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GreatDriver

Listed below are comments made by GreatDriver between Friday, 23rd January 2009 and Friday, 23rd January 2009.

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The writing on the wall 12:33pm on 23 Jan 2009 "not one forecaster predicted the scale of the meltdown"

As several people have already mentioned it was not difficult to see trouble on the horizon, but did any one predict the scale of it?

I'd like to mention Elliott Wave International, and Robert Prechter who have been predicting this epic downturn for some while.

In their January 2007 forecast they predicted that 2007 would be “The Year of the Financial Flameout".

But as far back as 2003 they were warning that this was coming...
Stock markets around the world will continue to fall. Ultimately, the averages will drop more than 90 percent.
- Real estate values will fall more than they did in the 1930s and 1940s.
- Rating services will resume the trend of downgrading bond quality. Eventually, states, counties, cities, corporations and even nations will default on bonds in record amounts.
- Debt packages made of mortgage-backed bonds, auto loans and credit card debt will become viewed as unworthy investments.
- Many, if not most, pension plans will fall in value and be unable to provide the promised benefits. Anger over this development will result in demonstrations, violence and tardy and ineffective political reform.
- Prices for collectibles will continue to fall. Many will become little more than curios.
- More banks will fail than failed in the 1930s.
- The total amount of credit outstanding worldwide will decline substantially.
- The Federal Reserve chairman will be labeled a fool who is greatly responsible for the collapse.
- The trend toward economic contraction that began in 2001 will continue to develop into a depression.
- The unemployment rate in the U.S. and in most countries around the world will rise and eventually exceed 25 percent.
- A record number of manufacturing companies in the U.S. will fail.
- A Democrat will be the next president

This organisation has a far better understanding of what is going, and more importantly where it will end than any mainstream 'expert'.

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