At The End of a Classic Bubble, the Stock Market and Economy Fail Together
It seems that financial speculation becomes so pervasive that when it fails it takes the economy down with it
It seems that financial speculation becomes so pervasive that when it fails it takes the economy down with it.
Otherwise, the stock market leads at peaks by some 10 to 12 months. Which is why the S&P 500 is included in the Leading Indicators.
The following chart shows a record back to the “Roaring Twenties” with that example climaxing in September 1929. Of interest is that according to the NBER the US economy peaked that August. The previous Great Bubble also completed in September and the NBER determined that that business cycle peaked in that October.
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