...because financial markets, here and in America, are probably heading not just for temporary turbulence but prolonged discomfort.
The shake-out, I believe, has only just begun.
Two weeks ago, when the FTSE 100 index was 6082 (today: 5850), this column highlighted "Ten Reasons Why It's all Going To Go Horribly Wrong".
My pessimism generated carping from City professionals, who insisted that I didn't understand "the fundamentals". Lessons of the past weren't valid, they claimed, because this time there were "special factors" to sustain the bull market's charge.
Oh really? When experts start telling us that this time is different, you can be absolutely sure that it isn't. Financial gravity is never abolished, merely deferred. History has much to teach us, including that experts are temporary but common sense is permanent.
This time it's different is what experts said in 1988, when Japan's Nikkei Index was approaching 40,000 and land surrounding Tokyo's Imperial Palace was worth more than all the real estate in California.
Price-earnings ratios, a reliable method for valuing businesses, did not apply to Japanese companies, said pin-striped bankers, because, er, I'm not sure why … but never mind, it was different, those shares were going up.
They went down - and stayed down. Today, 18 years later, the Nikkei is about 16,000 (60pc below its top).
This time, it's different is what the experts said in 1998, when dotcom dizziness created "new paradigms" to explain why hopeless internet businesses were worth hundreds of millions.
Price-earnings ratios were inappropriate as a measure for dotcom companies, chino-clad brokers said, because, er, I'm not sure why… but never mind, it was different, those shares were bound to rise.
They collapsed. New ventures vanished, along with savings and reputations. It was largely an illusion.
So what's different in 2006?
Well, experts say that this time share prices are different because there's "a wall of money, a torrent of liquidity" gushing into stock markets, with nowhere else to go.
Don't believe them. There is always somewhere else to go. It just takes time for capital to make up its mind.
Then there's property. This time, that too really is different, experts say. For sure. No doubt. House prices will continue to rise. Property always goes up......