Stock Market Crash - Robert Prechter on Bloomberg - Oct. 19, 2007

http://www.elliottwave.com/s.asp?url=/&cn=yt Watch Robert Prechter on Bloomberg TV on the 20th anniversary of the 1987 stock market crash predict what is unfolding before our eyes today. An uncannily accurate forecast from the man that forecast the 1987 stock market crash. Why would anyone think that the Fed's actions have any influence whatsoever on the trend in the stock market? The Fed has similarly cut the discount rate twice in recent months, and on all occasions (Sept. 18, Oct. 31, Jan. 22, Jan. 30) the stock market immediately rallied... only to see prices give back those gains and more, within a few short days or weeks. Mind you, these are recent and relatively minor instances. There are longer-term examples that unfolded for years, such as the Fed's historic campaign in 2001-2002 that saw a DOZEN rate cuts, during which time the S&P 500 lost HALF of its value. More dramatic still was the Bank of Japan's campaign that took rates to virtually ZERO for entire decade, even as their Nikkei stock index declined and/or languished over the entire period. There's nothing new about this information -- we've spelled it all out before, as recently as Bob Prechter's Nov. 27 and Jan. 24 appearances on Bloomberg television. Watch Prechter on Nov. 27: http://www.youtube.com/watch?v=WJnMia2rARI With charts and facts, Bob showed how powerless the Fed really is; he also reminded the audience that "People should be careful of what they wish for when they ask for lower rates." Yes, the financial establishment labels Bob Prechter a contrarian. But, what does it say about that establishment's state of mind when arguments based on facts and evidence make a person "contrary"? All the charts Bob included in that interview -- in fact, everything he said at the time and more -- is in the current Elliott Wave Theorist and Elliott Wave Financial Forecast. See it all on your computer screen in minutes, via the fast link below. http://www.elliottwave.com/s.asp?url=/&cn=yt ADD TO YOUR FAVORITES! EMAIL THIS VIDEO TO FRIENDS!