Wall Street Pessimists Predict Epic Crash

Predicting a crash gets you on TV; predicting a bigger one after a rally gets you invited back. Morgan Stanley's Mike Wilson sees an 8 percent S&P 500 drop tied to AI trouble and the November elections, then a rally near 8,000. Mark Spitznagel of Universa wants a final surge to 8,000 before an 80 percent crash, so the forecast has a happy ending and a funeral. Paul Singer says virtually every alarm bell is ringing. My register only rings when somebody pays cash, and it has never once lied to me. Edward Jones says the S&P gained 1.7 percent on average the month after midterms, and gridlock tends to help. Washington's best market news is that it can't agree on lunch.