This just in:
"The company reported adjusted third-quarter earnings of 7 cents a share...Analysts surveyed by FactSet had estimated earnings of 13 cents a share"
Way back in December 2000, John Chambers, CEO of Cisco, soiled the collective underwear when he said on a conference call, "business just fell off a cliff"...
ZH: Oct. 6, 2015
"It feels like someone just flipped the switch to off"
Which is also similar to what Dupont and Yum Brands said on their respective earnings releases. Corporate CEOs are always the first to know.
Meanwhile, due to fiddle fucking around with the stock market for six years straight, the Fed has had the throttle wide open the entire time. The last time recession hit, Fed funds was over 4% (black line):
Vertical black line marks beginning of recession
Fed funds interest rate with Fed balance sheet (red)
As we see below from stocks with interest rates...
The Fed was lowering rates going into the recession, and had a 5% interest rate buffer, but still lost 8 million jobs amid a -55% stock decline:
This time, what will they do when stocks crash - They have no interest rate buffer, and poverty is already at record highs...
Hardest landing visualized:
