We’re on the verge of a great, great depression.
Told you so at least a year ago.
Getting out of Afghanistan now would save about $500 billion a year for a start.
"What we’ve got right now is almost near panic going on with money managers and people who are responsible for money," he said. "They can not find a yield and you just don’t want to be putting your money into commodities or things that are punts that might work out or they might not depending on what happens with the economy.
"We need to find real yield and real returns on these assets. You see bad data, you see Treasurys rally, you see all bonds and all fixed-income rally and then the people who are betting against the U.S. economy start getting bearish on stocks. That’s a huge mistake."
Stocks extended losses after the manufacturing fell below expectations in May and the private sector added only 38,000 jobs during the month.
"Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything," Yastrow said. "We’re on the verge of a great, great depression. The [Federal Reserve] knows it.
"They know not, neither will they understand; they walk on in darkness" (Ps. lxxxii. 5). Truth, in spite of all its powerful manifestations, is completely withheld from them, and the following words of Scripture may be applied to them, "And now men see not the light which is bright in the skies" (Job xxxvii. 21). They are the multitude of ordinary men: there is no need to notice them in this treatise.