Oil spills into the broader economy.
The oil price collapse is bad, but this is worse.
Traders are uniformly betting against it, a great contrarian sign. But wait….
At first, there was hope that only the oil patch would get hit.
Just the tip of the iceberg?
China, Greece, “Global instability” get blamed.
A lot of gloom in just one statement.
“Not an early signal of rising losses or broader housing stress.”
Not just a “massive contraction” in the energy sector.
Worry of “full-fledged contagion to the rest of the country.”