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Economist Harry Dent predicts a stock market crash worse than the 2008 crisis: the ‘bubble of all bubbles’
In an updated interview with Fox News Digital, economist and financial author Harry Dent detailed the “bubble of all bubbles” expected to hit markets in 2025.
Harry Dent, the outspoken financial author and economist, is not reversing course from his bold “crisis of a lifetime” declaration last December.
Speaking in an updated interview with Fox News Digital, Dent warned that the “everything” bubble it hasn’t burst yet, and it could be a bigger crash than the Great Recession.
“From 1925 to ’29, it was a natural bubble. There was no stimulus behind it, artificial stimulus itself. So this is new. It never happened,” Dent said Tuesday. “What do you do if you want to cure a hangover? You drink more. And that’s what they’ve been doing.”
“Flooding the economy with extra money forever could actually improve the global economy in the long run. But we won’t see it until we see this bubble burst,” he added. “And again, this bubble has been going on for 14 years. Instead of most bubbles [going] five to six, it was stretched higher, longer. So you would have to expect a bigger drop than we had between 2008 and 2009.”
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As markets approach the halfway point of the year, U.S. stocks ended the month of May with gains while the tech-heavy Nasdaq stole the show, finishing up 6.9%. The S&P 500 rose 4.8% and the Dow Jones rose 2.3%.
Economist Harry Dent has given a detailed update on the “bubble of all bubbles” that has yet to hit the US economy. (Fox News)
Nearly two weeks ago, AI-powered Nvidia announced a 10-for-1 stock split, Driving Stocks Beyond $1,000 three days later, setting an all-time high.
“I think we will see the S&P fall 86% from the top, and the Nasdaq 92%. A heroic stock like Nvidia, as good as it is, and it’s a great company, [goes] drop of 98%. Boy, this is over,” Dent emphasized.
“We never saw [the] government to sustain a totally artificial bubble for a decade and a half, and see what happens after that,” he continued. “But I can tell you, there hasn’t been a bubble, and this one is much bigger and longer, a great bubble in history. That didn’t end badly, period.”
Author and financial analyst Harry Dent explains why he is predicting that a “very strong and sudden tightening” of markets has not yet completely shocked the economy.
The only change to Dent’s forecast is the timing, noting that market bottoms will likely appear sometime between early and mid-2025.
At the center of the bubble is the real estate market. Dent previously predicted that the housing sector would see 2012 lows this year and said Tuesday that U.S. homes have already increased by double or more than what they will soon be worth.
“Never in history has housing been so widely owned and so many people have had second and sometimes third homes just for speculation,” Dent said, pointing to countries like China and Japan We are seeing an increasing number of residents purchasing empty properties as insurance against a potential market crash.
Dent estimates that the market bottom will hit the US economy in early to mid-2025. | Getty Images
“If you understand what the real cycles are, you don’t have to buy the most expensive house in history right at the top of the market and then mope around for 14 years while it goes through the next recession, like ’29 to ’42 or 1968 to 1982,” expanded the author, “or what would have been, without all this $27 trillion stimulus, from 2008 to 2022.”
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Dent also responded to critics who called his hypotheses “crazy” and accused him of fearmongering.
“I just say what I see and, frankly, I don’t give a shit if people don’t like it, because you [have] I have to choose: are you going to tell the truth or are you going to make people happy?” he reacted. “They call me ‘permanent bear’. This is absolutely, categorically bullshit.”
“Looking at history and looking back, nothing is more obvious,” Dent continued. “Many other bubbles in history simply don’t have the steepness or the magnitude. Why? We never realized the power that central banks can have to simply print money out of thin air.”
Ironsides Macroeconomics Managing Partner Barry Knapp discusses whether the US is facing a sovereign debt crisis in ‘Making Money’.
People consider him “radical” because they think that mapping long-term trends is “easier” than in the short term, according to the financial author.
“There really is nowhere to hide except the safest bonds in the world,” Dent said. “We are the biggest economy in the world. We will weather this recession. And if they can print money to create a bubble, they can print money to pay their obligations.”
“In the Great Depression, the great crash came [from] 1929 to 32, and then the follow-up [was] ’38 to ’42. it’s the opposite 1718267408because all the encouragement we had [made] the 2009 accident was minor. The big crash will come at the end”, emphasized Dent. “This will wash all this excess out of the markets, bring the markets back to where they should be, so that millennials can have a boom that is healthier and where they can invest their retirement savings.”
