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This Fantasy Is Going To Have A Brutal Ending – What’s On The Other Side Of This Will Be Depression-Like Conditions
from KingWorldNews:
Let’s take a step back: This is now the third mania of the last 15 years. And when you go through these periods, what happens is that part way through it you get to a point where it goes on long enough that people that might have been skeptical start to kind of become believers at the margin. Then they start to forget their fears. Then they think their fears were wrong. The mania that’s underway wins more and more adherents and participants. These things go on for some time. At the same time you’ve got this structure that if the market could start down, it could feed on itself violently.
I personally don’t think the market has ever been more crash prone than it is now. I understood what was going on in 1987 and in the spring (of ’87) I said to people that this is going to end in a wipeout. I knew the structure was not going to work. It was impossible to think that everyone could get out at the same time.
