I think this guy’s a little late to the party. The DOW has already lost almost 2,000 points in a little over a month. If he had said this a month ago, I would consider him a genious.
That said, I wouldn’t be surprised to learn that 6,000 U.S. banks are technically insolvent right now. If all banks marked everything on their books to market tomorrow, 6,000 insolvent banks may look like a drop in the bucket.
In any event, I hope the Fed gets out of the way and lets whatever is going to happen happen. I’d like to see a nice whoosh down that wipes out some major players. We have too much ‘capacity’ in the ‘financial industry’ and that needs to go away. The sooner it happens, the better in my opinion.
Oh, and there was some dude on here a while back predicting DOW 8,000 and I mocked him. At this rate, we’ll be there pretty soon. 🙂
