Wednesday 14 September 2022 01:29 AM ASX plunges with billions wiped off sharemarket in minutes after Barefoot ... trends now
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Bestselling finance author Scott Pape argues a stock market crash is long overdue because the Global Financial Crisis was more than a decade ago - as shares plunge on Wednesday.
Australian investors haven't experienced a stock market crash, linked to bad credit conditions, since 2008, with shares plummeting only briefly at the beginning of the Covid pandemic.
But on Wednesday, the Australian Securities Exchange's plunged by 2.51 per cent in the opening minutes after another high inflation reading in the US sparked further rate rise fears.
'We are well overdue for a stock market crash,' Pape said.
Scott Pape, the author known as the Barefoot Investor, issued the warning just a few days before the ASX plunged
'They happen, after all, on average every 10 years, and the last one (discounting the Covid-induced flash-crash) was 14 years ago.'
The GFC was the last major long-lasting share market downturn in Australia.
The Australian Securities Exchange's benchmark S&P/ASX200 peaked at 6828.7 points on November 1, 2007 before a long run of consecutive, daily slides began in early 2008.
The American sub-prime mortgage market crisis led to the collapse of 161-year-old American financial services giant
