Based on fundamentals and technicals, I agree with him - I am very much a bear longer term for both the economy and the markets. The difference is that I do not think the markets will succumb to a significant downside until Greenspan is forced to abandon his Gambit by sustained heavy selling, and we have yet to see that. I believe the Gambit is very close to failure, but until that happens I will not be aggressively short (or long).
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