Prechter’s 2002 book, Conquer The Crash, predicted that then-current investing legends would be hated or regarded as fools before the crash was over. Before the crash started in late 2007 Prechter reiterated this in his paid subscription newsletters as one of the things to look for as confirmation of the mood change of the herd.
Of course, Alan Greenspan has since met with public disgrace during congressional hearings. People now make fun of “The Maestro” and they recognize that he is the main architect of the credit problems we now face not only as a nation but globally.
The latest financial luminary to draw fire is now Charlie Munger, investing legend, long time friend of Warren Buffett and vice chairman of Berkshire Hathaway:
Charlie should keep his trap tightly shut because history shows that when the “little people” get stepped on too hard by the elitists who never worked a real job in their lives, crazy things have been known to happen. Many people are out there wondering where their lives went and what they are going to do next. Their homes are gone, their careers are gone and in probably more than a few cases their families have broken up as a result. For them the American Dream has morphed into a nightmare. I suspect that Jim Morrison’s immortal lyrics from “Riders On The Storm” perhaps describe more than a few “little people” out there right now:
There’s a killer on the road
His brain is squirming like a toad
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