NEW YORK ( TheStreet) -- The market has lost its mind. It does that at times.I'm not trying to describe a market that drops massively, where the cause of it only becomes apparent in retrospect. While the great crash was happening in 2008, few analysts were able to gauge the massive negative contagion of housing and leveraged securitizations of mortgages at the time and fewer were willing to advise investors to get out. This time, we are all painfully aware of the European issues plaguing this market and the likely outcomes. We're even pretty well aware of the possible contagion effects of a disorderly Greek default, or even a series of sovereign debt problems coming to a head all at once. For once, we're prepared to pull up a chair, sit back and watch the wheels come off this carriage. No market strategist in the media anywhere wants to be on the bullish side of the fence when this meltdown comes, as many were in '08. Oh, no. It's bad and they want you to know it. But can it really be that bad?