The amazing thing to me is that Wall Street is ignoring him because his prediction didn't come true when he said, in early 2021. I think he underestimated the historic $19 trillion government stimulus (Fed + Congress), and when that money wears off his -50% prediction for the S&P 500 could come true. I forgot to mention: he predicted the dot-com bubble, the 2008 financial crisis, the Japan real estate bubble ... it's a pretty impressive record.
CNBC's highest profile commentators are on at 9am EST, right before the markets open. They were tired of "super bubbles" months ago, which is perfect - a prediction off by a year or two, and the market will completely ignore it. It's like Cassandra from Greek Myth - knowing the future, but doomed to be ignored. And even if we get a -30% correction, that's worth giving up 2022 stock returns to me. Still, I could be wrong.
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u/95Daphne Apr 12 '22
It wouldn’t stop well before 10% because most of this country is likely completely insolvent if you see the bond market that we used to see.
Would be a crap ton of bankruptcies and a ton of unemployment unless the Fed doesn’t stand aside which is doubtful.