While zombies were pretending that nothing was happening, all major sources of liquidity were systematically depleted. And all asset classes were pounded (except recession stocks). In this last leg down, everything gets synched to the downside at the same time, amidst zero liquidity...
All major sources of liquidity have been depleted:
"And then they learned that printing money to buy stocks wasn't the secret to effortless wealth. Because after all, who knew?"
Wilshire with Fed Funds rate and Fed balance sheet (green):