Once you start moving [market] lower, then you trigger of all sorts of things. You trigger people who have to sell because they're over-levered. So they sell their winners and their losers. They're just trying to raise cash. So, what you then get is spreading malaise throughout the global markets.
![Once you start moving [market] lower, then you trigger of all sorts of things. You trigger people who have to sell because they're over-levered. So they sell their winners and their losers. They're just trying to raise](http://cdn.quoteddaily.com/images/mohamed-el-erian/once-you-start-moving-market-lower-then-you-trigger-of-all-sorts-of-things-you-trigger-people-who-have-to.jpg)