Gerald Celente runs The Trends Research Institue and has been analysing economic news and data and predicting trends for over 20 years. He advocated buying gold in 2001 when it was under $300/oz and has been accurate in a lot of his predictions.
Right now he’s predicting a revisting of the Great Depression era with huge vacancies in commercial real estate, large amounts of unemployment, a spike in gold prices. He also thinks we’ll see a surge in crime rates and a tax revolution with a revolt against property taxes first followed by school taxes. He thinks Obama’s promise for change is hokum and has no faith in his economic stimulus plans. On the bright side, he doesn’t believe this is the end of the world and says that a new technological revolution similar to the internet in the early 90s will bring us out of it.
Check out this very interesting video:
One person who obviously doesn’t believe him is Elliott Spitzer. He just bought a $180 million office building in Washinton DC, just down the street from the now infamous Mayflower hotel. He paid about $42 million in cash for this acquisition!
Eliott Spitzer is quoted as being optimistic about the real estate market!