The Editors’ Quote of the Day:
“A classic 1929-style [stock market] crash starts with a deep, fast decline. Then comes a recovery of about half the decline, which draws in ‘buy the dip’ investors, fresh meat for the monster ahead. It’s a quick gulp of fresh air before the real crash begins, the Big One, stair-stepping down for a couple of years until it bottoms at a small fraction of the peak, exhausted and depleted. While this probably isn’t the Big One, it could be the initial fracture, or it could be something like the -21% quick correction of 1987. Will the Big One happen this …