What Would a 50% Drop in U.S. Stocks Mean for Investors and the Economy, According to Recent Warnings?

I’ve been reading about Jeremy Grantham’s recent comments—posts on X suggest he believes the U.S. stock market is overvalued, with a Shiller P/E ratio currently over 37, compared to a normal level of 18. He warns there’s a potential 50% downside for stocks to return to normal valuations. That’s a big claim, and it’s got people talking about whether we’re in a bubble like 1929 or 2000.

What do you think a 50% drop in U.S. stocks would mean for investors, retirement savings, or the broader economy? Could it lead to a recession, or are there ways to weather it?