Unlike CNBC, I have no definitive opinion on why the markets are taking these steep dives, aside from the obvious fact that valuations have been too rich, and eventually have always reverted to the mean.

But I find this interesting - just as the market has been divorced on the way up from the underlying economy, that seems like it may be true on the way down - even aside from share buy-backs with fatter corporate profits, the fact that wages are starting to finally increase should suggest that consumer spending will increase, which ought to be good for business. Yes, inflation may finally make an appearance, and that's probably ok with me - my portfolio is pretty devoid of bonds, so I'd like to see rates increase like it's 1981 - at its height, inflation was about 23% IIRC, and govt. 30 year bonds were yielding in the teens - a real bonanza later, when inflation was wrung out of the economy by Volker, who became the most hated man in America by insisting as Fed Chair on tight monetary policy.