The Doctors Doom Marc Faber and Nouriel Roubini provide their view of what happened in stock markets, both suggesting that debt crisis in Europe, the USA and the world over may likely be responsible. Jim Rogers says this is a stock market correction
I don’t think that Greece is the cause of the sell off. I believe it’s a catalyst. I believe the cause of the sell off is that the markets ran up too much, too quickly.
…The computer programs, as the markets started to go down, they had to change their positions from going long, to short, and that then triggered the big sell off.
The market’s overdue for a sell off…The market went straight up for over a year. Market’s are supposed to correct. This is, I presume, a normal correction. Whether it’s caused by currency turmoil or the English election or who knows what, it’s time for a sell off and we’re having it.
…As I’ve said to you several times on Bloomberg where 2010 and 2011 will be years of currency turmoil and maybe even chaos in some cases.
“You have this increasing risk aversion and the contagion of Europe are becoming global.”