Doscientos Mes

"The thought has clearly made the rounds that the US equity bear market started in early 2000 was simply interrupted to the downside in 2002/2003 by incredible domestic monetary and credit cycle stimulus, as was truly exemplified by the literal generational bubble that was blown in US residential real estate prices, acting to lift both the financial markets and economy itself for a time. Of course no one knows in advance what financial market behavior and price trajectory will be ahead, but we do hope there are some signposts that may be helpful in guiding us as to potential ultimate downside severity"