In a special program on the economy, various financial experts and commentators offered analysis of the downturn. Documentary filmmaker Alex Jones kicked off the show, declaring that the "world government" was staging an economic collapse so they can consolidate assets and then issue a new world currency directed by private banks. The silver lining, said Jones, was that the bailout plan might backfire on the New World Order.
In the second hour, financial advisor Mish Shedlock commented we were in an economic "freefall" and that a lot of it was warranted because banks had been leveraged 12:1. He spoke against the US automotive bailout plan, as the money would only be a temporary fix for them. Analyst Aubie Baltin predicted we'll see a depression by 2010. We've encroached on freedom to such an extent that capitalism is breaking down, he further asserted.
Author and radio host Andre Eggelletion, appearing in the third hour, said we are already seeing a depression in many parts of the U.S. The market will drop to 7200, and it'll be a 10-year minimum before order is restored, he added. Trends researcher Gerald Celente noted that most businesses are going to take big hits, particularly retail-- we'll start to see more closures and downsizing in February. But, he pointed out, entrepreneurs can benefit in the downturn, as the collapse of Wall St. brings new opportunities to Main St.
The last hour of the show featured Sound Off Open Lines.
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Bumper music from Wednesday November 19, 2008