I know we're all very worried when the market goes down 6 or 7 percent but even 6 or 7 percent is meaningless in the big scheme of things. Now, having said that it may be the end, the end may be finally here. 

 

It's been 10 years since we had a serious bear market in the United States. That's the longest in in recorded history so we may be ready. This may be the beginning of a big bear market. 

 

The way bear markets work is they start where nobody's looking. In 2007, Iceland went bankrupt and nobody cared. Ireland went bankrupt and then Northern Rock went bankrupt and Bear Stearns went bankrupt and by then some people started to see that something's going on. By the time Lehman Brothers went bankrupt everybody knew it was in the front page of the papers and the evening news and we all knew a year and a half or so later that there was a serious bear market in the works. That's the way things work.

Now we have had things like that happening in the last year or so: Turkey, Venezuela, Argentina, Indonesia, Indian banks, Latvia... You know, the things that no he cares about or pays attention to and they're all very small but it may be the snowball gathering speed and this may be it.