We're not at great depression levels yet, but the fear is that we could be. Nobody knows where the bottom of this really is. This is definitely worse than a normal recession.
This is much bigger than a real estate market correction. It's bigger than a market slow-down causing job losses. The financial system is broken in some ways. Even the experts don't know what other things may be triggered. Markets are so interconnected and it isn't always clear what else will fall when one industry fails.
IMO expect it to keep going downhill for at least the next 2 years. Plan ahead, and put a little money aside. Even jobs you think are safe may not be.
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