I did a bit more due diligence on how companies in the S&P have fared so far this year.  Keep in mind these prices are YTD, not from their highs, so it could be worse than this.

109 companies (more than 20% of the index) are down more than 20%, some of these have declined more than 50%

69 companies (more than 10% of the index) have declined between 10% and 19.99%

93 companies (nearly 20% of the index) have declined between 0.01 and 9.99%

So in all, about 50% of the companies in the index are in negative territory and from the looks of it in trading today, we may have more companies in the red.  

We may indeed have already had a market correction, with some sectors in bear market territory.  Not to say the bloodshed should either stop or continue, the market will do what it will do.  However, I lean towards not much further down as I do not see this economy going into a recession.  Europe is in the land of negative rates, so it is tough to argue it goes down much further, in fact I think it manages to just have a shallow downturn.

 

As to your post and comments, tt is indeed a world of haves and have nots, but then again it always has been, but something this country had not experienced to this degree in the past 70 years. Which was the point of my post.  The shifts in the economy exacerbated by the fast pace of technological change will continue unabated.

 

Those who are out of the economy may never go back to their previous standard of living; they are likely to linger at the bottom.  Our kids must be ready and educated to face the rapid pace of change.