The fact that so many people think the Fed will step in and magically keep the number up is why I'm pretty certain this is going to turn out like the late-20s.
The cynical nihilists have capitulated to the stock market always going up, that has to be flashing a very bearish warning sign.
People really think we have found a way to negate the laws of physics. As of there can exist a system without entropy.
Humans are prisoners of the present moment, but just think what a market is. What does it really mean as it accumulates disorder for decade plus.
Can the market just continue to deviate from a markets actual purpose forever? Hell, can anything in this universe exist in a particular state forever.
If it can’t, then it means at some point things have to go in the other direction. Use your imagination what that means for the largest most complex (man made) system in the history of this planet.
Money and economics are not “physics”. They are social constructs and not immutable natural laws. Prices can go up as long as people are willing to inflate PE ratios; this isn’t the same as saying my weight will increase indefinitely because acceleration due to gravity increases.
Isn’t this the exact same sentiment from the late 1920s when people were making “insane, life changing” money by buying equities on margin?