Just when we thought (hoped) that it wouldn’t get any worse on Wall Street, the wild roller coaster ride came to a kamikaze style nosedive, sending investors to ‘Sell First, Ask Questions Later’.

When the trading session started at the 9:30am opening bell, the Dow Jones immediately plummeted 250 points.

When it was all said and done at 4pm, the Nasdaq shed 6.9% of it’s opening value, the S&P 500 lost 6.6%, and the Dow was down 634 points.

Monday was the first day of business reaction since the Standard & Poors downgrade of the United States credit rating from AAA to AA+. The nation has held its AAA rating since 1917 (WWI).

Check out the following video where Peter Schiff (CEO of Euro Pacific Capital) states that we are already in a depression.