The former Republican Congressman from Texas believes escalating dysfunction in Washington will create even more pain for Wall Street.
Speaking on CNBC's Futures Now, Ron Paul warned:
"A 50 percent pullback is conceivable...I don't believe it's ten years off. I don't even believe it's a year off. "
Paul noted that there's a lot of chaos in Washington right now, with an "unpredictable president" and those who are inclined to "tear him apart" but if the market takes that big of a tumble, he doesn't see it as Trump's fault.
"It's all man-made. It's not the fault of Donald Trump in the last week.
If the market crashes tomorrow and we have a great depression, he didn't do it in six months.
It took more like six or ten years to cause all these problems that we're facing."
Paul previously argued Wall Street is overestimating the strength of the economy, and the Federal Reserve kept interest rates too low for too long.
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4 comments:
I don't think things have gotten that much better since 2008. Most of us are either unemployed or under employed working in service sector jobs. I'm hopeful that Trump can turn some of this around. I don't blame Trump. I believe he is really trying, but is running into roadblocks with a government on both sides of the fence who refuse to work with him on the problems this country needs to have fixed. I myself have lost quite a bit in investments and income since the great recession so I have very little to loose. I say let the chips fall where they may!
obama has done so much destruction that it will take many years to recover , if it's possible. The market means nothing to me anymore.
LAME stream media continue to divide this country all for ratings.
Very sad!
Talk to small businesses which are the heart of the country and they have been struggling since 2009 to just keep the bills paid with no money to invest.
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