"Now, as to how high the VIX will go -- that is, how much more real fright is on the way, as manifested in turmoil in the equities market -- I suppose that could be argued, depending on one's assessment of the magnitude of the financial system's difficulty. Ours? Maybe we're in the third inning. Hopefully it's not the first game of a seven game series; hopefully we're wrong."
He's implying a real long slog...
