Businesses get “crunched” in the Oil Patch, consumers lose it, indexes hit Financial Crisis levels.
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.