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"What the heck is happening?" That keeps racing through my head as the world's markets crash and a staggering wave of fear races through the world's financial centers.
Why are we having this meltdown? Why right now?
The real economy is not doing great, but corporate profits are extremely strong. The nation's large corporations are loaded with liquidity. The luxury retail sector is powerful. Autos are excellent. The agricultural sector is stupendously strong. High tech and biotech are doing well, sometimes amazingly well.
The stock market is a barometer of corporate profits and somehow the barometer is now telling us corporate profits will fall far and fast -- yet the evidence for this is thus far faint. It may come, but markets, as the old saw goes, forecast ten out of every five recessions. | 
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