The Economy is WEAKER than going into late-1929.

In 2026…. (compared to 1929)

– The Stock Market Bubble is far bigger.

– The Private Debt is much larger.

– The Fiscal and Public Debt situation is worse.

– The Consumer is more depressed.

– The Industrial and Manufacturing growth is lower.

– Inequality is around the same.

– The Housing Market situation is the same (frozen).

– Tariffs levels around the same.

… and the Fed is also today focused on fighting the Bubble.

“No” …. 2007-08 – does not even get close!

And you think that a severe Recession cannot happen – while the economy is clearly rolling over?

Really?

The Economy is WEAKER than going into late-1929.

In 2026…. (compared to 1929)

– The Stock Market Bubble is far bigger.

– The Private Debt is much larger.

– The Fiscal and Public Debt situation is worse.

– The Consumer is more depressed.

– The Industrial and Manufacturing… pic.twitter.com/4fSNFw5yW5

— Henrik Zeberg (@HenrikZeberg) October 8, 2026

THE LARGEST BANKS IN THE US HAVE ENTERED THE CORRECTION TERRITORY.

JP Morgan: -11%
Bank of America: -19%
Citigroup: -15%
Wells Fargo: -18.5%
Goldman Sachs: -24%
Morgan Stanley: -19%
US Bancorp: -15%
Capital One: -25%
PNC Financial: -16%
BNY Mellon: -14%

Even the KBW Nasdaq Bank… pic.twitter.com/TaXHs28EHY

— The Macro Paper (@macropaperr) October 8, 2026