Tonight financial commentator Peter Schiff was interviewed on The Daily Show with Jon Stewart—his views were laughed at a couple of years ago by CNN and others (he thought the housing market was a dangerous bubble and we were headed for a big recession). Now he thinks we’re headed off a cliff. In the past, I read, some of Schiff’s prognostications have been wrong, but he was very accurate about the recent past. (The interview will probably be at www.comedycentral.com
His comments about what went wrong–that we should have let the big institutions who made bad bets fail, reminded me of the predictions about the stimulus package in my October 08 newsletter, and that makes me consider that the other scenario that’s shown up before, of economic contraction, could still be up ahead no matter how hearty the markets are rallying. To me “contraction” means hard times…it could be inflationary or deflationary.
Here the September 2008 Speaking Stones divination about the bail-out and the U.S. economy, courtesy of the archives of www.wisdom-magazine.com —I lost all my old newsletters when I fried my computer. There was another piece on the bail-out in another divination , and I remember it looked better to take the short and more painful “let them fail” route. However if we went through with the bail-out which we’ve chosen, recovery would take a lot longer but still we would come through it. (It was something like that…Computer Lesson: make a hard copy.
From my October 2008 newsletter: “But we cannot see which way things are going. It’s questionable whether the stock market is repairable, whether the bailout has enough power to turn the economy around. Whatever plan is put into effect: there’s something not connecting, it’s lacking the force to make a difference, it is not a big enough scrapping of the old—there’s too much support for what is down and should be out. Upholding the old stunts the growth of the country. There is missing information at this time when deals are being made, causing more of a division when it comes out. This bailout proposal came right when Mercury retrograde started (September 25th, -October 16th) making it more likely that there are hidden aspects to it we’ll find out about later. It could delay, not prevent, the inevitable.
But what if Obama maybe is his own kind of awesome seer and problem-solver, as Peter Schiff may be, and will somehow pull the rabbit out of the hat? That’s what I think could happen—he’s a wild card. But the Speaking Stones side with Peter Schiff.
Also, something I never added to my June newsletter had to do with Jupiter turning retrograde in Aquarius, and Neptune already being retrograde…(occurring in the middle of the month, June 15th). There can be a change in the collective projections then, that’s a sign a widespread rally could reverse. Divination aside, my personal expectation is that this rally will go on for a long while…I don’t know if I drank the kool-aid or what, so I’m in “wait and see” mode. But the stones and perhaps the star (and Peter Schiff) s are in” look out down below mode.”