Just how far are we away from the bottom? You know, the point when all those graphs begin to bottom out into troughs? Well, if you've been reading Calculated Risk, the news is not good:- Commercial Real estate "is going to be another tipping point for the economy". [link]
- Dow at 7997. By comparison, the Dow hit 7286 on October 9, 2002, so we're getting close to the worst result in the 21st century. [link]
- A comparison of previous stock market crashes (1973-1974, 1986 and 2000-2002) proves that the current crash is "epic". [link]
- The "Architecture Billings Index" is at its lowest point since 1995. [link]
- The CMBS market, a debt market designed for hotels, offices and shopping malls, has melted down in the last 3 weeks. [link]
- Housing starts are the worst for 27 years. [link]
Add it all up and you get a good picture of what is happening. This is not your run-of-the-mill, garden-variety, generic economic slowdown. This is something much, much worse.
And it hasn't hit the bottom yet.
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