counter-intuitive) and unrest over the Chinese economy and markets. Given that China makes up a small percentage of total US exports I feel like this whole pullback is a bit overblown for US markets. I'm not saying there won't be a lot of pain over the short term (I expect we'll be in this pattern until late 2016) but long term I think the outlook is good.

The obvious difference between this and 2008 is the lack of a bubble. There may be losses from default and hedging in the oil industry as busiturtle noted, but nowhere near the same level as 2008.