You left out corporate profits - since 2011 SP500 up 90%, corporate profits up 0%...
We have a demand side constraint to economic growth, but supply-side fiscal policy and financial-side monetary policy. They can cut corporate taxes to zero percent and we will not see any economic growth. Japan went negative on interest rates and consumers stopped spending to save more - opposite expectation of supply-siders...
Central banks dumped 4 trillion into financial markets in 2016 and are on pace for 3 trillion in 2017 in effect removing the supply of financial assets from the free market. Wonder where the effects of that ended up? Even with declining demand for investments from a retiring population, they drove stock and bond prices up on some ridiculous wealth-effect theory. The game has changed, this market cycle is like no other.
There's more, just wrote about it a couple of days ago...
or
Cheers,
Michael Bond
TSPsmart.com
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Posted by: Michael Bond <michaelhbond@yahoo.com>
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