Peter Costa, a regular on CNBC, discusses his strategy for stocks going forward and the reasons why he believes that current stock markets levels will not last.
I think the recovery is still a long way off. I think we still have a lot of things to go through. You have unemployment, you have the US government that’s going to be totally bankrupt in a year and a half when they have to pay all these bills. Things are not looking all the great for me.
It seems that Peter Costa’s forecast for a US government bankruptcy are right in line with Bob Chapman’s recent forecast where he called for a Total Collapse Between mid-2011 and mid-2012.
Watch Peter Costa on CNBC:
Hat tip Zero Hedge