The stock market crashed 1000 points on Thursday, raising fears that the “Biden recession” isn’t far away for the United States economy.
Michael Burry, the hedge fund manager of “The Big Short” has been warning about this crash, and the “greatest speculative bubble of all time in all things.” Burry continuously stressed that retail investors who were heavily investing in meme stocks and cryptocurrencies were contributing to the “mother of all crashes.”
It appears that Burry knew what he was talking about, because the S&P 500 and Nasdaq indexes have plummeted by 15% and 24% this year, respectively. On May 3, Burry tweeted that the S&P 500 index could drop by 54% in the next few years, painting a very bleak picture for the future of Biden’s economy.
In a tweet from May 8, Burry noted that the US stock market appears to be following a pattern that leaves it poised for a monumental crash.