SocGen's Albert Edwards: Turmoil this year could be as bad as 2008 financial crisis

Expects S&P to fall to a new low

Permabear Albert Edwards, strategist at Société Générale, has warned the risk of a recession in 2017 is much higher than people anticipate and the year could see similar levels of financial turmoil to those suffered in 2008.

Speaking at Société Générale's annual global strategy presentation, entitled Are investors in denial or do fiscal fireworks mark yet another 'new era'?, Edwards told investors a recession is highly likely this year due to large corporate debt loads in the US. Furthermore, the strategist, who is known for his bearish views, said the economic decline could be just as bad as that witnessed during the 2008 financial crisis.  He added: "I personally expect the S&P to fall to a new low. The Federal Reserve is also likely to tighten much more than the market expects because of rapid wage inf...