“The bull market is over”
On the surface, the stock market has had a great year.
In the midst of a global economic crisis, the Dow Jones Industrial Average rose nearly 400 points in 2017 to its highest level since 2007.
The S&P 500, which has been the benchmark since 1997, is up nearly 8,000 points this year, and the Nasdaq Composite, which measures the biggest companies in the nation, is now up nearly 7,000.
In short, things are great.
So why is it that so many people are now pessimistic about the future?
Is it that the market has been doing poorly for a while now?
Or is it a reflection of a fundamental problem in the economy: We live in a bubble.
If you think that bubbles are nothing but bubbles, you are living in a fantasy land.
But the reality is quite different.
Bumps, crashes, and bubbles are all part of the normal business cycle.
The fundamentals are so strong that they can hold back an economy for a few decades.
But these are not bubbles.
The fundamentals have not been able to sustain a sustained recovery.
So what is going on?
The biggest question is this: What are the underlying causes?
Bubbles are usually caused by a shock or shock-induced failure of the underlying economy.
A key issue here is that when the underlying economic conditions are not quite right, then the bubbles can be a sign that things have gone wrong.
For example, we have seen many examples of what we call “shock and awe” bubbles in the US stock market.
In this case, the underlying underlying economic situation has not been strong enough to support the rise in stock prices.
In a similar situation, a stock market bubble could be caused by another, more subtle problem: A sudden and unexpected collapse in the prices of certain goods or services.
For example, the housing market in the aftermath of the 2008 financial crisis, which was then in a state of crisis, was a perfect example.
And the stock markets in the 2000s, which were at their peak when the dot-com bubble burst, were similarly filled with bubbles.
Now, of course, we do not know what caused the housing bubble to burst.
But it is clear that it did not come about by chance.
It was not the result of a bubble popping.
It came about because of a very serious misallocation of resources.
This is the key point: Markets have always had bubbles.
But they are now being caused by an underlying economic problem.
One of the key ways that we can better understand the underlying cause of the current market downturn is to ask why so many are now talking about bubbles.
To understand what is wrong with the stock and bond markets, it is helpful to understand how the underlying economics work.
As explained in my book, A Bubble Is a Bubble: How Markets Work, a fundamental reason for bubbles is called “excess supply,” which means too much supply.
“Excess supply” means that the number of assets available to a given sector or group of companies is too high.
When we look at the stock price of a company, for example, this is a problem.
If the market is inflating and the company is not producing enough money to pay for the outstanding debt, it will have a bad day.
It will be unable to pay dividends and will eventually go out of business.
Because companies cannot make their revenue from their assets, the market will suffer, as it does with any other business.
The bubble will burst.
It is inevitable.
Another way that excess supply can be caused is through a lack of liquidity.
At the start of a new business, it can take a long time for the stock or bond market to clear, so that investors can take advantage of the rising prices.
But if excess supply is still too high, there will be a delay before investors can get the money they need to make a profit.
Excess demand is a big problem when we are in an economic crisis.
But there is another way that bubbles can cause an economic slowdown: When companies cannot produce enough money.
It is also important to understand that the underlying business cycles are not static, so they can change over time.
What is going wrong with our economy?
The answer is not just a simple lack of demand.
It also has to do with a fundamental weakness in the underlying fundamentals.
Let’s take an example from a different sector of the economy.
The energy sector is the fastest-growing industry in the United States.
The sector has grown at an average annual rate of 5.6 percent over the past decade, and it is expected to grow an even faster pace in 2018.
These are exciting times for energy.
The industry has been growing at an annual rate that has been much faster than that of other industries.
In other words, energy is now more important than ever. Yet