Tags: Economist | Wall Street | Warning

Economist Warns 'Doomsday Will Soon Strike Wall Street'

In a recent interview with Newsmax TV, economist Robert Wiedemer predicted another catastrophe was about to strike the financial and housing markets, as well as the personal incomes of Americans across the country.

“I would say the correct way to describe what’s coming would be ‘Doomsday,’” Wiedemer told Newsmax Financial Publisher Aaron DeHoog.

“And too many people have the wool pulled over their eyes, their heads stuck in the sand, some sort of short-term memory loss, whatever you want to call it, they have no idea what’s about to hit them, and we should all be concerned.”

Wiedemer rose to prominence after it came to light that his 2006 book America’s Bubble Economy foretold, with alarming accuracy, the precise chain of events that would drive the United States and global economy into the worst downturn since the Great Depression.

“At the time nobody was willing to listen. It was just an around-the-clock party nobody wanted to end,” Wiedemer said when describing how the White House, Congress, Federal Reserve, and general public chose to ignore what he believed were clear warning signs.

Now in his follow-up book Aftershock, he’s sounding the alarm that the worst is yet to come.

And this time people are listening as it became a New York Times best-seller.

Editor's Note: Find Out How You Can Secure a Copy of Aftershock by Clicking Here

Wiedemer discussed why he stepped forward to film this controversial video with Newsmax TV, which has already been banned by one major media outlet with large financial ties to President Barack Obama.

“Aaron, right now, folks on Main Street just borrowed $380 billion from their investment portfolios. So they’re taking actual loans out on their stocks. All so they could gamble even more that the good times ain’t ending with this fairy-tale economic turnaround,” Wiedemer told DeHoog.

“The last time this happened was 2007, and those good times ended right after. What we have is a ‘liar, liar, pants on fire’ situation with our stock market, home prices, and everything related to this so-called recovery. And everybody is falling for the lie,” Wiedemer stated.

He then shared with DeHoog two charts that made everything as clear as day.

“People think home prices are on an upswing. Phoenix up 26% the last year, Salt Lake City 24%, Las Vegas 21%, Atlanta 17%.

This is what Obama and the Fed want you to believe is happening, but look at this chart,” Wiedemer said.

“Nobody is buying these houses,” Wiedemer continued. “It’s just banks keeping all those foreclosures off the markets.”

Editor’s Note: Click Here to See 5 More Charts That Wiedemer Says Prove a Collapse Is Coming.

Wiedemer went on to reveal that 2.7 million American homes are now considered “shadow inventory” because they’re nearing foreclosure, yet are backed by government loans.

“What do people think is going to happen when those chickens come home to roost?” Wiedemer asked DeHoog.

Next he took a chart out of his briefcase to share with DeHoog that displayed both the myth and reality of America’s employment crisis.

“The Fed wants you to believe unemployment is turning around. And sure, millions of people now have part-time jobs flipping burgers, and that’s artificially making things look all rosy, but it’s another deceptive situation,” Wiedemer said.

“We don’t live our lives as unemployment statistics. Here’s the real story. Folks who lose their jobs, even during this imaginary boom time for our economy now, they’re out of work over twice as long as they were from 2000 through 2006.”

The complete findings of Wiedemer’s investigation into this coming economic “Doomsday” are examined in the controversial Newsmax TV interview.

“Listen, there is nothing you or I can do, any of us can do, to change what’s about to happen when these markets collapse, but we can change how we prepare for them,” Wiedemer said.

“If folks take action right now, they can stay safe. However, if they want to ignore reality, they’re doing so at their own peril.

Editor’s Note: For a limited time, Newsmax is showing the Wiedemer interview and supplying viewers with copies of the new, updated Aftershock book including the final, unpublished chapter. Go here to view it now.

© 2018 Newsmax Finance. All rights reserved.

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Economist,Wall Street,Warning
Thursday, 06 June 2013 02:42 PM
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