In 1987 a book was written, entitled “The Great Depression of 1990,” by Dr. Ravi Batra, an SMU professor of economics. Sadly, I bought and read that book back then. Batra was claimed as one of the great theorists in the world and ranked third in a group of 46 superstars selected from all economists in American and Canadian universities by the learned journal Economic Inquiry (October 1978). The foreword was written by world-renowned economist Lester Thurow, who said The Great Depression of 1990 is crucial reading for everyone who hopes to survive and prosper in the coming economic upheaval. The title for Chapter 7 was The Great Depression of 1990 – 96. Not only did he pronounce the beginning of it, he also proclaimed to know the end. The 1990s saw the largest bull market in history, with the Dow Industrials rising from 2700 to over 11,000 during the decade of the 1990s. By the end of the decade we were flooded with books about the never ending bull market such as: Dow 40,000 by Elias, Dow 36,000 by Glassman and Hassett, and Dow 100,000 by Kadlec. From 2000 until early 2003, we witnessed a bear market that removed most of the gains of the previous ten years with the Dow Industrials back down to about 7350.
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