For many around the world watching the new year arrive, 2008 had not been pretty. Slumping stocks. Disappearing jobs.
“I’m looking forward to 2009,” said Randolph King of England, whose retirement fund was gutted in the global financial crisis. “Because it can’t get much worse.”
After the most volatile financial year in decades, people paused for a deep breath and a sip of … perhaps something cheaper than champagne.
Not to put to bad a spin on things, but yes, things can get much worse.
The commercial mortgages will, I believe, begin to default this year.
Credit card holders will begin to default on their debts in ernest this year.
Oil will most likely climb back up by about 50%.
We will have deflation for most of the year, I think, only to be followed by hyperinflation.
Stagflation will rule the day until the FED starts raising interest rates to double digits.
Iran will likely be struck by Israel. Russia may move on Eastern Europe.
We have a half term former senator with a lot of community organizing experience for our President. But hey, he’s photogenic and articulate. That should put everything to rights.
Spoo! Should read, “…too bad a spin…”.