Re: Stock vs bond markets (was: Waiting for...)

[Doug Henwood <dhenwood@xxxxxxxxx>]

Paul Davidson wrote:

>Ever here of the Volker tight money situation that was ended by the treat
>of Mexican default in 1982?

It's been quite a treat, hasn't it? Mexico's declaration of incapacity
coincided almost to the day with the beginning of the great bull market,
which celebrates its Sweet 16th birthday tomorrow, August 13. After Volcker
(why can't anyone spell the guy's name right? and why does no one ever use
his middle name, Adolph, any more?) restructured the balance of class
forces with three years of the wringer, it was time to let the income flow
upward and with it, stock prices.

Here, hear.

Doug