lag. It affects other parts of your body. GDP is a body called the economy. So I think that what happened this cycle was the bubble is not on household balance sheets. The bubble's not in the banks. The bubble is on corporate balance sheets. And what people will say is they'll say, well, but there's no excess capital investment. And that's true, like in the dot-com era, massive excess capacity. Dark bandwidth. Yeah. And so we wrapped the world many times over with fiber optics. When people say, oh, well, there's no excesses because there was not a major excessive capital investment cycle that created all this excess capacity, totally misses the point. The bubble is on corporate balance sheets. And the money didn't go into the real economy. It went into share buybacks. You see, this is the perfect symmetry. The symmetry is this. The symmetry is called $4 trillion. $4 trillion of QE equaled $4 trillion of corporate bond issuance, equaled $4 trillion of share buybacks. This is one of the (16/57)
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