This bubble had flat wages + 1/2 the GDP growth of prior two economic cycles; but 0% rates, exploding global debt (US $10T–>$22T, China $7T–$40T) + $15T global QE.

Book value vs stock prices at every #Bubble peak. This bubble had flat wages + 1/2 the GDP growth of prior two economic cycles; but 0% rates, exploding global debt (US $10T–>$22T, China $7T–$40T) + $15T global QE.🤔#idiocy@RobSKaplan @neelkashkari @marydalyecon @EricRosengren pic.twitter.com/NwNVK8IqOr

— M/I_Investments (@MI_Investments) June 15, 2019