In some economic forecasters’ eyes, the sky isn’t falling – it’s fallen.
Appearing on the August 20 Yahoo! Finance ‘Tech Ticker [1],’ noted trends forecaster Gerald Celente called the current economic crisis “The Greatest Depression.”
“We’re saying there’s no double dip, it never ended” explained Celente. “We’re looking at greatest depression. There’s no way out of this without a productive capacity. You can’t print your way out.”
Celente didn’t hold back his criticism for the Obama administration’s handling of the recession, noting Obama was hypocritical in touting clean energy but gave $54 billion guaranteed for nuclear energy and not putting money in the correct spots.
“The con game is Obama’s putting all this money in alternative energy,” Celente said. “Oh, clean coal. Yeah, how about ‘almost pregnant,’ there’s no such thing.”
Furthermore, Celente claimed the country could be looking at over 20 percent unemployment while government is “squeezing the entrepreneur.”
“They’re bailing out the banks, and they’re making people pay for it, and the people don’t like that,” Celente said.
The media continue trying to prop up the economy [2] by not challenging Obama’s economic policies. Additionally, news outlets rarely mention Obama’s claim that unemployment “wouldn’t rise past 8 percent [3]” with the stimulus, and journalists have even gone as far as calling for more stimulus money [4].
Celente is known within the economic community for his wild yet often times correct forecasts [5].