is it time to buy or more pain, page-25

I really don't believe those sort of targets will ever be seen again.

If adjusted for constant dollar etc. then maybe.

Look at our market since 1875 and the trend is always up because of inflation and currency depreciation.

I believe it would take a lot less to cure the public of share investing.

Yes 1932 saw the Dow down 90% and it will probably happen again, so I certainly don't dismiss your scenario lightly.