Critical Warning No. 7: Banks crash economy again
Commentary: Time to jail the bankers
By Paul B. Farrell
Jan. 29, 2013
SAN LUIS OBISPO, Calif. (MarketWatch) — Drive-time radio. Ominous voice: “Critical Warning No. 6” again, “Something bigger than the credit crisis of 2008 is headed our way. For most people, it will hit them like a brick wall. It will touch Americans harder and deeper than anything else we’ve seen since the Great Depression.”
But wait. The New York Times tells a different story: “Americans seem to be falling in love with stocks again.” Check the facts: S&P 500 just hit a five-year high. Rallied 13% in 2012. Up 120% since we predicted of a new bull market back in March 2009.
USA Today sees 5 big signs investors are “coming back to stocks.” And yet USA Today’s Adam Shell asks: “Why does this bull market get no respect?”
Why no respect? Because nobody trusts Wall Street. Banks can’t be trusted. Investors are hopeful, optimistic about the economy. Yes we love the S&P’s rally. But we know the “other shoe will drop” again.