David Stockman believes the 40% market downturn he's long predicted has finally arrived - CNBC

"Fair value of the S&P going into the next recession is well below 2000, 1500 — way below where we are today," the former OMB director told CNBC. ....
https://www.cnbc.com/2018/11/03/david-stockman-epic-downturn-is-here-brace-for-40percent-market-plunge.html