"The forecasters of doom and gloom; Race is on to see market's bottom" by Michael M. Grynbaum, New York Times News Service | October 27, 2008
In 1987, a little-known strategist named Elaine Garzarelli found herself a newly minted celebrity after predicting the market would crash just days before Black Monday. This time, longtime doomsayers like Nouriel Roubini of New York University have become media staples since many of their most apocalyptic predictions started coming true.
That is why that is the last you will see of him in this article.
Media staple? Where? I haven't seen him once!!!
More than a few eyebrows were raised last week when news flew across trading desks that Peter Boockvar, who tracks equities at Miller Tabak, was predicting the Dow would crater to 5,000 by next year, a 40 percent decline from the current level.
Some financial pundits, however, are all too happy to broadcast their predictions, no matter how apocalyptic.
Yeah, ignore the fact that they may be RIGHT!! Just bitch, BG!!!
Peter Schiff, president of Euro Pacific Capital in Darien, Conn., and a high-profile financial Cassandra, has seen some of his most dire forecasts confirmed. On Friday, he predicted plenty more pain to come. "We could decline about 90 percent from where we are today," he said.
Schiff unreels his depressing outlook with a confidence appropriate for a man whose book, "Crash Proof: How to Profit From the Coming Economic Collapse," was published in February 2007.
"Our economy is a complete disaster. I think the recession - better to call it a depression - we are going to experience is going to collapse corporate earnings," he said. He declined to predict a specific end of the bear market, saying only that he expected the level of the Dow would eventually match the price of an ounce of gold. "I don't think the Dow would go all the way to 1,000. Could it be 4,000? That might be," he said.
Still, forecasters who get too far ahead of themselves would do well to remember an instance of notoriously poor prognostication. --more --"
Oh, you mean all the MEDIA PUKES and LYING LOOTERS that told us we were ALL gonna get rich?
Go suck on a high, hard one, BG!!!!
