Excerpt from an interview with the great Jim Glassman:
So, ten years ago you predicted the Dow would reach 36,000. This week, the Dow fell to its lowest level since 1997, and 6,000 seems more likely than 36,000. On behalf of investors and readers everywhere: What happened?
I think that people who read my columns would consider me a level-headed person who doesn’t get upset, either way, doesn’t have tremendous enthusiasms…..The second point was that based on our calculations, we believed that stocks would rise to roughly 36,000. We said in the book that it is impossible to predict how long it will take for the market to recognize that Dow 36,000 is perfectly reasonable, but then, of course, we did take a guess
You said three to five years[….]
Would you be willing to hazard a guess on where the market will be three to five years from now?
No, and I think if there was a mistake in “Dow 36,000,” it was that we in that one sentence did hazard a guess. We sort of said two different things: It’s impossible to predict when this is going to happen, and then we said, well, we’ll predict it, anyway.[…..]
But you don’t feel the need to apologize to someone that read your book, went in and got creamed?
With financial columnists like Glassman and financial talking heads like Jim Cramer and Rick Santelli, it’s no wonder we’re facing the worst depression in 70 years.