The nature of financial panics
Bob Prechter called it
In 2000, Bob Prechter published a book called "Conquering the Crash" in which he accurately predicted the current financial markets meltdown right down to the bank failures and futile "bailout" actions on the part of the Fed.
This past October, Prechter was asked if we could expect to see a "bottom" any time soon. In other words, the end of the declines and the beginning of the rebuilding of share values.
He quite confidently said the equivalent of "no way!"
That was over four months ago and so far he's was right on the money.
Prechter is a highly respected analyst on Wall Street as demonstrated by his frequent appearances on Bloomberg TV.
Unfortunately, his message is not getting to the "average" investor who is being told to "hold steady."
Holding steady in a period of dramatic deflation is a great formula for going broke.
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