Charles Ortel of Newport Value Partners has Grim view of Economy and Market
Charles Ortel of Newport Value Partners earlier today in a televised interview expressed his concerns for the long term prospects of the US economy and financial markets. He stated world governments prevented an immediate catastrophe a year ago with a huge increase in government spending and backstopping, but this will come at a huge price.
Mr. Ortel indicated if you look at a long term trend chart of private sector aggregate incomes it "has fallen off of a cliff" while at the same time "aggregate debt is skyrocketing". He sees long term systemic problems in the balance of government spending and taxation and demographic trends in most developed economies.
Mr.Ortel states the market is currently overvalued and is ripe for a trend down as soon as September and October. He sees a commercial real estate collapse as another trigger for a downward trending market in the near term.
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