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Top 2008 Predictions! Ask an Analyst! You Get This!
The Coming Depression
Wednesday, Dec 31, 2008
Here are some of the worst predictions that were made about 2008. Savor them—a crop like this doesn’t come along every year. You wonder why so many have lost their savings? Keep listening to these people for future predictions and you will be in the soup lines. Unless you realize what is actually coming (A DEPRESSION) the sooner you will prepare for it and SURVIVE!
1. “A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!” —Richard Band, editor, Profitable Investing Letter, Mar. 27, 2008
At the time of the prediction, the Dow Jones industrial average was at 12,300. By late December it was at 8,500.
2. AIG (AIG) “could have huge gains in the second quarter.” —Bijan Moazami, analyst, Friedman, Billings, Ramsey, May 9, 2008
AIG wound up losing $5 billion in that quarter and $25 billion in the next. It was taken over in September by the U.S. government, which will spend or lend $150 billion to keep it afloat.
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3. “I think this is a case where Freddie Mac (FRE) and Fannie Mae (FNM) are fundamentally sound. They’re not in danger of going under…I think they are in good shape going forward.” —Barney Frank (D-Mass.), House Financial Services Committee chairman, July 14, 2008
Two months later, the government forced the mortgage giants into conservatorships and pledged to invest up to $100 billion in each.
4. “I’m not an economist but I do believe that we’re growing.” —President George W. Bush, in a July 15, 2008 press conference
Nope. Gross domestic product shrank at a 0.5% annual rate in the July-September quarter. On Dec. 1, the National Bureau of Economic Research declared that a recession had begun in December 2007.
5. “I think Bob Steel’s the one guy I trust to turn this bank around, which is why I’ve told you on weakness to buy Wachovia.” —Jim Cramer, CNBC commentator, Mar. 11, 2008
Two weeks later, Wachovia came within hours of failure as depositors fled. Steel eventually agreed to a takeover by Wells Fargo. Wachovia shares lost half their value from Sept. 15 to Dec. 29.
6. “Existing-Home Sales to Trend Up in 2008″ —Headline of a National Association of Realtors press release, Dec. 9, 2007
On Dec. 23, 2008, the group said November sales were running at an annual rate of 4.5 million—down 11% from a year earlier—in the worst housing slump since the Depression.
7. “I think you’ll see [oil prices at] $150 a barrel by the end of the year” —T. Boone Pickens, June 20, 2008
Oil was then around $135 a barrel. By late December it was below $40.
8. “I expect there will be some failures. … I don’t anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system.” —Ben Bernanke, Federal Reserve chairman, Feb. 28, 2008
In September, Washington Mutual became the largest financial institution in U.S. history to fail. Citigroup (C) needed an even bigger rescue in November.
9. “In today’s regulatory environment, it’s virtually impossible to violate rules.” —Bernard Madoff, money manager, Oct. 20, 2007
About a year later, Madoff—who once headed the Nasdaq Stock Market—told investigators he had cost his investors $50 billion in an alleged Ponzi scheme.
10. “There’s growing evidence that parts of the debt markets…are coming back to life.” —Peter Coy and Mara Der Hovanesian, BusinessWeek, Oct. 1, 2007.
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17 Responses to “Top 2008 Predictions! Ask an Analyst! You Get This!”
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December 31st, 2008 at 8:16 am
Yeah, but there were thousands of talking heads talking, not just these few. The mainstream media raved about how strong the econonmy was – right up to the point it failed. Heck, they’re still in denial, ooops, I mean they’re still lying about how bad it is.
December 31st, 2008 at 9:50 am
I enjoy Peter Schiff’s debate more than a WWF Smackdown. He puts these idiots in the places.
December 31st, 2008 at 10:16 am
I don’t know if I trust Schiff. He and his father are part of the big 300 families running the world.
December 31st, 2008 at 11:02 am
Hey Peter (not Schiff) #2…
Peter Schiff is not the son of the Schiff you are referring to. His father is actually what I would consider an American hero who was illegally convicted of not paying income taxes. his site is http://www.paynoincometaxes.com
December 31st, 2008 at 11:09 am
To Peter,
Schiff is a common German last name.
Peter Schiff is not of the banker Schiff
family, check it out yourself (I did).
