A 47-year market vet explains why he sees the economy's 'super-cycle' hurtling towards depression — and lays out his case for an 80% stock plunge later this year
rally transpiring before an eventual collapse. In fact, he thinks the benchmark will exceed 4,000 by Labor Day — implying upside of about 40% from current levels. He refers to this as the final "melt up" and says it will be "a secular top that I expect to be the high-water mark for decades to come.
If that medium-term bullish sentiment sounds familiar, it's because equity strategists at Goldman Sachs recentlyon the heels of a $2.3 trillion Fed stimulus announcement. It's become a popular sentiment across Wall Street that the Fed's actions have bailed out financial markets and enabled risk-takers.
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