Anticipating the “bubble of all bubbles,” Dent previously advised investors in December to withdraw their capital from the stock market. If he had to bear a new name, he would choose Bitcoin.
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DoubleLine Capital CEO and Founder Jeffrey Gundlach discusses the state of the US economy, rate hikes, the impact of the 2024 election and Biden’s handling of Israel amid its war with Hamas.
“Because it’s in a leading sector now, at this early stage, that has bubbled up the most. That’s how you know a leading sector; it crashes. Bitcoin is already down over 70%. We haven’t had a recession yet, so that’s how volatile it is this,” he explained. “It’s the one that breaks the most, it’s what I would buy if I could buy something close to the bottom in two or three years.”
But Dent wants investors to remember: “The government created this bubble 100%… totally artificial, injecting a drug to perform artificially stronger. bubbles always burst…it’s a much, much greater possibility than anyone realizes.”
The spotlight next week will shift somewhat to the Federal Reserve’s second-quarter earnings season and monetary policy. Market watchers will be treated to results from several major names, including Dow 30 components Goldman Sachs (GS), UnitedHealth (UNH), Johnson & Johnson (JNJ) and American Express (AXP), along with streaming giant Netflix (NFLX).
The Fed will still attract some attention as investors will be eager to hear from a packed lineup of central bank speakers just before the policy meeting lockout period.
In terms of the economic calendar, after fifteen days of labor market and inflation indicators, activity data will gain momentum in the form of the latest retail sales and industrial production reports.
Earnings Highlight: Monday, July 15 – Goldman Sachs (GS) and BlackRock (Black). See the full earnings calendar.
Earnings Highlight: Tuesday, July 16 – UnitedHealth (UNH), Bank of America (BAC), Progressive (PGR), Morgan Stanley (IN), PNC Financial (PNC) and JB Hunt Transport (JBHT). See the full earnings calendar.
Earnings Highlight: Wednesday, July 17 – Johnson & Johnson (JNJ), US Bancorp (USB), Morgan Children (KMI), United Airlines (UAL) and Ally Financial (ALLY). See the full earnings calendar.
Earnings Highlight: Thursday, July 18 – Netflix (NFLX), Abbott Laboratories (ABT), Black stone (BX), Domino’s pizza (ZDP) and Taiwan Semiconductor Manufacturing (TSM). See the full earnings calendar.
Earnings Highlight: Friday, July 19 – American Express (AXP), Halliburton (THANKS) and Travelers (VRT (return to recoverable value)) See the full earnings calendar.
IPO Observation: Hospital and healthcare clinic operator Ardent Health Partners (TARDT), insurance service provider Twfg (TWFG) and the biotechnology company Lirum Therapeutics (LRTX) are expected to price their IPOs and begin trading next week. The analyst quiet period ends at Rectitude (RECT) to free up analysts to publish ratings.
Police cars outside the residence of Thomas Matthew Crooks, the suspected shooter at a Trump rally on Saturday, investigate the area in Pennsylvania. Following the incident, one rally attendee was killed, two rally attendees are in critical condition and Donald Trump suffered a non-fatal gunshot wound. The shooter is dead after being shot dead by the United States Secret Service. (Photo by Kyle Mazza/Anadolu via Getty Images)
Investors will initially favor traditional safe-haven assets and may lean toward trades more closely tied to former President Donald Trump’s chances of winning the White House after he survived an assassination attempt, according to market watchers.
“There will undoubtedly be some protectionist or safe-haven flows into Asia early this morning,” said Nick Twidale, chief market analyst at ATFX Global Markets. “I suspect gold could test all-time highs, we’ll see the yen being bought and the dollar, and flows into Treasuries as well.”
Early market commentary suggested Trump’s shooting at a rally in Pennsylvania on Saturday could also prompt traders to increase his likelihood of success in the November election. His support for looser fiscal policy and higher tariffs is generally seen as likely to benefit the dollar and weaken Treasuries.
An indicator of market sentiment heading into the weekend: Bitcoin surged above $60,000, likely reflecting Trump’s pro-crypto stance.
