In an economic news report posted on YouTube (link above) by X22 Report, it cites how the average Millennial has less than $1,000 saved to buy a home. Not only do I think that's true, I would add that the average Millennial has zero money saved for retirement.
Economic News Forecasts Recession
Most younger people have low paying service sector jobs like McDonald's or Carl's Junior, and most are dealing with student loan debt.
X22 Report says that the economy has already entered into a recession and is on the verge of a complete collapse.
Please keep in mind that the X22 Report is a perma-bear YouTube channel and they make money off of doomsday preppers and pitching gold and silver. They operate in the alternative news niche and so understand the alternative news industry. Don't go bipolar and go out and short the market just yet. Nevertheless, it's good to listen to the bearish perspective to balance against the bull perspective of the mainstream financial media.
Whether we are talking about individual stocks, the stock market, or the economy, when you're wrong just admit it and then move on. The goal is to make money, not to be right 100% of the time so you can stroke your ego.
AM TV and Peter Schiff predicted that the Federal Reserve could not stop their monthly QE injections into the economy. Even though the Fed kept cutting the monthly injection all the way down to zero, alternative media outlets AM TV and Peter Schiff kept saying the Fed wouldn't stop the monthly infusions because they couldn't as the patient (the economy) would die. Peter Schiff then went on to say that the Fed was not going to hike rates in December 2015 but instead actually cut rates. The Fed increased rates a quarter point right on schedule. For all of 2016, Peter Schiff has been saying that the Fed isn't going to hike rates again but instead reverse course and lower rates. In December of 2016, the Fed will likely increase rates another quarter point.
Most alternative media outfits think they have to be crazed perma-bears to get viewers. Maybe they do. Rather than AM TV and Peter Schiff admitting they were wrong about the Federal Reserve, they double down on their wrong predictions and do another “interview” together, check it out.
There are some really good points in this interview, don't get me wrong. However, to be a successful traders and investor, you can never be a perma-bear. You can never be a perma-bull. You have to adapt and respond to market conditions. That adaptation means you have to be willing to admit when you're wrong and then to just move on.