Mott Capital is wishing you would have found this. Haha. No one, and I mean no one, back then really understood the power of the fiscal hammer they brought down and then the QRA shenanigans were just a spark next to the rocket fuel - the power of the response even caught the Fed by surprise. Predictions are difficult, to the point of impossibility, with the unique set of circumstances like we've encountered over the last couple of years.  If we ever deficit spend at 7% of GDP with a hot economy,  flood the workforce with cheap, undocumented laborers and massively shift the duration of our borrowing (we went from roughly 80 long term 20 short term to 20 long term 80 short term in a blink of an eye) then I think we will know what to expect next, next time.  It's obvious now, but it wasn't at first.


And this completely leaves out the massive effects derivatives have had.  Watch out if the degens ever decide to take a break, probably because of market weakness. It is likely to go from standard weak to REALLY WEAK quickly as the calls dissapear from the equation.