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Telling chart and analysis from a retired Fed member

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Yeah I guess he is suggesting that something needs to act as a catalyst for fear to take over but I wonder if we aren't already on the way and all we need is a nudge over the edge (the Black Monday moment).  The crash is never just one day but a slow, gradual at first, keeling over until the market is gripped in the gravitational like pull and a race to the bottom begins with a bang.  The last 2 busts took 18 months and 2.5 years (working backwards) from high to low.  I suspect this one will be similar in profile, though it may go further and last longer...

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