That is one jacked up chart you see above. I tried to make it as pretty as possible with the lovely gradient background and the frame that subtly disappears in the upper left corner, but the truth is that that is one ugly freaking chart.

The amount of emergency cash the Fed has loaned to banks has BLOWN PAST the previous record high, which occurred during the Great Recession. Which is a harbinger of bad news if history is any indicator.

Remember what happened to the stock market the last two times discount window lending spiked like this in the past 20 years? If not, here's a reminder:

In 2008 – 2009 the Dow got chopped in half, from ~14K to ~7K.

In 2020 it went from ~29K to ~22K for a lovely 25% haircut.

And now Fed window borrowing is WAY past what it hit in '08-'09.

Be safe out there everyone. I'm off to buy some gold bars from Glenn Beck and buckets of 50-year macaroni and cheese from Jim Bakker.