“Just like seven years ago, the stock market has soared to all-time high after all-time high. Just like seven years ago, the authorities are telling us that there is nothing to worry about. Unfortunately, just like seven years ago, a housing bubble is imploding and another great economic crisis is rapidly approaching. Back in 2007, we saw margin debt on Wall Street spike dramatically and help fuel a remarkable run in the stock market. And just like 2007, consumer credit is totally out of control. It is only 7 years later, and the same things that happened just prior to the last great financial crisis are happening again. Only this time we are in much worse shape to handle an economic meltdown.”
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