Charles Merrill Fears Market Crash
Tuesday October 30, 11:32 am ET

PALM SPRINGS, Calif., Oct. 30 /PRNewswire/ -- Fearing a stock market crash worse than 1929, Charles Merrill (http://www.merrillcharles.com) of Palm Springs, cousin to the founder of the Merrill/Lynch dynasty, is quickly converting to gold coins.

"Merrill Lynch is crashing, due to the ineptness of the CEO. No matter who is running Merrill Lynch & Co., it's going to need a regimen of restraint and recuperation after getting badly bruised by the global credit market shakeout. I predict a house of dominos, and the whole stock market is going to crash," stated Merrill.

The world's largest brokerage took a $7.9 billion writedown for subprime mortgages and asset-backed bonds whose values went sour. Many on Wall Street believe there's more where that came from - maybe another $4 billion - and Merrill Lynch's leadership will need to reduce risk and rebuild morale among its ranks.

Merrill stated in a Palm Springs interview with Michael L. Grace (http://www.michaellgrace.com), "There is going to be a major stock market crash, so protect your assets. Buy physical gold and hide it."

Grace is a writer in Palm Springs completing a book titled "The Final Great Depression." Grace currently has a novel titled "Murder At The White Party" about corruption in the desert resort ready for publication and was one of the creators of the International award-winning musical SNOOPY, based on PEANUTS by Charles M. Schultz. He has written for television and films.

Merrill said, "There is so much wealth in Palm Springs ... from inherited to funny money, and I'm advising all my friends to buy gold. Grace's book on the 'final depression' sounds like a novel or fantasy but unfortunately it is a picture of our horrible future here in America. My cousin Charlie (founder of Merrill Lynch) must be turning over in his grave."

Merrill had met Grace when Merrill lived in Palm Beach, Florida and was married to the late Evangeline Johnson (heiress to the Johnson & Johnson Pharmaceutical Company).