Economic Outlook for 2013″Terrible, I am Very Worried” Ben Stein

Morning Folks!!

What is your economic outlook for 2013?

'Terrible, I am very worried'

Ben Stein 11/10/12

And I tend to agree. 2013 is going to be challenging year. Possibly the most challenging since 2009. Each time the economy seems to be getting off the canvas another wallop comes and we fall flat and confidence gained is confidence lost.

Now NEVER confuse bad economic times with opportunity. There will also be lots of opportunity. People have less money, their debt is going to rise again and at some point there is a risk of going bust.

The fiscal cliff is coming and chances are we either go over the cliff or the medicine will be severe and taste really bad. You and I are the ones holding the bag. Never forget that. Most Americans work harder today to get less, buy less, have less and save less.

I think you will see mass moves in business in where they decide to locate. California is not the best place to open a business today. Much better to do business out of Nevada. USA may not be the best place to do business after all the dust settles and there will be countries and locales looking to court your business.

A global shift is happening. Companies will have to rethink how and where they do business and live in the future like never before. Stable governments, with great lifestyles and friendly to business with low taxes etc.

We always need to be nimble and change things when those things get out of whack. Things are out of whack and Niagara Falls is just weeks away. No matter the cure, the pain is going to be noticeable and severe. Those that are not at full throttle risk everything. Their 'Sandy' will just look different.

Have a GREAT Day!
Rick Schwartz


25 thoughts on “Economic Outlook for 2013″Terrible, I am Very Worried” Ben Stein

  1. Guy

    I think 2013 will be a little more than ‘terrible’.
    the u.s is so vast luckily there will still be pockets where day to day life will still be ok, rural life will be better than city livers
    again in this business we can do business with anyone in world at the touch of a few keys and can work anywhere on globe so it’s gold.
    luckily I figured this out many years ago
    I’m in europe and it’s getting pretty scary. spain, greece, italy.. people hanging themselves in public parks and throwing themselves off balconies when the debt collectors arrive.
    the euro and europe has already collapsed as has the banks, they have just passed the parcel. the music stops next year.
    again, there are pockets where you will be ok, but you need lateral thinking.
    it’s going to get really bad for many years. opportunities for some but the masses are going to get it very bad.
    but before people in the u.s breath a sigh of relief I would rather be anywhere in europe than in the u.s.
    you have unprecedented times ahead

  2. KA

    My three-year-old nephew just got a 40K US$ pre-approved line of credit application for CC. Believe in America!

  3. Martin

    Hey Rick,
    Thought you were saying sunshine is coming down the pike? We were almost to the promised land? Change was coming to America after the election?
    Ok,…I paraphrased your verbiage but that was your sensibility if I remember correctly.
    This is a 4th Turning.
    America needs to reclaim her adherence to liberty and that means following the Constitution. Unless and Until America decides to follow the Constitution there is no hope for America. None. Zero.

  4. Don W

    I had a record year for PPC, but only sold 4 so far. I have seen 2013 coming from afar, and renewed my top 500 names for a minumum of 5 years. I also added pre-pay of $1000 to several registrars. Good luck everyone.
    Don W

  5. 1808

    @Don….I wonder how many domainer reggeed their best domains out for multiple years. I just regged my top 25% out to 2019, just to be safe. :)
    If we have not learned from the last collapse, then shame on us.

  6. 1808

    Hey Rick, I’m right their with you on the economy, it’s going to collapse, but Ben Stein lost my respect when he publicly berated Peter Schiff in 2007 when Peter called the recession on CNBC. It was absolutely astonishing.
    This is one of the most incredible and insightful interviews on the economy in 2007. It made Peter Schiff very famous. He got belittled on TV by some five”respected” economists.
    You have to see this !!! Ben Stein should go crawl under a rock after this.

  7. Anunt

    We are investing in these 2 hot sectors right now to make millions.
    Internet Sweepstakes Casinos – mostly in Florida – a meet up place for old people who gamble hoping to win…they spend their governments free monthly checks and have fun…they have fun on gov’t money…we make $$$$$$$…win-win situation
    Medical Clinics – banking on old people who have Medicare Insurance – they have free insurance from gov’t … they get free care…we make $$$$$$$…win-win situation.
    Basically, the US gov’t has plenty of money to give away…and we just take that free money that they give away to people…US Govt gets in more debt…they don’t care…we hell don’t care as long as we get ours…people get free money from gov’t and have fun…we take it…only way to make big money these days!!!

  8. Jason Barrett

    I couldn’t agree with you more Rick with respect to the mass moves of businesses. The first thing I went through on election night was an analysis of other countries to determine the best place to set up shop for my own.
    I have said before in other venues, sometimes you just have to let people touch the hot stove. You can try to help and try to warn them, but they just don’t see it as being hot. It is going to be very hot when strong viable businesses start moving their tax production elsewhere.

