I've seen the market go through some massive downturns in my day. I still don't think that I've seen anything quite so depressing as the tech bubble that burst a decade ago and took 50% of the value of the NASDAQ with it.
But another week like this and I'll be forgetting about that minor correction.
The stock market lost 600 points today. Bank of America investors lost 20% today- those losses alone eliminated 16.8 BILLION dollars. And that was just BofA and that's just TODAY. Other companies did worse of course.
The headlines I see today include:
"Looking for market bottom? You could have a long wait"
"Second US Recession Could Be Worse Than First"
"S&P500 Extends Worst Slump Since 2008 Bear Market"
"Central Bankers Confront Decision on Which Economic Risk Scares Them Most"
Do any of you have a reason to believe that there is a blue sky behind all of these clouds? I can't even imagine what could reverse this trend and bring back some of America's wealth. And I don't see it as likely if I can't even imagine it...