Dohmen: "Panic Now; This Will Be Worse Than 2008..."

``We here other analysts say, 'Oh, this is nothing like 2008' and I agree with that, but I say that because I think it's going to be much worse. 2008 was really a crisis triggered by the subprime mortgage market and the confetti that the Wall Street firms distributed around the world. They took those subprime mortgages, put them into pools, they sold participations in these pools, in these CDOs...they got a triple-AAA rating on all this garbage and sold it around the world and then they started defaulting. That caused ripples throughout the financial system and a global financial crisis, okay; but it was basically a mortgage crisis--that's how it started. Now, look at what we have currently. We have every major economic zone in the world in financial trouble... " -- See also: Zervos: The Crash Has Only Just Begun.