Hello and welcome. It is Monday. I am your host, Derek Erikson. I hope you have had a great weekend.

The phone number is 877-9-3737-9-37-4-25. I guess I should get into the call screening program.

I think I've been doing this for 11 years. I would remember the basics. But every once in a while, I surprise and delight myself.

Now, you can follow me on social media at E.W. Erickson, if you want all of the latest.

There is breaking news that I've got to give you. And I didn't think it was breaking news.

I got the text alert that the S&P had fallen into a bear market.

And I thought, it's it's, it's, it's, it's, it's, it's, of course Wall Street's going to,

going to have a bear market. But nope, nope, this is, this is economic news. The S&P 500 has fallen

into bear market territory. Stocks have dropped. It's a brutal day on Wall Street.

The Dow's down 2%, S&P down 3%, NASDAT down 4%.

The yield curve has inverted.

Gas prices have gone up or crude oil prices are up.

Let me give you the actual numbers.

As of live timestamp 12.7 p.m. Eastern time on

June 13th. The Dow is right now down 644 points, NASDAQ down 416 points, S&P 500, down

112 points. Brut brutal day on Wall Street.

And it looks like it's going to get worse.

Now, part of this is more and more data that it's becoming increasingly obvious that the Federal Reserve is probably going to have to send us into a recession in order to stop inflation that appears now

inflation is more aggressive than everybody thought there. Now listen, I got to be clear here.

I don't want you to misunderstand the partisan point here. I don't want you to take this as a partisan point.

Everyone understated inflation.

Everyone said inflation was transitory.

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