December 31st, 2008 at 12:53 pm
this only prooves that the talking heads on tv like cramer
and others are all liars. and you would be foolish to jump
back into the market. and get scalped by these thieves
December 31st, 2008 at 2:19 pm
Peter (not Schiff) go the fuck back to sleep. Jesus this is the problem with people that are trying to learn the truth. An idiot will come along that has not a clue what he is going on about and will influence other idiots that are trying to break free from the bonds of their mental enslavement. Please nobody take this guy Peter (not Schiff) seriously. I don’t care if he is simply mistaken. He is simply making a mistake that could cost ten or twenty people coming on here on the offchance to see what is going and convince them that this site is full of nutjobs. Fuck off Peter (not Schiff).
December 31st, 2008 at 7:47 pm
People like my family, who refused to wake up, and who listen to many of the above fools, are now SHIRTLESS.
And it’s making me happy as a clam.
This is the greatest thing to happen to AmeriKa in so long. I mean common, the Women’s Zionist league just lost 90 million in Madoff’s ponzi scheme. NOW THAT IS GREAT NEWS.
January 1st, 2009 at 5:52 am
i agree with gary in post #1. they sang “when johnny comes marching home” even when the entire financial system was in free fall mode !
http://www.youtube.com/watch?v.....annel_page
goldieshouse.piczo.com
January 1st, 2009 at 8:03 am
Art Laffer bet Peter Schiff a penny that the real estate crash was fiction and the economy was in the best shape ever. He didn’t pay the bet probably because he believed his own bullshit invested accordingly and is now too broke to pay.
January 1st, 2009 at 3:29 pm
in zeitgeist there is a saying
“it must be hard for those who see authority as the truth
rather than truth as the authority”
i always tell my younger friends and family to question and research,question and research.
but the truth is apathy is a powerful force in itself and people just feel powerless against such mighty institutions.
if anyone can give me some advice i can pass on to the generation that will suffer the most under the NWO
let me know
happy 2009
January 1st, 2009 at 6:06 pm
We suppose that Satan is a “nut-job”, but he is the “God of this World” by imminent authority. With the current situation and the wicked prospering, the average American just has such a hard time seeing. This is a very good benchmark in judging American intelligence at the base level. The “Elite” know their Father is, at the moment, the Worldly Power that is. Ask them if you know any.
L E V I A T H A N
January 1st, 2009 at 7:26 pm
Satan doesn’t exist, L E V I A T H A N…he’s as made up and flashy as you spelling your ominous-sounding name in ALL-CAPITAL letters. Grown-Ups aren’t supposed to believe in boogy-men, dude.
SATAN DOESN’T EXIST.
January 1st, 2009 at 8:30 pm
Then look behind you and see for yourself. Your belief is not required and he thanks you for your support in helping his children do there jobs. You sir do not exist beyond the moment to moment illusion you enjoy. We are very old and do not mind you knowing us.
L E V I A T H A N
We work a work here, now for a result. Is it any wonder that tech is used?
January 2nd, 2009 at 3:38 am
Forecast number 7 about oil prices
This website and Alex Jones where saying that oil would be $200 a barrel — but now is real quiet on that issue
January 2nd, 2009 at 4:54 am
I apologize for responding to a lunatic.
I repeat:
SATAN DOES NOT EXIST!
GET THE WORD OUT! FREE YOUR MINDS!
BE ADULTS!
January 2nd, 2009 at 6:00 am
#15 FTL!
Just because you missed it or don’t pay attention, Alex hasn’t been “quiet” on that issue. Both he and Lindsey Williams admitted ON AIR that all the information they had at the time indicated it would go to $200/barrel. That was based on Bilderberg info, supply and demand, inflation, and what the oil company executives were saying. Everybody was saying prices were going to continue upward until Lindsey Williams came back on the show a short time ago with info from the Atlantic-Richfield exec and dropped the bombshell of the year. He went against the grain and turned out to be absolutely 100% correct. I believe his information about inflation and oil prices over the next 6-9 months will be just as accurate.
I’m not sure what your point is by trying to accuse Alex of covering up a mistake, even though that isn’t the case at all. I’ve listened to Alex for six years now and have heard him on a few occasions admit he was wrong about something, and sometimes he changes his predictions/views based on new information. That’s science. We should all be looking at things that way instead of getting bogged down nit-picking each other over stupid insignificant details. Even if he was “covering it up,” which would be a complete waste of time and effort, it hardly matters because there are many more important things going on that need our attention. So, please, get over your childish attempt to make yourself feel important by pointing out somebody’s mistake and start talking to people about getting prepared.