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It was 15 minutes before the markets close. I’m frenetically banging away at an article under deadline and remember to turn on my mini-television next to the computer. The aged TV is a little poky. The sound comes on first and the picture can lag for four seconds or more before it flutter-winks to life like the eyes of King Theoden after being crunched by the Witch King of Angmar. Before I knew “the face” of the disaster, I heard its audio murmur on the floor of Wall Street in a thousand stock trader throats in a gurgling groan as the day went down the drain, cell phones ting-a-purring.
The sounds of Wall Street alarm punctuating the -777.68 crash of October met the gasps on 20 November when the big board reported a crash of -444.99 points to a close at 7,552.29, a 5.56 percent drop in value in a single day. The S & P Index took a jump out a broker’s window plunging to an 11-year low: a close of 7,552.29. The Dow Jones keeps losing its Tao, its “Watercourse Way” mojo coming close to a new water big-boarding level of 7,500 points.
Prognosticators have been busy this economic plunging “Fall” season trying to mark the murky bottom where the carcass of this market will at last settle. Many Wall Street soothsayers on CNBC promoted a foggy bottom around 8,200 to 8,500 points.
Not this Nostradamus.
On 7 October 2008, on Coast-to-Coast AM with George Noory, I predicted a far lower bottom to this great global economic crash. I reminded the listeners that in Predictions for 2008 I foresaw this deep global recession coming. I stated on Coast to Coast back in January 2008 that the recession would last two years. Then it would either be resolved our plummet into a depression.
I then gave George Noory my forecast on 7 October, six weeks and two days before the 20 November plunge:
“Look for [the stock market] to sound and settle deep down around the level of 7,000 to 7,500 points.”
John Hogue
(20 November 2008)
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