Blackwell: There’s Another Contraction Around The Corner

I guest co-hosted Rants & Raves yesterday, and had a nice conversation with Hal Blackwell, author of Secrets of the Skim, a book that shows the corruption of Wall Street from the inside. Blackwell worked in the insurance business before becoming a Merrill Lynch financial advisor, and wrote his book to expose what its subtitle calls “the raw greed and cultural rot harbored in the belly of Wall Street’s most iconic institutional management industry.”

He advised his clients to go to cash in 2008 before the stock market crash, and that got him into trouble with Merrill Lynch because it resulted in lower fees for the big brokerage firm. The inherent conflict of interest in the financial business was an interesting topic, but I think Blackwell’s thoughts on where the market is going from here were more interesting. He got it right in 2008, after all.

So, where’s his money now? On the sidelines. He thinks the next crash is around the corner and that we’re heading into some very bad territory ahead. He even thinks we may get a major war out of this mess before it’s over, something we’ve considered recently on this site, as well.

You can hear Blackwell’s comments beginning at 31:58, and his market forecast specifically at 44:00, here.

This entry was posted in Stock Market Forecasts and tagged . Bookmark the permalink. Both comments and trackbacks are currently closed.
  • The Kelly Letter
    A Complete Investment Management System
    The Kelly Letter  every Sunday morning by email.
    Like no other. Many subscribers say this is the best read of their week, astonishing in its ability to distill seven days of noise into one succinct overview of the very few items that might matter. Start your Sundays right!
    A one-page Quick Start Guide
    with page number references to full information in The 3% Signal. You'll receive access to this right away so you can begin transforming your portfolio into a performance machine immediately.
    The 3Sig Calculator.
    A thing of beauty! You'll use it to generate your own personal signals every quarter including exact share amounts to buy and sell based on your account balances. It emails you the results to make later quarters easy by keeping last quarter's numbers at your fingertips. Some subscribers say this tool alone justifies their subscription price.
    The subscriber-only section of this website
    where likeminded investors are commenting on notes and discussing in forums. Jason joins these interactions every day. They're a treasure trove of investing tips and wisdom.
    The archive of Kelly Letter notes.
    It’s a research center, searchable and smartly tagged to make gathering time-stamped material on covered subjects easy.
    The subscriber podcast.
    Jason reads every letter word-for-word. This feature was requested by subscribers who prefer audio learning. They listen on their Monday morning commute, during a workout, or while reading along at their computer.

    Save 17%

    Pay as you go
    Or sign up to receive free email and learn more about the system.
Bestselling Financial Author