A Bear Market in Stocks, Plus An Economic Recession

I think not only we are in a bear market in stocks, I think we are in a recession economically. I think the recession we are in now is going to be longer and deeper than the great recession of 2008-2009. 

All bear market begin as corrections but they do not officially call it a bear market until its down 20 percent. The Russell 2000 Index is down 25 percent, the Transports Index is down 30 percent, many individual sectors and stocks are down a lot more than 20 percent!

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.