Today the tire blew out and the car is spinning off the road and we could be headed for a cliff. I'm not kidding. The next few days have the possibility to be the worst since the 1929-1932 era. I'll say it again, the next few days have the possibility to be the worst since the 1929-1932 period. If you're long stocks, reduce your exposure. Maybe all the way to zero. The massive deleveraging has been jump started by the Lehman bankruptcy filing. Everything is going to be for sale, and there may not be that many buyers. Support levels aren't going to matter. Just look at oil. Prices are going lower in ways no one yet understands. I hope I'm wrong. My fear is I'm not. This is full blown asset deflation and it's picking up steam. The next step is for the Treasury to introduce the governments balance sheet into the equation to become the buyer of last resort. It's all that's left. That's the last bullet. The Fed's been doing that but the Fed has a limited balance sheet. The Treasury doesn't. I am very, very concerned tonight about what I've been witnessing. Be very careful.