  9. Martin

    @1808 –
    You got that right.
    Stein is a statist Keynesian shill.
    Schiff practices Austrian economics which is clearly the correct model for economic monetary policy.
    Think Rick is smart….but this last election maybe shows that same old – same old – statist – centrally planned economic models is what we are going to keep getting more of unless we think outside the box. Republicans could have won this election if they didnt insult, belittle, marginalize Ron Paul.
    Rick would be better off endorsing his own economic self interest of free markets and following the Constitution. The Constitution is our best friend and it amazes me so many people dismiss it. What in blue blazes were you taught in High School, people?!?!?!

  10. architectlasvegas

    Couldn’t agree more. It’s been a hard 4-5 years here in Las Vegas, but real estate is as cheap as its going to get. Things are finally looking up and it would be great to see more internet businesses located here. I think the biggest one we have is Zappos!

  11. Donny

    speaking of Vegas I lost an auction today for went for 7100.00. 5 max for me. Now that is depressing. Anyone know who catchname is? onto next one.
    If it gets to bad in US I will just go to Canada. Hopefully separation of states does not come about. Yikes.

  12. Turkeys

    See all the chicken littles are out in force today. If anyone mentions Austrian economics then I know they are a youtube dunce, if they mention that additionally with Ron Paul (nice guy but clearly misguided in economics) then I really know they are gullible.
    Please would some turkey start telling me why fiat money is so bad and why gold is so good? Then I can start plucking your stupid feathers off.

  13. Turkeys

    “The fiscal cliff is coming and chances are we either go over the cliff or the medicine will be severe and taste really bad.”
    It doesn’t need to be. Debt and equity are simply claims ultimately to physical items that are there the next day when the sun rises. The US could easily stop borrowing and start printing funds instead. The dollar would depreciate and exporters would benefit. China would lose a shed load on its US dollar holdings, so it will probably keep on propping up the dollar meaning China just keeps on getting itself deeper. The US isn’t a debtor to a bank facing foreclosure, it owns the bank. Huge Huge difference.
    Problem is, too many people are looking at macro economics in the same context as personal investment. They are substantially different.

  14. Josh

    On July 18, 2012, Rick said:
    I could point to many things to support my argument but I don’t want to go all political. All I will venture to say is that I believe Romney will win by an”electoral” landslide, the Senate will flip and the House will not look much different then it does now. A new course will be set and it won’t look like the last administration or this one. If you don’t agree with me, fine, but I guess we can look back at this prediction come November.
    And I said:
    Romney winning by a landslide?
    I see Obama winning by 20-30 votes in the electoral college. Problem is, 48% of people pay no income tax. There’s 48% of the vote immediately for the other side. We’ve taken a turn for dependence and socialism and I expect that to continue.

    So I was wrong. Obama won by 60 electoral votes. And apparently 51% of the electorate doesn’t pay income taxes, not 48%. :) With an entitlement attitude, an anti-business President, crushing government debt and a government who now prints money to monetize the debt = an inconsequential, European-style socialistic country swirling in the toilet. :)

  15. Turkeys

    Martin, you’re a turkey, you read any old dross posted on youtube and then you’re a born again believer.
    America doesn’t face any problems economically that it can’t deal with. It will be energy self sufficient by 2020 and a net exporter of energy subsequently thereafter.
    The biggest issue facing America and other Western Nations is the massive imbalance of income.
    There are some other very big issues that I am researching at the moment which are far more systemic and need to be rectified, but I’ll detail those when I am in a position to get credit.
    You should start reading more, you might then change your views more. Read Krugman in the NY times, perhaps have a bit of a listen to videos.
    Ron Paul is a doctor of medicine, the Austrian economists are laughed at. Wise up. 100% of eminent economists say the gold standard is bunk for obvious reasons.

  16. Jay

    Thanks for posting the video with Peter Schiff. Good example of seeing the future when no one else understands or has a selfish agenda.
    The reality of the financial situation goes so far beyond home loans that it is of great concern to my well-informed friends. Everyone else isn’t paying attention.
    Keep busy and focus on opportunity.

  17. ScottM

    Obama won by the exact same popular vote % as Bush did in 2004. The reality is now that the people are reluctant to deprive a”modern” president in the last 20 years of a second term, short of malfeasanse in office. If allowed Clinton could have probably won a third term despite his personal indiscretions, and absent volunteers, uh voters, who thought a third-party candidate (Ross Perot) could actually win in 1992, George H.W. Bush would also have won re-election, and the proof is that in 2012 a very popular and well-liked former Republican governor turned Libertarian, Gary Johnson, only got 1% of the vote. By contrast Perot was not ever elected governor or held office.
    As for the 2012 election … from a friend who analyzes election polls and numbers better than almost anybody …
    “… lets look at the real damage from the ground game in real numbers. Here are the four states that if they were flipped would have won the election for Governor Romney in the electoral college. I will place behind each the total number of votes which the governor fell short of winning the state. Without further ado:
    Florida: 73,858
    Ohio: 103,481
    Virginia: 115,910
    Colorado: 113,099
    If you tally the four states, you will find a collective margin of 406,348. You read that right: approximately 407,000 additional votes is all that stood between Governor Romney and 275 electoral votes instead of the 206 he ended up getting! As I predicted a few more electoral votes than 275 for the governor, let us look at a few more states that were similarly close:


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