I said that if the markets were not correcting by now meaningfully, and would continue to rise into July and August, then the likelihood of a crash in the fall was increasing. And a crash in the order of say 1987.
Now, we are in the midst of a very significant correction, not so much yet in terms of indices but many shares have already declined 20-40 percent from their highs.
As we posted earlier this month, Faber called for the potential of a 1987-style crash if the markets continued to rise through June. He was not necessarily calling a crash, but that the potential for one was there if the markets did not correct as they currently have.