Typical bull argument:
“Can’t have recessions with low interest rates.”
False.
Japan had multiple ones with avg long-term rates well below 2% in the last 20 years.
Including two 60+% equity crashes.
And their debt service ratio was even lower than the US today. pic.twitter.com/qNaSBtas8C
— Otavio (Tavi) Costa (@TaviCosta) January 24, 2020