On Sept. 26, 2008 I predicted the Dow Jones would freefall to 9500. The market resisted the inescapable tug of gravity for two weeks, then opened this Monday with the grim desperation of a 1929 banker standing on the window sill.
"Sell, sell, sell."
The Dow Jones dropped over 700 points today to sink below 10,000 to my 9500 forecast.
"It's a catastrophe." A banker friend exclaimed at Nobu. He was taking me out for lunch.
"No, this is an adjustment." The stock market is bloated by the excess of greed and plain old incompetence. "7000 is a catastrophe."
"7000?" Several eavesdroppers gasped in disbelief.
"There's nothing holding up this number." The USA sells nothing. We make nothing and GW Bush is fighting two wars at the same time. There's a quarter of quadrillion dollars in debt awash in the world. "I'm calling for 6500 by 2009."
"6500?" Mouths hung slack like the cocaine run out.
"By New Year's." It sounded right, but so did 5000. I couldn't be that mean. It was only lunch, so I ordered the lobster sushi. It was delicious.
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