In the second video he said there's a 40-50% chance the stock market could hit a new low. He said he'd be long 30-Year Treasury bonds at 4.5% (could hit 3%) and short copper (industrial commodities). Shilling is going against the grain (along side Hugh Hendry, Robert Prechter) betting on deflation.
Here are older tech ticker videos with Gary Shilling from summer 2009. He's still bearish! Gary Shilling Still Bearish, Expects Deflationary Pressures (July 19, 2009). He was right about the housing bust and recession before it happened. Let the battle begin: Marc Faber/Nassim Taleb/GregorMacdonald/Jim Rogers vs. Hugh Hendry/Robert Prechter/Gary Shilling (who else). Place your bets.