I agree with El Jefe. Think

[gn]

I agree with El Jefe. Think of it this way: Ultimately, the correction is about supply vs. demand.

Now, there are more than one way in which supply can overwhelm demand:

1. Massive job losses (early 1990s)
2. Easy credit & excessive speculation (currently)

So, it’s the SAME, as in the same pattern (supply overwhelms demand). But, it’s DIFFERENT, as in the mechanism that causes supply to overwhelm demand.

Of course, when the bulls say “it’s different this time”, they are hoping the the same PATTERN won’t be repeated. And that’s where the bulls are mistaken 🙂