Main Street: Still Hatin’ Life

By fitsnews • on October 21, 2009

Every once in a while, a little kernel of truth seeps through all the unmitigated B.S. that the media (excluding us, obviously) like to spit out on a daily basis.

Take the economic predictions of Nicu Harajchi, CEO of N1 Asset Management, which differ dramatically from the official U.S. government position that the economic recession is “very likely” over, “techically.”

Not so, says Harajchi. In fact the recession could easily lead to a “full-blown depression (assuming it hasn’t already).”

From CNBC:

Wall Street is making money, while consumers aren’t, Harajchi told CNBC.

“We have seen the G20 coming out with cross border capital injections of $5 trillion this year… But a lot of this money hasn’t really come down to Main Street,” he said.

“When it comes down to corporate America, corporate Europe or even in Asia, in Japan, we are not seeing Main Street making any money,” he said. “Consumers are losing their jobs. They are struggling with their mortgages, with their credit. And we are just seeing this continuing.”

The $5 trillion injection is “monetary expansion,” according to Harajchi. “At some point, which we believe to be 2010/11, some of the central banks are going to recall some of that money and that will turn from monetary expansion to monetary contraction.”

He also said he doesn’t see the corporates or the public “being able to pay back that debt.”

Damn.

People who make that much sense are typically tossed into the “Ron Paul” crowd. In fact, we’re still scratching our heads trying to figure out how Harajchi made it passed the pro-bama NBC censors.

Harajchi also predicted U.S. unemployment could rise as high as 15% during the coming year.