Back to the Great Depression?
Wall Street has had its worst June since 1930. How much worse could the world economy get? He thinks Wall Street and the other main markets have a lot further to drop, and will end up 70% below the peaks of last year. That would imply a level of just 500 for the S&P 500, which was at 1,280 on Friday, and 4,500 for the Dow, compared with Fridays closing level of 11,346.
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