https://twitter.com/hks55/status/1092822892117676032
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, Ph.D. (@hussmanjp) February 4, 2019