The End of an Era
As we have highlighted, last Thursday will be looked back at over time as the end of a 40 year era that started in 1980.
It started out as Supply Side Trickle Down economics, moved into Greenspan excessive turbulence, then Bernanke’s QE’s, then Trumps Corporate tax cut and tariff moves, and finally Powell’s “Do Anything stance”.
What we have ended up with is excessive debt, cheap interest rates, over priced paper assets, and a public that has been seduced by excessiveness. This is complex, it will not end in a day, week, month, or year. We will be watching long term trends from here. Daily monitoring of the markets will only confuse you.