- the market gained 31% from its March 9 low
- the stock market is "exhausted"
- "I continue to forecast $40 per share in S&P500 operating earnings in 2009. Put a generous P/E of 15 on that and you get an S&P500 of 600, 32% below where it is now."
- 131% x 666 = 872
- 131% x 676 = 886
Shilling also wrote:
- "False signs of a recovery are common in recessions"
- "It will get worse before it gets better."
- "Expect another big stimulus package within a few months, but it may not help much until next year."
- "I see this economic downturn dragging into 2010, followed by a recovery so weak you might not know it has arrived."
- July 21: ECRI Predicts The End of the Recession is Imminent