For the sake of entertainment and instruction, let us all hop on to the way-back machine.
Those of us in that field call it “history” but in the modern era it is just called old people ranting about old outdated facts. The reality of this posting is not to recognize that I’m old, granted. Hell, I was still doing a radio show warning implicitly that the economy was on the razor’s edge and the financial system of the United States was at great risk.
I took the barbs. I took the arrows. People would contact me discreetly for my take and information and realize that I was dead serious and had the facts to back my arguments up. After the world melted down, I did also, but hell, that’s the price for being right and now I realize I should have just bragged even more about the collapse of 2007 to 2009.
In the mean time, the number one assclown of the Bubblevisions, Jim Cramer went on an epic rant on August 3, 2007. It was one for posterity and CNBC even bragged about it today on their website.
The rant is still a classic today:
For once then and again today, the Fed still knows nothing. They are trying again to bluff their way through a pending financial crisis not based on banking instability, yet, but on a government debt crisis where refinancing and financing of future debt will cost 30-50% more than it just two years ago. Add that in with the inflationary super-cycle that our nation is now embarking on and all bets about economic and financial stability are off.
In 2007 the theme was Bernanke lied and Bear Stearns died.
Which it did just six months after this rant.
The rant now?
Inflation is killing the global economy and it is about to wipe out the United States economic system as we know it.
Unless of course, they can initiate a great reset to fix all the problems first.