He meant the GFC, the great show of 2007
for history has a habit of repeating itself.
As for Australia..
"...the bull run is over and the inflationary
risks are inevitable. It is the long-term effects of the unprecedented
experiment in global monetary stimulus, led by the United States Federal Reserve, over the past six years.."
"...analysts and fund managers have noted that
the average price to earnings ratio of the ASX is now above its long
term historical average."