Gerald Celente: Sub-Prime was Peanuts Compared to the Coming Commercial Real Estate Collapse

Posted on April 6, 2009. Filed under: Bailout, Banking, bankruptcy, Finance, Housing | Tags: , , , , , |

Gerald Celente appears on Fox Business News to talk more about the collapse of ‘09, where he predicts more civil unrest, collapse of commercial real estate and the retail sector, and the new credit crisis. (video follows excerpts and comments)

Who’s going to rent all this vacant retail space? This country’s been way overbuilt for a long time. This is where the real credit crisis is. It’s going to make the sub-prime look like peanuts because no one is going to rent this empty vacant space. You’re going to see ghost malls start springing up all over America.

We may be seeing a rally on Wall Street, especially in the financial sector, but this simply cannot last. Even with the new mark-to-market accounting rules which allow banks to keep toxic assets off their balance sheets, there will be hell to pay once mall operators and other commercial real estate borrowers start defaulting on loans.

People are going to start refusing to pay [credit card payments]. They can’t pay. They have nothing left to lose by fighting it. We’re going to see revolution in this country. The riots that you’re seeing there [G20 Meeting in London] are going to happen here.

Will the American troops fire on their people if they protest?

Mr. Celente has been forecasting Civil unrest since August of 2008, and more recently, in February of this year. Do you still doubt he is on to something?

I don’t trust a thing that the government will do.

Does anyone really still that spending Trillions of dollars to fix a system broken by overspending is going to fix the problem? If so, put everything you have in the stock market today. If not, start taking steps to protect your wealth and your family. The worst is yet to come.

via Gerald Celente: Sub-Prime was Peanuts Compared to the Coming Commercial Real Estate Collapse.

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One Response to “Gerald Celente: Sub-Prime was Peanuts Compared to the Coming Commercial Real Estate Collapse”

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I cant see civil unrest coming The market will find bottom in the next 12 months then rise again for 5 to 7 yrs as usual


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