The doom and gloom prognosticators are saying the "other" credit problems out there are worse than the subprime stuff, and the "other" credit problems are going to crash down on us in 2009. Regular mortgages that folks are defaulting on, commercial retail loans that are going to be defaulted on, due to no customers in stores, credit cards being defaulted on, and car loans.
One of these gloomers correctly predicted , way back when oil was at $65 a barrel or so, that "they" (the people pulling the strings) wanted oil to go up to $150 a barrel. He was right !! It went up to $149, right? I think it was Gerald Celente who made the $150 oil prediction, but might have been Jerome Corsi. Not sure.
These guys have some "way out there" theories too, like popular revolution of some sort, violent or non-violent, by the working folks who finally say "enough", in 2009.
They're also predicting DOW going down to around 5,500 or so, in 2009.
Celente says Feb, 2009 is going to be when everyone sees how horrible the situation really is. Lots of fresh bank failures, and runs on banks.
I hope they are wrong. But I have a feeling they are right. That prediction of $150 a barrel oil impressed me.
On the happy side, one other prognosticator type of guy on the radio said he thought there would be a recovery starting in 2nd quarter of 2009 !!