this. So the legislation that they've introduced over the years, mandating default allocations to equity funds, to passive index funds, again, continue to perpetuate this by providing a constant bid to markets. And we can get into what some of those microstructure effects, if you want. So we've linked now the markets to virtually every dimension of our lives, right? Like, your healthcare is tied to your employer. Your employer's health is intertwined with the market, and the market now ends up being the tail that wags the economy dog because it's just so much larger than the economy. And because such a large proportion of the credit that is issued against the economy is not issued against future cash flows, but rather against collateral, right? So if you've already got capital, you've got access to cheap credit and basically as much as you want. If you don't have capital, then all the income in the world is not going to give you access to cheap credit, right? So you've got the Fed (30/45)
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