I forgot to mention that in 2001, before the Dow and the S&P collapsed, there was so much evidence that the market was in trouble as the Dot com bubble had already burst the year before, taking most tech stocks with it. But the rationalization at the time was that the problem was "contained" to that one sector.
Sound familiar? I also miss spoke when I said it was different in 2001. Actually it was very similar. It was 2008 that was different. I was referring to the dollar, oil, and the global economy, and I meant to say that while it was different in 2008 in that the dollar was at record lows and oil at record highs, 2001 was very similar to today, with the dollar very strong, oil very weak, and most of the concerns being about the global economy rather than the domestic.
But regardless of the similarities or differences, the outcomes where the same, just progressively worse. In that respect, history is about to repeat!