Q. Have the crisis in the Middle East and the resulting oil shock finally launched the bear market you forecast in September 1984?
A. The Middle East, I think, has remarkably little to do with the slump in world equity markets, which was under way long before Iraq barged into Kuwait. For the most significant international financial event of the year, I nominate the collapse of the Japanese stock market.
Q. Now that the economy has begun to slide, meaning that you're finally right, don't you feel like gloating?
A. If you have kids, how glad can you be that the...