Again, there are just as many people predicting the economy will recover and the world won't have a massive financial collapse.
There are some people with "great educations" predicting this because if it happens, there is a lot of money to be made selling books.
For example, Harry Dent is predicting the dow at 3000 and he is a baker scholar from Harvard. He also worked for Bain for 10 years (QF's new strategy partner).
There are still a lot of ways to avoid a meltdown, so don't get to hung up on Doomsday scenarios. As wilco points out above, there are some good gains to be made in this climate.