< !http://s.wsj.net/public/resources/images/P1-AN227B_MARKE_NS_20081009223754.gif> Where will the market go. The thing that is wrong about the chart is that it is not inflation adjusted, the 1970s chart is really straight down on a real basis.
!<http://mises.org/images3/Dow65-84.gif! For some reason the 1970s don’t have a fancy label although I remember stagflation. Like the depression, it all started with the 1960s which featured massive deficit spending (to fund the Vietnam War, sound familiar) and loose monetary policy to reduce the sting of the deficit (sound familiar) but which caused a massive bubble […]