Gary Schilling is noted for predicting turns in the economy. This is what makes his view on the present economy so daunting.
He sees a lot of recessionary signs. There is no way a recession is not on the way, the only question is when.
Even though there are bubbles, he does not see any screaming to be pricked. Unlike the DotCom and the housing bubble, this recession will be more in line with the historic norm.
His estimation there will be an 18% pullback in the market from Friday's close. This is a marked difference from the last two.
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