Only one major problem with the comp 2008 we had a once in a life great recession in 2008 (Only one worse was the great depression), where there was systematic risk with the financial system at risk, in my opinion we have none of that today. And that is why there is a huge difference between the two in my opinion. Could we have a recession, the chances are yes, I have always been in the no growth to slow recession camp, admittingly that was when I thought we wouldn't go much below 4000, maybe 3800 max. At about 3500 We have priced in a mild recession, and on our way to a moderate sicne I don't believe this will be severe recession it is why I'm so aggressive, because I believe 3400-3500 We are getting close to pricing that in, maybe I will be wrong, and by no means does that mean the market rips back to all time highs it just means the damage is done and we can pick around the discounted merchandise in my opinion.
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