Here's Doug Porter from BMO:
Those thinking that "softer emerging market growth" will "undercut improving conditions in the industrial world," should take a look at history, which does not exactly back up this view. "The U.S. is a relatively closed economy and it sailed through the 1998 emerging market crisis with flying colors," he says. "And, U.S. domestic demand fundamentals look quite solid, with consumers in robust shape and housing continuing to grind ahead," Porter notes. In Europe the situation is similarly, with "ultra-easy monetary policies" appearing to underpin the economy. "And, finally, recall that lower oil prices are not a long-term drag on growth; quite the opposite among the major oil importers which importantly include Japan, Europe, India, Korea, Turkey, the U.S. and, yes, China," Porter adds.
Really?
We're going to compare current markets to pre-WTO China? In 1998, China's GDP was about $1 trillion. Today it's $10 trillion. 20 years ago China was 4% of global GDP, it's 15% now.
Nevermind that globalization happened in those 17 years.
You can make an argument that the US will be fine, but just saying 'look at history' is non-sense.