Not much substance there, just kind of consistent with his doom and gloom writings the past few years. It is possible that during any short term cycle he will be correct, but over the long term I think he's just playing the class warfare stuff against the wealthy.
I'm still waiting for one of his past predictions to come true (one of many I've bookmarked from doomsday bloggers to see how accurate they were by 12/31/10):
Why Interest Rates Will Almost Certainly Rise in 2010 -- Seeking Alpha