Recession Will Be 'Full-Blown Depression': Strategist

CNBC ^ | 10/16/2009 | Staff

[Red in Blue PA]

This global recession will turn into a "full-blown depression," Nicu Harajchi, CEO of N1 Asset Management, said Friday, adding that global stimulus hasn't come down to Main Street.

Wall Street is making money, while consumers aren't, Harajchi told CNBC.

"We have seen the G20 coming out with cross border capital injections of $5 trillion this year… But a lot of this money hasn't really come down to Main Street," he said.

"When it comes down to corporate America, corporate Europe or even in Asia, in Japan, we are not seeing Main Street making any money," he said. "Consumers are losing their jobs. They are struggling with their mortgages, with their credit. And we are just seeing this continuing."

The $5 trillion injection is "monetary expansion," according to Harajchi. "At some point, which we believe to be 2010/11, some of the central banks are going to recall some of that money and that will turn from monetary expansion to monetary contraction."

[ClearCase_guy]

If you want money to go to Main St, you cut taxes.

If you want to buy votes, you hand out Stimulus Funds to bureaucrats.

[GWMcClintock]

This is O’s “crisis” to “force” him to institute martial law, and suspend the 2010 elections.

[allmost]

There is very little to argue with here.

[unkus]

ping

[henkster]

This was a massive wealth transfer; from the middle class to the ruling elite. Nothing more than that. Destruction and impoverishment of the middle class is the first goal of every communist regime.

[Son House]

Financial Illiteracy Quiz:

After what legislation was there the largest spike up in the Real GDP?
a. February 17, 2009: American Recovery and Reinvestment Act = 111th United States Congress
b. October 3, 2008 — Emergency Economic Stabilization Act of 2008 = 110th United States Congress
c. February 13, 2008 — Economic Stimulus Act of 2008 = 110th United States Congress
d. May 28, 2003 — Jobs and Growth Tax Relief Reconciliation Act of 2003 = 108th United States Congress

( Ignore the green forecast, it was wishful thinking)


Failure Qualifies all Participants
to be an Economic Advisor to the Obama Administration
Correct Answer is: d.
Apply Now

[blam]

"This is O’s “crisis” to “force” him to institute martial law, and suspend the 2010 elections."

Well...the coming food riots may.

[autumnraine]

The class war fare is becoming a concern to me. And I find myself on the level of the French while watching ridiculous amounts of wealth while the masses are doing without.

This really really might not turn out good.

[Freddd]

But this is NBC....

[Snickering Hound]

It’ll be “Better than expected” though...

[Red Badger]

Stimulus Funds = Obama Checks!................

[applpie]

government bureaucrat and corp executive alike (not all but many) — they are mainly about sucking the cream out of the American cream puff and leaving us (who filled the puff) with the shell. if that. it is rampant greed.

then you have the other side of the same coin—the covetous crowd (welfare folks, illegals, those who feel like everyone owes them) who are getting paid by the greedy ones for adding nothing to the pot.

[Red in Blue PA]

This is O’s “crisis” to “force” him to institute martial law, and suspend the 2010 elections.

Not to mention suspending sales of guns and ammo.

Many here might call me crazy, but I can easily envision him doing this.

[YOUGOTIT]

They are doing the same thing that FDR did when he took charge in 1933. And the actions of the left wing Democrats caused a worldwide depression which was stopped when they all went to war called World War II.

There were more people unemployed every year up until the government started to make military equipment and took over 10,000,000 people into the military. In 1944 the age had been raised to at least 35 for those being taken into military service. My dad was drafted at age 34. WOW!

[Rapscallion]

The class warfare is becoming a concern to me. And I find myself on the level of the French while watching ridiculous amounts of wealth while the masses are doing without.

I hear the distant sound of rolling trundles and the snap of the Guillotine.

"Oh Madame de Farge, Madame de Farge, over here...."

[Roos_Girl]

I recall my grandparents telling me that they never though my grandfather would be drafted because he was too old; 21!

[MHGinTN]

Don't forget the big clue Rahm 'twinkletoes' Emanuel gave us. The current direction the obama administration has the ship of state headed is purposely into an iceberg. If you're not familiar with the Cloward-Piven strategy, read up on it. What Bush left the democrats was a huge debt load. The democrats have taken that crisis as their opportunity to crash and burn the American economy, ending the Constitutional Republic to be replaced with their manufactured federal oligarchy, which they are building as we write! There are three legs to the oligarchical control mechanism: social justice (read ACORN extortion, the housing bubble), the green movement (read cap and tax to destroy capitalism on the horns of carbon credits), and the unions (read SEIU and AFL-CIO taking over GM and controlling Chrysler, etc.).

By overloading the debt, the democrat party will crash the American economy and make the people dependetns of the federal oligarchy rather than the 'we the people' sovereigns. What these fascvist bastards have failed to put into their fascist calculus are the islamomurders who will take our weakened condition as their cue to end our world influence while the fascist democrats are in charge and will not retaliate as Bush did. Hundreds of thousands of Americans are going to be murdered due to the democrats purposed destruction of our economic resilience.

[GOPsterinMA]

Yes sir it is!

[RobRoy]

On a related note:

http://www.youtube.com/watch?v=DGtMYylVxoQ
You have to go in about a minute and a half to get past the bump music.