David Tice: Secular Bear Market Won't Bottom Until Market Reaches Book Value, Sees S&P At 400 and Unemployment 15%, Likes Gold

With the market nearing 11,000 I have to put David Tice up. David Tice of Federated Investor's Prudent Bear Fund thinks the S&P will hit 400 and unemployment will hit 15%.  He recommends being short "negatively correlated vehicles" to stocks, real estate, your paycheck and bonus, and buying gold and precious metals. He says look at what happened to Japan.
"We have not yet worked off the excesses, we still have vast excesses and imbalances that still have to be worked off and this secular bear market will not bottom until we get back below book value or near that".
Bloomberg.com Video Link