Bear markets always end for exactly the same reason, and that is the market begins to price in deflation. Equities will be incredibly cheap.

—Russell Napier on the expected direction of James Tobin’s Q Ratio

a recession with adjectives — A deep recession, a long recession, a damaging recession

—Martin Feldstein

The big problem is that there’s no bottom in sight for consumers and for businesses. The negative sentiment makes it difficult to stabilize the situation. It’s very worrisome.

—John Lonski, chief economist at Moody’s Capital Markets