Fox News
Expand
Browse All Video
Watch Live

You're watching...

Senate to probe Facebook IPO, as shareholders sue

Details

  • Description

    Gerald Celente on what this means for Wall Street

  • Duration 8:11
  • Date

Clips

Also in this playlist...

FoxNews.com LIVE

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

This is the latest in terms of some of the craziness that we experience and we're witnessing on Wall Street what other trends what about the economy going forward in terms of us as a nation what kinds of things should be watching for well my next guest is your excellent he's publisher of the -- journal.

And heat.

Is someone who is a great forecast I have to say he's -- -- -- for many times.

I'm really glad to be on the show today because his predictions.

Often often come true and he has been predicting some of the stuff that we're seeing right now on some of the craziness of Wall Street.

The fact that we've had this incredible.

Economic downturn he predict in the years back I mean he's someone that I listen to and I think he's someone you should pay close attention to as well welcome great to have you back on board today.

Thank you kindly thank you for having me let me ask you right at the bat in terms of the face.

Burk situation -- what what what were your first thoughts when you heard about this whole debacle.

Well first of all it's business as -- you go it's only a different elements in the ongoing Walz.

Street crime syndicate pulling off another war.

Let's go back and look what happened when it was trading.

And he could read about it it's not hidden the -- they're bankers would jumping in as the prices were going down to push it up.

That's no different now -- -- at a carnival selling a magical elixir and having a shield in the audience saying I'll apply more.

Let's look what happened with the NF global scandal which I was caught up it says.

It's one after another.

And so look at it look at the look at the brokerage firms they're talking about.

How about all the times he's brokerage firms -- their clients to Bly is they was selling.

It's the criminality on Wall Street the stories just different the crime scene is different.

What it's all the same and and also -- it was pointed out.

You're gambling.

You're taking a gamble.

And you know your gambling with a risky crew I mean after all -- they tracked cricket like they have.

He should know what you're getting into.

It's fascinating because it does seem to be business as usual it just terms and it's a different.

Happen to be -- different company a different situation but over and over again.

The public is being treated to this type of six experience and people shake your head saying is it's ever gonna change.

-- -- Well.

You know I think it's a much deeper issue and -- it's a morality issue and you know they say that the fish rots from the head down.

And when you look what's going on in this country from that from the very top and I'm not only talking about the -- this president but a number of them.

All the way down through is the senate and congress.

Down to the person ripping off.

It on the welfare cheats -- that person that's on disability that shouldn't they.

It's it's this state of mind and the state of mind is I'm going to grab whatever I can't.

And so it's a much deeper issue and it's really is I look at it is being reflected on Wall Street -- They hadn't made up this whole thing about too big to fails.

And we -- -- they talk about capitalism.

This is not capitalism.

It's turned did tit for -- option is capitalism major rise and fall on you -- merits.

And you look at what's going on in Wall Street I mean again with NASDAQ.

With a high frequency trading in the end of the flash crashes why should that have been a surprise.

Everybody knows that technology can only handle so much.

So to me it's the entire system.

That needs to be looked at again.

This is only just -- more episode.

In the ongoing crime ongoing saga of the Wall Street crime syndicate.

Let me ask -- about the economy right now you know you've studied and talked to so many people out there about.

Their concerns going -- but this economy.

The upcoming presidential elections coming up obviously and people are looking for real leadership.

-- voters out there yet we continue to hear about the unemployment numbers being really high.

And the fact that people aren't able to find jobs -- -- for the hold on to what they have.

In terms of their mortgages that we we are also on the flip -- -- -- hearing reports about well.

There are there some better news and on the housing front 3% gain some new housing starts we're hearing that oil is coming down just a little bit of -- gasoline is going to be affordable.

In the next few weeks for the Memorial Day weekend.

What is really beneath the surface here from your point of view.

Let's take the first -- unemployment.

If you remember the Obama administration said that if we put their plans in place by 2010 -- we have seven point 2% unemployment.

When you looking at the real numbers the people who want full time jobs that don't have many and the people -- -- -- employed.

We're looking at are around.

16%.

And then when you look at the jobs that are being created their low paying jobs you look at people getting out of college with university degrees in worthless this.

The 50% of them have jobs that don't read I have no jobs when jobs that are under paying them -- non related to their majors.

And then when you look at oil let's remember that the economy is declining all over and whether it's heating oil -- Or or Paul more oil or soybean oil all the commodity prices are going down.

Because there's a global slowdown going on and the only way that they're propping it up.

Is by printing more of this digital money that it's not worth the paper it's printed on.

And you mentioned housing numbers so what are they looking at about 340000.

A new houses this year.

In 2005.

At the height of the real estate boom it was 1300000.

So now there's no recovery.

It's going -- -- session and much of the world is going into depression.

-- how's this gonna affect the price of gold I know the gold prices have gone down.

Of late and there are those who believe that.

We're not gonna see in the numbers go as high as they once -- but I know that you're believer that people will get even higher than what we saw at its height.

Yes I do believe it because number one as I mention all the commodity prices are going down.

And these hedge funds and fund managers they're spreading to a lot of different equity trades and they're covering their shorts and that's what's happening with gold.

I believe also the central banks continue to buy -- why because they know it's a good investment.

And I really believe that gold is going to continue to be.

The safe haven investment no matter what and I'm still looking at goal 2000 remember in September hit of -- 2011.

It hit up to.

1220.

So bombing gold for the long term.

Now that's something really interesting here really quickly -- have to -- you any predictions at this moment I'm going slower on the upcoming presidential contest how do you.

Wait to candidate.

At this point.

Well again with political atheists we don't say -- -- skin in this game.

And I don't believe it and get this he's political religions -- -- we came out of the forecast in October.

Of 2011.

And we're calling it Obama.

-- we think he's going to when he's playing the born again populist card.

And in an economy.

Where you have jobs very hard to -- and he keeps talking the good game.

We think he's going to out walk Romney and -- really when you really look at this.

This is nothing more than the presidential reality show it's bad theater they say that politics is show business for ugly people.

When I see his campaign going on it's show business and -- the best teleprompter reader win and that's why we're putting our money on Obama.

Got it all right does your -- -- never one to mince words we always love having you want thank you so much for joining us with your insights appreciate it thank -- Want to take a quick break and come back with more.

Load More