"The very fact that so many people think that it's 1932 or 1980 and expect the new president to right everything is bearish. Get-out-and-spend campaigns will probably figure prominently in the Obama administration, but the harder the authorities implore, the less people will partake. Deflation will intensify because government and the Fed cannot force people to borrow and spend when their mindset is against it. The Bush ratings plunge is still just the warm-up for Barack Obama, who must now preside over the balance of an intensifying bear market. Soon he will be the one in the cross-hairs of the economic mess. As general principe, 'Conquer The Crash' noted that the financial and economic problems 'will not be primarily his fault, though the majority will insist that they are' and he will 'suffer defeat at its hands.' Obama should enjoy his honeymoon, because the crash that follows will be one for the ages."
Robert Prechter - October/November 2008
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