The stock market is NOT just in a summer slow down.
The whole global economy since 2008 has been driven forward by this massive investment and construction and borrowing spree in China. We all knew it couldn’t last forever, and I believe that it's over.
Artificially inflated bubbles created by the Federal Reserve cannot last forever. I think what we are seeing is the beginning evidence that the central bank-driven credit economy is over and we are in a new era.
U.S. stocks traded more than 2 percent lower on Friday, extending a recent rout, as concerns about slowing global growth continued to pressure investor sentiment.
The Dow Jones industrial average trimmed losses after briefly falling into correction territory, losing more than 470 points as all blue chips declined. In the last five years, the index has only had four instances with closing losses of more than 400 points.