Tax Cuts and Debt – Gerald Celente

Gerald Celente in this video predicts a stock market drop. Gerald is being interviewed by Greg Hunter of USA Watchdog.

The only thing that caused the market to go up was cheap money. Companies could borrow all they wanted at an extremely low interest rate.

90% of stocks are owned by 10% of the people and the average held by the top 10% is $350,000.

The remaining 10% is owned by the 90% of the people through mostly their IRAs, Pensions, etc. The average stock holdings of this 90% of the people is $10,000-$15,000.

Ownership in stocks is concentrated at the top with the richest people.

There was a lot of talk about the wage increases the tax cut was going to give people but the evidence shows that the vast bulk of the of the raises went to high paid upper management that was already doing well.

The vast majority of middle class are still suffering with low wages. Making ends meet with today’s inflation and rising prices is making life more difficult for the majority of people.

The corporate tax cuts we were told would spur growth and industrial production has largely gone for stock buybacks and upper management bonuses and raises.

Fears of interest rate hikes caused the recent stock market drop and volatility. It caused the recent 10% correction.

However Gerald Celente believes the Trump stock market ralley is at its peak.

Trump allowed corporations to bring back money they had stashed overseas to avoid taxes.

George Bush did the same thing in 2003-2004. However studies show that 96% of that money to the corporations went into stock buy backs and not capital improvements.

Trump gave the corporations a big tax break and a 21% tax rate from a 35% tax rate.

But that money is not going to be going to capital improvements. Corporations were already doing really well. Corporate profits were already up 19% before the tax cut.

Gerald Celente is the publisher of the Trends Journal. You can find out more at Trends Research. As the Trends Journal tagline says it delivers “History Before It Happens.” Gerald is the leading forecaster of worldwide trends.

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