Economist Dr. Ravi Batra, of Texas' Southern Methodist University, predicts a "stock market disaster" in about six months.
Update: as the comments below point out, this guy has cried wolf many times in the past. Thanks.
He argues that the stock market is in the midst of a historic decline due to an excessive reliance in the U.S. on foreign debt. This debt imbalance is causing the value of the U.S. dollar to fall, leading to rising oil and commodities prices as speculators move money out of dollar investments into commodities, such as oil and food.
Batra believes the federal government, under the Bush administration, will do everything in its power to prop up the market until after the November elections, which will be followed by a somewhat rudderless period during the transition to the new presidential administration. During the months between November and February, Batra says, the stock market will plummet.
Acccording to Batra, the predicted steep decline will fall particularly hard on those with fixed incomes and those whose retirement is tied up in private investment, much of which will be seriously depleted as the market falls.