Prechter on CNBC: Market Pro: Long Bear Market Looming
Robert Prechter, president of Elliott Wave International, tells host Maria Bartiromo why he sees dark days ahead on CNBC’s Closing Bell.
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, the government will tax the hell out of priecous metal transactions, probably to the tune of 50%. This avoids the angry rhetoric and gunfire that outright confiscation might cause, and achieves the same result.4) Stocks will go up because of the huge liquidity injections and this will be shown as “evidence” by politicians that all is well.5) Mortgage rates will drop to historically low numbers because that is what the voters will demand.6) The USD as we knew it is toast. It will be devalued 10%-20% a year, and eventually replaced by a new regional currency similar to the Euro. 7) U.S. GDP will be calculated using a new formula that masks the true implosion. All smoke and mirrors from here on out.8) Lereah? Who cares?9) Foreclosures will be stalled by emergency legislation once the pain and outcry gets bad enough to bring in Congress. Hey, if hedge funds can get away with it, why not Joe Blow?10) Casey will do a little time at Club Fed, then write a best-selling book. Given his experience and obvious lack of morality, I see a career in politics for the kid.