Fed rate cuts during the 2000-2002 and 2007-2009 collapses. When investors are inclined toward risk-aversion, safe liquidity is a desirable asset rather than an inferior one, so creating more of the stuff doesn't durably provoke risk-taking. Chart h/t @CoryLVenable pic.twitter.com/3SzsKawSN8
— John P. Hussman (@hussmanjp) February 4, 2019
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