The one time in his life that Bill Mitchell is correct. What matters is percentage change not absolute dollar change. Let’s see what happens over the next several months. It’s certainly possible that the realization that the deficit is skyrocketing has spooked some in the market. Or it’s the usual temporary market correction.

For those of us who lived through 1987, there was a huge one day drop and then the market recovered by the end of the year.

Sigh — and I’m retiring in June. No pension — all 401(k)