What this really means is “I am going to totally guess”
Here is the truth of the matter.
“The hopes were that this IMF/German bailout would be the rescue for Greece and the euro currency. But if you look at credit spreads, that’s clearly not the case,” said Michael Pento, senior market strategist at Delta Global Advisors. “I think this reminds me too much of the summer of 2007 when we first saw the Bear Stearns hedge funds collapse. I think this is the first salvo of a metastasizing sovereign debt crisis that will spread,” also saying the contagion could go beyond Europe and into Asia and the U.S.
“It’s a very real crisis,” he said. “I’m afraid over the next few years here it’s going to come to America. And I guarantee you this — there is no IMF bailout coming to the U.S.”
Overseas, Hong Kong’s Hang Seng lost 1% while Japan’s Nikkei shed 3.3%. The FTSE in London fell 1.5% and the DAX in Frankfurt was lost 0.8%.
DOW FALLS ALMOST 1,000, THEN REBOUNDS
So as the world starts its rapid plunge into the reality that does exist, all I can say is “Good luck!”