Other assets positively linked to the so-called Trump trade include stocks of energy companies, private prisons, credit card companies and health insurers.
Traders will also be closely watching market measures of expected volatility on Monday, such as those in the tariff-sensitive Chinese yuan and Mexican peso, which have begun to price in the U.S. vote.
Trump said he was shot in the right ear after a shooting at his rally. His campaign said in a statement that he was “fine” after the incident, which prompted him to rush off the stage.
“Currencies will be the first major market on Monday in Asia to react to the weekend’s shots. There’s potential for extra volatility, and getting a clear reading could be especially difficult because liquidity will be hurt by Japan’s national holiday,” said Garfield Reynolds, Asia team leader for Bloomberg Markets Live.
Strategists had already expected a volatile run-up to the election, particularly as Democrats are still agonizing over President Joe Biden’s candidacy after his poor performance in last month’s debate raised questions about his age. Investors were also grappling with the possibility that the election could end in a drawn-out dispute or political violence.
But there is little precedent for events like those in Pennsylvania. When President Ronald Reagan was shot four decades ago, the stock market plunged before closing early. The next day, March 31, 1981, the S&P 500 rose more than 1% and benchmark 10-year Treasury yields fell 9 basis points to 13.13%, according to data compiled by Bloomberg.
Bond investors should pay particular attention as the attack is likely to boost Trump’s election chances and ultimately lead to concerns about the fiscal outlook, according to Marko Papic, chief strategist at California-based BCA Research Inc.
“The bond market must at some point become aware of President Trump’s greater chances of winning the White House than any of his rivals,” Papic wrote. “And I continue to believe that as his chances increase, so too must the likelihood of a bond market revolt.”
Kyle Rodda, senior financial markets analyst at Capital.com, said he was seeing client flows into Bitcoin and gold following the shooting.
“This news marks a turning point in American policy norms,” he said. “For markets, it means safe-haven trades, but more tilted toward non-traditional safe-havens.”
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Jio Financial share price: Should you buy this Reliance group stock on Monday ahead of Q1 FY2024 results?
Q1 2024 Results: Jio Financial Share Price will be in focus on Monday as the Reliance Group company has a fixed board meeting on July 15, 2024 to consider and approve the company’s unaudited standalone and consolidated financial results. Trust Group company informed about the Q1 2024 Results date on Wednesday last week via an exchange filing. According to stock market experts, Jio Financial Services Limited is poised to deliver impressive Q1 results for FY25 on solid operating income. They have forecast a healthy QoQ PAT for the company in Q1 FY25.
Jio Financial Services News
Speaking on the Jio Financial Services Q1 2024 results, Manish Chowdhury, Head of Research, StoxBox, said, “We believe Jio Financial Services is poised to deliver impressive results in Q1FY25 aided by its operating income, which is likely to show robust growth driven by strong investment income, which in turn should lead to healthy PAT growth on a sequential basis. Jio Financial Services continues to make strategic moves such as launching digital products and expanding its ecosystem, with a clear focus on future growth. The company has announced plans to introduce products for lending against stocks and mutual funds, leveraging Jio’s large user base, which could be a significant growth driver in the coming quarters.”
“Furthermore, with the NBFC receiving RBI approval to become a primary investment company, Jio Financial Services is well-positioned to unlock value from its investments. Overall, we expect the company to report robust numbers in the upcoming quarter,” the StoxBox expert added.
Jio Financial Stock Target Price
Speaking about the technical outlook of Jio Financial share price, Ganesh Dongre, Senior Manager, Technical Research at Anand Rathi, said, “Jio Financial Services share price is poised to make a fresh high at the ₹260 apiece level. If the stock breaks above this mark, the Reliance Group stock could make a fresh high by touching the ₹290-₹295 zone. Hence, those with Jio Finance stock in their portfolio are advised to stick to the script by keeping a stop loss at ₹205. If the stock breaks above ₹260 decisively, then one can upgrade the stop loss at ₹240 for the near-term target of ₹295.”
On the advice to new buyers regarding Jio Financial stock, Ganesh Dongre said, “New buyers are advised to wait for the breakout. Once the stock breaks above ₹260, one can buy this Reliance Group stock at the short term target of ₹295, keeping a stop loss of ₹240 apiece.”
Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. Investors are advised to consult with certified experts before making any investment decisions.
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