But now that stock prices are crashing, the cold, harsh reality of what we are facing is starting to set in for millions upon millions of people.  Trillions of dollars in paper wealth has already been wiped out, and many experts are warning that the worst is still yet to come.  I have always warned my readers that you only make money in the stock market if you get out in time, and unfortunately there are a whole lot of investors out there that didn't get out in time.

On Friday, the financial carnage that we witnessed was quite impressive…

The tech-heavy Nasdaq Composite fell nearly 4.2% to 12,334.64, weighed down by Amazon's post-earnings plunge. The S&P 500 retreated by 3.6% to 4,131.93. The Dow Jones Industrial Average shed 939.18 points, or close to 2.8%, to 32,977.21.

Of course this was just the continuation of a trend that has been developing for quite some time.

April was the worst month for the S&P 500 since March 2020, and it was the worst month for the Nasdaq since the financial crisis of 2008.

For the year, the Dow has fallen 9.3 percent, the S&P 500 has dropped 13.3 percent, and the Nasdaq has plunged 21.2 percent.

Overall, the Dow is now down 10.8 percent from the all-time high, the S&P 500 is down 14.3 percent from the all-time high, and the Nasdaq is down 23.9 percent from the all-time high.

Tech stocks were on the bleeding edge of this stock market bubble on the way up, and now they are also on the bleeding edge of the crash on the way down.

On Friday, the price of Amazon fell about 14 percent.  That represented the largest single day decline for that stock since 2006.