Michael Pento: Stocks Most Expensive Ever - Greater Depression Coming - Get Ready for Stagflation

"When inflation becomes the problem, what can the Fed do? Promise to buy stocks and print more money? What can the Fed do? Print money to buy down interest rates when the economy is in full revolt? When money managers are shorting bonds and driving yields to the moon. No, the only thing they can do is stop printing money and promise to fight inflation. That's when you are going to get 6,000 on the Dow Jones Industrial average because there's nothing they can do. The Fed will be rendered impotent."

Michael Pento is a specialist in Austrian economics and is the President of Pento Portfolio Strategies. Prior to starting Pento Portfolio Strategies he served as a senior economist and VP of the managed products division of another well known financial firm. Michael has also created ETFs and UITs that were sold throughout Wall Street. Earlier in his career, he worked on the floor of the NYSE. He is the author of The Coming Bond Market Collapse: How to Survive the Demise of the U.S. Debt Market.