Gains put on since the Feb 2020 highs are all built on fantasy. NASDAQ is up +65% since its pre-pandemic high of ~9700. The mania is over. And as this current stock market turmoil continues and gets worse it won’t be happening in isolation as every other asset class joins in, with most dumping but a few soaring.
The US economy “GREW” on paper because of:
The U.S. government spent at least $5.2 trillion to combat the covid-19 crisis