He doesn't know what the hell he's talking about. "Reset"? It's called a correction and it's a widely accepted economic phenomenon. But to say that things will never reach the same level again or, "I don't think we are in a recession, I think we have reset," he said. "A recession implies recovery [to pre-recession levels] and for planning purposes I don't think we will. We have reset and won't rebound and re-grow"
It's folly. Of course we'll regrow. He's right about the no bounce part, but the growth will come slowly and surely. The correction gets rid of the fat companies that can't add much more value to the market. The real growers are all that's left afterward.