### Comment:
I also don't believe this sentiment on either count. Every recession is ultimately a story of deleveraging. Are we to argue about the word 'began?' Does he mean unemployment is low and PE's are high, so somehow deleveraging must follow something? The timing of deleveraging doesn't have anything to do with the total resulting economic contraction... ??? am I retarded, or him?

### REPLY:
Them’s a lot of 5 dollar words and I just spent my last 500k on SPY puts

### END.