Will 2016 be a repeat of 2008?

WILL 2016 be a repeat of 2008? What might be the appropriate US Federal Reserve policy?

After the convulsions of the past two weeks, these are the questions that observers on Wall Street are now asking. As always, the answer depends on who you approach.

In their quest to reassure, experts have pointed out that a) although China has problems with its economic restructuring, the violence of the sell-off in its equities does not necessarily foretell an economic meltdown because its stock market is very sentiment-driven due to high retail participation; b) the China economy is unlikely to suffer a "hard landing" although it is undoubtedly slowing and c) the US economy appears to be chugging along nicely so a global recession isn't on the cards.