What's ahead in 2019?

Dec 27 2018 | 04:36 AM

    Well, the tax bill has just about petered out, and there is much speculation on a crash.
    For the very rich, it was spectacular, as it floated their boats, while some of us got paddle boats or kayaks. Now, there is anxiety, as two giant economies are facing issues, and some wonder whether we are headed to 1929 or 2008. Some call the current or possible economic crisis- a global debt bubble, as China and the US have amassed not great profits — well some, but surely great debt.
    Stocks are this points are down at least 2 percent, and possibly more. Hedge funds are in a deep crisis, and household debt in this country is now up to $13.5 trillion up from the previous peak by some $837 billion, a left over from 2008 (NYT)! Student debt will be a big issue this time, if a recession or depression occurs, as it is now at $1.5 trillion. Oh, yeah, that never will be paid back, but a negative merit will be high underemployment for those students. It should be noted that 20 percent of those loans are now delinquent.
    Then we have the very unproductive tariff war between China and the US — both will get hurt. China has mountains full of debt, including cities that have been built, factories and infrastructure, and then reader there is its Belt and the Road project to everywhere — need to read about that, as words are counting me out. There is a need to watch Brexit, as who knows on that one.
    As one source notes, everything is beginning to run in reverse. The tax bill won’t provide a stimulus, as that money was all swallowed by greed. Before you get to the critics get here on me. Write the date of this piece and remember what I told you. What did I tell you? You were made a sucker by this Administration! Remember, and like the Boy Scouts — they are in trouble, too — Be Prepared.
    Bill Weightman