Meet the Man Who Predicted Wrong

Friday, 3/06/2020 09:19

Cos now his insight's come right...!

OKAY MSM, you've gone too far, writes Gary Tanashian in his Notes from the Rabbit Hole.

A headline beginning with "man who predicted" is no better than than those infernal Taboola and Outbrained infomercials disguised as content, and financial internet Pitchmen of all stripes.

It's worse actually, because at least people know that is promotion. You represent yourself as a real financial market information source.

Put aside for a moment that good ole' Campbell Harvey, "man who predicted" an $800 gold price and just last October predicted a decline in gold's 'real' return (seen gold vs. commodities and currencies lately, Mr. Harvey?) is still waiting.

Put aside for a moment Casey and his Asteroids, Sinclair and his $174,000 an ounce gold price prediction, Dent and his perma-Dow 6000 and the ultimate "man who..." Stansberry, and his whatever.

But this is the mainstream media and Peter Schiff has had its ear...and its readers' eyeballs...for years of incorrect calls.

And so here we go again.

"Man who predicted the 2008 financial crisis," reports MarketWatch, "says coronavirus may mean his bets of stock-market carnage are finally beginning to crystallize."

What word gives away the shtick? Anyone? Bueller?

Yes, that's it, "Finally"...!

His bets on stock market carnage are finally beginning to crystallize. And it's only been 12 years waiting for it. And by the way, we all predicted the 2008 financial crisis. I was personally writing about it from 2004 until it finally came true in 2007-2008. Whoopee.

To boot, the latest bearish views have been catalyzed by the Corona effing virus, no less. I have seen several perma-bears lately using the spreading fear as a tool...and a promotion.

"We made massive profits on our puts" they crow, while remaining perma-silent on all those puts expiring worthless over the last 12 years. 'The stock market is finally going to crash' due to COVID-19 they warn.

If anything, this perma-bear stuff using the virus as the key justification makes me want to improve the other view; the bullish one.