Spot the striking similarity.
Below is the US Employment to Population ratio – a nearly perfect, multi-decade low flatline since Lehman…
… And compare it to the NYSE stock index divided by the Fed’s balance sheet: a nearly perfect, multi-decade low flatline since Lehman…
Funny how the phrases “improving unemployment” and “record stock market” are so dependent on one’s perspective… and the denominator.
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In the meantime, here is the propaganda:
But even that pales in comparison to the one real winner from the “New Normal”: