King World News got heaps of bad news from newsletter legend Richard Russell who tells readers to cut back spending, get rid of debt and prepare for the worst:
“Deluxe restaurants are still full at dinner time, and people are still taking their families to expensive, fun places like Disneyland. The only real signs of change are the ‘sale’ and ‘for rent’ signs that seem to be everywhere. This bear market is going to be for the long haul and it may be six months to a year before it dawns on people that the times are changing.
I think this bear market is going to creep up on us silently, stealthily and subtly. If this is a bear market, I'd rather not see it, because it could be a monster.
For over 50 years Richard Russell has been writing Dow Theory Letters, which covers economics, the markets and commodities.
Image of Richard Russell speaking at Casey Research Gold and Resource Summit in 2011