Financial Fest Speaker Forecasts an Obama Victory and an Economic Boom
Author, H. L. Quist, called the current financial crisis in July, 2005.
Phoenix, AZ (Issues Wire / PRWEB) November 5, 2008 -- H. L. Quist, author and historical economist, speaking at the 16th Annual Financial Fest 2008 in Phoenix, Arizona, told a surprised audience on Saturday, November 1 that, "Barring something unforeseen, an Obama victory seemed certain and could lead to an unexpected inflationary boom beginning as early as mid-2009."
Quist, who has had 35 years experience in financial services and 10 as a real estate developer said, "All markets move based upon fundamentals and emotion. The U.S. Congress, the Treasury Department, the FDIC, and the Federal Reserve Bank of the U.S. have already enacted new legislation and policy mandates to avoid a deflationary recession. I believe these fundamental changes will be effective." "In fact," Quist told the overflow crowd, "one year from now at this same conference, all speakers will probably assert that this massive market intervention was 'over-kill' and inflation is now the number one concern."
Consumer sentiment in September had reached an all-time low and economists and market experts maintain that recovery can't occur unless fear dissipates and the consumer is willing and able to return to normal spending patterns.
"Something is happening during this election that has never happened previously in America," Quist was quoted as saying. "There is an emotional fervor for a presidential candidate and tens of millions of voters look upon Barack Obama as a savior, and a redeemer. These citizens fervently believe that a President Obama will make things right for America's working class. Fear, anger and resentment could be washed away by The Audacity--of--hope. I don't think," Quist continued, "economists and market analysts have factored into their GDP predictions how this emotional fervor could translate into positive consumer sentiment."
"One of the great ironies in American politics is about to unfold," according to Quist. He believes Wall Street greed and its ethical impairment has created enormous voter resentment against the present ruling class and is a major contributor to the Obama victory. However, an unexpected economic and market recovery during the first three years of the Obama administration, will do more to repair the carnage on Wall St. than a Republican victory. "The recovery in the stock market could be a V correction similar to the period 1976 to 1978 when Jimmy Carter was elected President and the market had declined 50% under the Nixon and Ford administrations," Quist told the Financial Fest audience, as he compared the 1970's to today. "Investors," he said, "must separate their political ideology from economic realities in order to see the investment opportunities ahead." Quist boldly forecasted that all three asset classes: equities, real estate, and commodities could reach their previous 2007 highs within three years. "Inflation," he warned, however, "could morph into hyperinflation if new leadership is not prudent."
Will Obama be able to deliver on his promise? Only time will tell. But, it's the perception that change will occur that will help move markets early in his presidency.
H. L. Quist is the author of "The Aftermath of Greed: Get Ready For The Coming Inflationary Boom." He is also the author of 3 other non-fiction and fiction books, and hosts his own radio show "The Myth Buster."
Contact:
H L Quist
602-840-4117
http://theaftermathofgreed-updates.blogspot.com/
The Myth Buster Show
Monday's 1-2 p.m.
KFNN 1510AM, Phoenix
www.kfnn.com
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