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Wall Street Begins Whispering About Another Economic Crash

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posted on Jun, 6 2011 @ 03:48 AM
Wall Street hasnt been doing too well the past few weeks it seems

NEW YORK (MarketWatch) — Double dip? Five down weeks has Wall Street whispering about another Crash.

Mark concluded: “Perhaps the most bullish thing that could happen in coming sessions, according to contrarians, would be for the market to undergo further declines, and that those declines prove to be so discouraging that a majority of the currently bullish market timers decide to throw in the towel.”
Well, at least it looks like this process is underway.

But Russell concluded: “The whole current mess reminds me a lot of 1929-30. After the crash of ‘29, the stock market roared higher, even as the economy was simultaneously weakening. When the great post-crash rally died in April 1930, the market turned down with a vengeance, and the Great Depression began. …The market is probably now in the process of forming a complex top. If the market now turns down convincingly, we could see the beginning of Great Depression No. 2.”

Then the article goes into a small interview with someone else

Also writing on Friday night, Dennis Slothower of Stealth Stocks Daily Report may perhaps have reconciled Russell’s paradox.

The article says this guy actually made money during the 2008 crash.

So it’s also alarming to see him write: “As the economic numbers continue to progressively worsen, this bull market will soon end and be replaced with a bear market. And I fear it could be just as bad as what we saw in 2008 – maybe worse…”

“I believe this is where we are ultimately heading to test this summer. If we do not get QE3-like effort from the Fed to defend this long-term support level, then a full-blown bear market will be in the works once long-term support is breached, as we saw happen in 2008.”

Does that mean more money from the Fed?

It looks like Wall Street is at the tipping point at the moment. If things continue to get worse on into the summer, then it looks like another crash is pretty likely. I believe this time would be worse since the 08 crash, since I think we are still stuck in the recession...not to mention unemployment rose again

posted on Jun, 6 2011 @ 04:21 AM
As they should. Nasdaq, Dow, and S&P 500 are trying to break through a major resistance line, there were several day of great growth than the rally that started May 25 was crushed on 5/31 when the market had it's worst day in some time, and since then Nasdaq, Dow, and S&P 500 have been in free fall. It's looking like it could form a 'head a shoulders' and if it does we're done for. If the markets can't push through in the next week or so, it really could be the beginning of the end.

Nasdaq, Dow, and S&P 500 Indexes
edit on 6-6-2011 by BlackStar99 because: (no reason given)

posted on Jun, 6 2011 @ 04:56 AM
so it ben firing up the helicopter? sounds like it's time for him to start doling out some cash, as if it ever stopped being doled out!!

it's time to pull the plug, the patient is dead!!

posted on Jun, 6 2011 @ 05:03 AM
reply to post by dawnstar

Is the Fed politically motivated left or right? If they want those big tax and spend bailouts they should wait till three days before the election to announce QE3. I don't think anybody is expecting a double bottom in stocks near the 2008 lows! This kind of forecast makes good gold bug bait though.
edit on 6-6-2011 by Bordon81 because: (no reason given)

posted on Jun, 6 2011 @ 11:51 AM
You know I often wonder if Wallstreet and it's Banker Baron friends along with the 2% so called elite are really doing nothing more than Blackmailing the US Government(the American people). I mean honestly if you really look at it...these people really have problems handling money! At this point the government should buy up all the silver it can get and drop the freaking dollar all together. Then make a NEW US Dollar backed up by Silver. Then say screw the Bankers.

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