Famed Economist Predicts 80% Market Crash, Great Depression 2.0 by 2024
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Economist Harry Dent predicts the biggest market crash "of our lifetime" in 2024 due to overvalued markets and excessive stimulus spending. He expects an 86% drop in the S&P 500.
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Dent says this crash will be worse than 2008 and more akin to the 1929 crash, warning it could lead to a depression with deflation for the first time since the 1930s.
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He advises investors to sell stocks now while the market is near record highs to avoid massive losses when the bubble bursts. "Get out of the way," Dent says.
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Dent believes the Federal Reserve has no chance of a soft landing and its tightening will hit harder in 2024, leading to a depression within a year.
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The crash will hurt the rich more than average Americans, with the wealthy seeing 50-80% declines in lifetime accumulated wealth. But the middle class will catch up again in the next boom into 2037.