In the words of every stock market analyst I’ve ever heard: this could happen, then again, it might not.
I read Hussman's weekly commentary. He doesn't say that it is going to happen, but conditions are such that his alarm bells are going off. I wouldn't exactly call him a perma-bear. At current stock market levels, he thinks the stock market will return somewhere around 4.5% per year over the next 10 years in a non linear fashion..