The market perhaps...but this is a much different situation than the dot.com bubble which was a high tech problem and the housing crisis which stumbled into the crisis and saw a contagion of lost jobs in the housing industry, a collapse of credit default swaps and mortgage backed securities, which damaged banking and financing became difficult for many industries leading a cascade of poor performance. Recessions need to be shallow rather than short because going to zero for 10 minutes is devastating. It's like stocks. I had a good stock that had to capitulate and file bankrupcty... $11k down the drain...but if they could have held out the first 6 months of 2020...well, they'd have made a lot of money - but if a dog hadn't stopped to take a whiz, he'd have caught the rabbit.
I am not sure this recession won't be protracted but hopefully that old slow train wreck means it will be shallower. But there are headwinds - China is aggressively fighting covid to the detriment of their own economy and production is lagging, the supply problem may be worse just as it seems to be improving. High food prices will have major impacts worldwide, particularly in the Middle East which may prompt unrest there, and Ukraine is now off the market for wheat as well as Russia. There are a lot of things that were moving smoothly that are now seeing glitch after glitch. The shutdowns in the US in 2021 in particular, led to over 1,000,000 barrels of refining capacity permanently taken off line, much to the joy of the Green party but not so much the energy buyer... That production isn't coming back. We either buy the refined product or we go without (reduce demand)...and we are now positioned to supply Europe with natural gas??? What do you think that does to NG prices here? You know, Nat gas we use to generate electricity and heat homes.
