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We are going back to Dow and S&P totals that will be the same as when Bill Clinton was inaugurated (the first time). We are still working with unrealistic multiples that can not be maintained when people actually have to work, save, and monitor their purchases.
Housing will go back to 1997 levels. Essentially, the last time houses and land were fairly valued.
We have two massive bubbles to compensate for and people to come to the realization the "earned wealth" of the last 15 years was vapor.
In the end, it will be the best thing that could have happened. Deflation is a great thing for savers... Spenders/Easy Credit had it easy for way too long. Savers got ass fucked because of artificial inflation of prices because "everyone was rich".
If this progresses to where it should progress... $1M will be $1M again (80's and 90's value of a million dollars).
We are at $40T of wealth wiped off the map with a lot more to go.
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