The stock and real estate market of the past 5 years were thought to be unsinkable. Reminds me of the Titanic, only this the time the ship was made of MBS paper.
This stuff needed to happen.
You simply can’t have an economy built on more debt than it can pay and expect things to continue to rise.
I think internationally it’s a bit of an over correction and will probably rebound faster, but the US is heading for a depression-like era of living under our means, getting rid of debt, and hopefully getting people in positions who know what they are doing.
