harry dent. >> demographic cliff updated in paper back. melissa: thank you very much, ashley. ashley: a little disturbing in middle of that. that was very interesting. market rally in staying power, behind surge in final moments of trading. very latest on heartbreaking story out of virginia, two journnan alists dead after former co-worker guns them down on live television. test test. test test. test test. test test. you both have a perfect driving record. >>perfect. no tickets. no accidents... >>that is until one of you clips a food truck, ruining your perfect record. >>yup... now, you would think your insurance company would cut you some slack, right? >>no. your insurance rates go through the roof. your perfect record doesn't get you anything. >>anything. perfect! for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. and if you do have an accident, our claim centers are available to assist you 24/7. for a free quote, call liberty mutual at switch to liberty mutual and you could save up to $509 call today at see car insurance

. >> indeed, to harry dent who says this is a major bubble bursting. arry you plea ticketed the dow would drop to 6,000 over the next two years. you say that this is the start of the big sell? >> yes. you got to put it in perspective, stuart. we have had the greatest bubble boom in history starting in 1983. penal document can about a % crash in one day inch 1987 there was 20% in one day and 40% in two weeks. and we just seen china go down 35%. the difference is china is at the end of a major bubble that's been building for the decades, so is the u.s. and the world. when you get a bubble like this, especially when fed by massive credit expansion, quantitative easing to keep the bubble going. when bubbles burst they don't just correct 10% or 20%, they burst. they crash. i studied history and anybody who argues otherwise i want them to give me an example. this is the beginning of something that is going to go much lower over the next -- by late 2016 or early 2017. how it gets there, i don't know. >> you believe that everything goes down you. from stocks to

harry, we love it. very strong will argued point of view. thanks for joining us. founder of dent research saying the dow goes down to 6,000 by 2017. well, speaking of china, you just heard harry talk about it. shanghai comped down 8.5% overnight. chinese media calling it its own black monday. money manager rather economist and author of the death of money, jim with me now on the phone. so, jim, today's losses, shanghai comped around 38% from its peek to mid-june. for china to try to mimic a free capitalist system, it's a new notion as we know for that government. is it possible china's government thought it could control more than it can? >> well, the key word there, deirdre, and you're as well right is mci can. the communist party thought they could control it, but it's turning out that markets have a mind of their own and they have the power to strike back. they've got enormous arsenal of tools they can use to try to fight this bubble. now, in the end, all bubbles burst, so i expect this to go down 7 7080%. but bubbles never go down in a straight line, they go up and down and u

we were talking about dow industrials, harry dent talking about dow industrials, dow industrials selling 14 times earnings. s&p little higher, around 16, 17. 14 times this year's earnings, 13 times next year's earnings. now long run average is 15. in a low interest rate world, i've done a lot of research on this, it is 18 to 19. that is why i say what i think is that the true market value of the dow is around 19,000. doesn't mean it will get there tomorrow. certainly may not even get there by the end of the year. we have a little more than three months. we know the market fluctuates but i think either by the end of this year or into next year, we could see a big rally in the market. deirdre: all right. >> basically what we had is the oil collapse and the surging dollar. and that's why stalled out earnings. and then with china tanking and earnings stalling, boy, that was the kindling wood for the reaction that we had. now, what will happen to oil? is it going to stay at who -- 40, 50, go back to 60? i think dollar is pretty expensive around the world. is the fed going to tighten. deirdre:

harry dent is with us. let me see you, harry, where are you? i think you're in florida.lorida to to see you. you've told us many times on this program in the past, that we would eventually see within the next couple of years 5,800 on the dow. are you saying that that's exactly what's happening now? go. >> yes, and you know, this takes a year and a half or so just like the 2008 crash, this is the beginning. we've been warning your audience and our subscribers, get out of this bubble a little early than late because when they first crack, you can be down 30 to 40% in just the first few months and we already saw that happen in china in jump. this is serious. it's going to get a lot more serious and there will be a bounce at some point and the problem, stuart, is once we go into it mode and it starts to crash, you're going to have violent downs and violent bear market rallies, it gets very hard to play. i'm just telling people if you haven't sold already, the next time we get a strong bounce, lighten up or get out or hedge, because this is the major bubble globally and it's

harry dent, thanks for joining us. dagen: individual investors make the worst decisions in terms of signing on tread signing. sandra: grey. she never has an opinion on anything. hillary clinton changing your stance on the enough scandal haunted her campaign thus far. the front runner admitted yesterday her use of personal e-mail as secretary of state was a mistake. take a listen. >> i know people have raised questions about my e-mail used as secretary of state and i understand why. i get it. so here is what i want the american people to know. by use of personal e-mail was allowed by the state department. it clearly wasn't the best choice. i should've used to e-mails. one personal, one for work and i take responsibility for that decision. sandra: no longer a joking matter it appears. join a ms. fox news julie brezinski. direct drive help policy. julie, wasn'julie brezinski. direct drive help policy. julie, wasn't it just last week she joked about wiping with a cloth for server cleaned and everybody said really? this is

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