Economist predicts trouble ahead - cause for concern?

Albina,
My main point in the video is that bad times don't necessarily mean bad markets. Market timing is almost irresistible because it instinctively feels right. I want to avoid pain and seek pleasure. All that said, I'm not convinced that things are necessarily going to go bad because tax rates are changing. Ironically, it's usually something that none of can predict that drives the economy or markets up or down. It's that new technology that increases productivity, the natural resource discovery, election result or outbreak of war or peace that sets the new tone. When the atmosphere changes companies adapt and they find new ways to profit. (And by the way, if taxes go up, they find new ways to avoid them.) Just remember, the market goes up 2 out of 3 years and down 1 out of 3. Trying to guess which ones are which is what gets us into trouble.

I have not heard him say that...but it seems like everybody has been saying it. I wiould like your comments, since you are the financial guru...what do you think?