The stock market topped out in January 2000 and proceeded to fall 40% over the next 32 months. Here is what the “experts” had to say at the time. You could fast forward to 2007 and the same idiots were saying the same things, before the market proceeded to drop 50%. Turn on CNBC today and many of these same shills are mouthing the same gibberish. At least they are consistent assholes.
March 1999: Harry S. Dent, author of “The Roaring 2000s.” “There has been a paradigm shift.” Poor Harry, the New Economy arrived, so did a long recession.
August 1999: Charles Kadlec, author, “Dow 100,000.” “The DJIA will reach 100,000 in 2020 after “two decades of above-average economic growth with price stability.”
October 1999: James Glassman, author, “Dow 36,000.” “What is dangerous is for Americans not to be in the market. We’re going to reach a point where stocks are correctly priced … it’s not a bubble … The stock market is undervalued.”
December 1999: Joseph Battipaglia, market analyst. “Some fear a burst Internet bubble, but our analysis shows that Internet companies … carry expected long-term growth rates twice other rapidly growing segments within tech.”
December 1999: Larry Wachtel, Prudential. “Most of these stocks are reasonably priced. There’s no reason for them to correct violently in the year 2000.” Nasdaq lost over 50%.
December 1999: Ralph Acampora, Prudential Securities. “I’m not saying this is a straight line up. … I’m saying any kind of declines, buy them!”
February 2000: Larry Kudlow, CNBC host. “This correction will run its course until the middle of the year. Then things will pick up again, because not even Greenspan can stop the Internet economy.”
April 2000: Myron Kandel, CNN. “The bottom line is in, before the end of the year, the Nasdaq and Dow will be at new record highs.”
September 2000: Jim Cramer, host of “Mad Money” on CNBC. Sun Microsystems “has the best near-term outlook of any company I know.” It dropped from $60 to below $3 in two years.
November 2000: Louis Rukeyser on CNN. “Over the next year or two the market will be higher, and I know over the next five to ten years it will be higher.” Markets kept losing for a few yearsl
December 2000: Jeffrey Applegate, Lehman strategist. “The bulk of the correction is behind us, so now is the time to be offensive, not defensive.” Another sucker’s rally.
December 2000: Alan Greenspan. “The three- to five-year earnings projections of more than a thousand analysts … have generally held firm. Such expectations, should they persist, bode well for continued capital deepening and sustained growth.”
January 2001: Suze Orman, financial guru. “The QQQ, they’re a buy. They may go down, but if you dollar-cost average, where you put money every single month into them, I think, in the long run, it’s the way to play the Nasdaq.” The QQQ fell 60% further.
March 2001: Maria Bartiromo, CNBC anchor. “The individual out there is actually not throwing money at things that they do not understand, and is actually using the news and using the information out there to make smart decisions.”
April 2001: Abby Joseph Cohen, Goldman Sachs. “The time to be nervous was a year ago. The S&P was overvalued, it’s now undervalued.” Markets crashed for 18 more months.
August 2001: Lou Dobbs, CNN anchor. “Let me make it very clear. I’m a bull, on the market, on the economy. And let me repeat, I am a bull.” And down it went.
June 2002: Larry Kudlow, CNBC host. “The shock therapy of a decisive war will elevate the stock market by a couple thousand points.” He also predicted the Dow would hit 35,000 by 2010.
Off topic , but ……Vladimir Putin has temporarily stopped the war in Ukraine.
Vladimir Putin is riding into the Ukraine with his ..Night Wolves… biker gang on a trlke.I wonder if he is for real .Anyway Women are saying he is sexy on his trike.
Goes to show you the “experts” only pedal the story their masters insist upon. Get outta line and get outta a job! Personal integrity is a WWII heirloom. The only TV pundits I see tell the truth are Max Kaiser and Stacy Herbert on RT. http://www.maxkeiser.com/
2nd try after a 524 error…these lackey only repeat what they’re told. If you don’t go along to get along you get fired or forced out. Only financial truth I see is here, ZH, and Max & Stacy http://www.maxkeiser.com and a few others.
Off topic but topical:
How ’bout that airliner crash today? Sounds just like the Air France Airbus that went down. AND this happened near CERN. Coincidence? May they RIP.
My first question is were the pilots Muslims?
Unbelievable ! I just saw Ralph Acampora on FOX business news with that Wall St. whore Maria Barteloromo and he said nearly the EXACT, SAME thing as above! WTF ?!!
@ Admin,
Hey! Not Cool!
If you are simply going to Copy, Cut & Paste, show a little Class and give props to the author of the article. (e.g. Paul B. Farrell)
http://www.marketwatch.com/story/watch-out-for-wall-streets-new-game-of-liars-poker-2015-03-21?page=1
if not the Book/Authors he was referring to:
Cheers, S. Rex
No worries.
According to my hub and his smarter than the average bear brothers, a correction does NOT matter as “the market always comes back.”
What if we lose reserve status? Market always comes back
What if WWIII comes about? Market always comes back
What if it takes nearly 2 decades like the Depression. Market always comes back.
What about all the times in world the market did NOT come back, was shut down permanently? Then those with cash will be on the ground floor of the next one.
How do you have cash to invest if you stay invested in the market that is now gone?
*crickets*
NO WORRIES.
The masters of the universe have spoken. And, just because they have doubled, tripled and quadrupled – or more – their salaries and wages since they proved they were both clueless and horrible at their jobs, then what are the rest of us bitching about?
I swear to God I would be hard pressed to punch one of those smug, clueless, rich and connected “experts” in the nose if I met them. Tell them how they shouldn’t worry about the crunching sound they heard, “septums always heal.”
Dirty, clueless bastards. At least it is usually the scum like that when faced with reality and their part in allowing the destruction to occur, will have the good sense to leave this earth on their own terms.
@T4C, I don’t need to (already did) as the opinions expressed were those of my hub and his braintrust.
I’ve read, studied, researched, catalogued, forwarded, explained, Cliff Notes, begged, pleaded, proven and IT DOESN’T MATTER to him, nor his “smart” braintrust.
I’ve known since I first took accounting, econ and finance courses (back in the late ’80s/early ’90s) that ALL reserve currencies eventually tumble. As do all Empires.
The very real, and growing, likelihood became my pet project back around ’07/’08.
I am no longer allowed to talk about it, as this last article I printed off (about China and Australia signing agreements cutting us out), caused him to exclaim, “QUIT bugging me about this shit, we don’t have to worry about this for 20 years and I’ll be dead!”
Yep, that is my partner. Preparing for the future and his daughter’s well being. Apparently, mushrooms and ostriches are more successful and live a long damn time.