“Right now, the US economy is contracting very rapidly. We are looking at a period of global slowdown, and a global slowdown in economic activity that affects everyone who participates in global markets,” he told investors. “This is not like 1987 or 1998 or 2001. The contraction going on is bigger than that. We will in fact look back to the 1929 period to see the kind of slowdown we’re seeing now.”
It seems like yesterday when prices of everything were inflated and so are egos of traders in the stock market. All of a sudden there is a crash and no one knows what is going on. While the deflating of prices and egos is welcome, where will it stop? No one seems to know.