Experts: Recession looms

In Rhinebeck, Gerald Celente, president of the Trends Research Institute, a forecasting and publishing business, thinks future troubles will appear in the retail sector, manufacturing and commercial construction, all on top of the existing troubled areas.

“We’re forecasting a depression,” he said. The nation is in worse shape now than in the 1930s, he added, pointing to that era’s lower personal debt burdens, a federal budget surplus, no trade deficits or wars and a better manufacturing base.

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