How low can we go?
When I look at this simple Google graph of the Dow Jones Industrial from 1970 to the present I wonder if the steady state of the index ought not be down under the 2000 mark.
It looks to me like the market was comfortably under 2000 through the seventies, then started rising sharply during the Reagan administration. Then an even crazier growth occurred during the Clinton administration. The whole thing looks out of place in this picture and I wonder if it should not collapse below 2000 to become really stable.