The stock market will decline, credit spreads will widen, corporate earnings will be significantly reduced, leading to a credit crisis comparable to 2008, job layoffs, and a decrease in value across all asset classes.
"The stock market finally catches up to what the bond market's been saying, credit spreads blow out, corporate earnings get slashed and you get a credit crisis that some people compare to 2008, right? Job layoffs and all assets go down."