Economist Harry Dent is warning that we’re on the brink of a “bigger” stock market crash than the Great Recession. In an interview with Fox News, the 71-year-old financial author warned that we’re in the calm before the storm, as stocks ended May on an upswing. Dent argued that the “everything” bubble hasn’t yet popped, and that when it does, it will be “the biggest crash of our lifetimes.”
Harry Dent warns of ‘bigger’ stock market crash
Dent, founder of HS Dent Investment Management, is a renowned economist known for his outspoken views on the U.S. economy. His 2009 book, “The Great Depression Ahead,” was on the New York Times bestseller list.
“1925-29 was a natural bubble. There was no artificial stimulus behind it. So this is new. We’ve never seen anything like this before,” Dent said in an interview on Tuesday, looking back at brutal market crashes of the past.
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“If you want to cure a hangover, what do you do? You drink more. And that’s what they’ve been doing,” he said, adding, “Pumping extra money into the economy permanently may actually boost the overall economy in the long run, but we won’t know until we see this bubble burst.”
“And this bubble has lasted for 14 years. Unlike most bubbles, [going] “It’s been five or six years of higher, longer runs, so we have to be prepared for a bigger crash than we had in 2008-2009,” Dent further told the outlet.
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Dent stressed that this won’t last long, given the recent rally in top-tier stocks like Nvidia: “The S&P is down 86% from its peak and the Nasdaq is down 92%. Hero stocks like Nvidia are great companies, but… [goes] “It’s down 98 percent. It’s over,” he said.
