“Major Crash” Coming for Stocks. DOW 3300: Harry Dent
The good news, for those long, is Dent predicts the Dow will trade as high as 13,200 by mid-summer and the S&P 500 as high as 1430, or more-than 7% above current levels. The bad news is "then we could see another major crash," Dent says, forecasting the Dow could trade as low as 3300 in a worst-case scenario. "Bubbles go back to where they started or a little lower," he says. "The stock market bubble started at (Dow) 3800 in late 1994."
Billionaires Dumping Stocks, Fleeing Market
Treasury Secretary Timothy Geithner threw a bomb at America’s financial future last night, saying he is “certain” another financial catastrophe is on the way and that there is no way of reaching agreement on the debt ceiling without increasing taxes on the wealthy.
And he blamed a combination of timid politicians and credit card-debt-ridden Americans, rather than Wall Street and the big banks, for the financial woes that have beset the country over the past three years.