In late 2006, I began highlighting the subprime crisis, and subsequently the yield curve again inverted, necessitating another recession call. Again, I was early, but you see the pattern.

Now let's fast-forward to today. Here's what I said last week that drew so much interest.

Peter [Boockvar] made an extraordinarily cogent comment that I'm going to use from now on: "We no longer have business cycles, we have credit cycles."

For those who don't know Peter, he is the CIO of Bleakley Advisory Group and editor of the excellent Boock Report. Let's cut that small but meaty sound bite into pieces.