Commentary: Ironically, you’ll win by buying banks now
SAN LUIS OBISPO, Calif. (MarketWatch) — “Facebook will become the poster child for the current social-media bubble,” warns economist Gary Shilling in his latest Forbes column, “just as Pets.com was for the dot-com bubble.” Yes, Wall Street is repeating the 2000 dot-com crash as today’s social-media bubble crashes and burns.
Think history folks: Remember 2000-2002? The economy suffered a 30-month
recession and a brutal bear market. The Dow Jones Industrial Average
peaked at 11,722, then crashed, losing over 4,000 points dropping below
7,500, down more than 43%, with massive losses of more than $8 trillion
in market cap.
But it gets worse: Shilling’s bluntly warning: “If we aren’t already in a
recession, we’re getting very close.” Yes, he’s more reserved than
Nobel economist Paul Krugman, whose latest book goes beyond hinting that
the America economy is repeating the 2000-2002 recession, His title
says it all: “End This Depression Now!”
No comments:
Post a Comment