Former presidential candidate, Dr. Ron Paul says that the current market conditions are ripe for a correction of 50% and Wall Street is vulnerable to depression-like conditions in the next year. "It could be worse than 1929," Dr. Paul said recently in an interview.
Paul said Thursday on CNBC's "
Futures Now that "Once this volatility shows that we're not going to resume the bull market, then people are going to rush for the exits." Paul added that "it could be worse than 1929." He was referencing the fateful day in October of 1929 when the stock market crashed, and the United States was flung into the Great Depression that lasted ten years. During that year, a worldwide depression was ignited because of the U.S.'s market crash. The stock market began hemorrhaging and after falling almost 90 percent, sent the U.S. economy crashing a burning.
And of course, no one believes it could happen again. But Dr. Paul is continuously warning against the media's constant optimism. As well-known Libertarian, Paul has been warning Wall Street that a massive market plunge is inevitable for years. He's currently projecting a 50 percent decline from current levels as his base case, citing the ongoing U.S.-China trade war as a growing risk factor. "I'm not optimistic that all of the sudden, you're going to eliminate the tariff problem. I think that's here to stay," he said.
"Tariffs are taxes." And these tariffs are a direct tax on the
American economy and consumer.
Comment: At least there was some justice done for this man and his family. But what punishment has this officer received for driving drunk, threatening these two with a loaded weapon, shooting a woman, paralyzing a man, and lying about it? Loss of his role as a physical trainer at the Police Academy and a 15-day suspension that's already over. At least now the city can see him for what he is - not a hero wounded in battle, but a coward and a bully.