Today the Dow dropped 361 points.
Oil is about $100 a barrel.
The largest bank in America is warning about record losses.
The largest real estate contraction since the Great Depression is happening now.
Unlike the stock market bust of 2000/2001, what is happening now over a much broader economy.
Scary
Well, somewhat scary. I think the real worry is a return to 70’s style stagflation. There was just too much run up in credit and in house prices. The level everything was increasing was unsustainable. The average worker could no longer afford and average priced home. I would guess we are looking at a long, shallow recession and recovery.