From what I've read, the 1973-1974 bear market felt like this, an endless grind down, so many failed rallies for so long, that the consensus became, "rallies must fail". This is worse, now, than the 1987, 1990-1991, or 1998 downturns. Not just because it's deeper, but because it's lasted so long. By the time the shock of the 1987 or 1998 downturns had sunk in, stocks were already rebounding.
It isn't like the 1930s, because we don't have 25% unemployment. In fact, there is a total disconnect between Main Street and Wall Street. Alaska is dependant on cyclical industies (oil and tourism, mainly), yet there is a huge amount of building going on, residential and commercial. People are worrying whether they can find an electrician, carpenter, and mason for their home additions. |
