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I think there is a fundamental difference now, the government has bailed out stocks twice in 2008 and 2020. Moved Heaven and Earth with the fed and indirect injections of capital to prevent the rich from losing money. So these stock prices reflect tax dollars billing them out in the downturn.
Why bother worrying about the downturn if the world bends over backwards to stop you hitting the ground?
It is basically impossible for Visa to go bankrupt, for example. The moment the threat looms, governments are going to leap in and save them. They’re too big to fail.
I think there is a fundamental difference now, the government has bailed out stocks twice in 2008 and 2020. Moved Heaven and Earth with the fed and indirect injections of capital to prevent the rich from losing money. So these stock prices reflect tax dollars billing them out in the downturn.
Why bother worrying about the downturn if the world bends over backwards to stop you hitting the ground?
It is basically impossible for Visa to go bankrupt, for example. The moment the threat looms, governments are going to leap in and save them. They’re too big to fail.