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Stock Market Report

Stock Market Crash of 2010

by Oliver Silverstein

September 20, 2010 | 10:00 AM

In the next 8 to 10 weeks, the stock market is likely to crash to a degree that has the potential to exceed the crash of 2008. I fully anticipate the stock market crash of 2010 to be recorded as one of the most devastating stock market disasters of all time.

 

That is not an easy statement to make, nor do I make it lightly.

 

The ultra-high-stakes poker game that the financial "leaders" in the U.S. are playing will lead to unimaginable poverty.

 

Bernanke, Summers, Geithner and their allies believe they can bluff the economy into recovering with policies designed to propel the stock market ever higher. They believe that a higher stock market will signal to the public that recovery is here, and that the public will respond with increased spending.

 

But in the end, it all comes down to one gigantic bluff, and the public isn't falling for it. According to ICI, there has been a record 18 weeks of public mutual fund redemptions.

 

The public is not falling for the bluff.

 

Ben, Larry and Tim keep upping the ante and pressing their bluff, pushing the stock market further and further from intrinsic value in a vain attempt to jumpstart consumer confidence, consumer spending, and thus, the economy.

 

Their bluff is failing, and the facade of recovery is wilting away.

 

The stock market has a long way to drop in order to reflect actual, real-world financial and economic conditions. Multiple sources in multiple industries report severe deterioration in financial and economic conditions.

 

The giant bluff will not last much longer.

 

According to my Elliott Wave analysis, the stock market in on the cusp of an historic decline.

 

According to multiple sources, the financial system is on the verge of catastrophic failures and cascading cross defaults.

 

According to the price of gold, the danger is very real.

 

According to CNBC, everything is fine.

 

Of course, that's what they were saying in 2008 right before the stock market crashed.

 

From where I sit and from the information that I have, all appearances are that the stock market crash of 2010 will be an order of magnitude worse than its cousin from 2008.

 

I hope I'm wrong.

 

 
 

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