The second longest bull market in stocks was brutally interrupted in early February 2018 with some serious volatility, including the largest single day point drop in the history of the Dow Jones Industrial Average. I mean, why would something like that happen if the economy is otherwise doing so well, investors are so clearly exuberant, unemployment is so very, very low, and the Fed, Treasury and President Trump are guiding things along so firmly? Tongue firmly in cheek…
When actual economic fundamentals are weighed with some data sobriety, this recent volatility could be seen as a warning of further corrections and a deep recession to come. Yet that said, such a wider downturn isn’t necessarily due to ‘natural market forces’, just like the disingenuously long 9-year-old bull market in equities hasn’t been due purely to theoretical supply and demand, either. So, what all is going on behind the ticker tape? What are the true stakes, real numbers at play, and possible ends for which another large systematic financial crisis could serve as means to?
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