Corporate bonds issued by the energy companies would go under

because cash cow is killed by the oil price.

Distressed guys will go to the center of the stage and fight in the court rooms.

Venezuela, Brazil, South Africa, Indonesia, even India, all these emerging countries depending on foreign capital inflow or oil export would be heading into recession, hurting investors and liquidity of the markets.

Maybe it is time to buy some longer date S&P put options. Even though you have to pay lots of time decay, you would be paid off any time equity market would crash.