 20 years. Home refinancing to support consumer purchases was the first sign. Everyone bought more than they could afford, while values spiraled up, it worked, as soon as the market peaked, it had to collapse.
I don't know how the banks didn't see it coming. I guess they did, but what is their incentive to avoid it?