12
I figured the economy was going to tank again within the next five years, but (based on his assurances) I'll give it six months.
6
I think it's worth pointing out that he's talking about a financial (industry) crisis that threatens the survival of commercial banks, investment banks, etc, the way the 2008 crisis did. If you actually read the linked article, he's not talking about an economic recession or a stock market crash. Obviously he knows that there will be another recession and bear market in his lifetime. On the point of banks failing on a broad scale, he's not necessarily horribly wrong based on history, as it's only happened in the US about 3 times in the past century (depending on what you classify as a broad scale crisis), and he's also right that banks have taken measures to reduce risk (stricter lending practices) and increase balance sheet strength (higher capital ratios) and revenue stability (income diversification). Doesn't mean it won't or can't happen. In fact it probably will happen again in the next 40 years or so. But what he actually said wasn't completely ludicrous.
