It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Celente -- who forecast the subprime mortgage financial crisis and the dollar's decline a year ago and gold's current rise in May -- told the newspaper the subprime mortgage meltdown was just the first "small, high-risk segment of the market" to collapse.
Derivative dealers, hedge funds, buyout firms and other market players will also unravel, he said.
Massive corporate losses, such as those recently posted by Citigroup Inc. (NYSE:C) and General Motors Corp. (NYSE:GM), will also be fairly common "for some time to come," he said.
He said he would not "be surprised if giants tumble to their deaths," Celente said.
The Panic of 2008 will lead to a lower U.S. standard of living, he said.
A result will be a drop in holiday spending a year from now, followed by a permanent end of the "retail holiday frenzy" that has driven the U.S. economy since the 1940s, he said.
"We are going to see economic times the likes of which no living person has seen," Trends Research Institute Director Gerald Celente said, forecasting a "Panic of 2008."
Stocks hurt by retailers
Major indexes fall as Best Buy warns, stoking new fears about recession.
NEW YORK (CNNMoney.com) -- Stocks fell Wednesday morning as a fresh bout of weakness from major retailers stoked fears that anemic consumer spending will push the economy into recession.
The Dow Jones industrial average (INDU) was down 1.6% in early trading. The Standard & Poor's 500 (SPX) index was also off 1.6% and the Nasdaq composite (COMP) fell 1.4%.
Stocks fell Tuesday, for the second session in a row, as investors largely overlooked a new government plan aimed at helping struggling homeowners.
No. 1 electronics retailer cuts profit forecast, blames continued weakness in consumer spending heading into critical holiday shopping period.
EMAIL | PRINT | SHARE | RSS Yahoo! Buzz
Subscribe to Companies
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close) By Parija B. Kavilanz, CNNMoney.com senior writer
Last Updated: November 12, 2008: 9:13 AM ET
Retailers under pressure
NEW YORK (CNNMoney.com) -- Best Buy, the No. 1 electronics retailer, cut its full-year profit forecast Wednesday, citing continued weakness in consumer spending that it says has been exacerbated by the "recent turmoil in the financial markets."
The company also said "uncertainty regarding future consumer spending" would limit its ability to project revenue for the critical holiday shopping season.
That's a huge problem since the November-December holiday shopping months typically account for 50% or more of retailers' annual profits and sales.
"In 42 years of retailing, we've never seen such difficult times for the consumer," Brian Dunn, president and chief operating officer of Best Buy, said in a statement. "People are making dramatic changes in how much they spend, and we're not immune from those forces."
But Brent Houlden, leader of Deloitte's retail practice, expressed doubt Canadian consumers will be as frugal this holiday as they say. "We view these results positively and believe that Canadian retail sales this year will be higher than last year," he said in a statement.
Shoppers feeling scroogey this year: survey
It will be a Christmas of scrimping and bargain hunting.
As the financial crisis deepens and uncertainty about the economy grows, many Canadians say they're going to significantly cut back their holiday spending compared with last year, according to a new survey by Deloitte & Touche, a financial advisory firm.
"This year, I think it will be very much a focus on making do with less," said Bruce Cran, president of the Consumers' Association of Canada.
About 40 per cent of those surveyed said they plan to reduce what they spend this holiday season, compared with just 25 per cent who said that last year. People living in Vancouver and Toronto were more likely than other Canadians to report plans to cut back, with 45 and 46 per cent of those surveyed saying they will reduce their holiday spending.