On and rolling wave vs tsunami? I would go with pebble in a medium sized bucket. The shock waves will reverberate out from the major cities and bounce back in echoing waves. I am willing to bet on several dead cat bounces on the way down. Resort towns and smaller places with no industry are going to be whacked the hardest and those losses will in turn reverberate to the people who sank primary or speculative equity into them in big cities.
