According to these two top wall street analyst, all the evidence is NOT pointing to a major downturn like you are suggesting and most probably this being more like a correction.
Also saying that the there is NOT the indicators in the United States market place that would normally show a contagent going global.
In fact even going as far as saying that the momentum in the economical cycle right now is positive.
Have a listen to this interview.
Clearly these two analysts closer to the action disagree with you taylor.