Economic forecaster Harry Dent just made another dire prediction, and investors should hope he's wrong.
Dent, bestselling author and financial newsletter writer, told CNBC
Tuesday that he sees a stock market crash
in the United States starting in the third quarter of 2013 and continuing for a year and a half.
Dent said real estate prices and stocks would plummet more than 60% by the end of 2014, or sooner, meaning
the Dow Jones Industrial Average
would fall below 6,000. He also said the United States would be close to bankruptcy by then.
Dent cited U.S. demographic shifts and the nation's debt crisis as the main drivers of a crash. He said had it not been for the U.S. Federal Reserve's recent moves to stimulate the economy, the stock market would already have collapsed.
"We call this the economy in a coma," he said. "Basically, without these trillions of dollars of stimulus, we would be in a downturn, in a depression, because we also have $42 trillion in private debt, the greatest debt bubble in history, and that needs to unwind."
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