It was a leading indicator of investor exasperation when it started to crash in December 1999. Now, with today’s plunge, it’s down 30% from its February high.
We’ve spent our entire life in a credit expansion. We began life when the cork came out of the credit jug. We’ve all been pulling hard on it ever since. Heck, we’ve lived on it. “Hey, we’ll pay you later,” we said. But what if “later” is now?
