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\\n\\t* It wasn\'t a Black Monday of the 1987 variety, but it was one for the record books
\\n\\t* The Dow was down opened downjust over 1,000 points - the biggest intra-day point drop ever
\\n\\t* When the market opened down that low, bargain hunters came in for a spectacular rally
\\n\\t* Bringing the Dow almost back into positive territory before surrendering those gains and ending the day down 588 points, another 3.5% drop, closing at 15,871
\\n\\t* Taking out the 16,000 handle just a few days after taking out the 17,000 handle
\\n\\t* All of these drops are being blamed by the media on China
\\n\\t* The Dow Jones is down about 11% year to date
\\n\\t* After today\'s drop, the Chinese market was down less than 1%
\\n\\t* This is not all about falling Chinese stocks
\\n\\t* It\'s the Fed - Everybody believes the Fed is going to end the party
\\n\\t* As we got closer to September, the stock market was already going down
\\n\\t* I\'ve said all along that the Fed was bluffing - it is a game of chicken
\\n\\t* Finally, today, Barclay\'s is predicting a Fed rate hike in March of 2016
\\n\\t* I think the Fed will launch QE4 before we get to a rate hike in March 2016, which is an election year
\\n\\t* The media wants to blame the correction on China, as if there are no domestic problems to worry about
\\n\\t* China should be blaming it on us - we\'re the ones who got the world hooked on zero percent interest rates
\\n\\t* The fantasy was that we could raise rates without an impact on the economy
\\n\\t* The falling stock market is going to have an impact on the real economy
\\n\\t* The economy is weak and getting weaker
\\n\\t* This correction will turn into a full-fledged bear market unless we get some official statement from the Fed that they will not raise rates
\\n\\t* That may come later this week in Jackson Hole
\\n\\t* I am going to be in Jackson Hole at an anti-Fed conference
\\n\\t* Here\'s an example of how ridiculous the "Blame China" rhetoric is:
\\n\\t* Maria Bartoromo was talking about the market decline with respect to the China currency devaluation
\\n\\t* She actually said that by devaluing the Yuan, Chinese made products will be more competitive against American-made products
\\n\\t* America does not produce products that compete with Chinese products!
\\n\\t* She\'s grasping at straws to connect the stock market correction with the Chinese Yuan devaluation
\\n\\t* Right now it is positive for America if we can purchase Chinese products more cheaply because we\'re buying them anyway
\\n\\t* Eventually, however, Chinese products will get more expensive when the yuan goes up
\\n\\t* She\'s just trying to fit the narrative because that\'s what makes everybody feel comfortable
\\n\\t* That\'s why I am not on CNBC and CNN - they realize my comments do not support their editorial policy
\\n\\t* I am not talking about Armageddon for the markets - I am talking about the Fed saving the day
\\n\\t* I don\'t think the market is going to crash, but I believe it will go down until the Fed cries "Uncle" and prop up the equities markets with another round of QE
\\n\\t* The Federal Reserve did not solve our problems in 2008 - they interrupted the crisis with QE and zero percent interest rates
\\n\\t* That crisis would have solved the problem but we kicked the can down the road and we finally caught up to that can
\\n\\t* We are resuming the financial crisis that the Fed interrupted from a much deeper hole
\\n\\t* Had the Fed raised rates two years ago, we would have been in recession sooner
\\n\\t* They should have allowed the markets to solve the problems they caused
\\n\\t* Now we have more debt than ever before
\\n\\t* I have also been talking about the developments in the foreign exchange markets
\\n\\t* The dollar has been strong because rate hikes were expected
\\n\\t* The strong dollar has weakened commodities,\\n\\nOur Sponsors:\\n* Check out Rosetta Stone and use my code TODAY for a great deal: https://www.rosettastone.com/ \\n\\nPrivacy & Opt-Out: https://redcircle.com/privacy'