Cornerstone Wealth Management CEO David Hefty agrees with a growing number of other financial experts that a real estate collapse in China before the end of the year will send shockwaves through the global economy, leading to a stock market collapse which will send the Dow into free fall below the 5,000 level. Although Hefty said that the Dow would push higher beyond 12,000 by July, the fact that the market is “still in complete denial of what’s going on around the world and here at home” would soon lead to a dramatic reversal, Hefty told skeptical CNBC hosts.
Hefty said that when the market turns it will go into a “complete free fall” mirroring the collapse in oil prices in 2008 and could push the Dow below 5,000 by the end of this year – which would represent a decline of around 60 per cent. (more)
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